Public Service Company of New Mexico PFD 4.58% (PNMXO) 10-K 2 Mar 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 21, 2020	Jun. 28, 2019
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Entity Registrant Name	PNM Resources, Inc.
Entity Incorporation, State or Country Code	NM
Entity Address, Address Line One	414 Silver Ave. SW
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87102
City Area Code	505
Local Phone Number	241-2700
Entity File Number	001-32462
Entity Tax Identification Number	85-0468296
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	PNM
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		79,653,624,000
Entity Public Float			$ 4,055,165,998
Documents Incorporated by Reference	Portions of the following document are incorporated by reference into Part III of this report: Proxy Statement to be filed by PNMR with the SEC pursuant to Regulation 14A relating to the annual meeting of shareholders of PNMR to be held on May 12, 2020. This combined Form 10-K is separately filed by PNMR, PNM, and TNMP. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants. When this Form 10-K is incorporated by reference into any filing with the SEC made by PNMR, PNM, or TNMP, as a registrant, the portions of this Form 10-K that relate to each other registrant are not incorporated by reference therein.
Entity Central Index Key	0001108426
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Transition Report	false
Public Service Company of New Mexico
Document Information [Line Items]
Entity Registrant Name	Public Service Company of New Mexico
Entity Address, Address Line One	414 Silver Ave. SW
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87102
City Area Code	505
Local Phone Number	241-2700
Entity File Number	001-06986
Entity Tax Identification Number	85-0019030
Title of 12(b) Security	1965 Series, 4.58% Cumulative Preferred Stock
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		39,117,799,000
Entity Central Index Key	0000081023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Texas-New Mexico Power Company
Document Information [Line Items]
Entity Registrant Name	Texas-New Mexico Power Company
Entity Address, Address Line One	577 N. Garden Right Blvd.
Entity Address, City or Town	Lewisville
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75067
City Area Code	972
Local Phone Number	420-4189
Entity File Number	002-97230
Entity Tax Identification Number	75-0204070
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		6,358,000
Entity Central Index Key	0000022767
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Electric Operating Revenues
Contracts with customers	$ 1,377,208	$ 1,359,740	$ 1,321,023
Alternative revenue programs	(542)	1,756	15,779
Other electric operating revenue	80,937	75,117	108,201
Total electric operating revenues	1,457,603	1,436,613	1,445,003
Operating Expenses:
Administrative and general	189,227	188,470	177,791
Regulatory disallowances and restructuring costs	151,095	65,598	27,036
Depreciation and amortization	267,808	241,188	231,942
Transmission and distribution costs	69,862	76,434	71,576
Taxes other than income taxes	80,054	79,673	76,690
Total operating expenses	1,313,403	1,200,566	1,129,964
Operating income	144,200	236,047	315,039
Other Income and Deductions:
Interest income	14,022	15,540	15,916
Gains (losses) on investment securities	29,589	(17,176)	27,161
Other income	15,382	17,586	19,515
Other (deductions)	(15,328)	(15,696)	(24,247)
Net other income and deductions	43,665	254	38,345
Interest Charges	121,016	127,244	127,625
Earnings before Income Taxes	66,849	109,057	225,759
Income Taxes (Benefits)	(25,282)	7,775	130,340
Net Earnings	92,131	101,282	95,419
(Earnings) Attributable to Valencia Non-controlling Interest	(14,241)	(15,112)	(15,017)
Preferred Stock Dividends Requirements	(528)	(528)	(528)
Net Earnings Attributable to PNMR	$ 77,362	$ 85,642	$ 79,874
Net Earnings Attributable to PNMR per Common Share:
Basic (in dollars per share)	$ 0.97	$ 1.07	$ 1
Diluted (in dollars per share)	$ 0.97	$ 1.07	$ 1
Public Service Company of New Mexico
Electric Operating Revenues
Contracts with customers	$ 1,010,898	$ 1,019,291	$ 992,462
Alternative revenue programs	1,987	(2,443)	3,567
Other electric operating revenue	80,937	75,117	108,201
Total electric operating revenues	1,093,822	1,091,965	1,104,230
Operating Expenses:
Administrative and general	172,903	173,178	163,892
Regulatory disallowances and restructuring costs	150,599	66,339	27,036
Depreciation and amortization	160,368	151,866	147,017
Transmission and distribution costs	42,970	46,855	42,370
Taxes other than income taxes	45,644	45,181	43,709
Total operating expenses	1,032,754	946,932	883,151
Operating income	61,068	145,033	221,079
Other Income and Deductions:
Interest income	14,303	13,089	8,454
Gains (losses) on investment securities	29,589	(17,176)	27,161
Other income	9,213	10,992	13,527
Other (deductions)	(11,813)	(11,128)	(18,556)
Net other income and deductions	41,292	(4,223)	30,586
Interest Charges	72,900	76,458	82,697
Earnings before Income Taxes	29,460	64,352	168,968
Income Taxes (Benefits)	(25,962)	(5,971)	81,555
Net Earnings	55,422	70,323	87,413
(Earnings) Attributable to Valencia Non-controlling Interest	(14,241)	(15,112)	(15,017)
Net Earnings Attributable to Company	41,181	55,211	72,396
Preferred Stock Dividends Requirements	(528)	(528)	(528)
Net Earnings Attributable to PNMR	40,653	54,683	71,868
Texas-New Mexico Power Company
Electric Operating Revenues
Contracts with customers	366,310	340,449	328,561
Alternative revenue programs	(2,529)	4,199	12,212
Other electric operating revenue	0	0
Total electric operating revenues	363,781	344,648	340,773
Operating Expenses:
Administrative and general	40,530	38,642	39,828
Regulatory disallowances and restructuring costs	496	(741)	0
Depreciation and amortization	84,259	66,189	63,146
Transmission and distribution costs	26,892	29,579	29,206
Taxes other than income taxes	30,703	28,792	29,187
Total operating expenses	277,967	248,151	247,169
Operating income	85,814	96,497	93,604
Other Income and Deductions:
Other income	5,559	5,487	4,994
Other (deductions)	(1,428)	(1,422)	(1,443)
Net other income and deductions	4,131	4,065	3,551
Interest Charges	29,100	32,091	30,084
Earnings before Income Taxes	60,845	68,471	67,071
Income Taxes (Benefits)	5,046	16,880	31,512
Net Earnings Attributable to Company	55,799	51,591	35,559
Electricity
Electric Operating Revenues
Total electric operating revenues	1,457,603	1,436,613	1,445,003
Operating Expenses:
Cost of energy and production costs	412,812	399,726	407,479
Electricity | Public Service Company of New Mexico
Operating Expenses:
Cost of energy and production costs	317,725	314,036	321,677
Electricity | Texas-New Mexico Power Company
Operating Expenses:
Cost of energy and production costs	95,087	85,690	85,802
Electricity, Generation
Operating Expenses:
Cost of energy and production costs	142,545	149,477	137,450
Electricity, Generation | Public Service Company of New Mexico
Operating Expenses:
Cost of energy and production costs	$ 142,545	$ 149,477	$ 137,450

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Earnings	$ 92,131	$ 101,282	$ 95,419
Unrealized Gains on Available-for-Sale Securities:
Unrealized holding gains (losses) arising during the period, net of income tax (expense) benefit	19,190	2,827	17,233
Reclassification adjustment for (gains) included in net earnings (loss), net of income tax expense	(10,491)	(2,849)	(10,751)
Pension Liability Adjustment:
Experience gain (loss), net of income tax (expense) benefit	(2,856)	(7,745)	2,699
Reclassification adjustment for amortization of experience (gain) loss recognized as net periodic benefit cost, net of income tax (expense) benefit	5,524	5,646	3,948
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) benefit	(2,607)
Change in fair market value, net of income tax (expense) benefit		425	612
Reclassification adjustment for losses included in net earnings, net of income tax (benefit)	547
Reclassification adjustment for losses included in net earnings, net of income tax (benefit)		160	356
Total Other Comprehensive Income (Loss)	9,307	(1,536)	14,097
Comprehensive Income	101,438	99,746	109,516
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(14,241)	(15,112)	(15,017)
Preferred Stock Dividends Requirements	(528)	(528)	(528)
Comprehensive Income Attributable to PNMR	86,669	84,106	93,971
Public Service Company of New Mexico
Net Earnings	55,422	70,323	87,413
Unrealized Gains on Available-for-Sale Securities:
Unrealized holding gains (losses) arising during the period, net of income tax (expense) benefit	19,190	2,827	17,233
Reclassification adjustment for (gains) included in net earnings (loss), net of income tax expense	(10,491)	(2,849)	(10,751)
Pension Liability Adjustment:
Experience gain (loss), net of income tax (expense) benefit	(2,856)	(7,745)	2,699
Reclassification adjustment for amortization of experience (gain) loss recognized as net periodic benefit cost, net of income tax (expense) benefit	5,524	5,646	3,948
Fair Value Adjustment for Cash Flow Hedges:
Total Other Comprehensive Income (Loss)	11,367	(2,121)	13,129
Comprehensive Income	66,789	68,202	100,542
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(14,241)	(15,112)	(15,017)
Preferred Stock Dividends Requirements	(528)	(528)	(528)
Comprehensive Income Attributable to PNMR	$ 52,548	$ 53,090	$ 85,525

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unrealized holding gains (losses) arising during the period, income tax (expense)	$ (6,534)	$ (963)	$ (10,927)
Reclassification adjustment for (gains) included in net earnings (loss), income tax expense	3,572	970	6,816
Experience gain (loss), income tax (expense) benefit	973	2,673	(919)
Reclassification adjustment for amortization of experience (gain) loss recognized as net periodic benefit cost, income tax (expense) benefit	(1,880)	(1,922)	(2,504)
Change in fair market value, income tax (expense)	888
Change in fair market value, income tax (expense)		(145)	(388)
Reclassification adjustment for (gains) losses included in net earnings (loss), income tax expense (benefit)	(186)
Reclassification adjustment for (gains) losses included in net earnings (loss), income tax expense (benefit)		(56)	(225)
Public Service Company of New Mexico
Unrealized holding gains (losses) arising during the period, income tax (expense)	(6,534)	(963)	(10,927)
Reclassification adjustment for (gains) included in net earnings (loss), income tax expense	3,572	970	6,816
Experience gain (loss), income tax (expense) benefit	0	2,637	(919)
Reclassification adjustment for amortization of experience (gain) loss recognized as net periodic benefit cost, income tax (expense) benefit	$ (1,880)	$ (1,922)	$ (2,504)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows From Operating Activities:
Net Earnings	$ 92,131,000	$ 101,282,000	$ 95,419,000
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	301,068,000	275,641,000	268,194,000
Deferred income tax expense (benefit)	(25,385,000)	8,019,000	130,528,000
(Gains) losses on investment securities	(29,589,000)	17,176,000	(27,161,000)
Stock based compensation expense	6,414,000	7,120,000	6,194,000
Regulatory disallowances and restructuring costs	151,095,000	65,598,000	27,036,000
Allowance for equity funds used during construction	(9,478,000)	(10,404,000)	(9,516,000)
Other, net	2,395,000	3,529,000	5,204,000
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	3,796,000	(8,702,000)	(1,846,000)
Materials, supplies, and fuel stock	(6,095,000)	(5,331,000)	1,473,000
Other current assets	1,872,000	2,491,000	31,298,000
Other assets	42,803,000	(840,000)	(5,486,000)
Accounts payable	(272,000)	(20,714,000)	14,468,000
Accrued interest and taxes	14,691,000	1,713,000	(327,000)
Other current liabilities	(7,212,000)	2,614,000	(6,513,000)
Other liabilities	(35,071,000)	(10,966,000)	(5,503,000)
Net cash flows from operating activities	503,163,000	428,226,000	523,462,000
Cash Flows From Investing Activities:
Additions to utility and non-utility plant	(616,273,000)	(501,213,000)	(500,461,000)
Proceeds from sales of investment securities	494,528,000	984,533,000	637,492,000
Purchases of investment securities	(513,866,000)	(1,007,022,000)	(650,284,000)
Investments in NMRD	(38,250,000)	(9,000,000)	(4,077,000)
Disbursements from NMRD	0	0	12,415,000
Principal repayments on Westmoreland Loan	0	56,640,000	38,360,000
Other, net	(37,000)	338,000	392,000
Net cash flows from investing activities	(673,898,000)	(475,724,000)	(466,163,000)
Cash Flows From Financing Activities:
Short-term loan borrowings (repayments)	(150,000,000)	50,000,000	0
Revolving credit facilities borrowings (repayments), net	99,200,000	(119,500,000)	18,300,000
Long-term borrowings	745,000,000	984,652,000	317,000,000
Repayment of long-term debt	(407,302,000)	(750,162,000)	(274,070,000)
Proceeds from stock option exercise	943,000	963,000	1,739,000
Awards of common stock	(9,918,000)	(12,635,000)	(13,929,000)
Dividends paid	(92,926,000)	(84,961,000)	(77,792,000)
Valencia’s transactions with its owner	(15,401,000)	(17,095,000)	(17,742,000)
Amounts received under transmission interconnection arrangements	10,015,000	4,060,000	11,879,000
Refunds paid under transmission interconnection arrangements	(4,325,000)	(2,830,000)	(21,290,000)
Other, net	(2,840,000)	(6,846,000)	(2,942,000)
Net cash flows from financing activities	172,446,000	45,646,000	(58,847,000)
Change in Cash and Cash Equivalents	1,711,000	(1,852,000)	(1,548,000)
Cash and Cash Equivalents at Beginning of Year	2,122,000	3,974,000	5,522,000
Cash and Cash Equivalents at End of Year	3,833,000	2,122,000	3,974,000
Restricted Cash Included in Other Current Assets on Consolidated Balance Sheets:
At beginning of period	0	0	1,000,000
At end of period	0	0	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	115,476,000	119,308,000	120,955,000
Income taxes paid (refunded), net	(2,929,000)	842,000	625,000
Supplemental schedule of noncash investing and financing activities:
(Increase) decrease in accrued plant additions	8,781,000	(11,502,000)	(25,261,000)
Contribution of utility plant to NMRD	0	578,000	24,829,000
Public Service Company of New Mexico
Cash Flows From Operating Activities:
Net Earnings	55,422,000	70,323,000	87,413,000
Net earnings	41,181,000	55,211,000	72,396,000
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	191,213,000	182,355,000	180,500,000
Deferred income tax expense (benefit)	(20,145,000)	3,334,000	82,549,000
(Gains) losses on investment securities	(29,589,000)	17,176,000	(27,161,000)
Regulatory disallowances and restructuring costs	150,599,000	66,339,000	27,036,000
Allowance for equity funds used during construction	(6,656,000)	(8,173,000)	(8,664,000)
Other, net	2,697,000	3,395,000	5,490,000
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	5,877,000	(7,959,000)	(419,000)
Materials, supplies, and fuel stock	(5,128,000)	(6,238,000)	3,542,000
Other current assets	(1,453,000)	(468,000)	31,775,000
Other assets	31,409,000	6,894,000	15,121,000
Accounts payable	(3,617,000)	(14,290,000)	9,736,000
Accrued interest and taxes	5,579,000	(7,617,000)	21,523,000
Other current liabilities	18,002,000	(17,975,000)	(11,099,000)
Other liabilities	(39,087,000)	(3,761,000)	(9,389,000)
Net cash flows from operating activities	355,123,000	283,335,000	407,953,000
Cash Flows From Investing Activities:
Additions to utility and non-utility plant	(341,847,000)	(255,627,000)	(309,142,000)
Proceeds from sales of investment securities	494,528,000	984,533,000	637,492,000
Purchases of investment securities	(513,866,000)	(1,007,022,000)	(650,284,000)
Other, net	(87,000)	544,000	33,000
Net cash flows from investing activities	(361,272,000)	(277,572,000)	(321,901,000)
Cash Flows From Financing Activities:
Short-term loan borrowings (repayments)	15,600,000	2,600,000	(21,200,000)
Short-term borrowings (repayments) - affiliate, net	(19,800,000)	19,800,000	0
Long-term borrowings	290,000,000	450,000,000	257,000,000
Repayment of long-term debt	(200,000,000)	(450,025,000)	(232,000,000)
Equity contribution from parent	0	0	0
Dividends paid	(528,000)	(77,904,000)	(61,223,000)
Valencia’s transactions with its owner	(15,401,000)	(17,095,000)	(17,742,000)
Amounts received under transmission interconnection arrangements	10,015,000	72,260,000	11,879,000
Refunds paid under transmission interconnection arrangements	(72,525,000)	(2,830,000)	(21,290,000)
Other, net	(296,000)	(3,592,000)	(1,692,000)
Net cash flows from financing activities	7,065,000	(6,786,000)	(86,268,000)
Change in Cash and Cash Equivalents	916,000	(1,023,000)	(216,000)
Cash and Cash Equivalents at Beginning of Year	85,000	1,108,000	1,324,000
Cash and Cash Equivalents at End of Year	1,001,000	85,000	1,108,000
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	65,445,000	73,029,000	77,960,000
Income taxes paid (refunded), net	(3,544,000)	134,000	(23,391,000)
Supplemental schedule of noncash investing and financing activities:
(Increase) decrease in accrued plant additions	4,751,000	(12,310,000)	(11,792,000)
Texas-New Mexico Power Company
Cash Flows From Operating Activities:
Net earnings	55,799,000	51,591,000	35,559,000
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	85,453,000	68,078,000	64,939,000
Deferred income tax expense (benefit)	(7,650,000)	1,780,000	27,275,000
Regulatory disallowances and restructuring costs	496,000	(741,000)	0
Allowance for equity funds used during construction	(2,800,000)	(2,200,000)	(900,000)
Allowance for equity funds used during construction and other, net	(2,808,000)	(2,048,000)	(1,120,000)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(2,081,000)	(744,000)	(1,427,000)
Materials, supplies, and fuel stock	(967,000)	907,000	(2,069,000)
Other current assets	(798,000)	1,929,000	(1,253,000)
Other assets	8,366,000	(7,174,000)	(20,967,000)
Accounts payable	1,829,000	(4,199,000)	2,419,000
Accrued interest and taxes	186,000	12,263,000	(15,962,000)
Other current liabilities	771,000	6,719,000	(2,236,000)
Other liabilities	(1,004,000)	(6,610,000)	1,334,000
Net cash flows from operating activities	137,592,000	121,751,000	86,492,000
Cash Flows From Investing Activities:
Additions to utility and non-utility plant	(254,006,000)	(223,448,000)	(145,495,000)
Net cash flows from investing activities	(254,006,000)	(223,448,000)	(145,495,000)
Cash Flows From Financing Activities:
Short-term loan borrowings (repayments)	(2,500,000)	17,500,000	0
Short-term borrowings (repayments) - affiliate, net	(100,000)	100,000	(4,600,000)
Long-term borrowings	305,000,000	95,000,000	60,000,000
Repayment of long-term debt	(207,302,000)	0	0
Equity contribution from parent	80,000,000	30,000,000	50,000,000
Dividends paid	(55,265,000)	(41,903,000)	(44,389,000)
Other, net	(2,419,000)	(700,000)	(979,000)
Net cash flows from financing activities	117,414,000	99,997,000	60,032,000
Change in Cash and Cash Equivalents	1,000,000	(1,700,000)	1,029,000
Cash and Cash Equivalents at Beginning of Year	0	1,700,000	671,000
Cash and Cash Equivalents at End of Year	1,000,000	0	1,700,000
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	28,055,000	28,629,000	29,251,000
Income taxes paid (refunded), net	13,611,000	4,266,000	21,436,000
Supplemental schedule of noncash investing and financing activities:
(Increase) decrease in accrued plant additions	$ 5,035,000	$ 1,810,000	$ (15,737,000)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 3,833,000	$ 2,122,000
Accounts receivable, net of allowance for uncollectible accounts of $1,163 and $1,406	85,889,000	92,800,000
Unbilled revenues	57,416,000	57,092,000
Other receivables	12,165,000	11,369,000
Materials, supplies, and fuel stock	77,929,000	71,834,000
Regulatory assets	7,373,000	4,534,000
Income taxes receivable	4,933,000	7,965,000
Other current assets	44,472,000	54,808,000
Total current assets	294,010,000	302,524,000
Other Property and Investments:
Investment securities	388,832,000	328,242,000
Equity investment in NMRD	65,159,000	26,564,000
Other investments	356,000	297,000
Non-utility property	12,459,000	3,404,000
Total other property and investments	466,806,000	358,507,000
Utility Plant:
Plant in service, held for future use, and to be abandoned	7,918,601,000	7,548,581,000
Less accumulated depreciation and amortization	2,713,503,000	2,604,177,000
Net plant in service and plant held for future use	5,205,098,000	4,944,404,000
Construction work in progress	161,106,000	194,427,000
Nuclear fuel, net of accumulated amortization of $42,354 and $42,511	99,805,000	95,798,000
Net utility plant	5,466,009,000	5,234,629,000
Deferred Charges and Other Assets:
Regulatory assets	556,930,000	598,930,000
Goodwill	278,297,000	278,297,000
Operating lease assets, net of amortization	131,212,000
Other deferred charges	105,510,000	92,664,000
Total deferred charges and other assets	1,071,949,000	969,891,000
Total assets	7,298,774,000	6,865,551,000
Current Liabilities:
Short-term debt	185,100,000	235,900,000
Current installments of long-term debt	490,268,000	0
Accounts payable	103,118,000	112,170,000
Customer deposits	10,585,000	10,695,000
Accrued interest and taxes	76,815,000	65,156,000
Regulatory liabilities	505,000	9,446,000
Operating lease liabilities	29,068,000
Dividends declared	24,625,000	23,231,000
Other current liabilities	47,397,000	55,855,000
Total current liabilities	967,481,000	512,453,000
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	2,517,449,000	2,670,111,000
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	626,058,000	600,719,000
Regulatory liabilities	866,243,000	891,428,000
Asset retirement obligations	181,962,000	158,674,000
Accrued pension liability and postretirement benefit cost	95,037,000	100,375,000
Operating lease liabilities	105,512,000
Other deferred credits	185,753,000	167,668,000
Total deferred credits and other liabilities	2,060,565,000	1,918,864,000
Total liabilities	5,545,495,000	5,101,428,000
Commitments and Contingencies (See Note 16)
Cumulative Preferred Stock of Subsidiary without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529,000	11,529,000
Company common stockholders’ equity:
Common stock outstanding	1,150,552,000	1,153,113,000
Accumulated other comprehensive income (loss), net of income taxes	(99,377,000)	(108,684,000)
Retained earnings	627,523,000	643,953,000
Total PNMR common stockholders’ equity	1,678,698,000	1,688,382,000
Non-controlling interest in Valencia	63,052,000	64,212,000
Total equity	1,741,750,000	1,752,594,000
Total liabilities and stockholders' equity	7,298,774,000	6,865,551,000
Public Service Company of New Mexico
Current Assets:
Cash and cash equivalents	1,001,000	85,000
Accounts receivable, net of allowance for uncollectible accounts of $1,163 and $1,406	60,447,000	68,603,000
Unbilled revenues	46,602,000	47,113,000
Other receivables	11,039,000	10,650,000
Affiliate receivables	8,825,000	15,871,000
Materials, supplies, and fuel stock	72,225,000	67,097,000
Regulatory assets	7,373,000	4,534,000
Income taxes receivable	15,122,000	12,850,000
Other current assets	36,561,000	43,516,000
Total current assets	259,195,000	270,319,000
Other Property and Investments:
Investment securities	388,832,000	328,242,000
Other investments	178,000	91,000
Non-utility property	4,470,000	96,000
Total other property and investments	393,480,000	328,429,000
Utility Plant:
Plant in service, held for future use, and to be abandoned	5,753,267,000	5,623,520,000
Less accumulated depreciation and amortization	2,076,291,000	2,006,266,000
Net plant in service and plant held for future use	3,676,976,000	3,617,254,000
Construction work in progress	108,787,000	134,221,000
Nuclear fuel, net of accumulated amortization of $42,354 and $42,511	99,805,000	95,798,000
Net utility plant	3,885,568,000	3,847,273,000
Deferred Charges and Other Assets:
Regulatory assets	435,467,000	460,903,000
Goodwill	51,632,000	51,632,000
Operating lease assets, net of amortization	120,585,000
Other deferred charges	97,064,000	77,327,000
Total deferred charges and other assets	704,748,000	589,862,000
Total assets	5,242,991,000	5,035,883,000
Current Liabilities:
Short-term debt	58,000,000	42,400,000
Short-term debt - affiliate	0	19,800,000
Current installments of long-term debt	350,268,000	0
Accounts payable	66,746,000	75,114,000
Affiliate payables	12,524,000	164,000
Customer deposits	10,585,000	10,695,000
Accrued interest and taxes	43,617,000	35,767,000
Regulatory liabilities	371,000	5,975,000
Operating lease liabilities	25,927,000
Dividends declared	132,000	132,000
Other current liabilities	25,066,000	32,976,000
Total current liabilities	593,236,000	223,023,000
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	1,397,752,000	1,656,490,000
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	521,990,000	502,767,000
Regulatory liabilities	683,398,000	713,971,000
Asset retirement obligations	181,081,000	157,814,000
Accrued pension liability and postretirement benefit cost	87,838,000	92,981,000
Operating lease liabilities	97,992,000
Other deferred credits	155,744,000	215,737,000
Total deferred credits and other liabilities	1,728,043,000	1,683,270,000
Total liabilities	3,719,031,000	3,562,783,000
Commitments and Contingencies (See Note 16)
Cumulative Preferred Stock of Subsidiary without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529,000	11,529,000
Company common stockholders’ equity:
Common stock outstanding	1,264,918,000	1,264,918,000
Accumulated other comprehensive income (loss), net of income taxes	(99,055,000)	(110,422,000)
Retained earnings	283,516,000	242,863,000
Total PNMR common stockholders’ equity	1,449,379,000	1,397,359,000
Non-controlling interest in Valencia	63,052,000	64,212,000
Total equity	1,512,431,000	1,461,571,000
Total liabilities and stockholders' equity	5,242,991,000	5,035,883,000
Texas-New Mexico Power Company
Current Assets:
Cash and cash equivalents	1,000,000	0
Accounts receivable, net of allowance for uncollectible accounts of $1,163 and $1,406	25,442,000	24,196,000
Unbilled revenues	10,814,000	9,979,000
Other receivables	2,713,000	1,721,000
Affiliate receivables	0	164,000
Materials, supplies, and fuel stock	5,704,000	4,737,000
Regulatory assets	0	0
Other current assets	1,280,000	1,114,000
Total current assets	46,953,000	41,911,000
Other Property and Investments:
Other investments	178,000	206,000
Non-utility property	6,684,000	2,240,000
Total other property and investments	6,862,000	2,446,000
Utility Plant:
Plant in service, held for future use, and to be abandoned	1,919,256,000	1,686,119,000
Less accumulated depreciation and amortization	516,795,000	487,734,000
Net plant in service and plant held for future use	1,402,461,000	1,198,385,000
Construction work in progress	42,554,000	51,459,000
Net utility plant	1,445,015,000	1,249,844,000
Deferred Charges and Other Assets:
Regulatory assets	121,463,000	138,027,000
Goodwill	226,665,000	226,665,000
Operating lease assets, net of amortization	9,954,000
Other deferred charges	3,527,000	6,284,000
Total deferred charges and other assets	361,609,000	370,976,000
Total assets	1,860,439,000	1,665,177,000
Current Liabilities:
Short-term debt	15,000,000	17,500,000
Short-term debt - affiliate	0	100,000
Accounts payable	20,598,000	23,804,000
Affiliate payables	5,419,000	1,210,000
Accrued interest and taxes	42,068,000	41,882,000
Regulatory liabilities	134,000	3,471,000
Operating lease liabilities	2,753,000
Other current liabilities	3,565,000	2,861,000
Total current liabilities	89,537,000	90,828,000
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	670,691,000	575,398,000
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	140,151,000	136,238,000
Regulatory liabilities	182,845,000	177,458,000
Asset retirement obligations	881,000	860,000
Accrued pension liability and postretirement benefit cost	7,199,000	7,394,000
Operating lease liabilities	7,039,000
Other deferred credits	7,469,000	2,908,000
Total deferred credits and other liabilities	345,584,000	324,858,000
Total liabilities	1,105,812,000	991,084,000
Commitments and Contingencies (See Note 16)
Company common stockholders’ equity:
Common stock outstanding	64,000	64,000
Paid-in-capital	614,166,000	534,166,000
Retained earnings	140,397,000	139,863,000
Total PNMR common stockholders’ equity	754,627,000	674,093,000
Total liabilities and stockholders' equity	$ 1,860,439,000	$ 1,665,177,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Allowance for uncollectible accounts	$ 1,163	$ 1,406
Accumulated depreciation, nuclear fuel	$ 42,354	$ 42,511
Cumulative preferred stock of subsidiary, stated value (in dollars per share)	$ 100	$ 100
Cumulative preferred stock of subsidiary, shares authorized	10,000,000	10,000,000
Cumulative preferred stock of subsidiary, shares issued	115,293	115,293
Cumulative preferred stock of subsidiary, shares outstanding	115,293	115,293
Common stock, no 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
Public Service Company of New Mexico
Allowance for uncollectible accounts	$ 1,163	$ 1,406
Accumulated depreciation, nuclear fuel	$ 42,354	$ 42,511
Cumulative preferred stock of subsidiary, stated value (in dollars per share)	$ 100	$ 100
Cumulative preferred stock of subsidiary, shares authorized	10,000,000	10,000,000
Cumulative preferred stock of subsidiary, shares issued	115,293	115,293
Cumulative preferred stock of subsidiary, shares outstanding	115,293	115,293
Common stock, no 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
Cumulative preferred stock of subsidiary, shares authorized	1,000,000
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

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	AOCI	Retained Earnings	Non- controlling Interest in Valencia	Public Service Company of New Mexico	Public Service Company of New MexicoTotal Stockholders' Equity	Public Service Company of New MexicoCommon Stock	Public Service Company of New MexicoAOCI	Public Service Company of New MexicoRetained Earnings	Public Service Company of New MexicoNon- 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, 2016	$ 1,744,872	$ 1,675,952	$ 1,163,661	$ (92,451)	$ 604,742	$ 68,920	$ 1,466,792	$ 1,397,872	$ 1,264,918	$ (92,428)	$ 225,382	$ 68,920
Beginning Balance at Dec. 31, 2016													$ 593,235	$ 64	$ 454,166	$ 139,005
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification of stranded income taxes resulting from tax reform	17,600			(17,586)	17,586					(17,794)	17,794
Net earnings	95,419	80,402			80,402	15,017	87,413	72,396			72,396	15,017
Net earnings							72,396						35,559			35,559
Total other comprehensive income (loss)	14,097	14,097		14,097			13,129	13,129		13,129
Equity contribution from parent													50,000		50,000
Subsidiary preferred stock dividends	(528)	(528)			(528)		(528)	(528)			(528)
Dividends declared on common stock	(79,056)	(79,056)			(79,056)		(60,695)	(60,695)			(60,695)		(44,389)			(44,389)
Proceeds from stock option exercise	1,739	1,739	1,739
Awards of common stock	(13,929)	(13,929)	(13,929)
Stock based compensation expense	6,194	6,194	6,194
Valencia’s transactions with its owner	(17,742)					(17,742)	(17,742)					(17,742)
Ending 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
Ending Balance at Dec. 31, 2017													634,405	64	504,166	130,175
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	101,282	86,170			86,170	15,112	70,323	55,211			55,211	15,112
Net earnings							55,211						51,591			51,591
Total other comprehensive income (loss)	(1,536)	(1,536)		(1,536)			(2,121)	(2,121)		(2,121)
Equity contribution from parent													30,000		30,000
Subsidiary preferred stock dividends	(528)	(528)			(528)		(528)	(528)			(528)
Dividends declared on common stock	(86,425)	(86,425)			(86,425)		(77,377)	(77,377)			(77,377)		(41,903)			(41,903)
Proceeds from stock option exercise	963	963	963
Awards of common stock	(12,635)	(12,635)	(12,635)
Stock based compensation expense	7,120	7,120	7,120
Valencia’s transactions with its owner	(17,095)					(17,095)	(17,095)					(17,095)
Ending 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
Ending Balance 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	92,131	77,890			77,890	14,241	55,422	41,181			41,181	14,241
Net earnings							41,181						55,799			55,799
Total other comprehensive income (loss)	9,307	9,307		9,307	0		11,367	11,367		11,367
Equity contribution from parent													80,000		80,000
Subsidiary preferred stock dividends	(528)	(528)			(528)		(528)	(528)			(528)
Dividends declared on common stock	(93,792)	(93,792)			(93,792)								(55,265)			(55,265)
Proceeds from stock option exercise	943	943	943
Awards of common stock	(9,918)	(9,918)	(9,918)
Stock based compensation expense	6,414	6,414	6,414
Valencia’s transactions with its owner	(15,401)					(15,401)	(15,401)					(15,401)
Ending Balance at Dec. 31, 2019	1,741,750	$ 1,678,698	$ 1,150,552	$ (99,377)	$ 627,523	$ 63,052	1,512,431	$ 1,449,379	$ 1,264,918	$ (99,055)	$ 283,516	$ 63,052
Ending Balance at Dec. 31, 2019	$ 1,678,698						$ 1,449,379						$ 754,627	$ 64	$ 614,166	$ 140,397

Summary of the Business and Sig

Summary of the Business and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of the Business and Significant Accounting Policies	Summary of the Business and Significant Accounting Policies Nature of Business PNMR is an investor-owned holding company with two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s primary subsidiaries are PNM and TNMP. PNM is a public utility with regulated operations primarily engaged in the generation, transmission, and distribution of electricity. TNMP is a wholly-owned subsidiary of TNP, which is a holding company that is wholly-owned by PNMR. TNMP provides regulated transmission and distribution services in Texas. PNMR’s common stock trades on the New York Stock Exchange under the symbol PNM. Financial Statement Preparation and Presentation 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. The Notes to 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 and 2017 Consolidated Financial Statements and Notes thereto have been reclassified to conform to the 2019 financial statement presentation. 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 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 10). 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, as well as equity transactions, and interconnection billings. All intercompany transactions and balances have been eliminated. See Note 20. Accounting for the Effects of Certain Types of Regulation The Company maintains its accounting records in accordance with the uniform system of accounts prescribed by FERC and adopted by the NMPRC and PUCT. Certain of the Company’s operations are regulated by the NMPRC, PUCT, and FERC and the provisions of GAAP for rate-regulated enterprises are applied to the regulated operations. Regulators may assign costs to accounting periods that differ from accounting methods applied by non-regulated utilities. When it is probable that regulators will permit recovery of costs through future rates, costs are deferred as regulatory assets that otherwise would be expensed. Likewise, regulatory liabilities are recognized when it is probable that regulators will require refunds through future rates or when revenue is collected for expenditures that have not yet been incurred. GAAP also provides for the recognition of revenue and regulatory assets and liabilities associated with “alternative revenue programs” authorized by regulators. Such programs allow the utility to adjust future rates in response to past activities or completed events, if certain criteria are met, even for programs that do not otherwise qualify for recognition of regulatory assets and liabilities. Regulatory assets and liabilities are amortized into earnings over the authorized recovery period. Accordingly, the Company has deferred certain costs and recorded certain liabilities pursuant to the rate actions of the NMPRC, PUCT, and FERC. Information on regulatory assets and regulatory liabilities is contained in Note 13. In some circumstances, regulators allow a requested increase in rates to be implemented, subject to refund, before the regulatory process has been completed and a decision rendered by the regulator. When this occurs, the Company assesses the possible outcomes of the rate proceeding. The Company records a provision for refund to the extent the amounts being collected, subject to refund, exceed the amount the Company determines is probable of ultimately being allowed by the regulator. Cash and Restricted Cash Investments in highly liquid investments with original maturities of three months or less at the date of purchase are considered cash and cash equivalents. As of January 1, 2017, PNM held a deposit of $1.0 million from a third party that was restricted for PNM’s construction of transmission interconnection facilities and was held as restricted cash until the second quarter of 2017, at which time a refund was made to the third party. Under the terms of the BTMU Term Loan agreement (Note 7), all cash of NM Capital was restricted to be used for payments required under that agreement or for taxes and fees. On May 22, 2018, Westmoreland repaid the Westmoreland Loan in full. NM Capital used a portion of the proceeds to repay all of its obligations under the BTMU Term Loan. These payments effectively terminated the loan agreements (Note 10). Utility Plant Utility plant is stated at original cost and includes capitalized payroll-related costs such as taxes, pension, other fringe benefits, administrative costs, and AFUDC, where authorized by rate regulation, or capitalized interest. Repairs, including major maintenance activities, and minor replacements of property are expensed when incurred, except as required by regulators for ratemaking purposes. Major replacements are charged to utility plant. Gains, losses, and costs to remove resulting from retirements or other dispositions of regulated property in the normal course of business are credited or charged to accumulated depreciation. PNM and TNMP may receive reimbursements, referred to as CIAC, from customers to pay for all or part of certain construction projects to the extent the project does not benefit regulated customers in general. PNM and TNMP account for these reimbursements as offsets to utility plant additions based on the requirements of the NMPRC, FERC, and PUCT. Due to the PUCT’s regulatory treatment of CIAC reimbursements, TNMP also receives a financing component that is recognized as other income on the Consolidated Statements of Earnings. Under the NMPRC regulatory treatment, PNM typically does not receive a financing component. Depreciation and Amortization PNM’s provision for depreciation and amortization of utility plant, other than nuclear fuel, is based upon straight-line rates approved by the NMPRC and FERC. Amortization of nuclear fuel is based on units-of-production. TNMP’s provision for depreciation and amortization of utility plant is based upon straight-line rates approved by the PUCT. Depreciation of non-utility property is computed based on the straight-line method. The provision for depreciation of certain equipment is allocated between operating expenses and construction projects based on the use of the equipment. Average straight-line rates used were as follows: Year ended December 31, 2019 2018 2017 PNM Electric plant 2.47 % 2.40 % 2.52 % Common, intangible, and general plant 7.91 % 8.18 % 8.36 % TNMP 4.04 % 3.49 % 3.57 % Allowance for Funds Used During Construction As provided by the FERC uniform systems of accounts, AFUDC is charged to regulated utility plant for construction projects. This allowance is designed to enable a utility to capitalize financing costs during periods of construction of property subject to rate regulation. It represents the cost of borrowed funds (allowance for borrowed funds used during construction or “debt AFUDC”) and a return on other funds (allowance for equity funds used during construction or “equity AFUDC”). The debt AFUDC is recorded in interest charges and the equity AFUDC is recorded in other income on the Consolidated Statements of Earnings. For the years ended December 31, 2019 , 2018 , and 2017 , PNM recorded $5.0 million , $6.1 million , and $6.3 million of debt AFUDC at annual rates of 2.99% , 3.19% , and 3.14% and $6.7 million , $8.2 million , and $8.7 million of equity AFUDC at annual rates of 3.95% , 4.25% , and 4.30% . For the years ended December 31, 2019, 2018, and 2017, TNMP recorded $2.4 million , $2.3 million , and $1.2 million of debt AFUDC at rates of 3.23% , 3.32% , and 3.17% and $2.8 million , $2.2 million , and $0.9 million of equity AFUDC at rates of 3.78% , 3.29% , and 2.29% . Materials, Supplies, and Fuel Stock Materials and supplies relate to transmission, distribution, and generating assets. Materials and supplies are charged to inventory when purchased and are expensed or capitalized as appropriate when issued. Materials and supplies are valued using an average costing method. Coal is valued using a rolling weighted average costing method that is updated based on the current period cost per ton. Periodic aerial surveys are performed on the coal piles and adjustments are made. Average cost is equal to net realizable value under the ratemaking process. Inventories consisted of the following at December 31 : PNMR PNM TNMP 2019 2018 2019 2018 2019 2018 (In thousands) Coal $ 24,914 $ 22,777 $ 24,914 $ 22,777 $ — $ — Materials and supplies 53,015 49,057 47,311 44,320 5,704 4,737 $ 77,929 $ 71,834 $ 72,225 $ 67,097 $ 5,704 $ 4,737 Investments PNM holds investment securities in the NDT for the purpose of funding its share of the 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 16). Since third party investment managers have sole discretion over the purchase and sale of the securities, PNM records a realized loss as an impairment for any available-for-sale debt security that has a market value that is less than cost at the end of each quarter. Prior to 2018, PNM classified all debt and equity investments in the NDT and coal mine reclamation trusts as available-for-sale securities. Effective January 1, 2018, the Company adopted Accounting Standards Update 2016-01 – Financial Instruments (Subtopic 825-10), which eliminates the requirement to classify investments in equity securities with readily determinable fair values into trading or available-for-sale categories and requires those equity securities to be measured at fair value with changes in fair value recognized in earnings rather than in OCI. On January 1, 2018, PNM recorded a cumulative effect adjustment to reclassify unrealized holding gains on equity securities held in the NDT and coal mine reclamation trusts from AOCI to retained earnings on the Consolidated Balance Sheets. Accordingly, the information for investment securities in the NDT and coal mine reclamation trusts for 2019 and 2018 is presented under ASU 2016-01 and the information for 2017 is presented under prior GAAP. For the years ended December 31, 2019 and 2018, PNM recorded impairment losses on the available-for-sale debt securities of $5.7 million and $13.7 million . For the year ended December 31, 2017, PNM recorded impairment losses on the available-for-sale securities, which included both debt and equity securities, of $7.1 million . No gains or losses are deferred as regulatory assets or liabilities. See Notes 3 and 9. All investments are held in PNM’s name and are in the custody of major financial institutions. The specific identification method is used to determine the cost of securities disposed of, with realized gains and losses reflected in other income and deductions. Investment in NM Renewable Development, LLC On September 22, 2017, PNMR Development and AEP OnSite Partners created NMRD to pursue the acquisition, development, and ownership of renewable energy generation projects, primarily in the state of New Mexico. PNMR Development and AEP OnSite Partners each have a 50% ownership interest in NMRD. In December 2017, PNMR Development made a contribution to NMRD of its interest in three 10 MW solar facilities it was constructing and assigned its interests in several agreements related to those facilities to NMRD. The facilities had a book value of $24.8 million , which approximated fair value at that time. AEP OnSite Partners made a cash contribution to NMRD equal to 50% of the value of the 30 MW solar capacity, amounting to $12.4 million , which cash was then distributed from NMRD to PNMR Development. During 2019, 2018, and 2017 PNMR Development and AEP OnSite Partners each made cash contributions of $38.3 million , $9.0 million , and $4.1 million to NMRD for its construction activities. At December 31, 2019 , NMRD’s renewable energy capacity in operation is 85.1 MW, which includes 80 MW of solar-PV facilities to supply energy to the Facebook data center located within PNM’s service territory, 1.9 MW to supply energy to Columbus Electric Cooperative located in southwest New Mexico, 2.0 MW to supply energy to the Central New Mexico Electric Cooperative, and 1.2 MW of solar-PV facilities to supply energy to the City of Rio Rancho, New Mexico. PNMR accounts for its investment in NMRD using the equity method of accounting because PNMR’s ownership interest results in significant influence, but not control, over NMRD and its operations. PNMR records as income its percentage share of earnings or loss of NMRD and carries its investment at cost, adjusted for its share of undistributed earnings or losses. PNMR presents its share of net earnings from NMRD in other income on the Consolidated Statements of Earnings. For the year ended December 31, 2017, NMRD revenues, expenses, and net income were each less than $0.1 million . Summarized financial information for NMRD is as follows: Results of Operations December 31, 2019 2018 (In thousands) Operating revenues $ 3,662 $ 3,147 Operating expenses 2,971 2,136 Net earnings $ 691 $ 1,011 Financial Position December 31, 2019 2018 (In thousands) Current assets $ 7,187 $ 2,581 Net property, plant, and equipment 132,772 50,784 Total assets 139,959 53,365 Current liabilities 9,640 237 Owners’ equity $ 130,319 $ 53,128 Goodwill Under GAAP, the Company does not amortize goodwill. Goodwill is evaluated for impairment annually, or more frequently if events and circumstances indicate that the goodwill might be impaired. See Note 19. Asset Impairment Tangible long-lived assets and right-of-use assets associated with leases are evaluated in relation to the estimated future undiscounted cash flows to assess recoverability when events and circumstances indicate that the assets might be impaired. See Note 16. Revenue Recognition See Note 4 for a discussion of electric operating revenues. Accounts Receivable and Allowance for Uncollectible Accounts Accounts receivable consists primarily of trade receivables from customers. In the normal course of business, credit is extended to customers on a short-term basis. The Company calculates the allowance for uncollectible accounts based on historical experience and estimated default rates. The accounts receivable balances are reviewed monthly and adjustments to the allowance for uncollectible accounts and bad debt expense are made as necessary. Amounts that are deemed uncollectible are written off. Amortization of Debt Acquisition Costs Discount, premium, and expense related to the issuance of long-term debt are amortized over the lives of the respective issues. Gains and losses incurred upon the early retirement of long-term debt are recognized in other income or other deductions, except for amounts recoverable through NMPRC, FERC, or PUCT regulation, which are recorded as regulatory assets or liabilities and amortized over the lives of the respective issues. Unamortized premium, discount, and expense related to long-term debt are reflected as part of the related liability on the Consolidated Balance Sheets. Derivatives The Company records derivative instruments, including energy contracts, on the balance sheet as either an asset or liability measured at their fair value. GAAP requires that changes in the derivatives’ fair value be recognized currently in earnings unless specific hedge accounting criteria are met. PNM also records certain commodity derivative transactions recoverable through NMPRC regulation as regulatory assets or liabilities. See Note 7 and Note 9. The Company treats all forward commodity purchases and sales contracts subject to unplanned netting or “book-out” by the transmission provider as derivative instruments subject to mark-to-market accounting. GAAP provides guidance on whether realized gains and losses on derivative contracts not held for trading purposes should be reported on a net or gross basis and concludes such classification is a matter of judgment that depends on the relevant facts and circumstances. See Note 4. Decommissioning and Reclamation Costs In accordance with GAAP, PNM is only required to recognize and measure decommissioning liabilities for tangible long-lived assets for which a legal obligation exists. Nuclear decommissioning costs and related accruals are based on periodic site-specific estimates of the costs for removing all radioactive and other structures at PVNGS and are dependent upon numerous assumptions, including estimates of future decommissioning costs at current price levels, inflation rates, and discount rates. PNM’s accruals for PVNGS Units 1, 2, and 3, including portions held under leases, have been made based on such estimates, the guidelines of the NRC, and the PVNGS license periods. PVNGS Units 1 and 2 are included in PNM’s retail rates and PVNGS Unit 3 was excluded through December 31, 2017 but is included in retail rates beginning in 2018. See Note 16. See Note 17 for information concerning the treatment of nuclear decommissioning costs for certain purchased and leased portions of PVNGS in the NMPRC’s order in PNM’s NM 2015 Rate Case and the NM Supreme Court’s decision on PNM’s appeal of that order. In connection with both the SJGS and Four Corners coal supply agreements, the owners are required to reimburse the mining companies for the cost of contemporaneous reclamation, as well as the costs for final reclamation of the coal mines. The reclamation costs are based on periodic site-specific studies that estimate the costs to be incurred in the future and are dependent upon numerous assumptions, including estimates of future reclamation costs at current price levels, inflation rates, and discount rates. PNM considers the contemporaneous reclamation costs part of the cost of its delivered coal costs. See Note 16 for a discussion of reclamation costs. Environmental Costs The normal operations of the Company involve activities and substances that expose the Company to potential liabilities under laws and regulations protecting the environment. Liabilities under these laws and regulations can be material and may be imposed without regard to fault, or may be imposed for past acts, even though the past acts may have been lawful at the time they occurred. The Company records its environmental liabilities when site assessments or remedial actions are probable and a range of reasonably likely cleanup costs can be estimated. The Company reviews its sites and measures the liability by assessing a range of reasonably likely costs for each identified site using currently available information and the probable level of involvement and financial condition of other potentially responsible parties. These estimates are based on assumptions regarding the costs for site investigations, remediation, operations and maintenance, monitoring, and site closure. The ultimate cost to clean up the Company’s identified sites may vary from its recorded liability due to numerous uncertainties inherent in the estimation process. Amounts recorded for environmental expense in the years ended December 31, 2019 , 2018 , and 2017 , as well as the amounts of environmental liabilities at December 31, 2019 and 2018 were insignificant. Pension and Other Postretirement Benefits See Note 11 for a discussion of pension and postretirement benefits expense, including a discussion of the actuarial assumptions. Stock-Based Compensation See Note 12 for a discussion of stock-based compensation expense. Income Taxes Income taxes are recognized using the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax basis. In accordance with GAAP, all deferred taxes are reflected as non-current on the Consolidated Balance Sheets. Current NMPRC, FERC, and PUCT approved rates include the tax effects of the majority of these differences. GAAP requires that rate-regulated enterprises record deferred income taxes for temporary differences accorded flow-through treatment at the direction of a regulatory commission. The resulting deferred tax assets and liabilities are recorded based on the expected cash flow to be reflected in future rates. Because the NMPRC, FERC, and the PUCT have consistently permitted the recovery of tax effects previously flowed-through earnings, the Company has established regulatory assets and liabilities offsetting such deferred tax assets and liabilities. The Company recognizes only the impact of tax positions that, based on their merits, are more likely than not to be sustained upon an IRS audit. The Company defers investment tax credits and amortizes them over the estimated useful lives of the assets. See Note 18 for additional information, including a discussion of the impacts of the Tax Act. 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 taxes, which includes the earnings attributable to the Valencia non-controlling interest. GAAP also provides that certain unusual or infrequently occurring items, as well as adjustments due to enactment of new tax laws, be excluded from the estimated annual effective tax rate calculation. Lease Commitments See Note 13 for a discussion of lease commitments. 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. In May 2019, the FASB issued transition relief by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost. The Company is in the process of analyzing the impacts of the new standard but does not anticipate a significant impact on its reserves for trade receivables or on PNMR’s guarantees of certain PNMR Development debt arrangements. A cumulative effect adjustment is also not anticipated upon implementation. ASU 2016-13 also requires entities to separately measure and realize an impairment for credit losses on available-for-sale debt securities for which carrying value exceeds fair value, unless such securities have been determined to be other than temporarily impaired and the entire decrease in value has been realized as an impairment. PNM records a realized loss as an impairment for any available-for-sale debt security that has a fair value that is less than carrying value at the end of each quarter. As a result, the Company does not anticipate the new standard will impact its accounting for available-for-sale debt securities. The Company will adopt ASU 2016-13 as of January 1, 2020, its required effective date. 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 will adopt ASU 2017-04 for impairment testing after January 1, 2020, its required effective date. 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, 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 currently hold no 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, PNM and TNMP maintain qualified defined benefit, other postretirement benefit plans providing medical and dental benefits, and executive retirement programs. The Company is in the process of 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 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 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12 as part of its initiative to reduce complexity in accounting standards. The amendments in ASU 2019-12 simplify accounting for income taxes by removing several accounting exceptions to accounting for income taxes. ASU 2019-12 also eliminates or simplifies other income tax accounting requirements, including a requirement that entities recognize franchise tax (or similar tax) that is partially based on income as an income-based tax. ASU 2019-12 is effective for the Company beginning on January 1, 2021 and allows for early adoption. ASU 2019-12 is to be applied prospectively or retrospectively in the period of adoption depending on the type of amendment. The Company is in the process of analyzing the impacts of this new standard.

Segment Information

Segment Information	12 Months Ended
	Dec. 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. PNMR SEGMENT INFORMATION 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. 2019 PNM TNMP Corporate and Other PNMR Consolidated (In thousands) Electric operating revenues $ 1,093,822 $ 363,781 $ — $ 1,457,603 Cost of energy 317,725 95,087 — 412,812 Utility margin 776,097 268,694 — 1,044,791 Other operating expenses 554,661 98,621 (20,499 ) 632,783 Depreciation and amortization 160,368 84,259 23,181 267,808 Operating income (loss) 61,068 85,814 (2,682 ) 144,200 Interest income 14,303 — (281 ) 14,022 Other income (deductions) 26,989 4,131 (1,477 ) 29,643 Interest charges (72,900 ) (29,100 ) (19,016 ) (121,016 ) Segment earnings (loss) before income taxes 29,460 60,845 (23,456 ) 66,849 Income taxes (benefit) (25,962 ) 5,046 (4,366 ) (25,282 ) Segment earnings (loss) 55,422 55,799 (19,090 ) 92,131 Valencia non-controlling interest (14,241 ) — — (14,241 ) Subsidiary preferred stock dividends (528 ) — — (528 ) Segment earnings (loss) attributable to PNMR $ 40,653 $ 55,799 $ (19,090 ) $ 77,362 At December 31, 2019: Total Assets $ 5,242,991 $ 1,860,439 $ 195,344 $ 7,298,774 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 2018 PNM TNMP Corporate and Other PNMR Consolidated (In thousands) Electric operating revenues $ 1,091,965 $ 344,648 $ — $ 1,436,613 Cost of energy 314,036 85,690 — 399,726 Utility margin 777,929 258,958 — 1,036,887 Other operating expenses 481,030 96,272 (17,650 ) 559,652 Depreciation and amortization 151,866 66,189 23,133 241,188 Operating income 145,033 96,497 (5,483 ) 236,047 Interest income 13,089 — 2,451 15,540 Other income (deductions) (17,312 ) 4,065 (2,039 ) (15,286 ) Interest charges (76,458 ) (32,091 ) (18,695 ) (127,244 ) Segment earnings (loss) before income taxes 64,352 68,471 (23,766 ) 109,057 Income taxes (5,971 ) 16,880 (3,134 ) 7,775 Segment earnings (loss) 70,323 51,591 (20,632 ) 101,282 Valencia non-controlling interest (15,112 ) — — (15,112 ) Subsidiary preferred stock dividends (528 ) — — (528 ) Segment earnings (loss) attributable to PNMR $ 54,683 $ 51,591 $ (20,632 ) $ 85,642 At December 31, 2018: Total Assets $ 5,035,883 $ 1,665,177 $ 164,491 $ 6,865,551 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 2017 PNM TNMP Corporate and Other PNMR Consolidated (In thousands) Electric operating revenues $ 1,104,230 $ 340,773 $ — $ 1,445,003 Cost of energy 321,677 85,802 — 407,479 Utility margin 782,553 254,971 — 1,037,524 Other operating expenses 414,457 98,221 (22,135 ) 490,543 Depreciation and amortization 147,017 63,146 21,779 231,942 Operating income (loss) 221,079 93,604 356 315,039 Interest income 8,454 — 7,462 15,916 Other income (deductions) 22,132 3,551 (3,254 ) 22,429 Interest charges (82,697 ) (30,084 ) (14,844 ) (127,625 ) Segment earnings (loss) before income taxes 168,968 67,071 (10,280 ) 225,759 Income taxes (benefit) 81,555 31,512 17,273 130,340 Segment earnings (loss) 87,413 35,559 (27,553 ) 95,419 Valencia non-controlling interest (15,017 ) — — (15,017 ) Subsidiary preferred stock dividends (528 ) — — (528 ) Segment earnings (loss) attributable to PNMR $ 71,868 $ 35,559 $ (27,553 ) $ 79,874 At December 31, 2017: Total Assets $ 4,921,563 $ 1,500,770 $ 223,770 $ 6,646,103 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. Major Customers No individual customer accounted for more than 10% of the electric operating revenues of PNMR or PNM. Three REPs accounted for more than 10% of the electric operating revenues of TNMP, as follows: Year Ended December 31, 2019 2018 2017 REP A 22 % 21 % 16 % REP B 17 % 15 % 11 % REP C 12 % 12 % 10 %

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) AOCI reports a measure for accumulated changes in equity that result from transactions and other economic events other than transactions with shareholders. Information regarding AOCI is as follows: Accumulated Other Comprehensive Income (Loss) PNM PNMR Unrealized Gains on Available-for-Sale Securities Pension Liability Adjustment Total Fair Value Adjustment for Cash Flow Hedges Total (In thousands) Balance at December 31, 2016 $ 4,320 $ (96,748 ) $ (92,428 ) $ (23 ) $ (92,451 ) Amounts reclassified from AOCI (pre-tax) (17,567 ) 6,452 (11,115 ) 581 (10,534 ) Income tax impact of amounts reclassified 6,816 (2,504 ) 4,312 (225 ) 4,087 Other OCI changes (pre-tax) 28,160 3,618 31,778 1,000 32,778 Income tax impact of other OCI changes (10,927 ) (919 ) (11,846 ) (388 ) (12,234 ) Net after-tax change 6,482 6,647 13,129 968 14,097 Reclassification of stranded income taxes to retained earnings (Note 18) 2,367 (20,161 ) (17,794 ) 208 (17,586 ) Balance at December 31, 2017, as originally reported 13,169 (110,262 ) (97,093 ) 1,153 (95,940 ) Cumulative effect adjustment (Note 9) (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) (3,819 ) 7,568 3,749 216 3,965 Income tax impact of amounts reclassified 970 (1,922 ) (952 ) (56 ) (1,008 ) Other OCI changes (pre-tax) 3,790 (10,382 ) (6,592 ) 570 (6,022 ) Income tax impact of other OCI changes (963 ) 2,637 1,674 (145 ) 1,529 Net after-tax change (22 ) (2,099 ) (2,121 ) 585 (1,536 ) Balance at December 31, 2018 1,939 (112,361 ) (110,422 ) 1,738 (108,684 ) Amounts reclassified from AOCI (pre-tax) (14,063 ) 7,404 (6,659 ) 733 (5,926 ) Income tax impact of amounts reclassified 3,572 (1,880 ) 1,692 (186 ) 1,506 Other OCI changes (pre-tax) 25,724 (3,829 ) 21,895 (3,495 ) 18,400 Income tax impact of other OCI changes (6,534 ) 973 (5,561 ) 888 (4,673 ) Net after-tax change 8,699 2,668 11,367 (2,060 ) 9,307 Balance at December 31, 2019 $ 10,638 $ (109,693 ) $ (99,055 ) $ (322 ) $ (99,377 ) The Consolidated Statements of Earnings include pre-tax amounts reclassified from AOCI related to Unrealized Gains on Available-for-Sale Securities in gains (losses) 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 Consolidated Statements of Earnings.

Electric Operating Revenue

Electric Operating Revenue	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Electric Operating Revenue	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. Revenue Recognition Electric operating revenues are recorded in the period of energy delivery, which includes estimated amounts for service rendered but unbilled at the end of each accounting period. The determination of the energy sales billed to individual customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading and the corresponding unbilled revenue are estimated. Unbilled electric revenue is estimated based on daily generation volumes, estimated customer usage by class, line losses, historical trends and experience, and applicable customer rates. Amounts billed are generally due within the next month. The Company does not incur incremental costs to obtain contracts for its energy services. PNM’s wholesale electricity sales are recorded as electric operating revenues and wholesale electricity purchases are recorded as costs of energy sold. In accordance with GAAP, derivative contracts that are subject to unplanned netting are recorded net in earnings. A “book-out” is the planned or unplanned netting of off-setting purchase and sale transactions. A book-out is a transmission mechanism to reduce congestion on the transmission system or administrative burden. For accounting purposes, a book-out is the recording of net revenues upon the settlement of a derivative contract. Unrealized gains and losses on derivative contracts that are not designated for hedge accounting are classified as economic hedges. Economic hedges are defined as derivative instruments, including long-term power and fuel supply agreements, used to hedge generation assets and purchased power costs. Changes in the fair value of economic hedges are reflected in results of operations, with changes related to economic hedges on sales included in operating revenues and changes related to economic hedges on purchases included in cost of energy sold. See Note 9. The Company adopted ASU 2014-09 – Revenue from Contracts with Customers (Topic 606) as of January 1, 2018, its required effective date, using the modified retrospective method of adoption. The adoption of ASU 2014-09 did not result in changes to the nature, amount, and timing of the Company’s existing revenue recognition processes or information technology infrastructure. Therefore, the adoption of ASU 2014-09 had no effect on the amount of revenue recorded in 2018 compared to the amount that would have been recorded under prior GAAP, no effect on total electric operating revenues or any other caption within the Company’s financial statements, and no cumulative effect adjustment was recorded. Revenues for 2019 and 2018 are presented in accordance with the standard on the Consolidated Statements of Earnings and 2017 revenues are presented on a comparative basis. Additional disclosures to further disaggregate 2019 and 2018 revenues are presented below. The Company adopted ASU 2018-18 – Collaborative Arrangements (Topic 808) in 2019, ahead of its required effective date, using the retrospective method of adoption. The Company has collaborative arrangements related to its interest in SJGS, Four Corners, PVNGS, and Luna. The Company has determined that during the years ended December 31, 2019, 2018, and 2017 none of the joint owners in its collaborative arrangements were customers under Topic 606. Therefore, the adoption of this standard did not impact the financial statements. The Company will continue to evaluate transactions between collaborative arrangement participants in future periods under the requirements of the new standard. PNM and TNMP recognize revenue as they satisfy performance obligations, which typically occurs as the customer or end-user consumes the electric service provided. Electric services are typically for a bundle of services that are distinct and transferred to the end-user in one performance obligation measured by KWh or KW. Electric operating revenues are recorded in the period of energy delivery, including estimated unbilled amounts. As permitted under GAAP, the Company has elected to exclude all sales and similar taxes from revenue. Revenue from contracts with customers is recorded based upon the total authorized tariff price at the time electric service is rendered, including amounts billed under arrangements qualifying as an Alternative Revenue Program (“ARP”). ARP arrangements are agreements between PNM or TNMP and its regulator that allow PNM or TNMP to adjust future rates in response to past activities or completed events, if certain criteria are met. GAAP requires that ARP revenues be reported separately from contracts with customers. ARP revenues in a given period include the recognition of “originating” ARP revenues (i.e. when the regulator-specific conditions are met) in the period, offset by the reversal of ARP revenues when billed to customers. Sources of Revenue Additional information about the nature of revenues is provided below. Additional information about matters affecting PNM’s and TNMP’s regulated revenues is provided in Note 17. Revenue from Contracts with Customers PNM NMPRC Regulated Retail Electric Service – PNM provides electric generation, transmission, and distribution service to its rate-regulated customers in New Mexico. PNM’s retail electric service territory covers a large area of north central New Mexico, including the cities of Albuquerque, Rio Rancho, and Santa Fe, and certain areas of southern New Mexico. Customer rates for retail electric service are set by the NMPRC and revenue is recognized as energy is delivered to the customer. PNM invoices customers on a monthly basis for electric service and generally collects billed amounts within one month. Transmission Service to Third Parties – PNM owns transmission lines that are interconnected with other utilities in New Mexico, Texas, Arizona, Colorado, and Utah. Transmission customers receive service for the transmission of energy owned by the customer utilizing PNM’s transmission facilities. Customers generally receive transmission services, which are regulated by FERC, from PNM through PNM’s Open Access Transmission Tariff (“OATT”) or a specific contract. Customers are billed based on capacity and energy components on a monthly basis. Miscellaneous – Beginning on January 1, 2018, PNM acquired a 65 MW interest in SJGS Unit 4, which is held as merchant plant as ordered by the NMPRC (Note 16). PNM sells power from 36 MW of this capacity to a third party at a fixed price that is recorded as revenue from contracts with customers. PNM is obligated to deliver power under this arrangement only when SJGS Unit 4 is operating. Other market sales from this 65 MW interest are recorded in other electric operating revenues. TNMP PUCT Regulated Retail Electric Service – TNMP provides transmission and distribution services in Texas under the provisions of TECA and the Texas Public Utility Regulatory Act. TNMP is subject to traditional cost-of-service regulation with respect to rates and service under the jurisdiction of the PUCT and certain municipalities. TNMP’s transmission and distribution activities are solely within ERCOT and not subject to traditional rate regulation by FERC. 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 territory. Revenue is recognized as energy is delivered to the consumer. TNMP invoices REPs on a monthly basis and is generally paid within a month. Transmission Cost of Service (“TCOS”) – TNMP is a transmission service provider that is allowed to recover its TCOS through a network transmission rate that is approved by the PUCT. TCOS customers are other utilities that receive service for the transmission of energy owned by the customer utilizing TNMP’s transmission facilities. Alternative Revenue Programs The Company defers certain costs and records certain liabilities pursuant to the rate actions of the NMPRC, PUCT, and FERC. ARP revenues, which are discussed above, include recovery or refund provisions under PNM’s renewable energy rider and true-ups to PNM’s formula transmission rates; TNMP’s AMS surcharge, transmission cost recovery factor, and the impacts of the PUCT’s January 25, 2018 order regarding the change in the federal corporate income tax rate; and the energy efficiency incentive bonus at both PNM and TNMP. GAAP provides for the recognition of regulatory assets and liabilities for the difference between ARP revenues and amounts billed under those programs. Regulatory assets and liabilities are amortized into earnings as amounts are billed. As discussed in Note 17, TNMP’s 2018 Rate Case integrates AMS costs into base rates beginning January 1, 2019. These costs are being amortized into earnings as alternative revenues over a period of five years . Other Electric Operating Revenues Other electric operating revenues consist primarily of PNM’s sales for resale meeting the definition of a derivative under GAAP. Derivatives are not considered revenue from contracts with customers. PNM engages in activities meeting the definition of derivatives to optimize its existing jurisdictional assets and long-term power agreements through spot market, hour-ahead, day- ahead, week-ahead, month-ahead, and other sales of excess generation not required to fulfill retail load and contractual commitments. Through December 31, 2017, PNM’s 134 MW share of Unit 3 at PVNGS was excluded from retail rates and was being sold in the wholesale market. Effective January 1, 2018, PNM’s share of PVNGS Unit 3 is included in retail rates and recorded as revenue from contracts with customer. 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 ARP revenues and other revenues. PNM TNMP PNMR Consolidated Year Ended December 31, 2019 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 427,883 $ 150,742 $ 578,625 Commercial 396,987 116,953 513,940 Industrial 69,601 22,405 92,006 Public authority 20,322 5,694 26,016 Economy energy service 25,757 — 25,757 Transmission 57,214 66,948 124,162 Miscellaneous 13,134 3,568 16,702 Total revenues from contracts with customers 1,010,898 366,310 1,377,208 Alternative revenue programs 1,987 (2,529 ) (542 ) Other electric operating revenues 80,937 — 80,937 Total Electric Operating Revenues $ 1,093,822 $ 363,781 $ 1,457,603 Year Ended December 31, 2018 Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 433,009 $ 130,288 $ 563,297 Commercial 408,333 111,261 519,594 Industrial 61,119 17,317 78,436 Public authority 21,688 5,609 27,297 Economy energy service 26,764 — 26,764 Transmission 54,280 66,991 121,271 Miscellaneous 14,098 8,983 23,081 Total revenues from contracts with customers 1,019,291 340,449 1,359,740 Alternative revenue programs (2,443 ) 4,199 1,756 Other electric operating revenues 75,117 — 75,117 Total Electric Operating Revenues $ 1,091,965 $ 344,648 $ 1,436,613 Contract Balances Performance obligations related to contracts with customers are typically satisfied when the energy is delivered and the customer or end-user utilizes the energy. Accounts receivable from customers represent amounts billed, including amounts under ARP programs. For PNM, accounts receivable reflected on the Consolidated Balance Sheets, net of allowance for uncollectible accounts, includes $59.3 million and $61.7 million at December 31, 2019 and 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 December 31, 2019 . 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 OATT, 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 it defers the customer’s capacity rights. 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. PNMR’s, PNM’s, and TNMP’s contract liabilities and related revenues are insignificant for all periods presented. The Company has no other arrangements with remaining performance obligations to which a portion of the transaction price would be required to be allocated.

Earnings and Dividends Per Shar

Earnings and Dividends Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings and Dividends Per Share	Earnings and Dividends Per Share In accordance with GAAP, dual presentation of basic and diluted earnings per share has been presented in the Consolidated Statements of Earnings of PNMR. Information regarding the computation of earnings per share and dividends per share is as follows: Year Ended December 31, 2019 2018 2017 (In thousands, except per share amounts) Net Earnings Attributable to PNMR $ 77,362 $ 85,642 $ 79,874 Average Number of Common Shares: Outstanding during year 79,654 79,654 79,654 Vested awards of restricted stock 277 236 237 Average Shares – Basic 79,931 79,890 79,891 Dilutive Effect of Common Stock Equivalents: Stock options and restricted stock 59 122 250 Average Shares – Diluted 79,990 80,012 80,141 Net Earnings Attributable to PNMR Per Share of Common Stock: Basic $ 0.97 $ 1.07 $ 1.00 Diluted $ 0.97 $ 1.07 $ 1.00 Dividends Declared per Common Share $ 1.1775 $ 1.0850 $ 0.9925

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock and Equity Contributions PNMR, PNM, and TNMP did not issue any common stock during the three -year period ended December 31, 2019 . PNMR did no t fund any cash equity contributions to PNM during the three-year period ended December 31, 2019 , and funded $80.0 million in 2019 , $30.0 million in 2018 and $50.0 million in 2017 to TNMP. PNMR offers shares of PNMR common stock through the PNMR Direct Plan. PNMR utilizes shares of its common stock purchased on the open market, by an independent agent, rather than issuing additional shares to satisfy subscriptions under the PNMR Direct Plan. The shares of PNMR common stock utilized in the PNMR Direct Plan are offered under a SEC shelf registration statement that expires in March 2021. See Note 7 regarding the planned issuance of common stock under the PNMR 2020 Forward Equity Sale Agreements. Dividends on Common Stock The declaration of common dividends by PNMR is dependent upon a number of factors, including the ability of PNMR’s subsidiaries to pay dividends. PNMR’s primary sources of dividends are its operating subsidiaries. PNM declared and paid cash dividends to PNMR of zero , $77.4 million , and $60.7 million in 2019 , 2018 , and 2017 . TNMP declared and paid cash dividends to PNMR of $55.3 million , $41.9 million , and $44.4 million in 2019 , 2018 , and 2017 . The NMPRC has placed certain restrictions on the ability of PNM to pay dividends to PNMR, including the restriction that PNM cannot pay dividends that cause its debt rating to fall below investment grade. The NMPRC provisions allow PNM to pay dividends, without prior NMPRC approval, from current earnings, which is determined on a rolling four quarter basis, or from equity contributions previously made by PNMR. The Federal Power Act also imposes certain restrictions on dividends by public utilities, including that dividends cannot be paid from paid-in capital. Prior to July 2018, the Company’s revolving credit facilities and term loans contained a covenant requiring the maintenance of debt-to-capitalization ratios of less than or equal to 65% . In July 2018, PNMR’s revolving credit facility and term loans were amended such that PNMR is now required to maintain a debt-to-capitalization ratio of less than or equal to 70% . The debt-to-capitalization ratio requirements remain at less than or equal to 65% for PNM and TNMP. These debt-to-capitalization ratio requirements could limit the amounts of dividends that could be paid. PNM also has other financial covenants that limit the transfer of assets, through dividends or other means, including a requirement to obtain the approval of certain financial counterparties to transfer more than five percent of PNM’s assets. As of December 31, 2019 , none of the numerical tests would restrict the payment of dividends from the retained earnings of TNMP, restrictions related to retained earnings under the Federal Power Act may limit the payment of dividends by PNM to $283.5 million , and the 70% debt-to-capitalization covenant would allow the payment of dividends by PNMR of up to $257.6 million . In addition, the ability of PNMR to declare dividends is dependent upon the extent to which cash flows will support dividends, the availability of retained earnings, financial circumstances and performance, current and future regulatory decisions, Congressional and legislative acts, and economic conditions. Conditions imposed by the NMPRC or PUCT, future growth plans and related capital requirements, and business considerations may also affect PNMR’s ability to pay dividends. Preferred Stock PNM’s cumulative preferred shares outstanding bear dividends at 4.58% per annum. PNM preferred stock does not have a mandatory redemption requirement, but may be redeemed, at PNM’s option, at 102% of the stated value plus accrued dividends. The holders of the PNM preferred stock are entitled to payment before the holders of common stock in the event of any liquidation or dissolution or distribution of assets of PNM. In addition, PNM’s preferred stock is not entitled to a sinking fund and cannot be converted into any other class of stock of PNM. PNMR and TNMP have no preferred stock outstanding. The authorized shares of PNMR and TNMP preferred stock are 10 million shares and 1 million shares.

Financing

Financing	12 Months Ended
	Dec. 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. Prior to July 2018, each of the Company’s revolving credit facilities and term loans contained a single financial covenant, which required the maintenance of a debt-to-capitalization ratio of less than or equal to 65% . In July 2018, the PNMR and the PNMR Development agreements were each amended such that each is now required to maintain a debt-to-capitalization ratio of less than or equal to 70% . The debt-to-capitalization ratio requirement remains at less than or equal to 65% for the PNM and TNMP agreements. 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. Financing Activities PNMR At January 1, 2017, PNMR had outstanding the $150.0 million PNMR 2015 Term Loan, which matured and was repaid on March 9, 2018. As discussed in Note 16, at January 1, 2018, NM Capital, a wholly-owned subsidiary of PNMR, had outstanding $50.1 million of the $125.0 million term loan agreement (the “BTMU Term Loan”) with BTMU. PNMR, as parent company of NM Capital, guaranteed NM Capital’s obligations to BTMU. NM Capital utilized the proceeds of the BTMU Term Loan to provide funding of $125.0 million (the “Westmoreland Loan”) to a ring-fenced, bankruptcy-remote, special-purpose entity subsidiary of Westmoreland to finance Westmoreland’s purchase of SJCC. The BTMU Term Loan agreement required that NM Capital utilize all amounts, less taxes and fees, it received under the Westmoreland Loan to repay the BTMU Term Loan. On May 22, 2018, the full principal balance outstanding under the Westmoreland Loan of $50.1 million was repaid. NM Capital used a portion of the proceeds to repay all remaining principal of $43.0 million owed under the BTMU Term Loan. These payments effectively terminated the loan agreements. In addition, PNMR’s guarantee of NM Capital’s obligations was also effectively terminated. See Note 10. At January 1, 2017, PNMR had outstanding letters 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. See Note 16. On January 1, 2017, PNMR had outstanding two term loan agreements: (1) a $100.0 million term loan agreement (the “PNMR 2016 One-Year Term Loan”) and (2) a $100.0 million term loan agreement (the “PNMR 2016 Two-Year Term Loan”) that matured on December 21, 2018. On December 15, 2017, the PNMR 2016 One -Year Term Loan was extended to December 14, 2018. In December 2018, both the PNMR 2016 One -Year Term Loan (as extended) and the PNMR 2016 Two -Year Term Loan were repaid. On March 9, 2018, PNMR issued $300.0 million aggregate principal amount of 3.25% SUNs (the “PNMR 2018 SUNs”), which mature on March 9, 2021. The proceeds from the offering were used to repay the $150.0 million PNMR 2015 Term Loan that was due on March 9, 2018 and to reduce borrowings under the PNMR Revolving Credit Facility. On November 26, 2018, PNMR Development entered into a $90.0 million term loan agreement (the “PNMR Development Term Loan”), among PNMR Development and KeyBank, N.A., as administrative agent and sole lender. Proceeds from the PNMR Development Term Loan were used to repay short-term borrowings under the PNMR Development’s revolving credit facility and to repay borrowings under its intercompany loan from PNMR. The PNMR Development Term Loan bears interest at a variable rate, which was 2.60% on December 31, 2019, and matures on November 26, 2020. PNMR, as parent company of PNMR Development, has guaranteed PNMR Development’s obligations under the loan. The PNMR Development Term Loan requires PNMR to maintain a debt-to-capitalization ratio of less than or equal to 70% , and contains customary events of default, a cross-default provision, and a change-of-control provision. On December 14, 2018, PNMR entered into a $150.0 million term loan agreement (the “PNMR 2018 One -Year Term Loan”) among PNMR, the lenders identified therein, and MUFG Bank, Ltd., as administrative agent. The proceeds from the PNMR 2018 One -Year Term Loan were used to repay the PNMR 2016 One -Year Term Loan (as extended), a portion of the PNMR 2016 Two -Year Term Loan, and for general corporate purposes. On December 13, 2019, the PNMR 2018 One -Year Term Loan was extended to June 11, 2021 (as extended, the “PNMR 2019 Term Loan”). The PNMR 2019 Term Loan bears interest at a variable rate, which was 2.70% at December 31, 2019. On December 21, 2018, PNMR entered into a $50.0 million term loan agreement (the “PNMR 2018 Two -Year Term Loan”), between PNMR and Bank of America, N.A. as sole lender. Proceeds from the PNMR 2018 Two -Year Term Loan were used to repay the remaining amount owed under the PNMR 2016 Two -Year Term Loan and for general corporate purposes. The PNMR 2018 Two -Year Term Loan bears interest at a variable rate, which was 2.60% at December 31, 2019, and matures on December 21, 2020. On January 7, 2020, PNMR entered into forward sale agreements with each of Citibank N.A., and Bank of America N.A., as forward purchases and an underwriting agreement with Citigroup Global Markets Inc., and BofA Securities, Inc. as representatives of the underwriters named therein, relating to an aggregate of approximately 6.2 million shares of PNMR common stock (including 0.8 million shares of PNMR common stock pursuant to the underwriters’ option to purchase additional shares) with each of Citibank N.A., and Bank of America N.A., as forward purchasers (the “PNMR 2020 Forward Equity Sales Agreements”). On January 8, 2020, the underwriters exercised in full their option to purchase an additional 0.8 million shares of PNMR common stock and PNMR entered into separate forward sales agreements with respect to the additional shares. The initial forward sale price of $47.21 per share is subject to adjustments based on a net interest rate factor and by expected future dividends paid on PNMR common stock as specified in the forward sale agreements. PNMR did not initially receive any proceeds upon the execution of these agreements and, except in certain specified circumstances, has the option to elect physical, cash, or net share settlement on or before the date that is 12 months from their effective dates. PNMR expects to physically settle all shares under the agreements on or before January 7, 2021 at the then applicable forward sales price. Pursuant to a cash settlement of the PNMR 2020 Forward Equity Sales Agreements, PNMR would expect to receive significantly lower net proceeds or may owe cash, which could be a significant amount, to the forward purchasers. Under a net share settlement, PNMR would not receive any cash proceeds and may be required to deliver shares of PNMR common stock to the forward purchasers. The forward sale agreements meet the derivative scope exception requirements for contracts involving an entity’s own equity. Until settlement of the forward sale agreements, PNMR’s EPS dilution resulting from the agreements, if any, will be determined using the treasury stock method, which will result in dilution during periods when the average market price of PNMR stock during the reporting period is higher than the applicable forward sales price as of the end of that period. PNMR has an automatic shelf registration that provides for the issuance of various types of debt and equity securities that expires in March 2021. PNM At January 1, 2017, PNM had outstanding a $175.0 million term loan agreement (the “PNM 2016 Term Loan”) that matured on November 17, 2017. The PNM 2016 Term Loan was repaid on July 20, 2017. At January 1, 2017, PNM had $37.0 million of outstanding PCRBs, which have a final maturity of June 1, 2040, and $20.0 million of outstanding PCRBs which have a final maturity of June 1, 2042. These PCRBs were subject to mandatory tender for remarketing on June 1, 2017 and were successfully remarketed on that date. The $37.0 million of PCRBs now bear interest at 2.125% and the $20.0 million of PCRBs now bear interest at 2.45% . Both series are now subject to mandatory tender for remarketing on June 1, 2022. On July 20, 2017, PNM entered into a $200.0 million term loan agreement (the “PNM 2017 Term Loan”) between PNM and JPMorgan Chase Bank, N.A., as lender and administrative agent, and U.S. Bank National Association, as lender. PNM used the proceeds of the PNM 2017 Term Loan to prepay without penalty the $175.0 million PNM 2016 Term Loan and to reduce short-term borrowings. The PNM 2017 Term Loan was repaid on January 18, 2019. On July 28, 2017, PNM entered into an agreement (the “PNM 2017 Senior Unsecured Note Agreement”) with institutional investors for the sale of $450.0 million aggregate principal amount of eight series of Senior Unsecured Notes (the “PNM 2018 SUNs”) offered in private placement transactions. On May 14, 2018, PNM issued $350.0 million of the PNM 2018 SUNs under that agreement (at fixed annual interest rates ranging from 3.15% to 4.50% for terms between 5 and 30 years ) and used the proceeds to repay an equal amount of PNM’s 7.95% SUNs that matured on May 15, 2018. On July 31, 2018, PNM issued the remaining $100.0 million of the PNM 2018 SUNs (at fixed annual interest rates of 3.78% and 4.60% for terms of 10 and 30 years ) and used the proceeds to repay an equal amount of PNM’s 7.50% SUNs on August 1, 2018. The PNM 2017 Senior Unsecured Note Agreement includes customary covenants, including a covenant that requires the maintenance of a debt-to-capitalization ratio of less than or equal to 65% , customary events of default, including a cross-default provision, and covenants regarding parity of financial covenants, liens and guarantees with respect to PNM’s material credit facilities. In the event of a change of control, PNM will be required to offer to prepay the PNM 2018 SUNs at par. PNM will have the right to redeem any or all of the PNM 2018 SUNs prior to their respective maturities, subject to payment of a customary make-whole premium. On April 9, 2018, PNMR Development deposited $68.2 million with PNM related to potential transmission network interconnections. PNM used the deposit to repay intercompany borrowings. PNM was required to pay interest to PNMR Development to the extent work under the interconnections has not been performed. The entire deposit of $68.2 million and accrued interest of $5.7 million was refunded in November 2019. The interconnection deposit and related refund is presented in financing activities and the interest payment is presented in operating activities on PNM’s Consolidated Statements of Cash Flows for the years ended December 31, 2019 and 2018. During the years ended December 31, 2019 and December 31, 2018, PNM recognized $3.3 million and $2.4 million of interest expense under the agreement. At December 31, 2018, PNM’s obligation under the interconnection agreement with PNMR Development of $68.2 million , excluding unpaid interest, is reflected in other deferred credits on PNM’s Consolidated Balance Sheets. As required by GAAP, all intercompany transactions related to this deposit have been eliminated on PNMR’s Consolidated Financial Statements. On January 18, 2019, PNM entered into a $250.0 million term loan agreement (the “PNM 2019 $250.0 million 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 $250.0 million 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 $250.0 million Term Loan bears interest at a variable rate, which was 2.45% at December 31, 2019, and must be repaid on or before July 17, 2020. On December 18, 2019, PNM entered into a $40.0 million term loan agreement (the “PNM 2019 $40.0 million Term Loan”), between PNM and Bank of America, N.A. as sole lender and administrative agent. PNM used the proceeds of the PNM 2019 $40.0 million Term Loan to reduce short-term borrowings under the PNM Revolving Credit Facility and for general corporate purposes. The PNM 2019 $40.0 million Term Loan bears interest at a variable rate, which was 2.39% at December 31, 2019, and must be repaid on or before June 18, 2021. See discussion of PNM’s SJGS Abandonment Application in Note 17, which includes a request to issue approximately $361 million of energy transition bonds, as provided by the ETA, upon the proposed retirement of SJGS in 2022. PNM has a shelf registration statement, which will expire in May 2020, with capacity for the issuance of up to $475.0 million of senior unsecured notes. TNMP On June 14, 2017, TNMP entered into an agreement which provided TNMP would issue $60.0 million aggregate principal amount of 3.22% first mortgage bonds, due 2027, subject to satisfaction of certain conditions. TNMP issued the bonds on August 24, 2017 and used the proceeds to reduce short-term and intercompany debt and for general corporate purposes. On June 28, 2018, TNMP entered into an agreement under which TNMP issued $60.0 million aggregate principal amount of 3.85% first mortgage bonds, due 2028. On July 25, 2018, TNMP entered into a $20.0 million term loan agreement. On December 17, 2018, the TNMP 2018 Term Loan agreement was amended to provide additional funding of $15.0 million , which results in a total committed amount of $35.0 million under the agreement (the “TNMP 2018 Term Loan”). TNMP used the proceeds from these issuances to repay short-term borrowings and for TNMP’s general corporate purposes. The TNMP 2018 Term Loan was repaid on December 30, 2019. 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 borrowing under the TNMP Revolving credit Facility and for general corporate purposes. TNMP issued the remaining $80.0 million of TNMP 2019 Bonds on July 1, 2019 and used the proceeds to repay borrowing under the TNMP Revolving Credit Facility and for general corporate purposes. 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 has 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. Interest Rate Hedging Activities At January 1, 2017, PNMR had a hedging agreement that effectively established a fixed interest rate of 1.927% for borrowings under the PNMR 2015 Term Loan through its maturity on March 9, 2018. In 2017, PNMR entered into three separate four -year hedging agreements that effectively established fixed interest rates of 1.926% , 1.823% , and 1.629% , plus customary spreads over LIBOR, subject to change if there is a change in PNMR’s credit rating, for three separate tranches, each of $50.0 million , of its variable rate debt. These hedge agreements are accounted for as cash flow hedges and had fair values of $0.4 million and $1.0 million that are included in other current liabilities and other current assets on the Consolidated Balance Sheets at December 31, 2019 and 2018. As discussed in Note 3, changes in the fair value of the cash flow hedges 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. Borrowing Arrangements Between PNMR and its Subsidiaries PNMR has one-year intercompany loan agreements with its subsidiaries. Individual subsidiary loan agreements vary in amount up to $100.0 million and have either reciprocal or non-reciprocal terms. Interest charged to the subsidiaries is equivalent to interest paid by PNMR on its short-term borrowings or the money-market interest rate if PNMR does not have any short-term borrowings outstanding. TNMP had no borrowings from PNMR at December 31, 2019 and no borrowings at February 21, 2020. TNMP had outstanding borrowings of $0.1 million from PNMR at December 31, 2018. PNM had no borrowings from PNMR at December 31, 2019 and no borrowings at February 21, 2020 . PNM had outstanding borrowings of $19.8 million from PNMR at December 31, 2018 . Short-term Debt Currently, 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 31, 2023 and contain options to be extended through October 2024, subject to approval by a majority of the lenders. 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. In September 2017, the TNMP Revolving Credit Facility was extended to mature on September 23, 2022. At January 1, 2017, PNM had a $50.0 million unsecured revolving credit facility (the “PNM 2014 New Mexico Credit Facility”) that was scheduled to expire on January 8, 2018. On December 12, 2017, PNM entered into a new $40.0 million unsecured revolving credit facility (the “PNM 2017 New Mexico Credit Facility”) by and among PNM, the lenders identified therein, U.S. Bank National Association, as Administrative Agent, and BOKF, NA dba Bank of Albuquerque, as Syndication Agent to replace the PNM 2014 New Mexico Credit Facility. The eight participating lenders are all banks that have a significant presence or are headquartered in New Mexico. The PNM 2017 New Mexico Credit Facility expires on December 12, 2022 and contains covenants and conditions similar to those in the PNM Revolving Credit Facility. On February 26, 2018, PNMR Development entered into a revolving credit facility with Wells Fargo Bank, National Association, as lender, which allowed PNMR Development to borrow up to $24.5 million on a revolving credit basis and also provides for the issuance of letters of credit. On February 22, 2019, PNMR Development amended its $24.5 million revolving credit facility to increase the capacity to $25.0 million . On July 22, 2019, the PNMR Development Revolving Credit Facility was amended to increase the capacity to $40.0 million with the option to further increase the capacity to $50 million upon 15-days advance notice. On February 21, 2020, PNMR Development extended the revolving credit facility to expire on February 23, 2021. 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 consists of: December 31, Short-term Debt 2019 2018 (In thousands) PNM: PNM Revolving Credit Facility $ 48,000 $ 32,400 PNM 2017 New Mexico Credit Facility 10,000 10,000 58,000 42,400 TNMP Revolving Credit Facility 15,000 17,500 PNMR: PNMR Revolving Credit Facility 112,100 20,000 PNMR 2018 One-Year Term Loan — 150,000 PNMR Development Revolving Credit Facility — 6,000 $ 185,100 $ 235,900 In addition to the above borrowings, PNMR, PNM, and TNMP had letters of credit outstanding of $4.7 million , $2.5 million , and $0.1 million at December 31, 2019 that reduce the available capacity under their respective revolving credit facilities. In addition, PNMR had $30.3 million of letters of credit outstanding under the JPM LOC Facility. At December 31, 2019 , interest rates on outstanding borrowings were 3.02% for the PNMR Revolving Credit Facility, 2.87% for the PNM Revolving Credit Facility, 2.84% for the PNM 2017 New Mexico Credit Facility, and 2.47% for the TNMP Revolving Credit Facility. There were no borrowings outstanding under the PNMR Development Revolving Credit Facility at December 31, 2019. At February 21, 2020 , PNMR, PNM, and TNMP had $151.5 million , $362.1 million , and $31.8 million of availability under their respective revolving credit facilities, including reductions of availability due to outstanding letters of credit. PNM also had $10.0 million of availability under the PNM 2017 New Mexico Credit Facility and PNMR Development had $40.0 million of availability under the PNMR Development Revolving Credit Facility. Total availability at February 21, 2020 , on a consolidated basis, was $595.4 million for PNMR. At February 21, 2020 , PNMR, PNM, and TNMP had invested cash of $0.9 million , zero , and zero . Long-Term Debt As discussed above, on January 18, 2019, PNM entered into the $250.0 million PNM 2019 Term Loan and used a portion of the proceeds under that agreement to repay the $200.0 million PNM 2017 Term Loan on that date. On February 26, 2019, TNMP entered into the TNMP 2019 Bond Purchase Agreement under which an aggregate of $305.0 million of TNMP 2019 Bonds were issued on March 29, 2019 and July 1, 2019. TNMP used a portion of the proceeds from the TNMP 2019 Bonds to repay the $172.3 million 9.50% TNMP first mortgage bonds due on April 1, 2019. In accordance with GAAP, borrowings under the $200.0 million PNM 2017 Term Loan and the $172.3 million 9.50% TNMP first mortgage bonds are reflected as being long-term in the Consolidated Balance Sheets at December 31, 2018 since PNM and TNMP demonstrated their intent and ability to re-finance these agreements on a long-term basis. Information concerning long-term debt outstanding and unamortized (premiums), discounts, and debt issuance costs is as follows: December 31, 2019 December 31, 2018 Principal Unamortized Discounts, (Premiums), and Issuance Costs, net Principal Unamortized Discounts, (Premiums), and Issuance Costs, net (In thousands) PNM Debt Senior Unsecured Notes, Pollution Control Revenue Bonds: 1.875% due April 2033, mandatory tender - October 1, 2021 $ 146,000 $ 662 $ 146,000 $ 1,022 6.25% due January 2038 36,000 205 36,000 216 2.125% due June 2040, mandatory tender - June 1, 2022 37,000 224 37,000 314 5.20% due June 2040, mandatory tender - June 1, 2020 40,045 17 40,045 62 5.90% due June 2040 255,000 1,857 255,000 1,950 6.25% due June 2040 11,500 84 11,500 88 2.45% due September 2042, mandatory tender - June 1, 2022 20,000 85 20,000 119 2.40% due June 2043, mandatory tender - June 1, 2020 39,300 50 39,300 146 5.20% due June 2043, mandatory tender - June 1, 2020 21,000 10 21,000 31 Senior Unsecured Notes: 5.35% due October 2021 160,000 292 160,000 455 3.15% due May 2023 55,000 261 55,000 338 3.45% due May 2025 104,000 562 104,000 666 3.85% due August 2025 250,000 1,675 250,000 1,974 3.68% due May 2028 88,000 518 88,000 581 3.78% due August 2028 15,000 91 15,000 101 3.93% due May 2033 38,000 238 38,000 256 4.22% due May 2038 45,000 291 45,000 307 4.50% due May 2048 20,000 133 20,000 138 4.60% due August 2048 85,000 570 85,000 590 PNM 2017 Term Loan due January 2019 — — 200,000 1 PNM 2019 $250.0 Million Term Loan due July 2020 250,000 — — — PNM 2019 $40.0 Million Term Loan due June 2021 40,000 1,755,845 7,825 1,665,845 9,355 Less current maturities 350,345 77 — — 1,405,500 7,748 1,665,845 9,355 December 31, 2019 December 31, 2018 Principal Unamortized Discounts, (Premiums), and Issuance Costs, net Principal Unamortized Discounts, (Premiums), and Issuance Costs, net (In thousands) TNMP Debt First Mortgage Bonds: 9.50% due April 2019 — — 172,302 206 6.95% due April 2043 93,198 (16,632 ) 93,198 (17,347 ) 4.03% due July 2024 80,000 475 80,000 580 3.53% due February 2026 60,000 502 60,000 585 3.22% due August 2027 60,000 437 60,000 494 3.85% due June 2028 60,000 531 60,000 584 3.79% due March 2034 75,000 535 — — 3.92% due March 2039 75,000 542 — — 4.06% due March 2044 75,000 546 — — 3.60% due July 2029 80,000 571 — — TNMP 2018 Term Loan due July 2020 — — 35,000 — 658,198 (12,493 ) 560,500 (14,898 ) Less current maturities — — — — 658,198 (12,493 ) 560,500 (14,898 ) PNMR Debt PNMR 3.25% 2018 SUNs due March 2021 300,000 917 300,000 1,690 PNMR Development Term Loan due November 2020 90,000 42 90,000 88 PNMR 2018 Two-Year Term Loan due December 2020 50,000 — 50,000 — PNMR 2019 Term Loan due June 2021 150,000 35 — — 590,000 994 440,000 1,778 Less current maturities 140,000 — — — 450,000 994 440,000 1,778 Total Consolidated PNMR Debt 3,004,043 (3,674 ) 2,666,345 (3,765 ) Less current maturities 490,345 77 — — $ 2,513,698 $ (3,751 ) $ 2,666,345 $ (3,765 ) Reflecting mandatory tender dates, long-term debt maturities as of December 31, 2019 are follows: PNMR PNM TNMP PNMR Consolidated (In thousands) 2020 $ 140,000 $ 350,345 $ — $ 490,345 2021 450,000 346,000 — 796,000 2022 — 57,000 — 57,000 2023 — 55,000 — 55,000 2024 — — 80,000 80,000 Thereafter — 947,500 578,198 1,525,698 Total $ 590,000 $ 1,755,845 $ 658,198 $ 3,004,043

Lease Commitments

Lease Commitments	12 Months Ended
	Dec. 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 and included leases for generating capacity from PVNGS Units 1 and 2, certain rights-of-way agreements for transmission lines and facilities, vehicles and equipment necessary to construct and maintain the Company’s assets, and building and office equipment. 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 Consolidated Balance Sheets but does not have a material impact on the Consolidated Statements of Earnings or the 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 that 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 Consolidated Balance Sheets 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. 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 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 had until January 15, 2020 for the Unit 1 leases and has until 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. On January 3, 2020, PNM executed 60-day waivers of the deadline to provide notice of its intent to purchase or return the assets underlying the PVNGS Unit 1 leases. Under the waivers, PNM is required to provide notice by March 16, 2020. The waivers did not impact the PVNGS Unit 1 leases’ current January 15, 2023 expiration dates. PNM’s elections are independent for each lease and are irrevocable. In the proceeding addressing PNM’s 2017 IRP (Note 17), 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 PVNGS, including costs to decommission the facility. PNM is depreciating its capital improvements related to the extended leases using NMPRC approved rates through the end of the NRC license period for each unit, which expire in June 2045 for Unit 1 and in June 2046 for Unit 2. Whether PNM retains or returns the assets underlying the extended leases, PNM will seek to recover its undepreciated investments, and any amounts paid to purchase the assets, as well as any other obligations related to PVNGS from NM retail customers. Any transfer of the assets underlying the leases will be required to comply with NRC licensing requirements. See Note 17 for information concerning the NMPRC’s treatment of PNM’s purchase of assets underlying 64.1 MW and extension of 114.6 MW of leased capacity in PVNGS Unit 2, the NM Supreme Court’s decision regarding PNM’s appeal of certain matters in the NM 2015 Rate Case, as well as information concerning a joint petition to investigate PNM’s option to purchase additional assets underlying the extended leased capacity in PVNGS. 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 December 31, 2019 , amounts due to the lessors under the circumstances described above would be up to $157.6 million , payable on January 15, 2020 in addition to the scheduled lease payments due on January 15, 2020. In such event, PNM would record the acquired assets at the lower of their fair value or the amount paid. Furthermore, the NRC places restrictions on the ownership of nuclear generating facilities. These restrictions could limit the transfer of ownership should PNM decide to return the assets underlying all or a portion of its current leased interests in PVNGS. In the event PNM decides to return these interests to the lessors, and a qualified buyer cannot be identified, PNM may be required to retain all of a portion of its existing leased capacity in PVNGS or be exposed to other claims for damages by the lessors. 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. Changes in the Consumer Price Index subsequent to January 1, 2019 are considered variable lease payments. PNM has other prepaid rights-of-way agreements that are not accounted for as leases or recognized as a component of plant in service. PNM reflects the unamortized balance of these prepayments in other deferred charges on the Consolidated Balance Sheets and recognizes amortization expense associated with these agreements in the Consolidated Statement of Earnings over their term. As of December 31, 2019 and 2018, the unamortized balance of these rights-of-ways was $60.2 million and $63.0 million . During the years ended December 31, 2019 , 2018, and 2017, PNM recognized amortization expense associated with these agreements of $3.7 million , $3.8 million , and $3.5 million . Fleet Vehicles and Equipment As of December 31, 2018, all of the Company’s leases of fleet vehicles and equipment were 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 December 31, 2019 , residual value guarantees on fleet vehicle and equipment leases are $0.7 million , $1.2 million , and $1.9 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 20. 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 Consolidated Balance Sheets, including amounts recognized upon adoption of ASU 2016-02, is presented below: December 31, 2019 January 1, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 120,585 $ 9,954 $ 131,212 $ 143,816 $ 12,942 $ 157,440 Current portion of operating lease liabilities 25,927 2,753 29,068 21,589 3,132 25,189 Long-term portion of operating lease liabilities 97,992 7,039 105,512 124,891 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 Consolidated Balance Sheets is presented below: December 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 4,857 $ 4,910 $ 10,028 Accumulated depreciation (482 ) (466 ) (973 ) Non-utility property, net $ 4,375 $ 4,444 $ 9,055 Other current liabilities $ 722 $ 850 $ 1,637 Other deferred credits 3,333 3,597 7,102 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: December 31, 2019 PNM TNMP PNMR Consolidated Weighted average remaining lease term (years): Operating leases 6.70 4.10 6.49 Financing leases 5.64 5.54 5.54 Weighted average discount rate: Operating leases 3.89 % 3.95 % 3.90 % Financing leases 3.68 % 3.65 % 3.64 % Information for the components of lease expense is as follows: Year Ended December 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost $ 28,254 $ 3,341 $ 31,963 Less: amounts capitalized (1,319 ) (2,594 ) (3,913 ) Total operating lease expense 26,935 747 28,050 Financing lease cost: Amortization of right-of-use assets 481 466 973 Interest on lease liabilities 92 100 194 Less: amounts capitalized (280 ) (423 ) (704 ) Total financing lease expense 293 143 463 Variable lease expense 96 — 96 Short-term lease expense 346 26 414 Total lease expense for the period $ 27,670 $ 916 $ 29,023 Supplemental cash flow information related to the Company’s leases is as follows: Year Ended December 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 $ 26,392 $ 935 $ 27,849 Operating cash flows from financing leases 44 25 71 Finance cash flows from financing leases 183 109 313 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 143,816 $ 12,942 $ 157,816 Financing leases 4,473 4,910 9,645 Excluded from the operating and financing cash paid for leases above are $1.3 million and $0.3 million at PNM, $2.6 million and $0.4 million at TNMP, and $3.9 million and $0.7 million at PNMR. These capitalized costs are reflected as investing activities on the Company’s Consolidated Statements of Cash Flows for the twelve months ended December 31, 2019 . Future expected lease payments as of December 31, 2019 and December 31, 2018 are shown below: As of December 31, 2019 PNM TNMP PNMR Consolidated Financing Operating Financing Operating Financing Operating (In thousands) 2020 $ 857 $ 27,028 $ 998 $ 3,078 $ 1,925 $ 30,660 2021 830 26,576 966 2,448 1,866 29,316 2022 803 26,266 934 1,996 1,807 28,473 2023 767 17,735 819 1,508 1,624 19,423 2024 505 7,908 648 877 1,153 8,833 Later years 723 34,466 526 765 1,249 35,489 Total minimum lease payments 4,485 139,979 4,891 10,672 9,624 152,194 Less: Imputed interest 430 16,060 444 880 885 17,614 Lease liabilities as of December 31, 2019 $ 4,055 $ 123,919 $ 4,447 $ 9,792 $ 8,739 $ 134,580 Operating leases As of December 31, 2018 PNM TNMP PNMR Consolidated (In thousands) 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 $8.7 million , $13.1 million , and $21.8 million for PNM, TNMP, and PNMR at December 31, 2019
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 and included leases for generating capacity from PVNGS Units 1 and 2, certain rights-of-way agreements for transmission lines and facilities, vehicles and equipment necessary to construct and maintain the Company’s assets, and building and office equipment. 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 Consolidated Balance Sheets but does not have a material impact on the Consolidated Statements of Earnings or the 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 that 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 Consolidated Balance Sheets 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. 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 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 had until January 15, 2020 for the Unit 1 leases and has until 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. On January 3, 2020, PNM executed 60-day waivers of the deadline to provide notice of its intent to purchase or return the assets underlying the PVNGS Unit 1 leases. Under the waivers, PNM is required to provide notice by March 16, 2020. The waivers did not impact the PVNGS Unit 1 leases’ current January 15, 2023 expiration dates. PNM’s elections are independent for each lease and are irrevocable. In the proceeding addressing PNM’s 2017 IRP (Note 17), 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 PVNGS, including costs to decommission the facility. PNM is depreciating its capital improvements related to the extended leases using NMPRC approved rates through the end of the NRC license period for each unit, which expire in June 2045 for Unit 1 and in June 2046 for Unit 2. Whether PNM retains or returns the assets underlying the extended leases, PNM will seek to recover its undepreciated investments, and any amounts paid to purchase the assets, as well as any other obligations related to PVNGS from NM retail customers. Any transfer of the assets underlying the leases will be required to comply with NRC licensing requirements. See Note 17 for information concerning the NMPRC’s treatment of PNM’s purchase of assets underlying 64.1 MW and extension of 114.6 MW of leased capacity in PVNGS Unit 2, the NM Supreme Court’s decision regarding PNM’s appeal of certain matters in the NM 2015 Rate Case, as well as information concerning a joint petition to investigate PNM’s option to purchase additional assets underlying the extended leased capacity in PVNGS. 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 December 31, 2019 , amounts due to the lessors under the circumstances described above would be up to $157.6 million , payable on January 15, 2020 in addition to the scheduled lease payments due on January 15, 2020. In such event, PNM would record the acquired assets at the lower of their fair value or the amount paid. Furthermore, the NRC places restrictions on the ownership of nuclear generating facilities. These restrictions could limit the transfer of ownership should PNM decide to return the assets underlying all or a portion of its current leased interests in PVNGS. In the event PNM decides to return these interests to the lessors, and a qualified buyer cannot be identified, PNM may be required to retain all of a portion of its existing leased capacity in PVNGS or be exposed to other claims for damages by the lessors. 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. Changes in the Consumer Price Index subsequent to January 1, 2019 are considered variable lease payments. PNM has other prepaid rights-of-way agreements that are not accounted for as leases or recognized as a component of plant in service. PNM reflects the unamortized balance of these prepayments in other deferred charges on the Consolidated Balance Sheets and recognizes amortization expense associated with these agreements in the Consolidated Statement of Earnings over their term. As of December 31, 2019 and 2018, the unamortized balance of these rights-of-ways was $60.2 million and $63.0 million . During the years ended December 31, 2019 , 2018, and 2017, PNM recognized amortization expense associated with these agreements of $3.7 million , $3.8 million , and $3.5 million . Fleet Vehicles and Equipment As of December 31, 2018, all of the Company’s leases of fleet vehicles and equipment were 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 December 31, 2019 , residual value guarantees on fleet vehicle and equipment leases are $0.7 million , $1.2 million , and $1.9 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 20. 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 Consolidated Balance Sheets, including amounts recognized upon adoption of ASU 2016-02, is presented below: December 31, 2019 January 1, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 120,585 $ 9,954 $ 131,212 $ 143,816 $ 12,942 $ 157,440 Current portion of operating lease liabilities 25,927 2,753 29,068 21,589 3,132 25,189 Long-term portion of operating lease liabilities 97,992 7,039 105,512 124,891 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 Consolidated Balance Sheets is presented below: December 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 4,857 $ 4,910 $ 10,028 Accumulated depreciation (482 ) (466 ) (973 ) Non-utility property, net $ 4,375 $ 4,444 $ 9,055 Other current liabilities $ 722 $ 850 $ 1,637 Other deferred credits 3,333 3,597 7,102 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: December 31, 2019 PNM TNMP PNMR Consolidated Weighted average remaining lease term (years): Operating leases 6.70 4.10 6.49 Financing leases 5.64 5.54 5.54 Weighted average discount rate: Operating leases 3.89 % 3.95 % 3.90 % Financing leases 3.68 % 3.65 % 3.64 % Information for the components of lease expense is as follows: Year Ended December 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost $ 28,254 $ 3,341 $ 31,963 Less: amounts capitalized (1,319 ) (2,594 ) (3,913 ) Total operating lease expense 26,935 747 28,050 Financing lease cost: Amortization of right-of-use assets 481 466 973 Interest on lease liabilities 92 100 194 Less: amounts capitalized (280 ) (423 ) (704 ) Total financing lease expense 293 143 463 Variable lease expense 96 — 96 Short-term lease expense 346 26 414 Total lease expense for the period $ 27,670 $ 916 $ 29,023 Supplemental cash flow information related to the Company’s leases is as follows: Year Ended December 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 $ 26,392 $ 935 $ 27,849 Operating cash flows from financing leases 44 25 71 Finance cash flows from financing leases 183 109 313 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 143,816 $ 12,942 $ 157,816 Financing leases 4,473 4,910 9,645 Excluded from the operating and financing cash paid for leases above are $1.3 million and $0.3 million at PNM, $2.6 million and $0.4 million at TNMP, and $3.9 million and $0.7 million at PNMR. These capitalized costs are reflected as investing activities on the Company’s Consolidated Statements of Cash Flows for the twelve months ended December 31, 2019 . Future expected lease payments as of December 31, 2019 and December 31, 2018 are shown below: As of December 31, 2019 PNM TNMP PNMR Consolidated Financing Operating Financing Operating Financing Operating (In thousands) 2020 $ 857 $ 27,028 $ 998 $ 3,078 $ 1,925 $ 30,660 2021 830 26,576 966 2,448 1,866 29,316 2022 803 26,266 934 1,996 1,807 28,473 2023 767 17,735 819 1,508 1,624 19,423 2024 505 7,908 648 877 1,153 8,833 Later years 723 34,466 526 765 1,249 35,489 Total minimum lease payments 4,485 139,979 4,891 10,672 9,624 152,194 Less: Imputed interest 430 16,060 444 880 885 17,614 Lease liabilities as of December 31, 2019 $ 4,055 $ 123,919 $ 4,447 $ 9,792 $ 8,739 $ 134,580 Operating leases As of December 31, 2018 PNM TNMP PNMR Consolidated (In thousands) 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 $8.7 million , $13.1 million , and $21.8 million for PNM, TNMP, and PNMR at December 31, 2019

Fair Value of Derivative and Ot

Fair Value of Derivative and Other Financial Instruments	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Derivative and Other Financial Instruments	Fair Value of Derivative and Other Financial Instruments 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. PNM was exposed to market risk for its share of PVNGS Unit 3 through December 31, 2017, at which time PVNGS Unit 3 became a jurisdictional resource to serve New Mexico retail customers. 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 (Note 16). 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 May 31, 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 that expires in May 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. See Note 17. 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 years ended December 31, 2019 , 2018 , and 2017 , 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 presented in the following line items on the Consolidated Balance Sheets: Economic Hedges December 31, 2019 2018 (In thousands) Other current assets $ 1,089 $ 1,083 Other deferred charges 1,507 2,511 2,596 3,594 Other current liabilities (1,089 ) (1,177 ) Other deferred credits (1,507 ) (2,511 ) (2,596 ) (3,688 ) Net $ — $ (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 $2.6 million at December 31, 2019 and $3.6 million at December 31, 2018 resulting from PNM’s hazard sharing arrangements with Tri-State (Note 17). The hazard sharing arrangements are net-settled upon delivery. Other amounts that could be offset under master netting agreements were immaterial. At December 31, 2019 and 2018 , PNM had no amounts recognized for the legal right to reclaim cash collateral. However, at December 31, 2019 and 2018 , amounts posted as cash collateral under margin arrangements were $0.5 million and $1.0 million . At December 31, 2019 and 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 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 no amounts hedged under this plan as of December 31, 2019 or 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 Year Ended December 31, 2019 2018 2017 (In thousands) Electric operating revenues $ 97 $ (50 ) $ 5,151 Cost of energy (97 ) (52 ) (5,386 ) Total gain (loss) $ — $ (102 ) $ (235 ) 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 December 31, 2019 — — 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 December 31, 2019 and 2018 , PNM had no such contracts in a net liability position. Non-Derivative Financial Instruments The carrying amounts reflected on the 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. See Note 16. At December 31, 2019 and 2018 , the fair value of investment securities included $336.0 million and $287.1 million for the NDT and $52.8 million and $41.1 million for the coal mine reclamation trusts. Prior to 2018, PNM classified all debt and equity investments held in the NDT and coal mine reclamation trusts as available-for-sale securities. Unrealized losses on these securities were recorded immediately through earnings and unrealized gains were recorded in AOCI until the securities were sold. 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 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 Company’s accounting for available-for-sale debt securities remains essentially unchanged. See Note 1 for investment accounting policies and discussion of New Accounting Pronouncements regarding ASU 2016-13. Gains and losses recognized on the Consolidated Statements of Earnings related to investment securities in the NDT and reclamation trusts are presented in the following table: Year ended December 31, 2019 2018 (In thousands) Equity securities: Net gains from equity securities sold $ 5,698 $ 4,864 Net gains (losses) from equity securities still held 18,319 (10,523 ) Total net gains (losses) on equity securities 24,017 (5,659 ) Available-for-sale debt securities: Net gains (losses) on debt securities 5,572 (11,517 ) Net gains (losses) on investment securities $ 29,589 $ (17,176 ) 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 $3.0 million , $(9.4) million , and $3.3 million for the years ended December 31, 2019 , 2018 and 2017 . Year Ended December 31, 2019 2018 2017 (In thousands) Proceeds from sales $ 494,528 $ 984,533 $ 637,492 Gross realized gains $ 25,760 $ 19,358 $ 36,896 Gross realized (losses) $ (17,453 ) $ (16,624 ) $ (12,993 ) Held-to-maturity securities are those investments in debt securities that the Company has the ability and intent to hold until maturity. At December 31, 2017, PNMR’s held-to-maturity securities consisted of the Westmoreland Loan. In May 2018, the full amount owed under the Westmoreland Loan was repaid (Note 16). 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 December 31, 2019 , the available-for-sale debt securities held by PNM, had the following final maturities: Fair Value (In thousands) Within 1 year $ 20,148 After 1 year through 5 years 80,052 After 5 years through 10 years 84,603 After 10 years through 15 years 13,090 After 15 years through 20 years 11,950 After 20 years 39,975 $ 249,818 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 year ended December 31, 2018 . See New Accounting Pronouncements in Note 1. 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 at December 31, 2018 were 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. The Company has no Level 3 investments as of December 31, 2019. Management of the Company independently verifies the information provided by pricing services. Items recorded at fair value by PNM on the Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale securities. GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Unrealized Gains (In thousands) December 31, 2019 Cash and cash equivalents $ 15,606 $ 15,606 $ — $ — Equity securities: Corporate stocks, common 64,527 64,527 — — Corporate stocks, preferred 9,033 2,212 6,821 — Mutual funds and other 49,848 49,786 62 — Available-for-sale debt securities: U.S. government 48,439 31,389 17,050 — $ 535 International government 15,292 — 15,292 — 1,193 Municipals 46,642 — 46,642 — 1,768 Corporate and other 139,445 187 139,258 — 10,801 $ 388,832 $ 163,707 $ 225,125 $ — $ 14,297 Commodity derivative assets $ 2,596 $ — $ 2,596 $ — Commodity derivative liabilities (2,596 ) — (2,596 ) — Net $ — $ — $ — $ — 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, 2017 $ — Actual return on assets sold during the period (38 ) Actual return on assets still held at period end (107 ) Purchases 5,539 Sales (3,238 ) Balance at December 31, 2018 2,156 Actual return on assets sold during the period (84 ) Actual return on assets still held at period end 56 Purchases 3,110 Sales (5,238 ) Balance at December 31, 2019 $ — The carrying amounts and fair values of long-term debt, which are not recorded at fair value on the Consolidated Balance Sheets are presented below: GAAP Fair Value Hierarchy Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 (In thousands) PNMR $ 3,007,717 $ 3,142,704 $ — $ 3,142,074 $ — PNM $ 1,748,020 $ 1,795,149 $ — $ 1,795,149 $ — TNMP $ 670,691 $ 753,317 $ — $ 753,317 $ — December 31, 2018 PNMR $ 2,670,111 $ 2,703,810 $ — $ 2,703,810 $ — PNM $ 1,656,490 $ 1,668,736 $ — $ 1,668,736 $ — TNMP $ 575,398 $ 597,236 $ — $ 597,236 $ — The carrying amount and fair value of the Company’s other investments presented on the Consolidated Balance Sheets are not material and not shown in the above table. Investments Held by Employee Benefit Plans As discussed in Note 11, PNM and TNMP have trusts that hold investment assets for their pension and other postretirement benefit plans. The fair value of the assets held by the trusts impacts the determination of the funded status of each plan but the assets are not reflected on the Company’s Consolidated Balance Sheets. Both the PNM Pension Plan and the TNMP Pension Plan hold units of participation in the PNM Resources, Inc. Master Trust (the “PNMR Master Trust”), which was established for the investment of assets of the pension plans. The Company’s investment allocation targets in 2019 consist of 30% equities, 20% alternative investments (both of which are considered return generating), and 50% fixed income. GAAP provides a practical expedient that allows the net asset value per share to be used as fair value for investments in certain entities that do not have readily determinable fair values and are considered to be investment companies. Fair values for alternative investments held by the PNMR Master Trust are valued using this practical expedient. Under GAAP, investments for which fair value is measured using that practical expedient are not required to be categorized within the fair value hierarchy. Level 2 and Level 3 fair values are provided by fund managers utilizing a pricing service. For level 2 fair values, the pricing provider predominately 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 as of year-end. Level 3 investments at December 31, 2018 were comprised of corporate term loans. Fair value prices for Level 2 corporate term loans predominately use the market approach which uses bid side market values based upon hierarchy information for specific securities or securities with similar characteristics. Alternative investments include private equity funds, hedge funds, and real estate funds. The private equity funds are not voluntarily redeemable. These investments are realized through periodic distributions occurring over a 10 to 15 years term after the initial investment. The real estate funds and hedge funds may be voluntarily redeemed but are subject to redemption provisions that may result in the funds not being redeemable in the near term. Audited financial statements are received for each fund and are reviewed by the Company annually. The valuation of Level 3 investments and alternative 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. Neither the employee benefit plans nor the PNMR Master Trust have any Level 3 investments as of December 31, 2019. The fair values of investments held by the employee benefit plans are as follows: 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) December 31, 2019 (In thousands) PNM Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 445,984 $ 152,158 $ 293,826 $ — Uncategorized investments 86,675 Total Master Trust Investments $ 532,659 TNMP Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 49,353 $ 17,335 $ 32,018 $ — Uncategorized investments 9,974 Total Master Trust Investments $ 59,327 PNM OPEB Plan Cash and cash equivalents $ 1,022 $ 1,022 $ — $ — Equity securities: Mutual funds 85,727 39,361 46,366 — $ 86,749 $ 40,383 $ 46,366 $ — TNMP OPEB Plan Cash and cash equivalents $ 275 $ 275 $ — $ — Equity securities: Mutual funds 10,635 4,075 6,560 — $ 10,910 $ 4,350 $ 6,560 $ — 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) December 31, 2018 (In thousands) PNM Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 412,790 $ 139,673 $ 272,829 $ 288 Uncategorized investments 76,874 Total Master Trust Investments $ 489,664 TNMP Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 45,283 $ 15,149 $ 30,101 $ 33 Uncategorized investments 9,378 Total Master Trust Investments $ 54,661 PNM OPEB Plan Cash and cash equivalents $ 190 $ 190 $ — $ — Equity securities: Mutual funds 69,513 32,325 37,188 — $ 69,703 $ 32,515 $ 37,188 $ — TNMP OPEB Plan Cash and cash equivalents $ 66 $ 66 $ — $ — Equity securities: Mutual funds 8,725 3,723 5,002 — $ 8,791 $ 3,789 $ 5,002 $ — The fair values of investments in the PNMR Master Trust are as follows: 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) December 31, 2019 (In thousands) PNMR Master Trust Cash and cash equivalents $ 19,982 $ 19,982 $ — $ — Equity securities: Corporate stocks, common 68,497 68,497 — — Corporate stocks, preferred 825 — 825 — Mutual funds and other 172,326 — 172,326 — Fixed income securities: U.S. government 90,970 81,014 9,956 — International government 5,411 — 5,411 — Municipals 6,980 — 6,980 — Corporate and other 130,346 — 130,346 — Total investments categorized within fair value hierarchy 495,337 $ 169,493 $ 325,844 $ — Uncategorized investments: Private equity funds 15,827 Hedge funds 47,618 Real estate funds 33,204 $ 591,986 December 31, 2018 PNMR Master Trust Cash and cash equivalents $ 20,120 $ 20,120 $ — $ — Equity securities: Corporate stocks, common 54,270 54,270 — — Corporate stocks, preferred 874 — 874 — Mutual funds and other 143,517 — 143,517 — Fixed income securities: U.S. government 84,459 80,482 3,977 — International government 5,721 — 5,721 — Municipals 9,558 — 9,558 — Corporate and other 139,554 (50 ) 139,283 321 Total investments categorized within fair value hierarchy 458,073 $ 154,822 $ 302,930 $ 321 Uncategorized investments: Private equity funds 18,021 Hedge funds 45,589 Real estate funds 22,642 $ 544,325 A reconciliation of the changes in Level 3 fair value measurements is as follows: Fixed Income - Corporate PNMR Master Trust PNM Pension TNMP Pension Total Master Trust (In thousands) Balance at December 31, 2017 $ 191 $ 21 $ 212 Actual return on assets sold during the period (7 ) (1 ) (8 ) Actual return on assets still held at period end (1 ) — (1 ) Purchases 192 23 215 Sales (87 ) (10 ) (97 ) Balance at December 31, 2018 288 33 321 Actual return on assets sold during the period (48 ) (5 ) (53 ) Actual return on assets still held at period end — — — Purchases 133 15 148 Sales (373 ) (43 ) (416 ) Balance at December 31, 2019 $ — $ — $ —

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 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. 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 years ended December 31, 2019 , 2018 , and 2017 , PNM paid $19.9 million , $19.6 million , and $19.6 million for fixed charges and $1.2 million , $1.4 million , and $1.3 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 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 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 Year Ended December 31 2019 2018 2017 (In thousands) Operating revenues $ 21,073 $ 21,025 $ 20,887 Operating expenses (6,832 ) (5,913 ) (5,870 ) Earnings attributable to non-controlling interest $ 14,241 $ 15,112 $ 15,017 Financial Position December 31, 2019 2018 (In thousands) Current assets $ 5,094 $ 2,684 Net property, plant and equipment 58,581 62,066 Total assets 63,675 64,750 Current liabilities 623 538 Owners’ equity – non-controlling interest $ 63,052 $ 64,212 Westmoreland San Juan Mining, LLC As discussed in the subheading Coal Supply in Note 16, 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 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. 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 under a letter of credit support agreement. See Note 16. 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 having 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 actively fund trusts to meet 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 letters of credit support constitute PNMR’s maximum exposure to loss from the VIE at December 31, 2019.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits 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. PNM and TNMP receive a regulated return on the amounts funded for pension and OPEB plans in excess of the periodic cost or income to the extent included in retail rates (a “prepaid pension asset”). Participants in the PNM Plans include eligible employees and retirees of PNMR and PNM. Participants in the TNMP Plans include eligible employees and retirees of TNMP. The PNM pension plan was frozen at the end of 1997 with regard to new participants, salary levels, and benefits. Through December 31, 2007, additional credited service could be accrued under the PNM pension plan up to a limit determined by age and service. The TNMP pension plan was frozen at December 31, 2005 with regard to new participants, salary levels, and benefits. GAAP requires a plan sponsor to (a) recognize in its statement of financial position an asset for a plan’s overfunded status or a liability for a plan’s underfunded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year; and (c) recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. GAAP requires unrecognized prior service costs and unrecognized gains or losses to be recorded in AOCI and subsequently amortized. To the extent the amortization of these items will ultimately be recovered or returned through future rates, PNM and TNMP record the costs as a regulatory asset or regulatory liability. The amortization of these incurred costs is included as pension and postretirement benefit periodic cost or income in subsequent years. The Company maintains trust funds for the pension and OPEB plans from which benefits are paid to eligible employees and retirees. The Company’s funding policy is to make contributions to the trusts, as determined by an independent actuary, that comply with minimum guidelines of the Employee Retirement Income Security Act and the IRC. Information concerning the investments is contained in Note 9. The Company has in place a policy that defines the investment objectives, establishes performance goals of asset managers, and provides procedures for the manner in which investments are to be reviewed. The plans implement investment strategies to achieve the following objectives: • Implement investment strategies commensurate with the risk that the Corporate Investment Committee deems appropriate to meet the obligations of the pension plans and OPEB plans, minimize the volatility of expense, and account for contingencies • Transition asset mix over the long-term to a higher proportion of high-quality fixed income investments as the plans’ funded statuses improve Management is responsible for the determination of the asset target mix and the expected rate of return. The target asset allocations are determined based on consultations with external investment advisors. The expected long-term rate of return on pension and postretirement plan assets is calculated on the market-related value of assets. GAAP requires that actual gains and losses on pension and OPEB plan assets be recognized in the market-related value of assets equally over a period of not more than five years, which reduces year-to-year volatility. For the PNM Plans and TNMP Plans, the market-related value of assets is equal to the prior year’s market-related value of assets adjusted for contributions, benefit payments and investment gains and losses that are within a corridor of plus or minus 4.0% around the expected return on market value. Gains and losses that are outside the corridor are amortized over five years . In March 2017, the FASB issued Accounting Standards Update 2017-07 - Compensation - Retirement Benefits (Topic 715) to improve the presentation of net periodic pension and other postretirement benefit costs. Prior to ASU 2017-07, the Company presented all of its net periodic benefit costs, net of amounts capitalized to construction and other accounts, as administrative and general expenses on its statements of earnings. ASU 2017-07 requires the service cost component of net benefit costs be presented in the same line item or items as employees’ compensation. The other components of net periodic benefit cost (the “non-service cost components”) are required to be presented separately from the service cost component and outside of operating income. ASU 2017-07 also limits capitalization of net periodic benefit costs to only the service cost component. ASU 2017-07 requires retrospective presentation of the service and non-service cost components of net periodic benefit costs in the income statement and prospective application regarding the capitalization of only the service cost component of net periodic benefit costs. The Company adopted ASU 2017-07 as of January 1, 2018, its required effective date. In accordance with the standard, the PNM and PNMR Consolidated Statements of Earnings reflect a reclassification from administrative and general expenses to other (deductions) for the non-service cost components of net periodic benefit costs in the amount of $8.6 million , net of amounts capitalized prior to the adoption of the standard, in the year ended December 31, 2017. The non-service components of TNMP’s net periodic benefit costs in 2017 were insignificant. The Company believes PNM and TNMP can continue to capitalize the non-service cost components of net periodic benefit costs as regulatory assets and liabilities to the extent attributable to regulated operations. See Note 13. See New Accounting Pronouncements in Note 1 regarding updates to disclosure requirements that will be effective in future periods. Pension Plans For defined benefit pension plans, including the executive retirement plans, the PBO represents the actuarial present value of all benefits attributed by the pension benefit formula to employee service rendered prior to that date using assumptions regarding future compensation levels. The ABO represents the PBO without considering future compensation levels. Since the pension plans are frozen, the PBO and ABO are equal. The following table presents information about the PBO, fair value of plan assets, and funded status of the plans: PNM TNMP Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 (In thousands) PBO at beginning of year $ 564,258 $ 623,983 $ 60,587 $ 68,423 Service cost — — — — Interest cost 25,175 24,270 2,686 2,625 Actuarial (gain) loss 61,151 (41,025 ) 7,889 (5,216 ) Benefits paid (44,839 ) (42,970 ) (5,588 ) (5,245 ) PBO at end of year 605,745 564,258 65,574 60,587 Fair value of plan assets at beginning of year 489,978 562,016 55,074 63,499 Actual return on plan assets 86,328 (29,068 ) 9,881 (3,180 ) Employer contributions — — — — Benefits paid (44,839 ) (42,970 ) (5,588 ) (5,245 ) Fair value of plan assets at end of year 531,467 489,978 59,367 55,074 Funded status – asset (liability) for pension benefits $ (74,278 ) $ (74,280 ) $ (6,207 ) $ (5,513 ) Actuarial (gain) loss results from changes in: PNM TNMP Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 (in thousands) Discount rates $ 66,108 $ (34,769 ) $ 8,006 $ (4,278 ) Demographic experience (732 ) 431 394 (301 ) Mortality rate (4,225 ) (6,966 ) (296 ) (705 ) Other assumptions and experience — 279 (215 ) 68 $ 61,151 $ (41,025 ) $ 7,889 $ (5,216 ) The following table presents pre-tax information about net actuarial (gain) loss in AOCI as of December 31, 2019 . PNM TNMP (In thousands) Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year $ 150,274 $ — Experience (gain) loss 8,926 1,877 Regulatory asset (liability) adjustment (5,539 ) (1,877 ) Amortization recognized in net periodic benefit cost (income) (7,270 ) — Amounts in AOCI not yet recognized in net periodic benefit cost (income) at end of year $ 146,391 $ — Amortization expected to be recognized in 2020 $ 8,131 $ — The following table presents the components of net periodic benefit cost (income): Year Ended December 31, 2019 2018 2017 (In thousands) PNM Service cost $ — $ — $ — Interest cost 25,175 24,270 26,908 Expected return on plan assets (34,103 ) (34,686 ) (33,803 ) Amortization of net (gain) loss 15,518 16,348 16,006 Amortization of prior service cost (965 ) (965 ) (965 ) Net periodic benefit cost $ 5,625 $ 4,967 $ 8,146 TNMP Service cost $ — $ — $ — Interest cost 2,686 2,625 2,887 Expected return on plan assets (3,868 ) (3,963 ) (3,779 ) Amortization of net (gain) loss 941 1,088 923 Amortization of prior service cost — — — Net periodic benefit cost (income) $ (241 ) $ (250 ) $ 31 The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost (income). Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost (income) would be affected. Year Ended December 31, PNM 2019 2018 2017 Discount rate for determining December 31 PBO 3.42 % 4.65 % 4.05 % Discount rate for determining net periodic benefit cost (income) 4.65 % 4.05 % 4.51 % Expected return on plan assets 6.86 % 6.54 % 6.40 % Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 PBO 3.46 % 4.63 % 4.01 % Discount rate for determining net periodic benefit cost (income) 4.63 % 4.01 % 4.49 % Expected return on plan assets 6.90 % 6.57 % 6.40 % Rate of compensation increase N/A N/A N/A The assumed discount rate for determining the PBO was determined based on a review of long-term high-grade bonds and management’s expectations. The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the PBO. Factors that are considered include, but are not limited to, historic returns on plan assets, current market information on long-term returns (e.g., long-term bond rates) and current and target asset allocations between asset categories. If all other factors were to remain unchanged, a 1% decrease in the expected long-term rate of return would cause PNM’s and TNMP’s 2020 net periodic benefit cost to increase $5.0 million and $0.6 million (analogous changes would result from a 1% increase). The actual rate of return for the PNM and TNMP pension plans was 18.5% and 18.9% for the year ended December 31, 2019 . The Company’s long-term pension investment strategy is to invest in assets whose interest rate sensitivity is correlated with the pension liability. The Company uses an investment strategy, known as Liability Driven Investing, that increases the liability matching investments as the funded status of the pension plans improve. The Company’s investment allocation targets consist of 30% equities, 20% alternative investments (both of which are considered return generating), and 50% fixed income. Equity investments are primarily in domestic securities that include large-, mid-, and small-capitalization companies. The pension plans have a 7% targeted allocation to equities of companies domiciled primarily in developed countries outside of the U.S. The equity investments category includes actively managed international and domestic equity securities that are benchmarked against a variety of style indices. Fixed income investments are primarily corporate bonds of companies from diversified industries and government securities. Alternative investments include investments in hedge funds, real estate funds, and private equity funds. The hedge funds and private equity funds are structured as multi-manager multi-strategy fund of funds to achieve a diversified position in these asset classes. The hedge funds pursue various absolute return strategies such as relative value, long-short equity, and event driven. Private equity fund strategies include mezzanine financing, buy-outs, and venture capital. The real estate investments are commingled real estate portfolios that invest in a diversified portfolio of assets including commercial property and multi-family housing. See Note 9 for fair value information concerning assets held by the pension plans. The following pension benefit payments are expected to be paid: PNM TNMP (In thousands) 2020 $ 46,600 $ 5,321 2021 45,636 5,244 2022 44,702 5,111 2023 43,595 4,895 2024 42,637 4,652 2025 - 2029 193,885 20,846 Based on current law, funding requirements, and estimates of portfolio performance, the Company does no t expect to make any cash contributions to the pension plans in 2020 or 2021. PNM and TNMP expect to contribute $4.6 million and zero to the PNM and TNMP pension plans in 2022, $19.1 million and $1.1 million in 2023, and $19.0 million and $2.8 million in 2024. The funding assumptions were developed using discount rates of 3.4% to 3.5% . Actual amounts to be funded in the future will be dependent on the actuarial assumptions at that time, including the appropriate discount rates. PNM and TNMP may make additional contributions at their discretion. Other Postretirement Benefit Plans For postretirement benefit plans, the APBO is the actuarial present value of all future benefits attributed under the terms of the postretirement benefit plan to employee service rendered to date. The following table presents information about the APBO, the fair value of plan assets, and the funded status of the plans: PNM TNMP Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 (In thousands) APBO at beginning of year $ 75,305 $ 89,897 $ 10,064 $ 12,279 Service cost 53 83 50 134 Interest cost 3,316 3,439 451 477 Participant contributions 2,131 2,390 316 174 Actuarial (gain) loss 2,587 (12,206 ) 1,004 (2,213 ) Benefits paid (8,271 ) (8,298 ) (650 ) (787 ) APBO at end of year 75,121 75,305 11,235 10,064 Fair value of plan assets at beginning of year 69,703 80,356 8,744 10,002 Actual return on plan assets 19,257 (7,669 ) 2,434 (988 ) Employer contributions 3,580 2,924 — 343 Participant contributions 2,131 2,390 316 174 Benefits paid (8,271 ) (8,298 ) (650 ) (787 ) Fair value of plan assets at end of year 86,400 69,703 10,844 8,744 Funded status – asset (liability) $ 11,279 $ (5,602 ) $ (391 ) $ (1,320 ) As of December 31, 2019, the fair value of plan assets exceeds the APBO for PNM’s OPEB Plan and the resulting net asset is presented in other deferred charges on the Consolidated Balance Sheets. Actuarial (gain) loss results from changes in: PNM TNMP Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 (in thousands) Discount rates $ 7,236 $ (4,076 ) $ 1,375 $ (710 ) Claims, contributions, and demographic experience (4,022 ) (3,174 ) (311 ) 72 Assumed participation rate — (4,040 ) — (1,461 ) Mortality rate (627 ) (916 ) (60 ) (114 ) $ 2,587 $ (12,206 ) $ 1,004 $ (2,213 ) In the year ended December 31, 2019 , actuarial gains of $11.4 million were recorded as adjustments to regulatory assets for the PNM OPEB plan. For the TNMP OPEB plan, actuarial gains of $0.9 million were recorded as adjustments to regulatory liabilities. The following table presents the components of net periodic benefit cost (income): Year Ended December 31, 2019 2018 2017 (In thousands) PNM Service cost $ 53 $ 83 $ 96 Interest cost 3,316 3,439 4,025 Expected return on plan assets (5,278 ) (5,414 ) (5,230 ) Amortization of net (gain) loss 675 2,354 3,682 Amortization of prior service credit (397 ) (1,664 ) (1,663 ) Net periodic benefit cost (income) $ (1,631 ) $ (1,202 ) $ 910 TNMP Service cost $ 50 $ 134 $ 143 Interest cost 451 477 556 Expected return on plan assets (517 ) (542 ) (456 ) Amortization of net (gain) loss (444 ) (227 ) (79 ) Amortization of prior service cost — — — Net periodic benefit cost (income) $ (460 ) $ (158 ) $ 164 The following significant weighted-average assumptions were used to determine the APBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the APBO and net periodic benefit cost would be affected. Year Ended December 31, PNM 2019 2018 2017 Discount rate for determining December 31 APBO 3.42 % 4.63 % 4.00 % Discount rate for determining net periodic benefit cost 4.63 % 4.00 % 4.47 % Expected return on plan assets 7.20 % 7.42 % 7.50 % Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 APBO 3.42 % 4.63 % 4.00 % Discount rate for determining net periodic benefit cost 4.63 % 4.00 % 4.47 % Expected return on plan assets 5.80 % 5.86 % 5.40 % Rate of compensation increase N/A N/A N/A The assumed discount rate for determining the APBO was determined based on a review of long-term high-grade bonds and management’s expectations. The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the APBO. Factors that are considered include, but are not limited to, historic returns on plan assets, current market information on long-term returns (e.g., long-term bond rates), and current and target asset allocations between asset categories. If all other factors were to remain unchanged, a 1% decrease in the expected long-term rate of return would cause PNM’s and TNMP’s 2020 net periodic benefit cost to increase $0.8 million and $0.1 million (analogous changes would result from a 1% increase). The actual rate of return for the PNM and TNMP OPEB plans was 28.1% and 28.4% for the year ended December 31, 2019 . The following table shows the assumed health care cost trend rates for the PNM OPEB plan: PNM December 31, 2019 2018 Health care cost trend rate assumed for next year 6.5 % 6.5 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.0 % 5.0 % Year that the rate reaches the ultimate trend rate 2026 2026 The following table shows the impact of a one-percentage-point change in assumed health care cost trend rates: PNM 1-Percentage- Point Increase 1-Percentage- Point Decrease (In thousands) Effect on total of service and interest cost $ 55 $ (77 ) Effect on APBO $ 1,310 $ (1,744 ) TNMP’s exposure to cost increases in the OPEB plan is minimized by a provision that limits TNMP’s share of costs under the plan. Costs of the plan in excess of the limit, which was reached at the end of 2001, are wholly borne by the participants. As a result, a one-percentage-point change in assumed health care cost trend rates would have no effect on either the net periodic expense or the year-end APBO. Effective January 1, 2018, the PNM OPEB plan was amended to limit the annual increase in the Company’s costs to 5% . Increases in excess of the limit are born by the PNM OPEB plan participants. The Company’s OPEB plans invest in a portfolio that is diversified by asset class and style strategies. The OPEB plans generally use the same pension fixed income and equity investment managers and utilize the same overall investment strategy as described above for the pension plans, except there is no allocation to alternative investments. The OPEB plans have a target asset allocation of 70% equities and 30% fixed income. See Note 9 for fair value information concerning assets held by the other postretirement benefit plans. The following OPEB payments, which reflect expected future service and are net of participant contributions, are expected to be paid: PNM TNMP (In thousands) 2020 $ 6,770 $ 647 2021 6,584 670 2022 6,216 695 2023 6,017 709 2024 5,755 719 2025 - 2029 24,122 3,497 PNM and TNMP made no cash contributions to the OPEB trusts in 2019 or 2018 and PNM and TNMP do no t expect to make cash contributions to the OPEB trusts in 2020-2024. However, a portion of the disbursements attributable to the OPEB trust are paid by PNM and are therefore considered to be contributions to the PNM OPEB plan. Payments by PNM on behalf of the PNM OPEB plan are expected to be $3.7 million in 2020 and $13.5 million in 2021-2024. Executive Retirement Programs For the executive retirement programs, the following table presents information about the PBO and funded status of the plans: PNM TNMP Year Ended Year Ended 2019 2018 2019 2018 (In thousands) PBO at beginning of year $ 14,726 $ 16,117 $ 702 $ 771 Service cost — — — — Interest cost 651 622 30 29 Actuarial (gain) loss 1,053 (508 ) 54 (4 ) Benefits paid (1,436 ) (1,505 ) (94 ) (94 ) PBO at end of year – funded status 14,994 14,726 692 702 Less current liability 1,434 1,627 91 141 Non-current liability $ 13,560 $ 13,099 $ 601 $ 561 The following table presents pre-tax information about net actuarial loss in AOCI as of December 31, 2019 . December 31, 2019 PNM TNMP (In thousands) Amount in AOCI not yet recognized in net periodic benefit cost at beginning of year $ 2,086 $ — Experience (gain) loss 1,053 54 Regulatory asset (liability) adjustment (611 ) (54 ) Amortization recognized in net periodic benefit cost (income) (133 ) — Amount in AOCI not yet recognized in net periodic benefit cost at end of year $ 2,395 $ — Amortization expected to be recognized in 2020 $ 169 $ — The following table presents the components of net periodic benefit cost: Year Ended December 31, 2019 2018 2017 (In thousands) PNM Service cost $ — $ — $ — Interest cost 651 622 697 Amortization of net (gain) loss 318 359 313 Amortization of prior service cost — — — Net periodic benefit cost $ 969 $ 981 $ 1,010 TNMP Service cost $ — $ — $ — Interest cost 30 29 33 Amortization of net (gain) loss 15 15 9 Amortization of prior service cost — — — Net periodic benefit cost $ 45 $ 44 $ 42 The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost would be affected. Year Ended December 31, PNM 2019 2018 2017 Discount rate for determining December 31 PBO 3.44 % 4.66 % 4.05 % Discount rate for determining net periodic benefit cost 4.66 % 4.05 % 4.51 % Long-term rate of return on plan assets N/A N/A N/A Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 PBO 3.46 % 4.63 % 4.01 % Discount rate for determining net periodic benefit cost 4.63 % 4.01 % 4.49 % Long-term rate of return on plan assets N/A N/A N/A Rate of compensation increase N/A N/A N/A The assumed discount rate for determining the PBO was determined based on a review of long-term high-grade bonds and management’s expectations. The impacts of changes in assumptions or experience were not significant. Disbursements under the executive retirement program, funded by PNM and TNMP, which are considered to be contributions to the plan were $1.4 million and $0.1 million in the year ended December 31, 2019 and $1.5 million and $0.1 million for the year ended December 31, 2018. The following executive retirement plan payments, which reflect expected future service, are expected: PNM TNMP (In thousands) 2020 $ 1,459 $ 93 2021 1,424 90 2022 1,383 86 2023 1,335 82 2024 1,280 76 2025 - 2029 5,419 273 Other Retirement Plans PNMR sponsors a 401(k) defined contribution plan for eligible employees, including those of its subsidiaries. PNMR’s contributions to the 401(k) plan consist of a discretionary matching contribution equal to 75% of the first 6% of eligible compensation contributed by the employee on a before-tax basis. PNMR also makes a non-matching contribution ranging from 3% to 10% of eligible compensation based on the eligible employee’s age. PNMR also provides executive deferred compensation benefits through an unfunded, non-qualified plan. The purpose of this plan is to permit certain key employees of PNMR who participate in the 401(k) defined contribution plan to defer compensation and receive credits without reference to the certain limitations on contributions. A summary of expenses for these other retirement plans is as follows: Year Ended December 31, 2019 2018 2017 (In thousands) PNMR 401(k) plan $ 16,097 $ 16,677 $ 16,452 Non-qualified plan $ 4,551 $ 865 $ 3,702 PNM 401(k) plan $ 11,587 $ 12,052 $ 12,120 Non-qualified plan $ 3,384 $ 621 $ 2,834 TNMP 401(k) plan $ 4,511 $ 4,625 $ 4,332 Non-qualified plan $ 1,167 $ 244 $ 868

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [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 and all employee stock options expired or were exercised in February 2020. Certain restricted stock awards are subject to achieving performance or market targets. Other awards of restricted stock are only subject to time vesting requirements. Performance Equity Plan The PEP provides for the granting of non-qualified stock options, restricted stock rights, performance shares, performance units, and stock appreciation rights to officers, key employees, and non-employee members of the Board. 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, the awards 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. The vesting period for awards of restricted stock to non-employee members of the Board is one year . The total number of shares of PNMR common stock subject to all awards under the PEP, as approved by PNMR’s shareholders in May 2014, may not exceed 13.5 million shares, subject to adjustment and certain share counting rules set forth in the PEP. This current share pool is charged five shares for each share subject to restricted stock or other full value award. Source of Shares The source of shares for exercised stock options and vested restricted stock is shares acquired on the open market by an independent agent, rather than newly issued shares. Accounting for Stock Awards 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 ratably 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. Total compensation expense for stock-based payment arrangements recognized by PNMR for the years ended December 31, 2019 , 2018 , and 2017 was $6.4 million , $7.1 million , and $6.2 million . Stock compensation expense of $4.2 million , $4.9 million , and $4.4 million was charged to PNM and $2.2 million , $2.2 million , and $1.8 million was charged to TNMP. At December 31, 2019 , PNMR had unrecognized compensation expense related to stock awards of $3.5 million , which is expected to be recognized over an average of 1.52 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 taxes payable. The Company adopted Accounting Standards Update 2016-09 – Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting on January 1, 2017, its required effective date. ASU 2016-09 requires that all excess tax benefits and deficiencies be recorded to tax expense and, to the extent affect taxes payable, be classified as cash flows from operating activities. As required by ASU 2016-09, PNMR recorded the excess tax benefits that were not recognized in prior years, due to its net operating loss position, as a cumulative effect adjustment of $10.4 million on January 1, 2017, increasing retained earnings and decreasing accumulated deferred income taxes on the Consolidated Balance Sheets. Year Ended December 31, Excess Tax Benefits 2019 2018 2017 (In thousands) PNM $ 559 $ 1,007 $ 1,708 TNMP 236 377 616 PNMR 795 1,384 2,324 TNMP used excess tax benefits to reduce income taxes payable and the benefit was reflected in cash flows from operating activities. The benefit of excess tax benefits at PNM and PNMR will be reflected in operating cash flows when they 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 that will not be received prior to vesting. The grant date fair value is 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: Year Ended December 31, Restricted Shares and Performance-Based Shares 2019 2018 2017 Expected quarterly dividends per share $ 0.2900 $ 0.2650 $ 0.2425 Risk-free interest rate 2.47 % 2.38 % 1.50 % Market-Based Shares Dividend yield 2.59 % 2.96 % 2.67 % Expected volatility 19.55 % 19.12 % 20.80 % Risk-free interest rate 2.51 % 2.36 % 1.54 % The following table summarizes activity in restricted stock awards, including performance-based and market-based shares, and stock options: 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 134,573 37.92 — — Exercised (138,001 ) 31.44 (79,000 ) 11.93 Forfeited (1,681 ) 39.61 — — Expired — — — — Outstanding at December 31, 2019 161,542 $ 38.21 2,000 $ 12.22 PNMR’s current stock-based compensation program provides for performance and market targets through 2022. 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” levels. As a result of these amendments for the year ended December 31, 2018, the Company recorded additional pre-tax expense of $1.0 million , of which $0.7 million was allocated to PNM and $0.3 million was allocated to TNMP. Included as granted and exercised in the table above are 47,279 previously awarded shares that were earned for the 2016 - 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 above table are 122,277 previously awarded shares that were earned for the 2017 - 2019 performance measurement period and ratified by the Board in February 2020 (based upon achieving market and performance targets at near “maximum” levels). Also excluded from the table above are 150,543 and 147,202 shares for the three -year performance periods ending in 2020 and 2021 that will be awarded if all performance and market criteria are achieved at maximum levels and all executives remain eligible. Effective as of January 1, 2015, the Company entered into a retention award agreement with its then Executive Vice President and Chief Financial Officer under which he would receive awards of restricted stock if PNMR met specified performance targets at the end of 2016 and 2017 and he remained an employee of the Company. The retention award was made under the PEP and was approved by the Board on December 9, 2014. The specified performance target was achieved at the end of 2016 and the Board ratified him receiving $100,000 of PNMR common stock in February 2017 based on a market per share value of $36.30 on the grant date of March 3, 2017, or 2,754 shares. Similarly, if PNMR achieved the specified performance target for the period from January 1, 2015 through December 31, 2017, he was to receive $275,000 of PNMR common stock based on the market value per share on the grant date in early 2018. The specified performance target was achieved at the end of 2017 and the Board ratified him receiving $275,000 of PNMR common stock in February 2018 based on a market value per share of $35.85 on the grant date of March 2, 2018, or 7,670 shares. In 2015, the Company entered into an additional retention award agreement with its Chairman, President, and Chief Executive Officer under which she would receive a total 53,859 shares of PNMR’s common stock if PNMR meets certain performance targets at the end of 2017 and 2019 and she remains an employee of the Company. The retention award was made under the PEP and was approved by the Board on February 26, 2015. The specified performance target was achieved at the end of 2017 and the Board ratified her receiving 17,953 shares in February 2018. The second portion of the 2015 agreement of 35,906 shares was achieved at the end of 2019 and the Board ratified her receiving the shares in February 2020. The above table does not include any restricted stock shares that remain unvested under this retention award agreement. At December 31, 2019 , the aggregate intrinsic value of stock options outstanding, all of which are exercisable, was less than $0.1 million . All the options were exercised or expired in February 2020. At December 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: Year Ended December 31, Restricted Stock 2019 2018 2017 Weighted-average grant date fair value $ 37.92 $ 29.65 $ 23.06 Total fair value of restricted shares that vested (in thousands) $ 6,246 $ 8,558 $ 5,747 Stock Options Total intrinsic value of options exercised (in thousands) $ 2,617 $ 3,117 $ 2,234

Regulatory Assets and Liabiliti

Regulatory Assets and Liabilities	12 Months Ended
	Dec. 31, 2019
Regulated Operations [Abstract]
Regulatory Assets and Liabilities	Regulatory Assets and Liabilities The operations of PNM and TNMP are regulated by the NMPRC, PUCT, and FERC and the provisions of GAAP for rate-regulated enterprises are applied to its regulated operations. Regulatory assets represent probable future recovery of previously incurred costs that will be collected from customers through the ratemaking process. Regulatory liabilities represent probable future reductions in revenues associated with amounts that are to be credited to customers through the ratemaking process. Regulatory assets and liabilities reflected in the Consolidated Balance Sheets are presented below. PNM TNMP December 31, December 31, 2019 2018 2019 2018 Assets: (In thousands) Current: FPPAC $ 7,373 $ 4,104 $ — $ — Energy efficiency costs — 430 — — 7,373 4,534 — — Non-Current: CTC, including carrying charges — — 7,412 17,744 Coal mine reclamation costs (3) 13,995 19,915 — — Deferred income taxes 66,296 63,369 8,997 9,309 Loss on reacquired debt 19,426 21,085 30,212 31,510 Pension and OPEB (1) 214,771 227,400 27,947 26,972 Shutdown of SJGS Units 2 and 3 113,508 119,785 — — Hurricane recovery costs (2) — — 1,041 1,551 AMS surcharge — — 25,015 31,435 AMS retirement and other costs — — 15,542 16,489 Renewable energy costs 643 — — — Other 6,828 9,349 5,297 3,017 435,467 460,903 121,463 138,027 Total regulatory assets $ 442,840 $ 465,437 $ 121,463 $ 138,027 Liabilities: Current: Renewable energy rider $ — $ (4,475 ) $ — $ — Other (371 ) (1,500 ) (134 ) (3,471 ) (371 ) (5,975 ) (134 ) (3,471 ) Non-Current: Cost of removal (271,025 ) (263,597 ) (46,091 ) (29,637 ) Deferred income taxes (374,122 ) (407,978 ) (131,871 ) (143,745 ) PVNGS ARO (11,341 ) (18,397 ) — — Renewable energy tax benefits (19,069 ) (20,226 ) — — Accelerated depreciation SNCRs (7,758 ) (3,690 ) — — Pension and OPEB — — (4,775 ) (3,940 ) Other (83 ) (83 ) (108 ) (136 ) (683,398 ) (713,971 ) (182,845 ) (177,458 ) Total regulatory liabilities $ (683,769 ) $ (719,946 ) $ (182,979 ) $ (180,929 ) (1) Includes $0.7 million for certain PNM pension costs as described in Note 11 (2) Amount shown is net of amounts owed under the PUCT’s January 25, 2018 order as described in Note 17 (3) Includes $9.4 million in coal mine reclamation costs related to PNM’s planned retirement of SJGS in 2022 as described in Note 16 The Company’s regulatory assets and regulatory liabilities are reflected in rates charged to customers or have been addressed in a regulatory proceeding. The Company does not receive or pay a rate of return on the following regulatory assets and regulatory liabilities (and their remaining amortization periods): coal mine reclamation costs (through 2020); deferred income taxes (over the remaining life of the taxable item, up to the remaining life of utility plant); pension and OPEB costs (through 2033); and PVNGS ARO (to be determined in a future regulatory proceeding). The Company is permitted, under rate regulation, to accrue and record a regulatory liability for the estimated cost of removal and salvage associated with certain of its assets through depreciation expense. Under GAAP, actuarial losses and prior service costs for pension plans are required to be recorded in AOCI; however, to the extent authorized for recovery through the regulatory process these amounts are recorded as regulatory assets or liabilities. Based on prior regulatory approvals, the amortization of these amounts will be included in the Company’s rates. Based on a current evaluation of the various factors and conditions that are expected to impact future cost recovery, the Company believes that future recovery of its regulatory assets is probable.

Construction Program and Jointl

Construction Program and Jointly-Owned Electric Generating Plants	12 Months Ended
	Dec. 31, 2019
Construction Program and Jointly-Owned Electric Generating Plants [Abstract]
Construction Program and Jointly-Owned Electric Generating Plants	Construction Program and Jointly-Owned Electric Generating Plants PNM is a participant in several jointly-owned power plant projects. The primary operating or participation agreements for the joint projects expire in July 2022 for SJGS, July 2041 for Four Corners, December 2046 for Luna, and November 2047 for PVNGS. PNM’s expenditures for additions to utility plant were $341.8 million in 2019 , including expenditures on jointly-owned projects. TNMP does not participate in the ownership or operation of any generating plants, but incurred expenditures for additions to utility plant of $254.0 million during 2019 . On a consolidated basis, PNMR’s expenditures for additions to utility plant were $616.3 million in 2019 . Joint Projects Under the agreements for the jointly-owned projects, PNM has an undivided interest in each asset and liability of the project and records its pro-rata share of each item in the corresponding asset and liability account on PNM’s Consolidated Balance Sheets. Likewise, PNM records its pro-rata share of each item of operating and maintenance expenses for its jointly-owned plants within the corresponding operating expense account in its Consolidated Statements of Earnings. PNM is responsible for financing its share of the capital and operating costs of the joint projects. At December 31, 2019 , PNM’s interests and investments in jointly-owned generating facilities are: Station (Fuel Type) Plant in Service Accumulated Depreciation (1) Construction Work in Progress Composite Interest (In thousands) SJGS (Coal) $ 779,236 $ (435,312 ) $ 486 66.35 % PVNGS (Nuclear) (2) $ 819,613 $ (369,431 ) $ 31,275 10.20 % Four Corners Units 4 and 5 (Coal) $ 283,939 $ (100,137 ) $ 10,794 13.00 % Luna (Gas) $ 78,258 $ (30,255 ) $ — 33.33 % (1) Includes cost of removal. (2) Includes interest in PVNGS Unit 3 , interest in common facilities for all PVNGS units, and owned interests in PVNGS Units 1 and 2 , including improvements. San Juan Generating Station PNM operates and jointly owns SJGS. Effective January 1, 2018, SJGS Unit 1 is owned 50% by PNM and 50% by Tucson and SJGS Unit 4 is owned 77.297% by PNM, including a 12.8% interest held as merchant plant, 8.475% by Farmington, 7.2% by Los Alamos, and 7.028% by UAMPS. See Notes 16 and 17 for additional information about SJGS, including the shutdown of SJGS Units 2 and 3 in December 2017 and the restructuring of SJGS ownership as well as information on PNM’s SJGS Abandonment Application. Palo Verde Nuclear Generating Station PNM is a participant in the three units of PVNGS with APS (the operating agent), SRP, EPE, SCE, SCPPA, and The Department of Water and Power of the City of Los Angeles. PNM has a 10.2% undivided interest in PVNGS, with portions of its interests in Units 1 and 2 held under leases. See Note 8 for additional information concerning the PVNGS leases, including PNM’s purchase of the assets underlying certain of the leases in January 2016, PNM’s option to purchase or return certain lease interests that have been extended through 2023 and 2024, and Note 17 for the outcome of PNM’s appeal to the NM Supreme Court regarding the NMPRC’s treatment of those purchases and lease extensions in the NM 2015 Rate Case. Operation of each of the three PVNGS units requires an operating license from the NRC. The NRC issued full power operating licenses for Unit 1 in June 1985, Unit 2 in April 1986, and Unit 3 in November 1987. The full power operating licenses were originally for a period of 40 years and authorize APS, as operating agent for PVNGS, to operate the three PVNGS units. In April 2011, the NRC approved extensions in the operating licenses for the plants for 20 years through June 2045 for Unit 1, April 2046 for Unit 2, and November 2047 for Unit 3. Four Corners Power Plant PNM is a participant in two units of Four Corners with APS (the operating agent), an affiliate of APS, SRP, and Tucson. PNM has a 13.0% undivided interest in Units 4 and 5 of Four Corners. The Four Corners plant site is located on land within the Navajo Nation and is subject to an easement from the federal government. APS, on behalf of the Four Corners participants, negotiated amendments to an existing agreement with the Navajo Nation, which extends the owners’ right to operate the plant on the site to July 2041. See Note 16 for additional information about Four Corners. The NMPRC indicated in the NM 2016 Rate Case that it will review the prudency of PNM’s decision to continue its participation in Four Corners in PNM’s next general rate case filing. See Note 17. Luna Energy Facility Luna is a combined-cycle power plant near Deming, New Mexico. Luna is owned equally by PNM, Tucson, and Samchully Power & Utilities 1, LLC. The operation and maintenance of the facility has been contracted to North American Energy Services. Construction Program The Company anticipates making substantial capital expenditures for the construction and acquisition of utility plant and other property and equipment. An unaudited summary of the budgeted construction expenditures, including expenditures for jointly-owned projects, and nuclear fuel, is as follows: 2020 2021 2022 2023 2024 Total (In millions) PNM $ 447.5 $ 701.4 $ 331.6 $ 398.0 $ 280.4 $ 2,158.9 TNMP 337.2 270.0 342.0 348.0 245.0 1,542.2 Corporate and Other 27.0 21.0 21.0 25.0 21.0 115.0 Total PNMR $ 811.7 $ 992.4 $ 694.6 $ 771.0 $ 546.4 $ 3,816.1 The construction expenditure estimates are under continuing review and subject to ongoing adjustment, as well as to Board review and approval. The above construction expenditures include $297.6 million of replacement power in anticipation of the SJGS abandonment and approximately $376.8 million

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations AROs are recorded based on studies to estimate the amount and timing of future ARO expenditures and reflect underlying assumptions, such as discount rates, estimates of the future costs for decommissioning, and the timing of the removal activities to be performed. Approximately 76% of PNM’s total ARO liabilities are related to nuclear decommissioning of PVNGS. PNM is responsible for all decommissioning obligations related to its entire interest in PVNGS, including portions under lease both during and after termination of the leases. Studies of the decommissioning costs of PVNGS, SJGS, Four Corners, and other facilities are performed periodically and revisions to the ARO liabilities are recorded. Changes in the assumptions underlying the calculations may also require revisions to the estimated AROs when identified. A reconciliation of the ARO liabilities is as follows: PNMR PNM TNMP (In thousands) Liability at December 31, 2016 $ 127,519 $ 126,601 $ 754 Liabilities incurred (1) 1,854 1,853 — Liabilities settled (968 ) (944 ) (24 ) Accretion expense 10,680 10,603 63 Revisions to estimated cash flows 7,594 7,594 — Liability at December 31, 2017 146,679 145,707 793 Liabilities incurred — — — Liabilities settled (192 ) — — Accretion expense 11,482 11,402 67 Revisions to estimated cash flows 705 705 — Liability at December 31, 2018 158,674 157,814 860 Liabilities incurred — — — Liabilities settled (987 ) (935 ) (52 ) Accretion expense 12,635 12,562 73 Revisions to estimated cash flows (2) 11,640 11,640 — Liability at December 31, 2019 $ 181,962 $ 181,081 $ 881 (1) Represents the obligation related to the additional ownership interest in SJGS Unit 4 that PNM acquired on December 31, 2017 due to the restructuring of the ownership of SJGS. (2) Reflects the impacts of an updated SJGS decommissioning study that assumes PNM will retire its share of SJGS in 2022. PNM is seeking recovery of these costs in its SJGS Abandonment Application currently pending before the NMPRC. See Note 17.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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 proceedings in the normal course of its business. See Note 17. 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. Commitments and Contingencies Related to the Environment PVNGS Decommissioning Funding The costs of decommissioning a nuclear power plant are substantial. PNM is responsible for all decommissioning obligations related to its entire interest in PVNGS, including portions under lease both during and after termination of the leases. PNM has a program for funding its share of decommissioning costs for PVNGS, including portions held under leases. The nuclear decommissioning funding program is invested in equities and fixed income instruments in qualified and non-qualified trusts. PNM funded $1.3 million , $1.3 million , and $2.0 million for the years ended December 31, 2019, 2018, and 2017 into the qualified and non-qualified trust funds. The market value of the trusts at December 31, 2019 and 2018 was $336.0 million and $287.1 million . See Note 17 for additional discussion of the NM Supreme Court’s decisions in PNM’s appeal of the NMPRC’s decisions in the NM 2015 Rate Case. 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 December 31, 2019 and 2018 , PNM had a liability for interim storage costs of $12.7 million and $12.4 million , which is included in other deferred credits. PVNGS has sufficient capacity at its on-site Independent Spent Fuel Storage Installation (“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 U.S. 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 became 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 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 MW. 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 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. See Note 17 for a discussion of the NM Supreme Court’s decision to affirm the NMPRC’s disallowance of certain costs, including the cost of BDT at SJGS, in PNM’s NM 2015 Rate Case. 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 a 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 that shall be evaluated based on their cost, economic development opportunity, ability to provide jobs with comparable pay and benefits to those lost upon retirement of the facility, and that do not exceed emissions thresholds specified in the ETA. 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 located in the school district of the abandoned facility. The ETA also provides for the procurement of energy storage facilities and gives utilities discretion to maintain, control, and operate these systems to ensure reliable and efficient service. PNM expects the ETA will have a significant impact on PNM’s future generation portfolio, including PNM’s planned retirement of SJGS in 2022. See additional discussion in Note 17 of PNM’s SJGS Abandonment Application. PNM cannot predict the full impact of the ETA or the outcome of its pending and potential future 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. EPA’s decision to revisit the 2017 rule is not a determination on the merits of the issues raised in the petitions. 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. On August 20, 2019, EPA finalized the draft guidance that was released in 2017 as a companion to the regional haze rule revisions. The final guidance differs from the draft in several ways. For example, the final guidance recognizes that sources already subject to BART may not need to be re-evaluated under the full four-factor analysis whereas the draft guidance encouraged states to evaluate all sources regardless of whether they were previously subject to BART. In addition, the final guidance recognizes that states may consider both visibility benefits and the cost of different control options when applying the four-factor analysis whereas the draft guidance recommended states require any control measures identified to be reasonable after considering the four-factor analysis alone. SIPs for the second compliance period are due in July 2021. NMED is currently preparing its SIP for the second compliance period and has notified PNM that it will not require a regional haze four-factor analysis for SJGS provided PNM is still planning to retire its share of SJGS in 2022. PNM is continuing to evaluate the potential impacts of these matters. SJGS BART Compliance – SJGS is a source that is subject to the statutory obligations of the CAA to reduce visibility impacts. PNM, as the operating agent for SJGS, engaged in discussions with NMED and EPA which resulted in a non-binding agreement that included the retirement of SJGS Units 2 and 3 by the end of 2017 and the installation of SNCRs on Units 1 and 4 (the Revised State Implementation Plan or “RSIP”), which was approved by the EPA. In addition to the SNCR equipment required by the RSIP, the NSR permit, which was required to be obtained in order to install the SNCRs, specified that SJGS Units 1 and 4 be converted to balanced draft technology (“BDT”). Installation of SNCRs on Unit 1 and BDT equipment on both Units 1 and 4 was completed in 2015 and installation of SNCRs on Unit 4 was completed in January 2016, which dates were within the time frame contained in the RSIP. PNM’s share of the total costs for SNCRs and BDT equipment was $77.7 million . See Note 17 for information concerning the NMPRC’s treatment of BDT in PNM’s NM 2015 Rate Case, parties’ appeals of that order, and the NM Supreme Court’s May 2019 decision in the appeals. After extensive settlement negotiations and public hearings, in December 2015, the NMPRC issued an order adopting a settlement agreement between several parties. As provided in that order: • PNM would retire SJGS Units 2 and 3 (PNM’s ownership interest was 418 MW) by December 31, 2017 and recover, over 20 years, 50% of their undepreciated net book value at that date and earn a regulated return on those costs at PNM’s WACC • PNM was granted a CCN to acquire an additional 132 MW in SJGS Unit 4 with an initial book value of zero , plus the costs of SNCR and other capital additions as a jurisdictional resource to serve PNM’s New Mexico retail customers, and to acquire 65 MW of SJGS Unit 4 as merchant plant effective January 1, 2018; PNM is prohibited from seeking recovery of any undepreciated investment in the 132 MW interest in the event SJGS Unit 4 is abandoned and PNM and PNMR commit that no further coal-fired merchant plant will be acquired at any time by PNM, PNMR, or any PNM affiliate. See additional discussion below regarding these interests under PNM’s December 2018 Compliance Filing • PNM was granted a CCN for 134 MW of PVNGS Unit 3 with an initial rate base value equal to the book value as of December 31, 2017, including transmission assets associated with PVNGS Unit 3 as a jurisdictional resource to serve PNM’s New Mexico retail customers beginning January 1, 2018 • Beginning January 1, 2020, for every MWh produced by 197 MW of coal-fired generation from PNM’s ownership share of SJGS, PNM will acquire and retire one MWh of RECs or allowances that include a zero-CO 2 emission attribute compliant with EPA’s Clean Power Plan; this REC retirement is in addition to what is required to meet the RPS; the cost of these RECs are to be capped at $7.0 million per year and will be recovered in rates; PNM should purchase EPA-compliant RECs from New Mexico renewable generation unless those RECs are more costly • PNM would accelerate recovery of SNCR costs on SJGS Units 1 and 4 so that the costs are fully recovered by July 1, 2022 • PNM was required to make a filing with the NMPRC no later than December 31, 2018 to determine the extent to which SJGS should continue serving PNM’s retail customers’ needs after June 30, 2022. See additional discussion of this matter below under PNM’s December 2018 Compliance Filing SJGS Units 2 and 3 were shut down in December 2017. At shutdown, the carrying value for PNM’s ownership share of SJGS Units 2 and 3 was comprised of plant in service of $439.4 million and accumulated depreciation and amortization (including cost of removal) of $188.3 million for a net book value of $251.1 million . As of December 31, 2017, these amounts were written off and offset by losses recorded upon the NMPRC’s December 2015 approval and subsequent adjustments totaling $128.6 million . PNM also recorded a regulatory asset of $125.5 million for the 50% of the undepreciated book value that is being recovered from ratepayers pursuant to the NMPRC’s December 2015 order described above. This resulted in the reversal of previously recorded losses of $3.0 million being recorded at December 31, 2017. In addition, PNM recognized a reversal of $1.0 million of previously recorded losses for other unrecoverable costs. These reversals, which total $4.0 million , are included in regulatory disallowances and restructuring costs on the Consolidated Statements of Earnings. All appeals of this matter have been resolved and the matter is now concluded. December 2018 Compliance Filing – As discussed above, in December 2015 PNM received NMPRC approval for a plan to comply with EPA’s 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 (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 virtually all of 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, 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 indicated that, pursuant to the terms of the agreements governing SJGS, all of the SJGS owners except for Farmington 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 the San Juan mine operator that PNM does not intend to extend the SJGS CSA beyond June 30, 2022. On January 30, 2019, the NMPRC issued 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. PNM filed a motion requesting the NMPRC vacate the January 30, 2019 order, 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. On March 1, 2019, the NM Supreme Court granted a temporary stay of the NMPRC’s order. Various parties intervened in the petition. On June 26, 2019, and after the effective date of the ETA, the NM Supreme Court lifted the stay and denied PNM’s petition without discussion. On July 1, 2019, PNM filed its SJGS Abandonment Application. See Note 17. 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. 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 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. 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. See additional discussion below regarding the increase in PNM’s estimated liability for coal mine reclamation. NEE Complaint – On March 31, 2016, NEE filed a complaint with the NMPRC alleging that PNM failed to comply with its discovery obligation in the case authorizing the shutdown of SJGS Units 2 and 3 and requesting the NMPRC investigate whether financing provided by NM Capital to the former owner of SJCC (the “Westmoreland Loan”) 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 the former owner of SJCC could be harmful to PNM’s customers. On May 23, 2018, PNM filed its response to the NMPRC staff’s comments noting that the Westmoreland Loan was paid in full on May 22, 2018. On October 11, 2018, PNM notified the NMPRC that the former owner of SJCC, Westmoreland, had filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. As discussed in Note 10, 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. 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 is not able to predict the potential outcome of this matter but does not anticipate the NMPRC will take any further action. SJGS Ownership Restructuring Matters – Prior to December 31, 2017, SJGS was jointly owned by PNM and eight other entities, including three participants that operate in the State of California. Furthermore, each participant did not have the same ownership interest in each unit. The SJPPA that governs the operation of SJGS expires on July 1, 2022. In connection with requirements to install SNCR and BDT equipment at SJGS, certain participants indicated their intent to exit ownership in the plant. As a result, the SJGS participants negotiated a restructuring of the ownership in SJGS and addressed the obligations of the exiting participants for plant decommissioning, mine reclamation, environmental matters, and certain future operating costs, among other items. Prior to the restructuring, the exiting participants owned 50.0% of SJGS Unit 3 and 38.8% of SJGS Unit 4, but none of SJGS Units 1 and 2, and PNM owned 50.0% of SJGS Units 1, 2, and 3 and 38.5% of SJGS Unit 4. Following mediated negotiations, the SJGS participants executed the San Juan Project Restructuring Agreement (“SJGS RA”). The SJGS RA provides the essential terms of restructured ownership and addresses other related matters, including that the exiting participants remain obligated for their proportionate shares of environmental, mine reclamation, and certain other legacy liabilities that are attributable to activities that occurred prior to their exit. Under the SJGS RA, PNM would acquire 132 MW and PNMR Development would acquire 65 MW of the capacity in SJGS Unit 4 from the exiting owners on the exit date for no initial cost other than funding certain capital improvements. Consistent with the NMPRC order, PNM acquired the rights and obligations related to the 65 MW from PNMR Development effective on December 31, 2017 in order to facilitate dispatch of power from that capacity. SJGS Units 2 and 3 were shut down in December 2017 and the restructuring of SJGS ownership under the SJGS RA occurred on December 31, 2017, including PNM’s acquisition of the additional 132 MW and 65 MW ownership interests in SJGS Unit 4 as set forth above. As ordered by the NMPRC, PNM treats the 65 MW interest as merchant utility plant that is excluded from retail rates. PNM has agreements to sell the 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. See Note 9. Beginning in 2018, SJGS is jointly owned by five entities. Including the 65 MW considered to be merchant plant, PNM’s ownership share is 77.3% in SJGS Unit 4 and an aggregate of 66.3% in SJGS Units 1 and 4. See Note 17 for additional discussion of PNM’s July 1, 2019 SJGS Abandonment Application. Four Corners On August 6, 2012, EPA issued its Four Corners FIP with a final BART determination for Four Corners. The rule included two compliance alternatives. On December 30, 2013, APS notified EPA that the Four Corners participants selected the alternative that required APS to permanently close Units 1, 2, and 3 by January 1, 2014 and install SCR post-combustion NOx control technology on each of Units 4 and 5 by July 31, 2018. Installation of SCRs on Four Corners Unit 5 was completed in March 2018 and the installation on Unit 4 was completed in June 2018. PNM owns a 13% interest in Units 4 and 5, but had no ownership interest in Units 1, 2, and 3, which were shut down by APS on December 30, 2013. For particulate matter emissions, EPA is requiring Units 4 and 5 to meet an emission limit of 0.015 lbs./MMBTU and the plant to meet a 20% opacity limit, both of which are achievable through operation of the existing baghouses. Although unrelated to BART, the final BART rule also imposes a 20% opacity limitation on certain fugitive dust emissions from Four Corners’ coal and material handling operations. PNM share of costs for post-combustion controls at Four Corners Units 4 and 5 through December 31, 2018 was $88.7 million , including PNM’s AFUDC. See Note 17 for information on the NMPRC’s treatment of these costs in PNM’s NM 2016 Rate Case. The Four Corners plant site is located on land within the Navajo Nation. APS, on behalf of the Four Corners participants, negotiated amendments to the existing agreement with the Navajo Nation, which extends the owners’ right to operate the plant on the site to July 2041. The DOI issued a Record of Decision on July 17, 2015 approving the 25 -year extension for Four Corners, authorizes continued mining operations to supply the remaining units at Four Corners, renews transmission line and access road rights-of-way on the Navajo and Hopi Reservations, and accepts the proposed mining plan for the Navajo Mine. The Four Corners participants’ obligations to comply with EPA’s final BART determinations, coupled with the financial impact of climate change regulation or legislation, other environmental regulations, and other business or regulatory considerations, could jeopardize the economic viability of Four Corners or the ability of individual participants to continue their participation in 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 U.S. 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 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 U.S. 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. On July 29, 2019, the Ninth Circuit issued a decision affirming the District Court’s dismissal of the case. In September 2019, the environmental groups filed a motion for reconsideration, which was denied in December 2019. PNM cannot predict whether parties will seek further review of this matter by means of petitioning the U.S. Supreme Court or the outcome of potential future litigation. Carbon Dioxide Emissions On August 3, 2015, EPA established standards to limit CO 2 emissions from power plants. EPA took three separate but related actions in which it: (1) established the Carbon Pollution Standards for new, modified, and reconstructed power plants; (2) established the 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 Cir

Regulatory and Rate Matters

Regulatory and Rate Matters	12 Months Ended
	Dec. 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 16. 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 , and proposed that new rates become effective beginning in July 2016. Subsequent to public hearings, 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. In August 2016, the Hearing Examiner in the case issued a recommended decision (the “August 2016 RD”). The August 2016 RD, among other things, 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. As a result, the August 2016 RD recommended the NMPRC disallow recovery of the entire $163.3 million purchase price for the January 15, 2016 purchases of the assets underlying three leases aggregating 64.1 MW of PVNGS Unit 2, the undepreciated capital improvements made during the period the 64.1 MW of purchased capacity was leased, rent expense aggregating $18.1 million annually for leases aggregating 114.6 MW of capacity that were extended through January 2023 and 2024 (Note 8), and recovery of the costs of converting SJGS Units 1 and 4 to BDT. 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 • Recovery of annual rent expenses associated with the 114.6 MW of capacity under the extended leases • 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. Specifically, PNM appealed the NMPRC’s determination that PNM was imprudent in certain matters in the case, including the NMPRC’s disallowance of the full purchase price of the 64.1 MW of capacity in PVNGS Unit 2, the undepreciated costs of capitalized improvements made during the period the 64.1 MW of capacity was leased by PNM, the cost of converting SJGS Units 1 and 4 to BDT, and 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. NEE, NM AREA, and ABCWUA filed notices of cross-appeal to PNM’s appeal. The issues appealed by the various cross-appellants included, among other things, the NMPRC allowing PNM to recover any of the costs of the lease extensions for the 114.6 MW of PVNGS Units 1 and 2 and the purchase price for the 64.1 MW in PVNGS Unit 2, the costs incurred under the Four Corners CSA, and the inclusion of the “prepaid pension asset” in rate base. During the pendency of the appeal, PNM evaluated the consequences of the order in the NM 2015 Rate Case and the related appeals to the NM Supreme Court as required under GAAP. These evaluations indicated that it was reasonably possible that PNM would be successful on the issues it was appealing but would not be provided capital costs recovery until the NMPRC acted on a decision of the NM Supreme Court. PNM also evaluated the accounting consequences of the issues being appealed by the cross-appellants and concluded that the issues raised in the cross-appeals did not have substantial merit. In accordance with GAAP, PNM periodically updated its estimate of the amount of time necessary for the NM Supreme Court to render a decision and for the NMPRC to take action on any remanded issues. As a result of those evaluations, through December 31, 2018, PNM recorded accumulated pre-tax impairments of its capital investments subject to the appeal in the amount of $18.4 million , of which $4.0 million was recorded during the year ended December 31, 2018, and $3.1 million was recorded during the year ended December 31, 2017. On May 16, 2019, the NM Supreme Court issued its decision on the matters that had been appealed in the NM 2015 Rate Case. The NM Supreme Court rejected the matters appealed by the cross-appellants and affirmed the NMPRC’s disallowance of a portion of the purchase price of the 64.1 MW of capacity in PVNGS Unit 2; the undepreciated costs of capital improvements made during the time the 64.1 MW capacity was leased by PNM; and the costs to install BDT at SJGS Units 1 and 4. The NM Supreme Court’s decision also ruled that the NMPRC’s decision to permanently disallow recovery of future decommissioning costs related to the 64.1 MW of PVNGS Unit 2 and the 114.6 MW of PVNGS Units 1 and 2 deprived PNM of its rights to due process of law and remanded the case to the NMPRC for further proceedings consistent with the court’s findings. On July 17, 2019, the NMPRC heard oral argument from parties in the case on how to best proceed with the NM Supreme Court’s remand. At oral argument, parties presented various positions ranging from re-litigating the value of PVNGS resources determined by the NMPRC and affirmed by the NM Supreme Court to re-affirming the NMPRC’s final order with a single modification to address recovery of future PVNGS decommissioning costs in a future case. On January 8, 2020, the NMPRC issued its order in response to the NM Supreme Court’s remand. The NMPRC reaffirmed its September 2016 order except for the decision to permanently disallow recovery of certain future decommissioning costs related to PVNGS Units 1 and 2. The NMPRC indicated that PNM’s ability to recover these costs will be addressed in a future proceeding and closed the NM 2015 Rate Case docket. As a result of the NM Supreme Court’s ruling, during the year ended December 31, 2019, PNM recorded pre-tax impairments of $150.6 million , which includes $73.2 million for a portion of the purchase price for 64.1 MW in PVNGS Unit 2, $39.7 million of undepreciated capitalized improvements made during the period the 64.1 MW was being leased by PNM, and $37.7 million for BDT on SJGS Units 1 and 4 and is reflected as regulatory disallowances and restructuring costs in the Consolidated Statements of Earnings. The impairment was offset by tax impacts of $45.7 million , which are reflected as income taxes on the Consolidated Statements of Earnings. 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 were at issue in its then 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 a 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 to the extent attributable to PNM’s retail operations (Note 18) • Disallowing PNM’s ability to collect an equity return on certain investments aggregating $148.1 million at Four Corners, but allowing recovery 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 PNM’s next general rate case filing 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 several questions establishing and monitoring utilities’ ROEs, the recoverability of regulatory assets, including rate case costs, and whether parties should have access to software used by utilities to support their positions. To date, no agreement has been reached. PNM is not able to predict the potential outcome of this matter but does not anticipate the NMPRC will take any further action. 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 16, the ETA was enacted on June 14, 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. The ETA sets a RCT of $60 per MWh using an 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 that were placed in commercial operation in 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 with a current capacity of 15 MW • Solar distributed generation, aggregating 127.6 MW at December 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 PNM filed its 2017 renewable energy procurement plan on June 1, 2016. The plan met RPS and diversity requirements for 2017 and 2018 using existing resources and PNM did not propose any significant new procurements. PNM projected that its plan would slightly exceed the RCT in 2017 and would be within the RCT in 2018. PNM requested a variance from the RCT in 2017. A public hearing was held on September 26, 2016. On October 21, 2016, the Hearing Examiner issued a recommended decision recommending that the plan be approved as filed and also found that a variance from the RCT was not required. The NMPRC approved the recommended decision on November 23, 2016. 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 PNM-owned 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 PNM-owned solar facilities. 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, NM AREA filed an appeal with the NM Supreme Court objecting to the fuel allocation methodology and requested a partial stay of the NMPRC order, which was denied. NEE subsequently filed a motion to intervene and cross-appeal objecting to the approval of the 50 MW of new PNM-owned solar facilities. On July 5, 2019, the NM Supreme Court approved a motion filed by NM AREA to dismiss its appeal. On August 8, 2019, the NM Supreme Court issued an opinion affirming the NMPRC’s approval of PNM’s 2018 renewable energy procurement plan and denying NEE’s cross appeal. This matter is now concluded. On June 1, 2018, PNM filed its 2019 renewable energy procurement plan. The plan met RPS and diversity requirements for 2019 and 2020 using resources already approved by the NMPRC and did not propose any significant new procurements. PNM projected the plan would be within the RCT in 2019 and will slightly exceed the current RCT in 2020. The NMPRC approved PNM’s 2019 renewable energy procurement plan on November 28, 2018. On June 3, 2019, PNM filed its 2020 renewable energy procurement plan. The plan requests approval of a 20 -year PPA to purchase 140 MW of renewable energy and RECs from the La Joya Wind Facility (“La Joya Wind”), which is expected to be operational by December 31, 2020. PNM intends to utilize the BB2 line to deliver power from the PPA. See additional discussion below under Application for a New 345 -kV Transmission Line . PNM’s 2020 renewable energy procurement plan requests a variance from the RPS for 2020 and proposes the shortfall be met with excess RECs that will be available under the La Joya Wind PPA in 2021. PNM also submitted proposed adjustments to the current FPPAC methodology for non-renewable fuel allocations to reflect the ETA’s removal of certain customer cost caps associated with the RPS and requested that the fuel clause year be reset to correspond to the January 1 reset date under the renewable energy rider. On July 17, 2019, PNM filed a corrected reconciliation of 2019 and estimated 2020 customer bill impacts that demonstrated the effect of removing certain customer caps and exemptions under the requirements of the ETA. The Hearing Examiner issued a response requiring PNM to address why its application should not be dismissed, or alternatively, proposing an extended procedural schedule. PNM’s response proposed the application not be dismissed, that a corrected public notice be issued, and that the procedural schedule be extended by 60 days. On July 30, 2019, the Hearing Examiner issued a revised procedural order that extended the statutory review period through January 29, 2020. On September 17, 2019, the Hearing Examiner issued an order requiring PNM to provide supplemental briefing supporting the applicability of the ETA to PNM’s 2020 renewable energy procurement plan and, in the event the ETA should not apply, support PNM’s position that the NMPRC has the authority to approve PNM’s requested variance. PNM filed its brief on September 24, 2019, supporting the applicability of the ETA and the NMPRC’s authority to grant the requested variance. On October 4, 2019, the Hearing Examiner issued an order requiring PNM to provide RPS calculations using rules and regulations existing before the ETA. PNM filed its rebuttal testimony on October 15, 2019, which included the calculations required by the Hearing Examiner. Public hearings were held on October 24 and 25, 2019. On December 2, 2019, the Hearing Examiner issued a recommended decision in the case recommending approval of PNM’s 2020 renewable energy procurement plan including the 140 MW wind PPA and indicating that the recently enacted ETA could be applied to the case even though PNM’s filing was made prior to the ETA’s effective date. On January 29, 2020, the NMPRC accepted the Hearing Examiners recommended decision and approved PNM’s 2020 renewable energy procurement plan. 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. PNM recorded revenues from the rider of $52.0 million , $41.4 million , and $45.2 million in 2019, 2018, and 2017. Beginning in 2017, the cost of energy from New Mexico Wind is being recovered through the renewable rider, rather than through the FPPAC, in compliance with the NMPRC’s order in PNM’s NM 2015 Rate Case. The 2019 renewable energy procurement plan became effective on January 1, 2019. In its 2020 renewable energy procurement plan case, which was approved by the NMPRC on January 29, 2020, PNM proposed to collect $58.9 million . Under the renewable rider, if PNM’s earned rate of return on jurisdictional equity in a calendar year, adjusted for 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 and does not expect to exceed the limitation in 2019. Energy Efficiency and Load Management Program Costs and Incentives/Disincentives The New Mexico Efficient Use of Energy Act (“EUEA”) requires public utilities to achieve specified levels of energy savings and to obtain NMPRC approval to implement energy efficiency and load management programs. The EUEA requires the NMPRC to remove utility disincentives to implementing energy efficiency and load management programs and to provide incentives for such programs. The NMPRC has adopted a rule to implement this act. The EUEA sets an annual program budget equal to 3% of an electric utility’s annual revenue. PNM’s costs to implement approved programs are recovered through a rate rider. 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 April 15, 2016, PNM filed an application for energy efficiency and load management programs to be offered in 2017. The proposed program portfolio consisted of ten programs with a total budget of $28.0 million . The application also sought approval of an incentive of $2.4 million based on targeted savings of 75 GWh. The actual incentive would be based on actual savings achieved. On January 11, 2017, the NMPRC approved an unopposed stipulation that established a method to ensure that funding of PNM’s energy efficiency program is equal to 3% of retail revenues, with an estimated 2017 energy efficiency funding level of $26.0 million , and approved a sliding scale profit incentive with a base level of 7.1% of program costs, equal to $1.8 million , if PNM achieves a minimum proscribed level of energy savings, increasing to a maximum of 9.0% depending on actual energy savings achieved above the minimum. On April 13, 2018, PNM filed its reconciliation of 2017 program costs and incentives, which indicated the incentive earned in 2017 was $2.3 million . The reconciliation filing and related incentive were accepted on May 23, 2018. On April 14, 2017, PNM filed an application for energy efficiency and load management programs to be offered in 2018. The proposed program portfolio consists of a continuation of the ten programs approved in the 2016 application with a total budget of $25.1 million . The application also sought approval of a sliding scale incentive with a base incentive of $1.9 million if PNM was able to achieve savings of 53 GWh in 2018. As proposed, PNM would have earned an incentive of $2.1 million based on targeted savings of 70 GWh. The actual incentive would be based on actual savings achieved. PNM proposed to continue the same ten programs and a similar incentive mechanism in 2019, with a proposed budget of $28.2 million and a base level incentive of $2.1 million . On July 26, 2017, PNM, NMPRC staff, and other parties filed a stipulation that would resolve all issues in the case if approved by the NMPRC. Under the settlement, all of PNM’s proposed programs would be approved with limited modifications and PNM’s base level incentive would be $1.7 million and could earn an incentive of up to $1.9 million based on savings of 69 GWh in 2018. The settlement also established a base level incentive for PNM of $1.8 million with the opportunity to earn up to $2.7 million in 2019 and required PNM to make a filing in 2019 to address incentives to be earned in 2020. A public hearing was held in September 2017. On November 8, 2017, the Hearing Examiner recommended approval of the stipulation with various modifications, including adoption of a discount rate equal to the tax-adjusted WACC of 9.59% rather than the 7.71% proposed in the stipulation and modifying the program budgets to $23.6 million for 2018 and $24.9 million for 2019. On January 31, 2018, the NMPRC issued an order that largely accepted the certification with certain exceptions concerning the measurement and verification of the approved load management programs. In 2019, PNM submitted the required filing to address incentives to be earned in 2020. PNM’s proposed incentive mechanism is similar to that approved for 2018 and 2019 with minor modifications to reflect input from interested parties. The proposed incentive mechanism includes a base incentive of 7.1% of program costs, or approximately $1.8 million , based on savings of 59 GWh in 2020 with a sliding scale that provides for additional incentive if savings exceed 68 GWh. No hearings were considered necessary and PNM’s 2020 energy efficiency rider reflecting the 2020 incentive became effective beginning December 30, 2019. Energy Efficiency Rulemaking In July 2012, the NMPRC opened an energy efficiency rulemaking docket to potentially address decoupling and incentives. Workshops to develop a proposed rule have been held, but no order proposing a rule has been issued. PNM is unable to predict the outcome of this matter. On January 25, 2017, the NMPRC opened another energy efficiency rulemaking docket to consider whether applications for approval of energy efficiency and load management programs should be filed every two years rather than annually. On June 21, 2017, the NMPRC issued an order that modifies the filing frequency for utility energy efficiency plans to every three years . On June 21, 2017, the NMPRC also issued a new notice of proposed rulemaking to consider possible changes affecting a utility’s ability to modify NMPRC approved funding levels by up to 10% between energy efficiency program applications. This rulemaking is in response to consensus changes proposed by parties in the January 25, 2017 rulemaking. On September 13, 2017, the NMPRC approved the proposed rule. Under the new rule, PNM’s next application for energy efficiency and load management programs will be made in 2020 for programs to be offered beginning in 2021. As discussed below, PNM’s next energy efficiency application will include a proposal to implement an AMI pilot project. 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. As discussed above, the ETA amended the EUEA to, among other things, include a decoupling mechanism for disincentives. On May 6, 2019, PNM submitted a request to the NMPRC to dismiss this matter. PNM will propose a mechanism to address disincentives in a future general rate case filing. The NMPRC approved PNM’s request to dismiss the matter on June 12, 2019, concluding this matter. FPPAC Continuation Application NMPRC rules require public utilities to file an application to continue using their FPPAC every four years . On April 23, 2018, PNM filed the required continuation application and requested that its FPPAC be continued without modification. On June 20, 2018, the NMPRC approved PNM’s continuation application. 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 rules 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 is not able to predict the potential outcome of this matter but does not anticipate the NMPRC will take any further action. 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 included, among other things, that retiring PNM’s share of SJGS in 2022 and existing ownership in Four Corners in 2031 would provide long-term cost savings for PNM’s customers and that the best mix of new resources to replace the retired coal generation would include solar energy and flexible natural gas-fired peaking capacity as well as energy storage, if the economics support it, and wind energy provided additional transmission capacity becomes available. The 2017 IRP also indicated that PNM should retain the currently leased capacity in PVNGS. See additional discussion of PNM’s leased capacity in PVNGS below and in Note 8. 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 renewable resources. On December 19, 2018, after public hearings and consideration of the Hearing Examiner’s recommendations, the NMPRC issued a final order accepting PNM’s 2017 IRP as compliant with applicable statute and NMPRC rules. On January 18, 2019, the Board of the County of Commissioners for San Juan County, New Mexico, the City of Farmington, New Mexico, and other parties filed a Notice of Appeal with the NM Supreme Court regarding the NMPRC’s final order in PNM’s 2017 IRP. On January 18, 2019, NEE submitted a motion requesting the NMPRC reconsider its acceptance of PNM’s 2017 IRP and alleging informational inadequacy and deficiencies in PNM’s filing, which was deemed denied. On February 19, 2019, NEE filed a motion with the NM Supreme Court to intervene in the appeal and to seek remand of the matter to the NMPRC. On March 11, 2019, PNM filed its response with the NM Supreme Court stating that the NMPRC has already considered and, by operation of law, denied NEE’s motion for reconsideration. On May 10, 2019, the appellants, excluding NEE, filed a motion with the NM Supreme Court to dismiss their appeal, which was supported by PNM. On May 31, 2019, the NM Supreme Court denied NEE’s request to remand the proceeding to the NMPRC and ordered NEE to respond to the motion to dismiss the appeal. On June 4, 2019, NEE responded that it did not oppose the appellants’ request to dismiss their appeal. On July 26, 2019, the NM Supreme Court granted the parties’ motions to dismiss the appeal. On September 19, 2019, NEE filed a second motion requesting the NMPRC reconsider its acceptance of PNM’s 2017 IRP, which was deemed denied. This matter is now concluded. As discussed below, on July 1, 2019, PNM submitted its SJGS Abandonment Application with the NMPRC requesting approval to retire SJGS in 2022, for replacement resources, and for issuance of securitized financing under the ETA. Many of the assumptions and findings included in PNM’s July 1, 2019 filing were consistent with those identified in PNM’s 2017 IRP. The SJGS Abandonment Application and the 2017 IRP are not a final determinations of PNM’s future generation portfolio. PNM will also be required to obtain NMPRC approval of an exit from Four Corners, which PNM will seek at an appropriate time in the future. Likewise, NMPRC approval of new generation resources through CCNs, PPAs, or other applicable filings will be required. 2020 IRP In the third quarter of 2019, PNM initiated its 2020 IRP process which will cover the 20 -year planning period from 2019 through 2039. Consistent with historical practice, PNM has provided notice to various interested parties and has hosted a series of public advisory presentations. NMPRC rules require PNM to file its 2020 IRP in July 2020. PNM will continue to seek input from interested parties as a pa

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Federal Income Tax Reform On December 22, 2017, comprehensive changes in U.S. 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 2019, the IRS issued proposed regulations related to certain officer compensation and 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 IRC that allow the Company to claim a bonus depreciation deduction on certain construction projects placed in service subsequent to the third quarter of 2017. Although most of the provisions of the Tax Act were not effective until 2018, GAAP required that some effects be recognized in 2017. Under the asset and liability method of accounting for income taxes used by the Company, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. At the date of enactment of the Tax Act, the Company had net deferred tax liabilities for its regulated activities and net deferred tax assets for non-regulated activities. As a result of the change in the federal income tax rate, the Company re-measured and adjusted its deferred tax assets and liabilities as of December 31, 2017. The portion of that adjustment not related to PNM’s and TNMP’s regulated activities was recorded as a reduction in net deferred tax assets and an increase in income tax expense. The portion related to PNM’s and TNMP’s regulated activities was recorded as a reduction in net deferred tax liabilities and an increase in regulatory liabilities. Beginning February 2018, PNM’s NM 2016 Rate Case reflects the reduction in the federal corporate income tax rate, including amortization of excess deferred federal and state income taxes. In accordance with the order in that case, PNM is returning the protected portion of excess deferred federal income taxes to customers over the average remaining life of plant in service as of December 31, 2017, the unprotected portion of excess deferred federal income taxes to customers over a period of approximately twenty-three years , and excess deferred state income taxes to customers over a period of three years. 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 17. The adjustments to deferred income taxes recorded as increases in regulatory liabilities and income tax expense as a result of the enactment of the Tax Act at December 31, 2017 are presented below: PNM TNMP Corporate and Other Consolidated (In thousands) Net increase in regulatory liabilities $ 402,501 $ 146,451 $ — $ 548,952 Net decrease in deferred income tax liabilities (deferred income tax assets) 372,895 138,586 (19,990 ) 491,491 Net deferred income tax expense $ 29,606 $ 7,865 $ 19,990 $ 57,461 GAAP requires that the impacts of adjusting existing deferred tax assets and liabilities for a change in an income tax rate be recognized in income tax expense during the period of enactment, including impacts that are reflected in AOCI. This resulted in the tax effects of items within AOCI not reflecting the appropriate tax rate and being stranded in AOCI. In February 2018, the FASB issued Accounting Standards Update 2018-02 - Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income to address this issue by allowing entities to reclassify the income tax effects of the Tax Act on items within AOCI to retained earnings. The Company records in AOCI, net of income taxes, unamortized gains and losses related to PNM’s defined benefit pension plans to the extent not attributed to regulated operations, unrealized gains on PNM’s available-for-sale debt securities, and unrealized gains and losses on cash flow hedges related to PNMR’s interest rate swaps. When amounts are reclassified from AOCI to the Consolidated Statement of Earnings, the Company recognizes the related income tax expense (benefit) at the tax rate in effect at that time. As permitted by ASU 2018-02, as of December 31, 2017, the Company reclassified the stranded federal income tax effects of the Tax Act on items recorded in AOCI, resulting in a net increase in retained earnings of $17.6 million . See Note 3. In December 2017, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provided guidance to address the application of GAAP to reflect the Tax Act in circumstances where all information and analysis was not yet available or complete. This bulletin provided for a one -year period in which to complete the required analyses and accounting for the impacts of the Tax Act. In accordance with SAB 118, the Company completed its analysis of the impacts of the Tax Act in 2018. The adjustments to deferred income taxes resulting from completion of the Company’s analysis, which resulted primarily from differences between the estimated amounts recorded as of December 31, 2017 and the actual amounts reflected in the Company’s 2017 tax return filing, including adjustments resulting from additional guidance and interpretations to the Tax Act issued in 2018 related to bonus depreciation, certain incentive compensation, and other items are presented below: PNM TNMP Corporate and Other Consolidated (In thousands) Net increase (decrease) in regulatory liabilities $ 11,244 $ (4,069 ) $ — $ 7,175 Net decrease in deferred income tax liabilities (deferred income tax assets) (2,175 ) (9,784 ) 13,869 1,910 Net increase in affiliate receivables (affiliate payables) 12,300 4,042 (16,342 ) — Net deferred income tax expense $ 1,119 $ 1,673 $ 2,473 $ 5,265 As discussed in Note 17, the NM Supreme Court issued a decision in May 2019 on the appeal of the NM 2015 Rate Case resulting in pre-tax impairments of $150.6 million in the year ending December 31, 2019. The impairments were recognized as discrete items within regulatory disallowances and restructuring costs resulting in tax benefits of $45.7 million , which is reflected in income taxes on the Company’s Consolidated Statements of Earnings for the year ended December 31, 2019. PNMR PNMR’s income taxes (benefits) consist of the following components: Year Ended December 31, 2019 2018 2017 (In thousands) Current federal income tax $ 60 $ — $ — Current state income tax 43 (244 ) (188 ) Deferred federal income tax (20,372 ) 7,716 119,182 Deferred state income tax (4,491 ) 648 11,632 Amortization of accumulated investment tax credits (522 ) (345 ) (286 ) Total income taxes (benefits) $ (25,282 ) $ 7,775 $ 130,340 PNMR’s provision for income taxes (benefits) differed from the federal income tax computed at the statutory rate for each of the years shown. The differences are attributable to the following factors: Year Ended December 31, 2019 2018 2017 (In thousands) Federal income tax at statutory rates $ 14,038 $ 22,902 $ 79,016 Amortization of accumulated investment tax credits (522 ) (345 ) (286 ) Amortization of excess deferred income tax (Note 17) (37,799 ) (19,779 ) — Flow-through of depreciation items 1,136 712 1,147 Earnings attributable to non-controlling interest in Valencia (2,991 ) (3,173 ) (5,256 ) State income tax, net of federal benefit 298 1,358 5,398 Impairment of state net operating loss carryforwards — — 819 Allowance for equity funds used during construction (1,990 ) (2,185 ) (3,331 ) Impairment of charitable contribution carryforward — — 909 Regulatory recovery of prior year impairments of state net operating loss carryforward, including amortization 1,367 1,367 (2,225 ) Federal income tax rate change — 2,914 57,461 Tax expense (benefit) related to stock compensation awards (795 ) 4,647 (2,324 ) Other 1,976 (643 ) (988 ) Total income taxes (benefits) $ (25,282 ) $ 7,775 $ 130,340 Effective tax rate (37.82 )% 7.13 % 57.73 % The components of PNMR’s net accumulated deferred income tax liability were: December 31, 2019 2018 (In thousands) Deferred tax assets: Net operating loss $ 59,488 $ 82,386 Regulatory liabilities related to income taxes 145,087 158,416 Federal tax credit carryforwards 101,231 76,481 Shutdown of SJGS Units 2 and 3 — 1,638 Regulatory disallowance related to NM 2015 Rate Case (Note 17) 34,639 — Other 54,199 97,515 Total deferred tax assets 394,644 416,436 Deferred tax liabilities: Depreciation and plant related (787,928 ) (767,482 ) Investment tax credit (81,186 ) (57,853 ) Regulatory assets related to income taxes (58,495 ) (62,889 ) CTC (1,466 ) (3,613 ) Pension (35,029 ) (35,407 ) Regulatory asset for shutdown of SJGS Units 2 and 3 (28,831 ) (30,425 ) Other (27,767 ) (59,486 ) Total deferred tax liabilities (1,020,702 ) (1,017,155 ) Net accumulated deferred income tax liabilities $ (626,058 ) $ (600,719 ) The following table reconciles the change in PNMR’s net accumulated deferred income tax liability to the deferred income tax (benefit) included in the Consolidated Statement of Earnings: Year Ended December 31, 2019 (In thousands) Net change in deferred income tax liability per above table $ 25,339 Change in tax effects of income tax related regulatory assets and liabilities (10,332 ) Amortization of excess deferred income tax (37,799 ) Tax effect of mark-to-market adjustments (2,261 ) Tax effect of excess pension liability (908 ) Adjustment for uncertain income tax positions 499 Reclassification of unrecognized tax benefits (499 ) Amortization of state net operating loss recovered in prior years 1,367 Refundable alternative minimum tax credit carryforward reclassified to receivable (576 ) Other (215 ) Deferred income taxes (benefits) $ (25,385 ) PNM PNM’s income taxes (benefit) consist of the following components: Year Ended December 31, 2019 2018 2017 (In thousands) Current federal income tax $ (6,266 ) $ (6,644 ) $ 118 Current state income tax 449 (2,661 ) (1,112 ) Deferred federal income tax (12,308 ) 5,661 73,308 Deferred state income tax (7,590 ) (2,080 ) 9,527 Amortization of accumulated investment tax credits (247 ) (247 ) (286 ) Total income taxes (benefit) $ (25,962 ) $ (5,971 ) $ 81,555 PNM’s provision for income taxes (benefit) differed from the federal income tax computed at the statutory rate for each of the years shown. The differences are attributable to the following factors: Year Ended December 31, 2019 2018 2017 (In thousands) Federal income tax at statutory rates $ 6,187 $ 13,514 $ 59,139 Amortization of accumulated investment tax credits (247 ) (247 ) (286 ) Amortization of excess deferred income tax (Note 17) (28,923 ) (19,779 ) — Flow-through of depreciation items 1,077 674 1,103 Earnings attributable to non-controlling interest in Valencia (2,991 ) (3,173 ) (5,256 ) State income tax, net of federal benefit 92 1,323 4,926 Impairment of state net operating loss carryforwards — — 627 Allowance for equity funds used during construction (1,398 ) (1,716 ) (3,032 ) Regulatory recovery of prior year impairment of state net operating loss carryforward, net of amortization 1,367 1,367 (2,225 ) Federal income tax rate change — (683 ) 29,606 Allocation of tax expense (benefit) related to stock compensation awards (559 ) 3,967 (1,708 ) Other (567 ) (1,218 ) (1,339 ) Total income taxes (benefit) $ (25,962 ) $ (5,971 ) $ 81,555 Effective tax rate (88.13 )% (9.28 )% 48.27 % The components of PNM’s net accumulated deferred income tax liability were: December 31, 2019 2018 (In thousands) Deferred tax assets: Net operating loss $ 25,889 $ 50,762 Regulatory liabilities related to income taxes 114,849 125,395 Federal tax credit carryforwards 82,983 62,230 Shutdown of SJGS Units 2 and 3 — 1,638 Regulatory disallowance 34,639 — Other 38,735 36,916 Total deferred tax assets 297,095 276,941 Deferred tax liabilities: Depreciation and plant related (630,293 ) (606,673 ) Investment tax credit (74,667 ) (55,484 ) Regulatory assets related to income taxes (49,479 ) (53,561 ) Pension (30,609 ) (31,046 ) Regulatory asset for shutdown of SJGS Units 2 and 3 (28,831 ) (30,425 ) Other (5,206 ) (2,519 ) Total deferred tax liabilities (819,085 ) (779,708 ) Net accumulated deferred income tax liabilities $ (521,990 ) $ (502,767 ) The following table reconciles the change in PNM’s net accumulated deferred income tax liability to the deferred income tax (benefit) included in the Consolidated Statement of Earnings: Year Ended December 31, 2019 (In thousands) Net change in deferred income tax liability per above table $ 19,223 Change in tax effects of income tax related regulatory assets and liabilities (7,861 ) Amortization of excess deferred income tax (28,923 ) Tax effect of mark-to-market adjustments (2,962 ) Tax effect of excess pension liability (908 ) Adjustment for uncertain income tax positions 488 Reclassification of unrecognized tax benefits (488 ) Amortization of state net operating loss recovered in prior years 1,367 Other (81 ) Deferred income taxes (benefits) $ (20,145 ) TNMP TNMP’s income taxes consist of the following components: Year Ended December 31, 2019 2018 2017 (In thousands) Current federal income tax $ 10,792 $ 13,347 $ 2,472 Current state income tax 1,904 1,753 1,765 Deferred federal income tax (7,621 ) (540 ) 27,304 Deferred state income tax (29 ) 2,320 (29 ) Total income taxes $ 5,046 $ 16,880 $ 31,512 TNMP’s provision for income taxes differed from the federal income tax computed at the statutory rate for each of the periods shown. The differences are attributable to the following factors: Year Ended December 31, 2019 2018 2017 (In thousands) Federal income tax at statutory rates $ 12,778 $ 14,379 $ 23,475 Amortization of excess deferred income tax (8,876 ) — — State income tax, net of federal benefit 1,532 1,454 1,198 Federal income tax rate change — — 7,865 Allocation of tax expense (benefit) related to stock compensation awards (236 ) 735 (616 ) Other (152 ) 312 (410 ) Total income taxes $ 5,046 $ 16,880 $ 31,512 Effective tax rate 8.29 % 24.65 % 46.98 % The components of TNMP’s net accumulated deferred income tax liability at December 31, were: December 31, 2019 2018 (In thousands) Deferred tax assets: Regulatory liabilities related to income taxes $ 30,238 $ 33,021 Other 3,788 4,517 Total deferred tax assets 34,026 37,538 Deferred tax liabilities: Depreciation and plant related (142,791 ) (136,117 ) CTC (1,466 ) (3,613 ) Regulatory assets related to income taxes (9,016 ) (9,328 ) Loss on reacquired debt (6,345 ) (6,617 ) Pension (4,420 ) (4,361 ) AMS (8,473 ) (10,030 ) Other (1,666 ) (3,710 ) Total deferred tax liabilities (174,177 ) (173,776 ) Net accumulated deferred income tax liabilities $ (140,151 ) $ (136,238 ) The following table reconciles the change in TNMP’s net accumulated deferred income tax liability to the deferred income tax (benefit) included in the Consolidated Statement of Earnings: Year Ended December 31, 2019 (In thousands) Net change in deferred income tax liability per above table $ 3,913 Change in tax effects of income tax related regulatory assets and liabilities (2,471 ) Amortization of excess deferred income tax (8,876 ) Other (216 ) Deferred income taxes (benefits) $ (7,650 ) Other Disclosures GAAP requires that the Company recognize only the impact of tax positions that, based on their technical merits, are more likely than not to be sustained upon an audit by the taxing authority. A reconciliation of unrecognized tax benefits is as follows: PNMR PNM TNMP (In thousands) Balance at December 31, 2016 $ 6,752 $ 3,949 $ — Additions based on tax positions related to 2017 262 262 — Additions (reductions) for tax positions of prior years 2,415 2,352 63 Settlement payments — — — Balance at December 31, 2017 9,429 6,563 63 Additions based on tax positions related to 2018 543 543 — Additions (reductions) for tax positions of prior years 222 182 40 Settlement payments — — — Balance at December 31, 2018 10,194 7,288 103 Additions based on tax positions related to 2019 329 329 — Additions (reductions) for tax positions of prior years 170 159 11 Settlement payments — — — Balance at December 31, 2019 $ 10,693 $ 7,776 $ 114 Included in the balance of unrecognized tax benefits at December 31, 2019 are $10.1 million , $7.2 million , and $0.1 million that, if recognized, would affect the effective tax rate for PNMR, PNM, and TNMP. The Company does not anticipate that any unrecognized tax expenses or unrecognized tax benefits will be reduced or settled in 2020 . PNMR, PNM, and TNMP had no estimated interest income or expense for the years ended December 31, 2019, 2018, and 2017. There was no accumulated accrued interest receivable or payable related to income taxes as of December 31, 2019 and 2018. The Company files a federal consolidated and several consolidated and separate state income tax returns. The tax years prior to 2015 are closed to examination by either federal or state taxing authorities other than Arizona. The tax years prior to 2014 are closed to examination by Arizona taxing authorities. Other tax years are open to examination by federal and state taxing authorities and net operating loss carryforwards are open to examination for the years in which the carryforwards are utilized. At December 31, 2019 , the Company has $286.6 million of federal net operating loss carryforwards that expire beginning in 2030 and $101.2 million of federal tax credit carryforwards that expire beginning in 2023. State net operating losses expire beginning in 2035 and vary from federal due to differences between state and federal tax law. In 2013, New Mexico House Bill 641 reduced the New Mexico corporate income tax rate from 7.6% to 5.9% . The rate reduction was being phased-in from 2014 to 2018. In accordance with GAAP, PNMR and PNM adjusted accumulated deferred income taxes to reflect the tax rate at which the balances are expected to reverse during the period that includes the date of enactment, which was in the year ended December 31, 2013. At that time, the portion of the adjustment related to PNM’s regulated activities was recorded as a reduction in deferred tax liabilities and an increase in a regulatory liability, based on the assumption that PNM would be required to return the benefit to customers over time. PNM’s NM 2016 Rate Case (Note 17) reflects the benefit of the lower New Mexico corporate income tax rate being returned to customers over a three-year period beginning February 1, 2018. In addition, the portion of the adjustment that was not related to PNM’s regulated activities was recorded as a reduction in deferred tax assets and an increase in income tax expense. Changes in the estimated timing of reversals of deferred tax assets and liabilities resulted in refinements of the impacts of this change in tax rates being recorded through December 31, 2017, at which time the impacts of the rate reduction were fully phased-in. Adjustments to deferred income taxes recorded as increases (decreases) in the regulatory liability and income tax expense were as follows: PNMR PNM TNMP (In thousands) December 31, 2017: Regulatory liability $ (10,109 ) $ (10,109 ) $ — Income tax expense $ (1,259 ) $ (1,179 ) $ — In 2008, fifty percent bonus tax depreciation was enacted as a temporary two -year stimulus measure as part of the Economic Stimulus Act of 2008. Bonus tax depreciation in various forms has been continuously extended since that time, including by the Protecting Americans from Tax Hikes Act of 2015. The 2015 act extended and phased-out bonus tax depreciation through 2019. As discussed above the Tax Act eliminated bonus depreciation for utilities effective September 28, 2017. However, in 2018 the IRS issued proposed regulations interpreting Tax Act amendments to depreciation provisions of the IRC which allowed the Company to claim a bonus depreciation deduction on certain construction projects placed in service after the third quarter of 2017. As a result of the net operating loss carryforwards for income tax purposes created by bonus depreciation, certain tax carryforwards were not expected to be utilized before their expiration. In addition, as a result of Tax Act changes to the deductibility of officer compensation, certain deferred tax benefits related to compensation are not expected to be realized. In accordance with GAAP, the Company has impaired the deferred tax assets for tax carryforwards which are not expected to be utilized and for compensation that is not expected to be deductible. The impairments after reflecting the expiration of carryforwards under applicable tax laws, net of federal tax benefit, for 2017 through 2019 are as follows: PNMR PNM TNMP (In thousands) December 31, 2019: State tax credit carryforwards $ 425 $ — $ — State net operating loss carryforwards $ — $ — $ — Charitable contribution carryforwards $ — $ — $ — Compensation expense $ (99 ) $ (100 ) $ 2 December 31, 2018: State tax credit carryforwards $ — $ — $ — State net operating loss carryforwards $ — $ — $ — Charitable contribution carryforwards $ — $ — $ — Compensation expense $ 410 $ 298 $ 111 December 31, 2017: State tax credit carryforwards $ — $ — $ — State net operating loss carryforwards $ 819 $ 627 $ — Charitable contribution carryforwards $ 909 $ — $ — The impairments of unexpired state tax credits, state net operating loss, and charitable contribution carryforwards are reflected as a valuation allowance against deferred tax assets. The reserve balances, after reflecting expiration of carryforwards under applicable tax laws, at December 31, 2019 and 2018 are as follows: PNMR PNM TNMP (In thousands) December 31, 2019: State tax credit carryforwards $ 425 $ — $ — State net operating loss carryforwards $ — $ — $ — Charitable contribution carryforwards $ — $ — $ — Compensation expense $ 311 $ 198 $ 113 December 31, 2018: State tax credit carryforwards $ — $ — $ — State net operating loss carryforwards $ — $ — $ — Charitable contribution carryforwards $ — $ — $ — Compensation expense $ 410 $ 298 $ 111

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The excess purchase price over the fair value of the assets acquired and the liabilities assumed by PNMR for its 2005 acquisition of TNP was recorded as goodwill and was pushed down to the businesses acquired. In 2007, the TNMP assets that were included in its New Mexico operations, including goodwill, were transferred to PNM. PNMR’s reporting units that currently have goodwill are PNM and TNMP. GAAP requires the Company to evaluate its goodwill for impairment annually at the reporting unit level or more frequently if circumstances indicate that the goodwill may be impaired. Application of the impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, and determination of the fair value of each reporting unit. GAAP provides that in certain circumstances an entity may perform a qualitative analysis to conclude that the goodwill of a reporting unit is not impaired. Under a qualitative assessment an entity considers macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, other relevant entity-specific events affecting a reporting unit, as well as whether a sustained decrease (both absolute and relative to its peers) in share price has occurred. An entity considers the extent to which each of the adverse events and circumstances identified could affect the comparison of a reporting unit’s fair value with its carrying amount. An entity places more weight on the events and circumstances that most affect a reporting unit’s fair value or the carrying amount of its net assets. An entity also considers positive and mitigating events and circumstances that may affect its determination of whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity evaluates, on the basis of the weight of evidence, the significance of all identified events and circumstances in the context of determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative analysis is not required if, after assessing events and circumstances, an entity determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount. In other circumstances, an entity may perform a quantitative analysis to reach the conclusion regarding impairment with respect to a reporting unit. An entity may choose to perform a quantitative analysis without performing a qualitative analysis and may perform a qualitative analysis for certain reporting units, but a quantitative analysis for others. The first step of the quantitative impairment test requires an entity to compare the fair value of the reporting unit 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, GAAP currently requires the entity 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 would require 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. As further discussed under New Accounting Pronouncements in Note 1, a new accounting pronouncement changes how goodwill impairment is determined by eliminating the second step of the quantitative impairment analysis. PNMR periodically updates its quantitative analysis for both PNM and TNMP. The use of a quantitative approach in a given period is not necessarily an indication that a potential impairment has been identified under a qualitative approach. When PNMR performs a quantitative analysis for PNM or TNMP, a discounted cash flow methodology is primarily used to estimate the fair value of the reporting unit. This analysis requires significant judgments, including estimations of future cash flows, which is dependent on internal forecasts, estimations of long-term growth rates for the business, and determination of appropriate weighted average cost of capital for the reporting unit. Changes in these estimates and assumptions could materially affect the determination of fair value and the conclusion of impairment. When PNMR performs a qualitative or quantitative analysis for PNM or TNMP, PNMR considers market and macroeconomic factors including changes in growth rates, changes in the WACC, and changes in discount rates. The Company also evaluates its stock price relative to historical performance, industry peers, and to major market indices, including an evaluation of the Company’s market capitalization relative to the carrying value of its reporting units. For its annual evaluations performed as of April 1, 2019, PNMR performed qualitative analyses for both the PNM and TNMP reporting units. The qualitative analysis was performed by considering changes in the Company’s expectations of future financial performance since the April 1, 2018 quantitative analysis performed for PNM, as well as the quantitative analysis performed for TNMP at April 1, 2016 and the qualitative analyses through April 1, 2018. This analysis considered Company specific events such as the potential impacts of legal and regulatory matters discussed in Note 16 and Note 17, including potential outcomes in PNM’s SJGS Abandonment Application, the impacts of the NM Supreme Court’s decision in the appeal of the NM 2015 Rate Case, and other potential impacts of changes in PNM’s resource needs based on PNM’s 2017 IRP. Based on an evaluation of these and other factors, the Company determined it was not more likely than not that the April 1, 2019 carrying values of PNM or TNMP exceeded their fair values. For the annual evaluations performed as of April 1, 2018, PNMR utilized a quantitative analysis for the PNM reporting unit and a qualitative analysis for the TNMP reporting unit. The April 1, 2018 quantitative evaluations indicated the fair value of the PNM reporting unit, which has goodwill of $51.6 million , exceeded its carrying value by approximately 19% . The 2018 qualitative analysis for the TNMP reporting unit was performed by considering changes in expectations of future financial performance since the April 1, 2016 quantitative analysis that indicated the fair value of the TNMP reporting unit, which has goodwill of $226.7 million , exceeded its carrying value by approximately 32% . The 2018 analysis considered events specific to TNMP such as the potential impacts of legal and regulatory matters discussed in Note 16 and Note 17, including potential adverse outcomes in the then pending TNMP 2018 Rate Case. Based on an evaluation of these and other factors, the Company determined it is not more likely than not that the April 1, 2018 carrying values of PNM or TNMP exceed their fair values. For the April 1, 2017 evaluation for both the PNM and TNMP reporting units, the qualitative analyses were performed by considering changes in the Company’s expectations of future financial performance since the April 1, 2016 quantitative analyses. These analyses considered Company specific events such as the potential impacts of legal and regulatory matters discussed in Note 16 and Note 17, including the estimated impacts of the proposed revised stipulation in the PNM NM 2016 Rate Case, the impacts of potential outcomes of the matters appealed to the NM Supreme Court under the NM 2015 Rate Case, and the impacts of changes in PNM’s resource needs based on PNM’s 2017 IRP. These evaluations also considered changes in TNMP’s regulatory environment such as the PUCT’s then proposed amendments to the interim transmission cost of service filing rule, as well as potential outcomes associated with TNMP’s general rate case filing, which the Company filed in May 2018. Based on an evaluation of these and other factors, the Company determined it is not more likely than not that the April 1, 2017 carrying values of PNM or TNMP exceed their fair values.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 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 7) and NMRD. PNMR files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PNMR and each of its affiliated companies. These agreements provide that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PNMR. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PNMR to the extent that PNMR is able to utilize those benefits. See Note 7 for information on intercompany borrowing arrangements. The table below summarizes the nature and amount of related party transactions of PNMR, PNM and TNMP: Year Ended December 31, 2019 2018 2017 (In thousands) Services billings: PNMR to PNM $ 96,327 $ 95,637 $ 97,914 PNMR to TNMP 36,554 33,493 31,095 PNM to TNMP 375 367 382 TNMP to PNMR 141 140 141 TNMP to PNM — — 154 PNMR to NMRD 238 183 — Renewable energy purchases: PNM from NMRD 3,124 2,924 — Interconnection and facility study billings: PNM to NMRD 650 2,108 — PNM to PNMR — 68,820 — PNMR to PNM 68,820 — — Interest billings: PNMR to PNM 3,365 2,585 21 PNM to PNMR 299 289 220 PNMR to TNMP 42 136 133 Income tax sharing payments: PNMR to TNMP — — — PNMR to PNM — — 23,391 PNM to PNMR — 134 — TNMP to PNMR 12,996 3,424 20,686

Quarterly Operating Results (Un

Quarterly Operating Results (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Data [Abstract]
Quarterly Operating Results (Unaudited)	Quarterly Operating Results (Unaudited) Unaudited operating results by quarters for 2019 and 2018 are presented below. In the opinion of management of the Company, all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results of operations for such periods have been included. The annual results of basic and diluted earnings per share shown below may be impacted by rounding. Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share amounts) PNMR 2019 (1) Operating revenues $ 349,645 $ 330,228 $ 433,586 $ 344,144 Operating income (loss) 36,723 (93,615 ) 140,540 60,552 Net earnings (loss) 21,662 (72,283 ) 106,763 35,989 Net earnings (loss) attributable to PNMR 18,700 (75,914 ) 102,771 31,805 Net earnings (loss) attributable to PNMR per common share: Basic 0.23 (0.95 ) 1.29 0.40 Diluted 0.23 (0.95 ) 1.28 0.40 2018 (2) Operating revenues $ 317,878 $ 352,313 $ 422,666 $ 343,756 Operating income (loss) 46,132 79,329 127,990 (17,404 ) Net earnings (loss) 18,799 42,449 91,573 (51,539 ) Net earnings (loss) attributable to PNMR 14,990 38,208 87,521 (55,077 ) Net earnings attributable to PNMR per common share: Basic 0.19 0.48 1.10 (0.70 ) Diluted 0.19 0.48 1.09 (0.69 ) PNM (1) 2019 Operating revenues $ 269,318 $ 238,219 $ 331,113 $ 255,172 Operating income (loss) 24,293 (115,977 ) 108,453 44,299 Net earnings (loss) 21,974 (83,313 ) 84,721 32,040 Net earnings (loss) attributable to PNM 19,144 (86,812 ) 80,861 27,988 2018 (2) Operating revenues $ 236,232 $ 264,511 $ 331,374 $ 259,848 Operating income 28,292 52,879 102,516 (38,654 ) Net earnings (loss) 11,514 30,781 81,428 (53,400 ) Net earnings (loss) attributable to PNM 7,837 26,672 77,508 (56,806 ) TNMP 2019 Operating revenues $ 80,327 $ 92,009 $ 102,473 $ 88,972 Operating income 12,585 22,578 32,596 18,055 Net earnings 4,098 15,267 25,087 11,347 2018 Operating revenues $ 81,646 $ 87,802 $ 91,292 $ 83,908 Operating income 18,532 26,829 27,824 23,312 Net earnings 9,413 15,367 16,100 10,711 (1) 2019 reflects pre-tax impairments of $150.6 million offset by $45.7 million of related tax impacts resulting from the NM Supreme Court’s ruling on the appeals in the NM 2015 Rate Case. See Note 17. (2) 2018 reflects pre-tax regulatory disallowances and restructuring costs of $63.3 million primarily resulting from the impairment of PNM’s 132 MW and 65

Schedule I - Condensed Financia

Schedule I - Condensed Financial Information of Parent Company	12 Months Ended
	Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]
Schedule I - Condensed Financial Information of Parent Company	SCHEDULE I PNM RESOURCES, INC. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF EARNINGS Year ended December 31, 2019 2018 2017 (In thousands) Operating Revenues $ — $ — $ — Operating Expenses 3,983 7,475 2,902 Operating income (loss) (3,983 ) (7,475 ) (2,902 ) Other Income and Deductions: Equity in earnings of subsidiaries 96,324 109,995 111,877 Other income 731 2,048 1,181 Net other income and deductions 97,055 112,043 113,058 Interest Charges 19,581 19,453 12,490 Earnings Before Income Taxes 73,491 85,115 97,666 Income Tax Expense (Benefit) (3,872 ) (527 ) 17,792 Net Earnings $ 77,363 $ 85,642 $ 79,874 SCHEDULE I PNM RESOURCES, INC. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF CASH FLOWS Year Ended December 31, 2019 2018 2017 (In thousands) Cash Flows From Operating Activities: Net Cash Flows From Operating Activities $ 2,001 $ (2,566 ) $ (7,814 ) Cash Flows From Investing Activities: Utility plant additions 1,100 826 (180 ) Investments in subsidiaries (80,000 ) (30,000 ) (50,000 ) Cash dividends from subsidiaries 54,465 129,379 105,084 Net cash flows from investing activities (24,435 ) 100,205 54,904 Cash Flows From Financing Activities: Short-term loan borrowings (repayments) (150,000 ) 50,000 — Revolving credit facility borrowings (repayments), net 123,900 (148,700 ) 42,600 Long-term borrowings 150,000 349,652 — Repayment of long-term debt — (250,000 ) — Proceeds from stock option exercise 943 963 1,739 Purchases to satisfy awards of common stock (9,918 ) (12,635 ) (13,929 ) Dividends paid (92,398 ) (84,433 ) (77,264 ) Other, net (107 ) (2,414 ) (269 ) Net cash flows from financing activities 22,420 (97,567 ) (47,123 ) Change in Cash and Cash Equivalents (14 ) 72 (33 ) Cash and Cash Equivalents at Beginning of Period 93 21 54 Cash and Cash Equivalents at End of Period $ 79 $ 93 $ 21 Supplemental Cash Flow Disclosures: Interest paid, net of amounts capitalized $ 18,702 $ 15,450 $ 10,899 Income taxes paid (refunded), net $ — $ — $ — SCHEDULE I PNM RESOURCES, INC. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY BALANCE SHEETS December 31, 2019 2018 (In thousands) Assets Cash and cash equivalents $ 79 $ 93 Intercompany receivables 79,059 82,539 Income taxes receivable 4,635 7,856 Other, net 2,876 5,635 Total current assets 86,649 96,123 Property, plant and equipment, net of accumulated depreciation of $14,583 and $13,518 24,313 25,413 Investment in subsidiaries 2,197,918 2,064,693 Other long-term assets 55,077 60,265 Total long-term assets 2,277,308 2,150,371 $ 2,363,957 $ 2,246,494 Liabilities and Stockholders’ Equity Short-term debt $ 112,100 $ 170,000 Short-term debt-affiliate 40,619 8,819 Current maturities of long-term debt 50,000 — Accrued interest and taxes 5,239 4,885 Other current liabilities 25,450 23,297 Total current liabilities 233,408 207,001 Long-term debt 449,048 348,310 Other long-term liabilities 2,803 2,803 Total liabilities 685,259 558,114 Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 79,653,624 shares) 1,150,552 1,153,112 Accumulated other comprehensive income (loss), net of tax (99,377 ) (108,685 ) Retained earnings 627,523 643,953 Total common stockholders’ equity 1,678,698 1,688,380 $ 2,363,957 $ 2,246,494 See Notes 7, 8, 14, and 16 for information regarding commitments, contingencies, and maturities of long-term debt.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II PNM RESOURCES, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Additions Deductions Description Balance at beginning of year Charged to costs and expenses Charged to other accounts Write-offs and other Balance at end of year (In thousands) Allowance for doubtful accounts, year ended December 31: 2017 $ 1,209 $ 2,619 $ — $ 2,747 $ 1,081 2018 $ 1,081 $ 3,360 $ — $ 3,035 $ 1,406 2019 $ 1,406 $ 2,835 $ — $ 3,078 $ 1,163 SCHEDULE II PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARY A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC. VALUATION AND QUALIFYING ACCOUNTS Additions Deductions Description Balance at beginning of year Charged to costs and expenses Charged to other accounts Write-offs Balance at end of year (In thousands) Allowance for doubtful accounts, year ended December 31: 2017 $ 1,209 $ 2,615 $ — $ 2,743 $ 1,081 2018 $ 1,081 $ 3,338 $ — $ 3,013 $ 1,406 2019 $ 1,406 $ 2,790 $ — $ 3,033 $ 1,163 SCHEDULE II TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC. VALUATION AND QUALIFYING ACCOUNTS Additions Deductions Description Balance at beginning of year Charged to costs and expenses Charged to other accounts Write-offs Balance at end of year (In thousands) Allowance for doubtful accounts, year ended December 31: 2017 $ — $ 4 $ — $ 4 $ — 2018 $ — $ 22 $ — $ 22 $ — 2019 $ — $ 44 $ — $ 44 $ —

Summary of the Business and S_2

Summary of the Business and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of accounting	Financial Statement Preparation and Presentation 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.
Principles of Consolidation	Principles of Consolidation The 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 10). 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.
Accounting for the Effects of Certain Types of Regulation	Accounting for the Effects of Certain Types of Regulation The Company maintains its accounting records in accordance with the uniform system of accounts prescribed by FERC and adopted by the NMPRC and PUCT. Certain of the Company’s operations are regulated by the NMPRC, PUCT, and FERC and the provisions of GAAP for rate-regulated enterprises are applied to the regulated operations. Regulators may assign costs to accounting periods that differ from accounting methods applied by non-regulated utilities. When it is probable that regulators will permit recovery of costs through future rates, costs are deferred as regulatory assets that otherwise would be expensed. Likewise, regulatory liabilities are recognized when it is probable that regulators will require refunds through future rates or when revenue is collected for expenditures that have not yet been incurred. GAAP also provides for the recognition of revenue and regulatory assets and liabilities associated with “alternative revenue programs” authorized by regulators. Such programs allow the utility to adjust future rates in response to past activities or completed events, if certain criteria are met, even for programs that do not otherwise qualify for recognition of regulatory assets and liabilities. Regulatory assets and liabilities are amortized into earnings over the authorized recovery period. Accordingly, the Company has deferred certain costs and recorded certain liabilities pursuant to the rate actions of the NMPRC, PUCT, and FERC. Information on regulatory assets and regulatory liabilities is contained in Note 13. In some circumstances, regulators allow a requested increase in rates to be implemented, subject to refund, before the regulatory process has been completed and a decision rendered by the regulator. When this occurs, the Company assesses the possible outcomes of the rate proceeding. The Company records a provision for refund to the extent the amounts being collected, subject to refund, exceed the amount the Company determines is probable of ultimately being allowed by the regulator.
Cash and Cash Equivalents	Cash and Restricted Cash Investments in highly liquid investments with original maturities of three months or less at the date of purchase are considered cash and cash equivalents.
Utility Plant	Utility Plant Utility plant is stated at original cost and includes capitalized payroll-related costs such as taxes, pension, other fringe benefits, administrative costs, and AFUDC, where authorized by rate regulation, or capitalized interest. Repairs, including major maintenance activities, and minor replacements of property are expensed when incurred, except as required by regulators for ratemaking purposes. Major replacements are charged to utility plant. Gains, losses, and costs to remove resulting from retirements or other dispositions of regulated property in the normal course of business are credited or charged to accumulated depreciation. PNM and TNMP may receive reimbursements, referred to as CIAC, from customers to pay for all or part of certain construction projects to the extent the project does not benefit regulated customers in general. PNM and TNMP account for these reimbursements as offsets to utility plant additions based on the requirements of the NMPRC, FERC, and PUCT. Due to the PUCT’s regulatory treatment of CIAC reimbursements, TNMP also receives a financing component that is recognized as other income on the Consolidated Statements of Earnings. Under the NMPRC regulatory treatment, PNM typically does not receive a financing component.
Depreciation and Amortization	Depreciation and Amortization
Allowance for Funds Used During Construction	Allowance for Funds Used During Construction As provided by the FERC uniform systems of accounts, AFUDC is charged to regulated utility plant for construction projects. This allowance is designed to enable a utility to capitalize financing costs during periods of construction of property subject to rate regulation. It represents the cost of borrowed funds (allowance for borrowed funds used during construction or “debt AFUDC”) and a return on other funds (allowance for equity funds used during construction or “equity AFUDC”). The debt AFUDC is recorded in interest charges and the equity AFUDC is recorded in other income on the Consolidated Statements of Earnings.
Materials, Supplies, and Fuel Stock	Materials, Supplies, and Fuel Stock Materials and supplies relate to transmission, distribution, and generating assets. Materials and supplies are charged to inventory when purchased and are expensed or capitalized as appropriate when issued. Materials and supplies are valued using an average costing method. Coal is valued using a rolling weighted average costing method that is updated based on the current period cost per ton. Periodic aerial surveys are performed on the coal piles and adjustments are made. Average cost is equal to net realizable value under the ratemaking process.
Investments	Investments PNM holds investment securities in the NDT for the purpose of funding its share of the 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 16). Since third party investment managers have sole discretion over the purchase and sale of the securities, PNM records a realized loss as an impairment for any available-for-sale debt security that has a market value that is less than cost at the end of each quarter. Prior to 2018, PNM classified all debt and equity investments in the NDT and coal mine reclamation trusts as available-for-sale securities. Effective January 1, 2018, the Company adopted Accounting Standards Update 2016-01 – Financial Instruments (Subtopic 825-10), which eliminates the requirement to classify investments in equity securities with readily determinable fair values into trading or available-for-sale categories and requires those equity securities to be measured at fair value with changes in fair value recognized in earnings rather than in OCI. On January 1, 2018, PNM recorded a cumulative effect adjustment to reclassify unrealized holding gains on equity securities held in the NDT and coal mine reclamation trusts from AOCI to retained earnings on the Consolidated Balance Sheets. Accordingly, the information for investment securities in the NDT and coal mine reclamation trusts for 2019 and 2018 is presented under ASU 2016-01 and the information for 2017 is presented under prior GAAP. For the years ended December 31, 2019 and 2018, PNM recorded impairment losses on the available-for-sale debt securities of $5.7 million and $13.7 million . For the year ended December 31, 2017, PNM recorded impairment losses on the available-for-sale securities, which included both debt and equity securities, of $7.1 million
Goodwill	Goodwill
Asset Impairment	Asset Impairment
Revenue Recognition	Electric operating revenues are recorded in the period of energy delivery, which includes estimated amounts for service rendered but unbilled at the end of each accounting period. The determination of the energy sales billed to individual customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading and the corresponding unbilled revenue are estimated. Unbilled electric revenue is estimated based on daily generation volumes, estimated customer usage by class, line losses, historical trends and experience, and applicable customer rates. Amounts billed are generally due within the next month. The Company does not incur incremental costs to obtain contracts for its energy services. PNM’s wholesale electricity sales are recorded as electric operating revenues and wholesale electricity purchases are recorded as costs of energy sold. In accordance with GAAP, derivative contracts that are subject to unplanned netting are recorded net in earnings. A “book-out” is the planned or unplanned netting of off-setting purchase and sale transactions. A book-out is a transmission mechanism to reduce congestion on the transmission system or administrative burden. For accounting purposes, a book-out is the recording of net revenues upon the settlement of a derivative contract. Unrealized gains and losses on derivative contracts that are not designated for hedge accounting are classified as economic hedges. Economic hedges are defined as derivative instruments, including long-term power and fuel supply agreements, used to hedge generation assets and purchased power costs. Changes in the fair value of economic hedges are reflected in results of operations, with changes related to economic hedges on sales included in operating revenues and changes related to economic hedges on purchases included in cost of energy sold. See Note 9. The Company adopted ASU 2014-09 – Revenue from Contracts with Customers (Topic 606) as of January 1, 2018, its required effective date, using the modified retrospective method of adoption. The adoption of ASU 2014-09 did not result in changes to the nature, amount, and timing of the Company’s existing revenue recognition processes or information technology infrastructure. Therefore, the adoption of ASU 2014-09 had no effect on the amount of revenue recorded in 2018 compared to the amount that would have been recorded under prior GAAP, no effect on total electric operating revenues or any other caption within the Company’s financial statements, and no cumulative effect adjustment was recorded. Revenues for 2019 and 2018 are presented in accordance with the standard on the Consolidated Statements of Earnings and 2017 revenues are presented on a comparative basis. Additional disclosures to further disaggregate 2019 and 2018 revenues are presented below.
Accounts Receivable and Allowance for Uncollectible Accounts	Accounts Receivable and Allowance for Uncollectible Accounts Accounts receivable consists primarily of trade receivables from customers. In the normal course of business, credit is extended to customers on a short-term basis. The Company calculates the allowance for uncollectible accounts based on historical experience and estimated default rates. The accounts receivable balances are reviewed monthly and adjustments to the allowance for uncollectible accounts and bad debt expense are made as necessary. Amounts that are deemed uncollectible are written off.
Amortization of Debt Acquisition Costs	Amortization of Debt Acquisition Costs Discount, premium, and expense related to the issuance of long-term debt are amortized over the lives of the respective issues. Gains and losses incurred upon the early retirement of long-term debt are recognized in other income or other deductions, except for amounts recoverable through NMPRC, FERC, or PUCT regulation, which are recorded as regulatory assets or liabilities and amortized over the lives of the respective issues. Unamortized premium, discount, and expense related to long-term debt are reflected as part of the related liability on the Consolidated Balance Sheets.
Derivatives	Derivatives The Company records derivative instruments, including energy contracts, on the balance sheet as either an asset or liability measured at their fair value. GAAP requires that changes in the derivatives’ fair value be recognized currently in earnings unless specific hedge accounting criteria are met. PNM also records certain commodity derivative transactions recoverable through NMPRC regulation as regulatory assets or liabilities. See Note 7 and Note 9. 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 years ended December 31, 2019 , 2018 , and 2017 , 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.
Decommissioning and Reclamation Costs	Decommissioning and Reclamation Costs In accordance with GAAP, PNM is only required to recognize and measure decommissioning liabilities for tangible long-lived assets for which a legal obligation exists. Nuclear decommissioning costs and related accruals are based on periodic site-specific estimates of the costs for removing all radioactive and other structures at PVNGS and are dependent upon numerous assumptions, including estimates of future decommissioning costs at current price levels, inflation rates, and discount rates. PNM’s accruals for PVNGS Units 1, 2, and 3, including portions held under leases, have been made based on such estimates, the guidelines of the NRC, and the PVNGS license periods. PVNGS Units 1 and 2 are included in PNM’s retail rates and PVNGS Unit 3 was excluded through December 31, 2017 but is included in retail rates beginning in 2018. See Note 16. See Note 17 for information concerning the treatment of nuclear decommissioning costs for certain purchased and leased portions of PVNGS in the NMPRC’s order in PNM’s NM 2015 Rate Case and the NM Supreme Court’s decision on PNM’s appeal of that order.
Environmental Costs	Environmental Costs The normal operations of the Company involve activities and substances that expose the Company to potential liabilities under laws and regulations protecting the environment. Liabilities under these laws and regulations can be material and may be imposed without regard to fault, or may be imposed for past acts, even though the past acts may have been lawful at the time they occurred.
Income Taxes	Income Taxes Income taxes are recognized using the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax basis. In accordance with GAAP, all deferred taxes are reflected as non-current on the Consolidated Balance Sheets. Current NMPRC, FERC, and PUCT approved rates include the tax effects of the majority of these differences. GAAP requires that rate-regulated enterprises record deferred income taxes for temporary differences accorded flow-through treatment at the direction of a regulatory commission. The resulting deferred tax assets and liabilities are recorded based on the expected cash flow to be reflected in future rates. Because the NMPRC, FERC, and the PUCT have consistently permitted the recovery of tax effects previously flowed-through earnings, the Company has established regulatory assets and liabilities offsetting such deferred tax assets and liabilities. The Company recognizes only the impact of tax positions that, based on their merits, are more likely than not to be sustained upon an IRS audit. The Company defers investment tax credits and amortizes them over the estimated useful lives of the assets. See Note 18 for additional information, including a discussion of the impacts of the Tax Act. 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 taxes, which includes the earnings attributable to the Valencia non-controlling interest. GAAP also provides that certain unusual or infrequently occurring items, as well as adjustments due to enactment of new tax laws, be excluded from the estimated annual effective tax rate calculation.
New Accounting Pronouncements	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. In May 2019, the FASB issued transition relief by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost. The Company is in the process of analyzing the impacts of the new standard but does not anticipate a significant impact on its reserves for trade receivables or on PNMR’s guarantees of certain PNMR Development debt arrangements. A cumulative effect adjustment is also not anticipated upon implementation. ASU 2016-13 also requires entities to separately measure and realize an impairment for credit losses on available-for-sale debt securities for which carrying value exceeds fair value, unless such securities have been determined to be other than temporarily impaired and the entire decrease in value has been realized as an impairment. PNM records a realized loss as an impairment for any available-for-sale debt security that has a fair value that is less than carrying value at the end of each quarter. As a result, the Company does not anticipate the new standard will impact its accounting for available-for-sale debt securities. The Company will adopt ASU 2016-13 as of January 1, 2020, its required effective date. 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 will adopt ASU 2017-04 for impairment testing after January 1, 2020, its required effective date. 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, 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 currently hold no 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, PNM and TNMP maintain qualified defined benefit, other postretirement benefit plans providing medical and dental benefits, and executive retirement programs. The Company is in the process of 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 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 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12 as part of its initiative to reduce complexity in accounting standards. The amendments in ASU 2019-12 simplify accounting for income taxes by removing several accounting exceptions to accounting for income taxes. ASU 2019-12 also eliminates or simplifies other income tax accounting requirements, including a requirement that entities recognize franchise tax (or similar tax) that is partially based on income as an income-based tax. ASU 2019-12 is effective for the Company beginning on January 1, 2021 and allows for early adoption. ASU 2019-12 is to be applied prospectively or retrospectively in the period of adoption depending on the type of amendment. The Company is in the process of analyzing the impacts of this new standard.
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.
Fair Value of Derivatives	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 year ended December 31, 2018 . See New Accounting Pronouncements in Note 1. 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 at December 31, 2018 were 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. The Company has no Level 3 investments as of December 31, 2019. Management of the Company independently verifies the information provided by pricing services.
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.
Pension and Other Postretirement Benefits	GAAP requires a plan sponsor to (a) recognize in its statement of financial position an asset for a plan’s overfunded status or a liability for a plan’s underfunded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year; and (c) recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. GAAP requires unrecognized prior service costs and unrecognized gains or losses to be recorded in AOCI and subsequently amortized. To the extent the amortization of these items will ultimately be recovered or returned through future rates, PNM and TNMP record the costs as a regulatory asset or regulatory liability. The amortization of these incurred costs is included as pension and postretirement benefit periodic cost or income in subsequent years. The Company maintains trust funds for the pension and OPEB plans from which benefits are paid to eligible employees and retirees. The Company’s funding policy is to make contributions to the trusts, as determined by an independent actuary, that comply with minimum guidelines of the Employee Retirement Income Security Act and the IRC. Information concerning the investments is contained in Note 9. The Company has in place a policy that defines the investment objectives, establishes performance goals of asset managers, and provides procedures for the manner in which investments are to be reviewed. The plans implement investment strategies to achieve the following objectives: • Implement investment strategies commensurate with the risk that the Corporate Investment Committee deems appropriate to meet the obligations of the pension plans and OPEB plans, minimize the volatility of expense, and account for contingencies • Transition asset mix over the long-term to a higher proportion of high-quality fixed income investments as the plans’ funded statuses improve Management is responsible for the determination of the asset target mix and the expected rate of return. The target asset allocations are determined based on consultations with external investment advisors. The expected long-term rate of return on pension and postretirement plan assets is calculated on the market-related value of assets. GAAP requires that actual gains and losses on pension and OPEB plan assets be recognized in the market-related value of assets equally over a period of not more than five years, which reduces year-to-year volatility. For the PNM Plans and TNMP Plans, the market-related value of assets is equal to the prior year’s market-related value of assets adjusted for contributions, benefit payments and investment gains and losses that are within a corridor of plus or minus 4.0% around the expected return on market value. Gains and losses that are outside the corridor are amortized over five years . In March 2017, the FASB issued Accounting Standards Update 2017-07 - Compensation - Retirement Benefits (Topic 715) to improve the presentation of net periodic pension and other postretirement benefit costs. Prior to ASU 2017-07, the Company presented all of its net periodic benefit costs, net of amounts capitalized to construction and other accounts, as administrative and general expenses on its statements of earnings. ASU 2017-07 requires the service cost component of net benefit costs be presented in the same line item or items as employees’ compensation. The other components of net periodic benefit cost (the “non-service cost components”) are required to be presented separately from the service cost component and outside of operating income. ASU 2017-07 also limits capitalization of net periodic benefit costs to only the service cost component. ASU 2017-07 requires retrospective presentation of the service and non-service cost components of net periodic benefit costs in the income statement and prospective application regarding the capitalization of only the service cost component of net periodic benefit costs. The Company adopted ASU 2017-07 as of January 1, 2018, its required effective date. In accordance with the standard, the PNM and PNMR Consolidated Statements of Earnings reflect a reclassification from administrative and general expenses to other (deductions) for the non-service cost components of net periodic benefit costs in the amount of $8.6 million , net of amounts capitalized prior to the adoption of the standard, in the year ended December 31, 2017. The non-service components of TNMP’s
Commitments and Contingencies	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 proceedings in the normal course of its business. See Note 17. 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.

Summary of the Business and S_3

Summary of the Business and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Average Rates Used Allocated Between Depreciation Expense and Construction Expense Projects Based on Use of Equipment	Average straight-line rates used were as follows: Year ended December 31, 2019 2018 2017 PNM Electric plant 2.47 % 2.40 % 2.52 % Common, intangible, and general plant 7.91 % 8.18 % 8.36 % TNMP 4.04 % 3.49 % 3.57 %
Schedule of Inventory	Inventories consisted of the following at December 31 : PNMR PNM TNMP 2019 2018 2019 2018 2019 2018 (In thousands) Coal $ 24,914 $ 22,777 $ 24,914 $ 22,777 $ — $ — Materials and supplies 53,015 49,057 47,311 44,320 5,704 4,737 $ 77,929 $ 71,834 $ 72,225 $ 67,097 $ 5,704 $ 4,737
Marketable Securities	Summarized financial information for NMRD is as follows: Results of Operations December 31, 2019 2018 (In thousands) Operating revenues $ 3,662 $ 3,147 Operating expenses 2,971 2,136 Net earnings $ 691 $ 1,011 Financial Position December 31, 2019 2018 (In thousands) Current assets $ 7,187 $ 2,581 Net property, plant, and equipment 132,772 50,784 Total assets 139,959 53,365 Current liabilities 9,640 237 Owners’ equity $ 130,319 $ 53,128

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Summary of Segments	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. 2019 PNM TNMP Corporate and Other PNMR Consolidated (In thousands) Electric operating revenues $ 1,093,822 $ 363,781 $ — $ 1,457,603 Cost of energy 317,725 95,087 — 412,812 Utility margin 776,097 268,694 — 1,044,791 Other operating expenses 554,661 98,621 (20,499 ) 632,783 Depreciation and amortization 160,368 84,259 23,181 267,808 Operating income (loss) 61,068 85,814 (2,682 ) 144,200 Interest income 14,303 — (281 ) 14,022 Other income (deductions) 26,989 4,131 (1,477 ) 29,643 Interest charges (72,900 ) (29,100 ) (19,016 ) (121,016 ) Segment earnings (loss) before income taxes 29,460 60,845 (23,456 ) 66,849 Income taxes (benefit) (25,962 ) 5,046 (4,366 ) (25,282 ) Segment earnings (loss) 55,422 55,799 (19,090 ) 92,131 Valencia non-controlling interest (14,241 ) — — (14,241 ) Subsidiary preferred stock dividends (528 ) — — (528 ) Segment earnings (loss) attributable to PNMR $ 40,653 $ 55,799 $ (19,090 ) $ 77,362 At December 31, 2019: Total Assets $ 5,242,991 $ 1,860,439 $ 195,344 $ 7,298,774 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 2018 PNM TNMP Corporate and Other PNMR Consolidated (In thousands) Electric operating revenues $ 1,091,965 $ 344,648 $ — $ 1,436,613 Cost of energy 314,036 85,690 — 399,726 Utility margin 777,929 258,958 — 1,036,887 Other operating expenses 481,030 96,272 (17,650 ) 559,652 Depreciation and amortization 151,866 66,189 23,133 241,188 Operating income 145,033 96,497 (5,483 ) 236,047 Interest income 13,089 — 2,451 15,540 Other income (deductions) (17,312 ) 4,065 (2,039 ) (15,286 ) Interest charges (76,458 ) (32,091 ) (18,695 ) (127,244 ) Segment earnings (loss) before income taxes 64,352 68,471 (23,766 ) 109,057 Income taxes (5,971 ) 16,880 (3,134 ) 7,775 Segment earnings (loss) 70,323 51,591 (20,632 ) 101,282 Valencia non-controlling interest (15,112 ) — — (15,112 ) Subsidiary preferred stock dividends (528 ) — — (528 ) Segment earnings (loss) attributable to PNMR $ 54,683 $ 51,591 $ (20,632 ) $ 85,642 At December 31, 2018: Total Assets $ 5,035,883 $ 1,665,177 $ 164,491 $ 6,865,551 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 2017 PNM TNMP Corporate and Other PNMR Consolidated (In thousands) Electric operating revenues $ 1,104,230 $ 340,773 $ — $ 1,445,003 Cost of energy 321,677 85,802 — 407,479 Utility margin 782,553 254,971 — 1,037,524 Other operating expenses 414,457 98,221 (22,135 ) 490,543 Depreciation and amortization 147,017 63,146 21,779 231,942 Operating income (loss) 221,079 93,604 356 315,039 Interest income 8,454 — 7,462 15,916 Other income (deductions) 22,132 3,551 (3,254 ) 22,429 Interest charges (82,697 ) (30,084 ) (14,844 ) (127,625 ) Segment earnings (loss) before income taxes 168,968 67,071 (10,280 ) 225,759 Income taxes (benefit) 81,555 31,512 17,273 130,340 Segment earnings (loss) 87,413 35,559 (27,553 ) 95,419 Valencia non-controlling interest (15,017 ) — — (15,017 ) Subsidiary preferred stock dividends (528 ) — — (528 ) Segment earnings (loss) attributable to PNMR $ 71,868 $ 35,559 $ (27,553 ) $ 79,874 At December 31, 2017: Total Assets $ 4,921,563 $ 1,500,770 $ 223,770 $ 6,646,103 Goodwill $ 51,632 $ 226,665 $ — $ 278,297
Schedule of Major Customers	Three REPs accounted for more than 10% of the electric operating revenues of TNMP, as follows: Year Ended December 31, 2019 2018 2017 REP A 22 % 21 % 16 % REP B 17 % 15 % 11 % REP C 12 % 12 % 10 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Information regarding AOCI is as follows: Accumulated Other Comprehensive Income (Loss) PNM PNMR Unrealized Gains on Available-for-Sale Securities Pension Liability Adjustment Total Fair Value Adjustment for Cash Flow Hedges Total (In thousands) Balance at December 31, 2016 $ 4,320 $ (96,748 ) $ (92,428 ) $ (23 ) $ (92,451 ) Amounts reclassified from AOCI (pre-tax) (17,567 ) 6,452 (11,115 ) 581 (10,534 ) Income tax impact of amounts reclassified 6,816 (2,504 ) 4,312 (225 ) 4,087 Other OCI changes (pre-tax) 28,160 3,618 31,778 1,000 32,778 Income tax impact of other OCI changes (10,927 ) (919 ) (11,846 ) (388 ) (12,234 ) Net after-tax change 6,482 6,647 13,129 968 14,097 Reclassification of stranded income taxes to retained earnings (Note 18) 2,367 (20,161 ) (17,794 ) 208 (17,586 ) Balance at December 31, 2017, as originally reported 13,169 (110,262 ) (97,093 ) 1,153 (95,940 ) Cumulative effect adjustment (Note 9) (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) (3,819 ) 7,568 3,749 216 3,965 Income tax impact of amounts reclassified 970 (1,922 ) (952 ) (56 ) (1,008 ) Other OCI changes (pre-tax) 3,790 (10,382 ) (6,592 ) 570 (6,022 ) Income tax impact of other OCI changes (963 ) 2,637 1,674 (145 ) 1,529 Net after-tax change (22 ) (2,099 ) (2,121 ) 585 (1,536 ) Balance at December 31, 2018 1,939 (112,361 ) (110,422 ) 1,738 (108,684 ) Amounts reclassified from AOCI (pre-tax) (14,063 ) 7,404 (6,659 ) 733 (5,926 ) Income tax impact of amounts reclassified 3,572 (1,880 ) 1,692 (186 ) 1,506 Other OCI changes (pre-tax) 25,724 (3,829 ) 21,895 (3,495 ) 18,400 Income tax impact of other OCI changes (6,534 ) 973 (5,561 ) 888 (4,673 ) Net after-tax change 8,699 2,668 11,367 (2,060 ) 9,307 Balance at December 31, 2019 $ 10,638 $ (109,693 ) $ (99,055 ) $ (322 ) $ (99,377 )

Electric Operating Revenue (Tab

Electric Operating Revenue (Tables)	12 Months Ended
	Dec. 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 ARP revenues and other revenues. PNM TNMP PNMR Consolidated Year Ended December 31, 2019 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 427,883 $ 150,742 $ 578,625 Commercial 396,987 116,953 513,940 Industrial 69,601 22,405 92,006 Public authority 20,322 5,694 26,016 Economy energy service 25,757 — 25,757 Transmission 57,214 66,948 124,162 Miscellaneous 13,134 3,568 16,702 Total revenues from contracts with customers 1,010,898 366,310 1,377,208 Alternative revenue programs 1,987 (2,529 ) (542 ) Other electric operating revenues 80,937 — 80,937 Total Electric Operating Revenues $ 1,093,822 $ 363,781 $ 1,457,603 Year Ended December 31, 2018 Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 433,009 $ 130,288 $ 563,297 Commercial 408,333 111,261 519,594 Industrial 61,119 17,317 78,436 Public authority 21,688 5,609 27,297 Economy energy service 26,764 — 26,764 Transmission 54,280 66,991 121,271 Miscellaneous 14,098 8,983 23,081 Total revenues from contracts with customers 1,019,291 340,449 1,359,740 Alternative revenue programs (2,443 ) 4,199 1,756 Other electric operating revenues 75,117 — 75,117 Total Electric Operating Revenues $ 1,091,965 $ 344,648 $ 1,436,613

Earnings and Dividends Per Sh_2

Earnings and Dividends Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Computation of Earnings per Share and Dividends per Share	Information regarding the computation of earnings per share and dividends per share is as follows: Year Ended December 31, 2019 2018 2017 (In thousands, except per share amounts) Net Earnings Attributable to PNMR $ 77,362 $ 85,642 $ 79,874 Average Number of Common Shares: Outstanding during year 79,654 79,654 79,654 Vested awards of restricted stock 277 236 237 Average Shares – Basic 79,931 79,890 79,891 Dilutive Effect of Common Stock Equivalents: Stock options and restricted stock 59 122 250 Average Shares – Diluted 79,990 80,012 80,141 Net Earnings Attributable to PNMR Per Share of Common Stock: Basic $ 0.97 $ 1.07 $ 1.00 Diluted $ 0.97 $ 1.07 $ 1.00 Dividends Declared per Common Share $ 1.1775 $ 1.0850 $ 0.9925

Financing (Tables)

Financing (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Short-term Debt	Short-term debt outstanding consists of: December 31, Short-term Debt 2019 2018 (In thousands) PNM: PNM Revolving Credit Facility $ 48,000 $ 32,400 PNM 2017 New Mexico Credit Facility 10,000 10,000 58,000 42,400 TNMP Revolving Credit Facility 15,000 17,500 PNMR: PNMR Revolving Credit Facility 112,100 20,000 PNMR 2018 One-Year Term Loan — 150,000 PNMR Development Revolving Credit Facility — 6,000 $ 185,100 $ 235,900
Schedule of Long-term Debt Instruments	Information concerning long-term debt outstanding and unamortized (premiums), discounts, and debt issuance costs is as follows: December 31, 2019 December 31, 2018 Principal Unamortized Discounts, (Premiums), and Issuance Costs, net Principal Unamortized Discounts, (Premiums), and Issuance Costs, net (In thousands) PNM Debt Senior Unsecured Notes, Pollution Control Revenue Bonds: 1.875% due April 2033, mandatory tender - October 1, 2021 $ 146,000 $ 662 $ 146,000 $ 1,022 6.25% due January 2038 36,000 205 36,000 216 2.125% due June 2040, mandatory tender - June 1, 2022 37,000 224 37,000 314 5.20% due June 2040, mandatory tender - June 1, 2020 40,045 17 40,045 62 5.90% due June 2040 255,000 1,857 255,000 1,950 6.25% due June 2040 11,500 84 11,500 88 2.45% due September 2042, mandatory tender - June 1, 2022 20,000 85 20,000 119 2.40% due June 2043, mandatory tender - June 1, 2020 39,300 50 39,300 146 5.20% due June 2043, mandatory tender - June 1, 2020 21,000 10 21,000 31 Senior Unsecured Notes: 5.35% due October 2021 160,000 292 160,000 455 3.15% due May 2023 55,000 261 55,000 338 3.45% due May 2025 104,000 562 104,000 666 3.85% due August 2025 250,000 1,675 250,000 1,974 3.68% due May 2028 88,000 518 88,000 581 3.78% due August 2028 15,000 91 15,000 101 3.93% due May 2033 38,000 238 38,000 256 4.22% due May 2038 45,000 291 45,000 307 4.50% due May 2048 20,000 133 20,000 138 4.60% due August 2048 85,000 570 85,000 590 PNM 2017 Term Loan due January 2019 — — 200,000 1 PNM 2019 $250.0 Million Term Loan due July 2020 250,000 — — — PNM 2019 $40.0 Million Term Loan due June 2021 40,000 1,755,845 7,825 1,665,845 9,355 Less current maturities 350,345 77 — — 1,405,500 7,748 1,665,845 9,355 December 31, 2019 December 31, 2018 Principal Unamortized Discounts, (Premiums), and Issuance Costs, net Principal Unamortized Discounts, (Premiums), and Issuance Costs, net (In thousands) TNMP Debt First Mortgage Bonds: 9.50% due April 2019 — — 172,302 206 6.95% due April 2043 93,198 (16,632 ) 93,198 (17,347 ) 4.03% due July 2024 80,000 475 80,000 580 3.53% due February 2026 60,000 502 60,000 585 3.22% due August 2027 60,000 437 60,000 494 3.85% due June 2028 60,000 531 60,000 584 3.79% due March 2034 75,000 535 — — 3.92% due March 2039 75,000 542 — — 4.06% due March 2044 75,000 546 — — 3.60% due July 2029 80,000 571 — — TNMP 2018 Term Loan due July 2020 — — 35,000 — 658,198 (12,493 ) 560,500 (14,898 ) Less current maturities — — — — 658,198 (12,493 ) 560,500 (14,898 ) PNMR Debt PNMR 3.25% 2018 SUNs due March 2021 300,000 917 300,000 1,690 PNMR Development Term Loan due November 2020 90,000 42 90,000 88 PNMR 2018 Two-Year Term Loan due December 2020 50,000 — 50,000 — PNMR 2019 Term Loan due June 2021 150,000 35 — — 590,000 994 440,000 1,778 Less current maturities 140,000 — — — 450,000 994 440,000 1,778 Total Consolidated PNMR Debt 3,004,043 (3,674 ) 2,666,345 (3,765 ) Less current maturities 490,345 77 — — $ 2,513,698 $ (3,751 ) $ 2,666,345 $ (3,765 )
Schedule of Maturities of Long-term Debt	Reflecting mandatory tender dates, long-term debt maturities as of December 31, 2019 are follows: PNMR PNM TNMP PNMR Consolidated (In thousands) 2020 $ 140,000 $ 350,345 $ — $ 490,345 2021 450,000 346,000 — 796,000 2022 — 57,000 — 57,000 2023 — 55,000 — 55,000 2024 — — 80,000 80,000 Thereafter — 947,500 578,198 1,525,698 Total $ 590,000 $ 1,755,845 $ 658,198 $ 3,004,043

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Assets and Liabilities, Lessee	Information related to the Company’s operating leases recorded on the Consolidated Balance Sheets, including amounts recognized upon adoption of ASU 2016-02, is presented below: December 31, 2019 January 1, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 120,585 $ 9,954 $ 131,212 $ 143,816 $ 12,942 $ 157,440 Current portion of operating lease liabilities 25,927 2,753 29,068 21,589 3,132 25,189 Long-term portion of operating lease liabilities 97,992 7,039 105,512 124,891 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 Consolidated Balance Sheets is presented below: December 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 4,857 $ 4,910 $ 10,028 Accumulated depreciation (482 ) (466 ) (973 ) Non-utility property, net $ 4,375 $ 4,444 $ 9,055 Other current liabilities $ 722 $ 850 $ 1,637 Other deferred credits 3,333 3,597 7,102
Lease, Cost	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: December 31, 2019 PNM TNMP PNMR Consolidated Weighted average remaining lease term (years): Operating leases 6.70 4.10 6.49 Financing leases 5.64 5.54 5.54 Weighted average discount rate: Operating leases 3.89 % 3.95 % 3.90 % Financing leases 3.68 % 3.65 % 3.64 % Information for the components of lease expense is as follows: Year Ended December 31, 2019 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost $ 28,254 $ 3,341 $ 31,963 Less: amounts capitalized (1,319 ) (2,594 ) (3,913 ) Total operating lease expense 26,935 747 28,050 Financing lease cost: Amortization of right-of-use assets 481 466 973 Interest on lease liabilities 92 100 194 Less: amounts capitalized (280 ) (423 ) (704 ) Total financing lease expense 293 143 463 Variable lease expense 96 — 96 Short-term lease expense 346 26 414 Total lease expense for the period $ 27,670 $ 916 $ 29,023 Supplemental cash flow information related to the Company’s leases is as follows: Year Ended December 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 $ 26,392 $ 935 $ 27,849 Operating cash flows from financing leases 44 25 71 Finance cash flows from financing leases 183 109 313 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 143,816 $ 12,942 $ 157,816 Financing leases 4,473 4,910 9,645
Finance Lease, Liability, Maturity	Future expected lease payments as of December 31, 2019 and December 31, 2018 are shown below: As of December 31, 2019 PNM TNMP PNMR Consolidated Financing Operating Financing Operating Financing Operating (In thousands) 2020 $ 857 $ 27,028 $ 998 $ 3,078 $ 1,925 $ 30,660 2021 830 26,576 966 2,448 1,866 29,316 2022 803 26,266 934 1,996 1,807 28,473 2023 767 17,735 819 1,508 1,624 19,423 2024 505 7,908 648 877 1,153 8,833 Later years 723 34,466 526 765 1,249 35,489 Total minimum lease payments 4,485 139,979 4,891 10,672 9,624 152,194 Less: Imputed interest 430 16,060 444 880 885 17,614 Lease liabilities as of December 31, 2019 $ 4,055 $ 123,919 $ 4,447 $ 9,792 $ 8,739 $ 134,580
Lessee, Operating Lease, Liability, Maturity	Future expected lease payments as of December 31, 2019 and December 31, 2018 are shown below: As of December 31, 2019 PNM TNMP PNMR Consolidated Financing Operating Financing Operating Financing Operating (In thousands) 2020 $ 857 $ 27,028 $ 998 $ 3,078 $ 1,925 $ 30,660 2021 830 26,576 966 2,448 1,866 29,316 2022 803 26,266 934 1,996 1,807 28,473 2023 767 17,735 819 1,508 1,624 19,423 2024 505 7,908 648 877 1,153 8,833 Later years 723 34,466 526 765 1,249 35,489 Total minimum lease payments 4,485 139,979 4,891 10,672 9,624 152,194 Less: Imputed interest 430 16,060 444 880 885 17,614 Lease liabilities as of December 31, 2019 $ 4,055 $ 123,919 $ 4,447 $ 9,792 $ 8,739 $ 134,580
Schedule of Future Minimum Operating Lease Payments	Operating leases As of December 31, 2018 PNM TNMP PNMR Consolidated (In thousands) 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

Fair Value of Derivative and _2

Fair Value of Derivative and Other Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Commodity Derivatives	PNM’s commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges, are presented in the following line items on the Consolidated Balance Sheets: Economic Hedges December 31, 2019 2018 (In thousands) Other current assets $ 1,089 $ 1,083 Other deferred charges 1,507 2,511 2,596 3,594 Other current liabilities (1,089 ) (1,177 ) Other deferred credits (1,507 ) (2,511 ) (2,596 ) (3,688 ) Net $ — $ (94 )
Summary of the Effect of Mark-to-Market Commodity Derivative Instruments on Earnings	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 Year Ended December 31, 2019 2018 2017 (In thousands) Electric operating revenues $ 97 $ (50 ) $ 5,151 Cost of energy (97 ) (52 ) (5,386 ) Total gain (loss) $ — $ (102 ) $ (235 )
Schedule of Net Buy (Sell) Volume Positions	The table below presents PNM’s net buy (sell) volume positions: Economic Hedges MMBTU MWh December 31, 2019 — — December 31, 2018 100,000 —
Schedule of Realized Gain (Loss)	Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $3.0 million , $(9.4) million , and $3.3 million for the years ended December 31, 2019 , 2018 and 2017 . Year Ended December 31, 2019 2018 2017 (In thousands) Proceeds from sales $ 494,528 $ 984,533 $ 637,492 Gross realized gains $ 25,760 $ 19,358 $ 36,896 Gross realized (losses) $ (17,453 ) $ (16,624 ) $ (12,993 ) Gains and losses recognized on the Consolidated Statements of Earnings related to investment securities in the NDT and reclamation trusts are presented in the following table: Year ended December 31, 2019 2018 (In thousands) Equity securities: Net gains from equity securities sold $ 5,698 $ 4,864 Net gains (losses) from equity securities still held 18,319 (10,523 ) Total net gains (losses) on equity securities 24,017 (5,659 ) Available-for-sale debt securities: Net gains (losses) on debt securities 5,572 (11,517 ) Net gains (losses) on investment securities $ 29,589 $ (17,176 )
Investments Classified by Contractual Maturity Date	At December 31, 2019 , the available-for-sale debt securities held by PNM, had the following final maturities: Fair Value (In thousands) Within 1 year $ 20,148 After 1 year through 5 years 80,052 After 5 years through 10 years 84,603 After 10 years through 15 years 13,090 After 15 years through 20 years 11,950 After 20 years 39,975 $ 249,818
Schedule of Instruments Presented by Level of Hierarchy	Items recorded at fair value by PNM on the Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale securities. GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Unrealized Gains (In thousands) December 31, 2019 Cash and cash equivalents $ 15,606 $ 15,606 $ — $ — Equity securities: Corporate stocks, common 64,527 64,527 — — Corporate stocks, preferred 9,033 2,212 6,821 — Mutual funds and other 49,848 49,786 62 — Available-for-sale debt securities: U.S. government 48,439 31,389 17,050 — $ 535 International government 15,292 — 15,292 — 1,193 Municipals 46,642 — 46,642 — 1,768 Corporate and other 139,445 187 139,258 — 10,801 $ 388,832 $ 163,707 $ 225,125 $ — $ 14,297 Commodity derivative assets $ 2,596 $ — $ 2,596 $ — Commodity derivative liabilities (2,596 ) — (2,596 ) — Net $ — $ — $ — $ — 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 Carrying Amounts and Fair Value of Instruments	The carrying amounts and fair values of long-term debt, which are not recorded at fair value on the Consolidated Balance Sheets are presented below: GAAP Fair Value Hierarchy Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 (In thousands) PNMR $ 3,007,717 $ 3,142,704 $ — $ 3,142,074 $ — PNM $ 1,748,020 $ 1,795,149 $ — $ 1,795,149 $ — TNMP $ 670,691 $ 753,317 $ — $ 753,317 $ — December 31, 2018 PNMR $ 2,670,111 $ 2,703,810 $ — $ 2,703,810 $ — PNM $ 1,656,490 $ 1,668,736 $ — $ 1,668,736 $ — TNMP $ 575,398 $ 597,236 $ — $ 597,236 $ —
Schedule of Investments Held by the Employee Benefit Plans	The fair values of investments held by the employee benefit plans are as follows: 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) December 31, 2019 (In thousands) PNM Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 445,984 $ 152,158 $ 293,826 $ — Uncategorized investments 86,675 Total Master Trust Investments $ 532,659 TNMP Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 49,353 $ 17,335 $ 32,018 $ — Uncategorized investments 9,974 Total Master Trust Investments $ 59,327 PNM OPEB Plan Cash and cash equivalents $ 1,022 $ 1,022 $ — $ — Equity securities: Mutual funds 85,727 39,361 46,366 — $ 86,749 $ 40,383 $ 46,366 $ — TNMP OPEB Plan Cash and cash equivalents $ 275 $ 275 $ — $ — Equity securities: Mutual funds 10,635 4,075 6,560 — $ 10,910 $ 4,350 $ 6,560 $ — 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) December 31, 2018 (In thousands) PNM Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 412,790 $ 139,673 $ 272,829 $ 288 Uncategorized investments 76,874 Total Master Trust Investments $ 489,664 TNMP Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 45,283 $ 15,149 $ 30,101 $ 33 Uncategorized investments 9,378 Total Master Trust Investments $ 54,661 PNM OPEB Plan Cash and cash equivalents $ 190 $ 190 $ — $ — Equity securities: Mutual funds 69,513 32,325 37,188 — $ 69,703 $ 32,515 $ 37,188 $ — TNMP OPEB Plan Cash and cash equivalents $ 66 $ 66 $ — $ — Equity securities: Mutual funds 8,725 3,723 5,002 — $ 8,791 $ 3,789 $ 5,002 $ — The fair values of investments in the PNMR Master Trust are as follows: 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) December 31, 2019 (In thousands) PNMR Master Trust Cash and cash equivalents $ 19,982 $ 19,982 $ — $ — Equity securities: Corporate stocks, common 68,497 68,497 — — Corporate stocks, preferred 825 — 825 — Mutual funds and other 172,326 — 172,326 — Fixed income securities: U.S. government 90,970 81,014 9,956 — International government 5,411 — 5,411 — Municipals 6,980 — 6,980 — Corporate and other 130,346 — 130,346 — Total investments categorized within fair value hierarchy 495,337 $ 169,493 $ 325,844 $ — Uncategorized investments: Private equity funds 15,827 Hedge funds 47,618 Real estate funds 33,204 $ 591,986 December 31, 2018 PNMR Master Trust Cash and cash equivalents $ 20,120 $ 20,120 $ — $ — Equity securities: Corporate stocks, common 54,270 54,270 — — Corporate stocks, preferred 874 — 874 — Mutual funds and other 143,517 — 143,517 — Fixed income securities: U.S. government 84,459 80,482 3,977 — International government 5,721 — 5,721 — Municipals 9,558 — 9,558 — Corporate and other 139,554 (50 ) 139,283 321 Total investments categorized within fair value hierarchy 458,073 $ 154,822 $ 302,930 $ 321 Uncategorized investments: Private equity funds 18,021 Hedge funds 45,589 Real estate funds 22,642 $ 544,325
Summary of Level 3 Measurements	A reconciliation of the changes in Level 3 fair value measurements is as follows: Fixed Income - Corporate PNMR Master Trust PNM Pension TNMP Pension Total Master Trust (In thousands) Balance at December 31, 2017 $ 191 $ 21 $ 212 Actual return on assets sold during the period (7 ) (1 ) (8 ) Actual return on assets still held at period end (1 ) — (1 ) Purchases 192 23 215 Sales (87 ) (10 ) (97 ) Balance at December 31, 2018 288 33 321 Actual return on assets sold during the period (48 ) (5 ) (53 ) Actual return on assets still held at period end — — — Purchases 133 15 148 Sales (373 ) (43 ) (416 ) Balance at December 31, 2019 $ — $ — $ — PNM TNMP Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 (In thousands) PBO at beginning of year $ 564,258 $ 623,983 $ 60,587 $ 68,423 Service cost — — — — Interest cost 25,175 24,270 2,686 2,625 Actuarial (gain) loss 61,151 (41,025 ) 7,889 (5,216 ) Benefits paid (44,839 ) (42,970 ) (5,588 ) (5,245 ) PBO at end of year 605,745 564,258 65,574 60,587 Fair value of plan assets at beginning of year 489,978 562,016 55,074 63,499 Actual return on plan assets 86,328 (29,068 ) 9,881 (3,180 ) Employer contributions — — — — Benefits paid (44,839 ) (42,970 ) (5,588 ) (5,245 ) Fair value of plan assets at end of year 531,467 489,978 59,367 55,074 Funded status – asset (liability) for pension benefits $ (74,278 ) $ (74,280 ) $ (6,207 ) $ (5,513 ) The following table presents information about the APBO, the fair value of plan assets, and the funded status of the plans: PNM TNMP Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 (In thousands) APBO at beginning of year $ 75,305 $ 89,897 $ 10,064 $ 12,279 Service cost 53 83 50 134 Interest cost 3,316 3,439 451 477 Participant contributions 2,131 2,390 316 174 Actuarial (gain) loss 2,587 (12,206 ) 1,004 (2,213 ) Benefits paid (8,271 ) (8,298 ) (650 ) (787 ) APBO at end of year 75,121 75,305 11,235 10,064 Fair value of plan assets at beginning of year 69,703 80,356 8,744 10,002 Actual return on plan assets 19,257 (7,669 ) 2,434 (988 ) Employer contributions 3,580 2,924 — 343 Participant contributions 2,131 2,390 316 174 Benefits paid (8,271 ) (8,298 ) (650 ) (787 ) Fair value of plan assets at end of year 86,400 69,703 10,844 8,744 Funded status – asset (liability) $ 11,279 $ (5,602 ) $ (391 ) $ (1,320 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2019
Variable Interest Entities [Abstract]
Summarized Financial Information for Noncontrolling Interest	Summarized financial information for Valencia is as follows: Results of Operations Year Ended December 31 2019 2018 2017 (In thousands) Operating revenues $ 21,073 $ 21,025 $ 20,887 Operating expenses (6,832 ) (5,913 ) (5,870 ) Earnings attributable to non-controlling interest $ 14,241 $ 15,112 $ 15,017 Financial Position December 31, 2019 2018 (In thousands) Current assets $ 5,094 $ 2,684 Net property, plant and equipment 58,581 62,066 Total assets 63,675 64,750 Current liabilities 623 538 Owners’ equity – non-controlling interest $ 63,052 $ 64,212

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Schedule of Defined Benefit Plans Disclosures	A reconciliation of the changes in Level 3 fair value measurements is as follows: Fixed Income - Corporate PNMR Master Trust PNM Pension TNMP Pension Total Master Trust (In thousands) Balance at December 31, 2017 $ 191 $ 21 $ 212 Actual return on assets sold during the period (7 ) (1 ) (8 ) Actual return on assets still held at period end (1 ) — (1 ) Purchases 192 23 215 Sales (87 ) (10 ) (97 ) Balance at December 31, 2018 288 33 321 Actual return on assets sold during the period (48 ) (5 ) (53 ) Actual return on assets still held at period end — — — Purchases 133 15 148 Sales (373 ) (43 ) (416 ) Balance at December 31, 2019 $ — $ — $ — PNM TNMP Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 (In thousands) PBO at beginning of year $ 564,258 $ 623,983 $ 60,587 $ 68,423 Service cost — — — — Interest cost 25,175 24,270 2,686 2,625 Actuarial (gain) loss 61,151 (41,025 ) 7,889 (5,216 ) Benefits paid (44,839 ) (42,970 ) (5,588 ) (5,245 ) PBO at end of year 605,745 564,258 65,574 60,587 Fair value of plan assets at beginning of year 489,978 562,016 55,074 63,499 Actual return on plan assets 86,328 (29,068 ) 9,881 (3,180 ) Employer contributions — — — — Benefits paid (44,839 ) (42,970 ) (5,588 ) (5,245 ) Fair value of plan assets at end of year 531,467 489,978 59,367 55,074 Funded status – asset (liability) for pension benefits $ (74,278 ) $ (74,280 ) $ (6,207 ) $ (5,513 ) The following table presents information about the APBO, the fair value of plan assets, and the funded status of the plans: PNM TNMP Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 (In thousands) APBO at beginning of year $ 75,305 $ 89,897 $ 10,064 $ 12,279 Service cost 53 83 50 134 Interest cost 3,316 3,439 451 477 Participant contributions 2,131 2,390 316 174 Actuarial (gain) loss 2,587 (12,206 ) 1,004 (2,213 ) Benefits paid (8,271 ) (8,298 ) (650 ) (787 ) APBO at end of year 75,121 75,305 11,235 10,064 Fair value of plan assets at beginning of year 69,703 80,356 8,744 10,002 Actual return on plan assets 19,257 (7,669 ) 2,434 (988 ) Employer contributions 3,580 2,924 — 343 Participant contributions 2,131 2,390 316 174 Benefits paid (8,271 ) (8,298 ) (650 ) (787 ) Fair value of plan assets at end of year 86,400 69,703 10,844 8,744 Funded status – asset (liability) $ 11,279 $ (5,602 ) $ (391 ) $ (1,320 )
Schedule of Assumptions Used	The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost (income). Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost (income) would be affected. Year Ended December 31, PNM 2019 2018 2017 Discount rate for determining December 31 PBO 3.42 % 4.65 % 4.05 % Discount rate for determining net periodic benefit cost (income) 4.65 % 4.05 % 4.51 % Expected return on plan assets 6.86 % 6.54 % 6.40 % Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 PBO 3.46 % 4.63 % 4.01 % Discount rate for determining net periodic benefit cost (income) 4.63 % 4.01 % 4.49 % Expected return on plan assets 6.90 % 6.57 % 6.40 % Rate of compensation increase N/A N/A N/A Actuarial (gain) loss results from changes in: PNM TNMP Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 (in thousands) Discount rates $ 66,108 $ (34,769 ) $ 8,006 $ (4,278 ) Demographic experience (732 ) 431 394 (301 ) Mortality rate (4,225 ) (6,966 ) (296 ) (705 ) Other assumptions and experience — 279 (215 ) 68 $ 61,151 $ (41,025 ) $ 7,889 $ (5,216 ) The following significant weighted-average assumptions were used to determine the APBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the APBO and net periodic benefit cost would be affected. Year Ended December 31, PNM 2019 2018 2017 Discount rate for determining December 31 APBO 3.42 % 4.63 % 4.00 % Discount rate for determining net periodic benefit cost 4.63 % 4.00 % 4.47 % Expected return on plan assets 7.20 % 7.42 % 7.50 % Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 APBO 3.42 % 4.63 % 4.00 % Discount rate for determining net periodic benefit cost 4.63 % 4.00 % 4.47 % Expected return on plan assets 5.80 % 5.86 % 5.40 % Rate of compensation increase N/A N/A N/A The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost would be affected. Year Ended December 31, PNM 2019 2018 2017 Discount rate for determining December 31 PBO 3.44 % 4.66 % 4.05 % Discount rate for determining net periodic benefit cost 4.66 % 4.05 % 4.51 % Long-term rate of return on plan assets N/A N/A N/A Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 PBO 3.46 % 4.63 % 4.01 % Discount rate for determining net periodic benefit cost 4.63 % 4.01 % 4.49 % Long-term rate of return on plan assets N/A N/A N/A Rate of compensation increase N/A N/A N/A Actuarial (gain) loss results from changes in: PNM TNMP Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 (in thousands) Discount rates $ 7,236 $ (4,076 ) $ 1,375 $ (710 ) Claims, contributions, and demographic experience (4,022 ) (3,174 ) (311 ) 72 Assumed participation rate — (4,040 ) — (1,461 ) Mortality rate (627 ) (916 ) (60 ) (114 ) $ 2,587 $ (12,206 ) $ 1,004 $ (2,213 )
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year	The following table presents pre-tax information about net actuarial (gain) loss in AOCI as of December 31, 2019 . PNM TNMP (In thousands) Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year $ 150,274 $ — Experience (gain) loss 8,926 1,877 Regulatory asset (liability) adjustment (5,539 ) (1,877 ) Amortization recognized in net periodic benefit cost (income) (7,270 ) — Amounts in AOCI not yet recognized in net periodic benefit cost (income) at end of year $ 146,391 $ — Amortization expected to be recognized in 2020 $ 8,131 $ — The following table presents pre-tax information about net actuarial loss in AOCI as of December 31, 2019 . December 31, 2019 PNM TNMP (In thousands) Amount in AOCI not yet recognized in net periodic benefit cost at beginning of year $ 2,086 $ — Experience (gain) loss 1,053 54 Regulatory asset (liability) adjustment (611 ) (54 ) Amortization recognized in net periodic benefit cost (income) (133 ) — Amount in AOCI not yet recognized in net periodic benefit cost at end of year $ 2,395 $ — Amortization expected to be recognized in 2020 $ 169 $ —
Schedule of Net Benefit Costs	The following table presents the components of net periodic benefit cost (income): Year Ended December 31, 2019 2018 2017 (In thousands) PNM Service cost $ — $ — $ — Interest cost 25,175 24,270 26,908 Expected return on plan assets (34,103 ) (34,686 ) (33,803 ) Amortization of net (gain) loss 15,518 16,348 16,006 Amortization of prior service cost (965 ) (965 ) (965 ) Net periodic benefit cost $ 5,625 $ 4,967 $ 8,146 TNMP Service cost $ — $ — $ — Interest cost 2,686 2,625 2,887 Expected return on plan assets (3,868 ) (3,963 ) (3,779 ) Amortization of net (gain) loss 941 1,088 923 Amortization of prior service cost — — — Net periodic benefit cost (income) $ (241 ) $ (250 ) $ 31 The following table presents the components of net periodic benefit cost (income): Year Ended December 31, 2019 2018 2017 (In thousands) PNM Service cost $ 53 $ 83 $ 96 Interest cost 3,316 3,439 4,025 Expected return on plan assets (5,278 ) (5,414 ) (5,230 ) Amortization of net (gain) loss 675 2,354 3,682 Amortization of prior service credit (397 ) (1,664 ) (1,663 ) Net periodic benefit cost (income) $ (1,631 ) $ (1,202 ) $ 910 TNMP Service cost $ 50 $ 134 $ 143 Interest cost 451 477 556 Expected return on plan assets (517 ) (542 ) (456 ) Amortization of net (gain) loss (444 ) (227 ) (79 ) Amortization of prior service cost — — — Net periodic benefit cost (income) $ (460 ) $ (158 ) $ 164 The following table presents the components of net periodic benefit cost: Year Ended December 31, 2019 2018 2017 (In thousands) PNM Service cost $ — $ — $ — Interest cost 651 622 697 Amortization of net (gain) loss 318 359 313 Amortization of prior service cost — — — Net periodic benefit cost $ 969 $ 981 $ 1,010 TNMP Service cost $ — $ — $ — Interest cost 30 29 33 Amortization of net (gain) loss 15 15 9 Amortization of prior service cost — — — Net periodic benefit cost $ 45 $ 44 $ 42
Schedule of Expected Benefit Payments	The following executive retirement plan payments, which reflect expected future service, are expected: PNM TNMP (In thousands) 2020 $ 1,459 $ 93 2021 1,424 90 2022 1,383 86 2023 1,335 82 2024 1,280 76 2025 - 2029 5,419 273 The following OPEB payments, which reflect expected future service and are net of participant contributions, are expected to be paid: PNM TNMP (In thousands) 2020 $ 6,770 $ 647 2021 6,584 670 2022 6,216 695 2023 6,017 709 2024 5,755 719 2025 - 2029 24,122 3,497 The following pension benefit payments are expected to be paid: PNM TNMP (In thousands) 2020 $ 46,600 $ 5,321 2021 45,636 5,244 2022 44,702 5,111 2023 43,595 4,895 2024 42,637 4,652 2025 - 2029 193,885 20,846
Schedule of Health Care Cost Trend Rates	The following table shows the assumed health care cost trend rates for the PNM OPEB plan: PNM December 31, 2019 2018 Health care cost trend rate assumed for next year 6.5 % 6.5 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.0 % 5.0 % Year that the rate reaches the ultimate trend rate 2026 2026
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates	The following table shows the impact of a one-percentage-point change in assumed health care cost trend rates: PNM 1-Percentage- Point Increase 1-Percentage- Point Decrease (In thousands) Effect on total of service and interest cost $ 55 $ (77 ) Effect on APBO $ 1,310 $ (1,744 )
Schedule of Net Funded Status	For the executive retirement programs, the following table presents information about the PBO and funded status of the plans: PNM TNMP Year Ended Year Ended 2019 2018 2019 2018 (In thousands) PBO at beginning of year $ 14,726 $ 16,117 $ 702 $ 771 Service cost — — — — Interest cost 651 622 30 29 Actuarial (gain) loss 1,053 (508 ) 54 (4 ) Benefits paid (1,436 ) (1,505 ) (94 ) (94 ) PBO at end of year – funded status 14,994 14,726 692 702 Less current liability 1,434 1,627 91 141 Non-current liability $ 13,560 $ 13,099 $ 601 $ 561
Summary of Expenses for Other Retirement Plans	A summary of expenses for these other retirement plans is as follows: Year Ended December 31, 2019 2018 2017 (In thousands) PNMR 401(k) plan $ 16,097 $ 16,677 $ 16,452 Non-qualified plan $ 4,551 $ 865 $ 3,702 PNM 401(k) plan $ 11,587 $ 12,052 $ 12,120 Non-qualified plan $ 3,384 $ 621 $ 2,834 TNMP 401(k) plan $ 4,511 $ 4,625 $ 4,332 Non-qualified plan $ 1,167 $ 244 $ 868

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Summary of Awards	The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value: Year Ended December 31, Restricted Shares and Performance-Based Shares 2019 2018 2017 Expected quarterly dividends per share $ 0.2900 $ 0.2650 $ 0.2425 Risk-free interest rate 2.47 % 2.38 % 1.50 % Market-Based Shares Dividend yield 2.59 % 2.96 % 2.67 % Expected volatility 19.55 % 19.12 % 20.80 % Risk-free interest rate 2.51 % 2.36 % 1.54 % The following table summarizes activity in restricted stock awards, including performance-based and market-based shares, and stock options: 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 134,573 37.92 — — Exercised (138,001 ) 31.44 (79,000 ) 11.93 Forfeited (1,681 ) 39.61 — — Expired — — — — Outstanding at December 31, 2019 161,542 $ 38.21 2,000 $ 12.22 The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares, and stock options: Year Ended December 31, Restricted Stock 2019 2018 2017 Weighted-average grant date fair value $ 37.92 $ 29.65 $ 23.06 Total fair value of restricted shares that vested (in thousands) $ 6,246 $ 8,558 $ 5,747 Stock Options Total intrinsic value of options exercised (in thousands) $ 2,617 $ 3,117 $ 2,234

Regulatory Assets and Liabili_2

Regulatory Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Regulated Operations [Abstract]
Schedule of Regulatory Assets and Liabilities	Regulatory assets and liabilities reflected in the Consolidated Balance Sheets are presented below. PNM TNMP December 31, December 31, 2019 2018 2019 2018 Assets: (In thousands) Current: FPPAC $ 7,373 $ 4,104 $ — $ — Energy efficiency costs — 430 — — 7,373 4,534 — — Non-Current: CTC, including carrying charges — — 7,412 17,744 Coal mine reclamation costs (3) 13,995 19,915 — — Deferred income taxes 66,296 63,369 8,997 9,309 Loss on reacquired debt 19,426 21,085 30,212 31,510 Pension and OPEB (1) 214,771 227,400 27,947 26,972 Shutdown of SJGS Units 2 and 3 113,508 119,785 — — Hurricane recovery costs (2) — — 1,041 1,551 AMS surcharge — — 25,015 31,435 AMS retirement and other costs — — 15,542 16,489 Renewable energy costs 643 — — — Other 6,828 9,349 5,297 3,017 435,467 460,903 121,463 138,027 Total regulatory assets $ 442,840 $ 465,437 $ 121,463 $ 138,027 Liabilities: Current: Renewable energy rider $ — $ (4,475 ) $ — $ — Other (371 ) (1,500 ) (134 ) (3,471 ) (371 ) (5,975 ) (134 ) (3,471 ) Non-Current: Cost of removal (271,025 ) (263,597 ) (46,091 ) (29,637 ) Deferred income taxes (374,122 ) (407,978 ) (131,871 ) (143,745 ) PVNGS ARO (11,341 ) (18,397 ) — — Renewable energy tax benefits (19,069 ) (20,226 ) — — Accelerated depreciation SNCRs (7,758 ) (3,690 ) — — Pension and OPEB — — (4,775 ) (3,940 ) Other (83 ) (83 ) (108 ) (136 ) (683,398 ) (713,971 ) (182,845 ) (177,458 ) Total regulatory liabilities $ (683,769 ) $ (719,946 ) $ (182,979 ) $ (180,929 ) (1) Includes $0.7 million for certain PNM pension costs as described in Note 11 (2) Amount shown is net of amounts owed under the PUCT’s January 25, 2018 order as described in Note 17 (3) Includes $9.4 million in coal mine reclamation costs related to PNM’s planned retirement of SJGS in 2022 as described in Note 16

Construction Program and Join_2

Construction Program and Jointly-Owned Electric Generating Plants (Tables)	12 Months Ended
	Dec. 31, 2019
Construction Program and Jointly-Owned Electric Generating Plants [Abstract]
Summary of Interests and Investments in Jointly-Owned Generating Facilities	At December 31, 2019 , PNM’s interests and investments in jointly-owned generating facilities are: Station (Fuel Type) Plant in Service Accumulated Depreciation (1) Construction Work in Progress Composite Interest (In thousands) SJGS (Coal) $ 779,236 $ (435,312 ) $ 486 66.35 % PVNGS (Nuclear) (2) $ 819,613 $ (369,431 ) $ 31,275 10.20 % Four Corners Units 4 and 5 (Coal) $ 283,939 $ (100,137 ) $ 10,794 13.00 % Luna (Gas) $ 78,258 $ (30,255 ) $ — 33.33 % (1) Includes cost of removal. (2) Includes interest in PVNGS Unit 3 , interest in common facilities for all PVNGS units, and owned interests in PVNGS Units 1 and 2 , including improvements.
Summary of Budgeted Construction Expenditures	An unaudited summary of the budgeted construction expenditures, including expenditures for jointly-owned projects, and nuclear fuel, is as follows: 2020 2021 2022 2023 2024 Total (In millions) PNM $ 447.5 $ 701.4 $ 331.6 $ 398.0 $ 280.4 $ 2,158.9 TNMP 337.2 270.0 342.0 348.0 245.0 1,542.2 Corporate and Other 27.0 21.0 21.0 25.0 21.0 115.0 Total PNMR $ 811.7 $ 992.4 $ 694.6 $ 771.0 $ 546.4 $ 3,816.1

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Reconciliation of Asset Retirement Obligations	reconciliation of the ARO liabilities is as follows: PNMR PNM TNMP (In thousands) Liability at December 31, 2016 $ 127,519 $ 126,601 $ 754 Liabilities incurred (1) 1,854 1,853 — Liabilities settled (968 ) (944 ) (24 ) Accretion expense 10,680 10,603 63 Revisions to estimated cash flows 7,594 7,594 — Liability at December 31, 2017 146,679 145,707 793 Liabilities incurred — — — Liabilities settled (192 ) — — Accretion expense 11,482 11,402 67 Revisions to estimated cash flows 705 705 — Liability at December 31, 2018 158,674 157,814 860 Liabilities incurred — — — Liabilities settled (987 ) (935 ) (52 ) Accretion expense 12,635 12,562 73 Revisions to estimated cash flows (2) 11,640 11,640 — Liability at December 31, 2019 $ 181,962 $ 181,081 $ 881 (1) Represents the obligation related to the additional ownership interest in SJGS Unit 4 that PNM acquired on December 31, 2017 due to the restructuring of the ownership of SJGS.

Regulatory and Rate Matters Reg

Regulatory and Rate Matters Regulatory and Rate Matters (Tables)	12 Months Ended
	Dec. 31, 2019
Regulated Operations [Abstract]
Schedule of Energy/Capacity Transactions	Information about PNM’s purchases and sales is as follows: Sales Purchases GWh Amount GWh Amount (In millions) (In millions) Year Ended December 31, 2019 766.4 $ 21.7 693.6 $ 21.8 Year Ended December 31, 2018 725.7 25.8 822.7 28.7 Year Ended December 31, 2017 827.1 23.6 849.0 24.2
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) 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 September 19, 2019 21.9 3.3 The following sets forth TNMP’s approved EECRF increases: Effective Date Aggregate Collection Amount Performance Bonus (In millions) March 1, 2017 $ 6.0 $ 0.8 March 1, 2018 6.0 1.1 March 1, 2019 5.6 0.8

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Summary of Tax Reform Adjustments	The adjustments to deferred income taxes recorded as increases in regulatory liabilities and income tax expense as a result of the enactment of the Tax Act at December 31, 2017 are presented below: PNM TNMP Corporate and Other Consolidated (In thousands) Net increase in regulatory liabilities $ 402,501 $ 146,451 $ — $ 548,952 Net decrease in deferred income tax liabilities (deferred income tax assets) 372,895 138,586 (19,990 ) 491,491 Net deferred income tax expense $ 29,606 $ 7,865 $ 19,990 $ 57,461 The adjustments to deferred income taxes resulting from completion of the Company’s analysis, which resulted primarily from differences between the estimated amounts recorded as of December 31, 2017 and the actual amounts reflected in the Company’s 2017 tax return filing, including adjustments resulting from additional guidance and interpretations to the Tax Act issued in 2018 related to bonus depreciation, certain incentive compensation, and other items are presented below: PNM TNMP Corporate and Other Consolidated (In thousands) Net increase (decrease) in regulatory liabilities $ 11,244 $ (4,069 ) $ — $ 7,175 Net decrease in deferred income tax liabilities (deferred income tax assets) (2,175 ) (9,784 ) 13,869 1,910 Net increase in affiliate receivables (affiliate payables) 12,300 4,042 (16,342 ) — Net deferred income tax expense $ 1,119 $ 1,673 $ 2,473 $ 5,265
Schedule of Components of Income Tax Expense (Benefit)	PNM’s income taxes (benefit) consist of the following components: Year Ended December 31, 2019 2018 2017 (In thousands) Current federal income tax $ (6,266 ) $ (6,644 ) $ 118 Current state income tax 449 (2,661 ) (1,112 ) Deferred federal income tax (12,308 ) 5,661 73,308 Deferred state income tax (7,590 ) (2,080 ) 9,527 Amortization of accumulated investment tax credits (247 ) (247 ) (286 ) Total income taxes (benefit) $ (25,962 ) $ (5,971 ) $ 81,555 PNMR’s income taxes (benefits) consist of the following components: Year Ended December 31, 2019 2018 2017 (In thousands) Current federal income tax $ 60 $ — $ — Current state income tax 43 (244 ) (188 ) Deferred federal income tax (20,372 ) 7,716 119,182 Deferred state income tax (4,491 ) 648 11,632 Amortization of accumulated investment tax credits (522 ) (345 ) (286 ) Total income taxes (benefits) $ (25,282 ) $ 7,775 $ 130,340 TNMP’s income taxes consist of the following components: Year Ended December 31, 2019 2018 2017 (In thousands) Current federal income tax $ 10,792 $ 13,347 $ 2,472 Current state income tax 1,904 1,753 1,765 Deferred federal income tax (7,621 ) (540 ) 27,304 Deferred state income tax (29 ) 2,320 (29 ) Total income taxes $ 5,046 $ 16,880 $ 31,512
Schedule of Effective Income Tax Rate Reconciliation	The differences are attributable to the following factors: Year Ended December 31, 2019 2018 2017 (In thousands) Federal income tax at statutory rates $ 6,187 $ 13,514 $ 59,139 Amortization of accumulated investment tax credits (247 ) (247 ) (286 ) Amortization of excess deferred income tax (Note 17) (28,923 ) (19,779 ) — Flow-through of depreciation items 1,077 674 1,103 Earnings attributable to non-controlling interest in Valencia (2,991 ) (3,173 ) (5,256 ) State income tax, net of federal benefit 92 1,323 4,926 Impairment of state net operating loss carryforwards — — 627 Allowance for equity funds used during construction (1,398 ) (1,716 ) (3,032 ) Regulatory recovery of prior year impairment of state net operating loss carryforward, net of amortization 1,367 1,367 (2,225 ) Federal income tax rate change — (683 ) 29,606 Allocation of tax expense (benefit) related to stock compensation awards (559 ) 3,967 (1,708 ) Other (567 ) (1,218 ) (1,339 ) Total income taxes (benefit) $ (25,962 ) $ (5,971 ) $ 81,555 Year Ended December 31, 2019 2018 2017 (In thousands) Federal income tax at statutory rates $ 12,778 $ 14,379 $ 23,475 Amortization of excess deferred income tax (8,876 ) — — State income tax, net of federal benefit 1,532 1,454 1,198 Federal income tax rate change — — 7,865 Allocation of tax expense (benefit) related to stock compensation awards (236 ) 735 (616 ) Other (152 ) 312 (410 ) Total income taxes $ 5,046 $ 16,880 $ 31,512 PNMR’s provision for income taxes (benefits) differed from the federal income tax computed at the statutory rate for each of the years shown. The differences are attributable to the following factors: Year Ended December 31, 2019 2018 2017 (In thousands) Federal income tax at statutory rates $ 14,038 $ 22,902 $ 79,016 Amortization of accumulated investment tax credits (522 ) (345 ) (286 ) Amortization of excess deferred income tax (Note 17) (37,799 ) (19,779 ) — Flow-through of depreciation items 1,136 712 1,147 Earnings attributable to non-controlling interest in Valencia (2,991 ) (3,173 ) (5,256 ) State income tax, net of federal benefit 298 1,358 5,398 Impairment of state net operating loss carryforwards — — 819 Allowance for equity funds used during construction (1,990 ) (2,185 ) (3,331 ) Impairment of charitable contribution carryforward — — 909 Regulatory recovery of prior year impairments of state net operating loss carryforward, including amortization 1,367 1,367 (2,225 ) Federal income tax rate change — 2,914 57,461 Tax expense (benefit) related to stock compensation awards (795 ) 4,647 (2,324 ) Other 1,976 (643 ) (988 ) Total income taxes (benefits) $ (25,282 ) $ 7,775 $ 130,340
Components of Deferred Tax Assets and Liabilities	The components of PNMR’s net accumulated deferred income tax liability were: December 31, 2019 2018 (In thousands) Deferred tax assets: Net operating loss $ 59,488 $ 82,386 Regulatory liabilities related to income taxes 145,087 158,416 Federal tax credit carryforwards 101,231 76,481 Shutdown of SJGS Units 2 and 3 — 1,638 Regulatory disallowance related to NM 2015 Rate Case (Note 17) 34,639 — Other 54,199 97,515 Total deferred tax assets 394,644 416,436 Deferred tax liabilities: Depreciation and plant related (787,928 ) (767,482 ) Investment tax credit (81,186 ) (57,853 ) Regulatory assets related to income taxes (58,495 ) (62,889 ) CTC (1,466 ) (3,613 ) Pension (35,029 ) (35,407 ) Regulatory asset for shutdown of SJGS Units 2 and 3 (28,831 ) (30,425 ) Other (27,767 ) (59,486 ) Total deferred tax liabilities (1,020,702 ) (1,017,155 ) Net accumulated deferred income tax liabilities $ (626,058 ) $ (600,719 ) The components of TNMP’s net accumulated deferred income tax liability at December 31, were: December 31, 2019 2018 (In thousands) Deferred tax assets: Regulatory liabilities related to income taxes $ 30,238 $ 33,021 Other 3,788 4,517 Total deferred tax assets 34,026 37,538 Deferred tax liabilities: Depreciation and plant related (142,791 ) (136,117 ) CTC (1,466 ) (3,613 ) Regulatory assets related to income taxes (9,016 ) (9,328 ) Loss on reacquired debt (6,345 ) (6,617 ) Pension (4,420 ) (4,361 ) AMS (8,473 ) (10,030 ) Other (1,666 ) (3,710 ) Total deferred tax liabilities (174,177 ) (173,776 ) Net accumulated deferred income tax liabilities $ (140,151 ) $ (136,238 ) The components of PNM’s net accumulated deferred income tax liability were: December 31, 2019 2018 (In thousands) Deferred tax assets: Net operating loss $ 25,889 $ 50,762 Regulatory liabilities related to income taxes 114,849 125,395 Federal tax credit carryforwards 82,983 62,230 Shutdown of SJGS Units 2 and 3 — 1,638 Regulatory disallowance 34,639 — Other 38,735 36,916 Total deferred tax assets 297,095 276,941 Deferred tax liabilities: Depreciation and plant related (630,293 ) (606,673 ) Investment tax credit (74,667 ) (55,484 ) Regulatory assets related to income taxes (49,479 ) (53,561 ) Pension (30,609 ) (31,046 ) Regulatory asset for shutdown of SJGS Units 2 and 3 (28,831 ) (30,425 ) Other (5,206 ) (2,519 ) Total deferred tax liabilities (819,085 ) (779,708 ) Net accumulated deferred income tax liabilities $ (521,990 ) $ (502,767 )
Reconciliation of Accumulated Deferred Income Tax Liability to Deferred Income Tax Benefit	The following table reconciles the change in PNM’s net accumulated deferred income tax liability to the deferred income tax (benefit) included in the Consolidated Statement of Earnings: Year Ended December 31, 2019 (In thousands) Net change in deferred income tax liability per above table $ 19,223 Change in tax effects of income tax related regulatory assets and liabilities (7,861 ) Amortization of excess deferred income tax (28,923 ) Tax effect of mark-to-market adjustments (2,962 ) Tax effect of excess pension liability (908 ) Adjustment for uncertain income tax positions 488 Reclassification of unrecognized tax benefits (488 ) Amortization of state net operating loss recovered in prior years 1,367 Other (81 ) Deferred income taxes (benefits) $ (20,145 ) The following table reconciles the change in TNMP’s net accumulated deferred income tax liability to the deferred income tax (benefit) included in the Consolidated Statement of Earnings: Year Ended December 31, 2019 (In thousands) Net change in deferred income tax liability per above table $ 3,913 Change in tax effects of income tax related regulatory assets and liabilities (2,471 ) Amortization of excess deferred income tax (8,876 ) Other (216 ) Deferred income taxes (benefits) $ (7,650 ) The following table reconciles the change in PNMR’s net accumulated deferred income tax liability to the deferred income tax (benefit) included in the Consolidated Statement of Earnings: Year Ended December 31, 2019 (In thousands) Net change in deferred income tax liability per above table $ 25,339 Change in tax effects of income tax related regulatory assets and liabilities (10,332 ) Amortization of excess deferred income tax (37,799 ) Tax effect of mark-to-market adjustments (2,261 ) Tax effect of excess pension liability (908 ) Adjustment for uncertain income tax positions 499 Reclassification of unrecognized tax benefits (499 ) Amortization of state net operating loss recovered in prior years 1,367 Refundable alternative minimum tax credit carryforward reclassified to receivable (576 ) Other (215 ) Deferred income taxes (benefits) $ (25,385 )
Reconciliation of Unrecognized Tax Benefits (Expenses)	A reconciliation of unrecognized tax benefits is as follows: PNMR PNM TNMP (In thousands) Balance at December 31, 2016 $ 6,752 $ 3,949 $ — Additions based on tax positions related to 2017 262 262 — Additions (reductions) for tax positions of prior years 2,415 2,352 63 Settlement payments — — — Balance at December 31, 2017 9,429 6,563 63 Additions based on tax positions related to 2018 543 543 — Additions (reductions) for tax positions of prior years 222 182 40 Settlement payments — — — Balance at December 31, 2018 10,194 7,288 103 Additions based on tax positions related to 2019 329 329 — Additions (reductions) for tax positions of prior years 170 159 11 Settlement payments — — — Balance at December 31, 2019 $ 10,693 $ 7,776 $ 114
Deferred Income Taxes, Increase (Decrease) In Regulatory Liability and Income Tax Expense	Adjustments to deferred income taxes recorded as increases (decreases) in the regulatory liability and income tax expense were as follows: PNMR PNM TNMP (In thousands) December 31, 2017: Regulatory liability $ (10,109 ) $ (10,109 ) $ — Income tax expense $ (1,259 ) $ (1,179 ) $ —
Tax Carryforward, Impairments, net of Federal Tax Benefit	The impairments after reflecting the expiration of carryforwards under applicable tax laws, net of federal tax benefit, for 2017 through 2019 are as follows: PNMR PNM TNMP (In thousands) December 31, 2019: State tax credit carryforwards $ 425 $ — $ — State net operating loss carryforwards $ — $ — $ — Charitable contribution carryforwards $ — $ — $ — Compensation expense $ (99 ) $ (100 ) $ 2 December 31, 2018: State tax credit carryforwards $ — $ — $ — State net operating loss carryforwards $ — $ — $ — Charitable contribution carryforwards $ — $ — $ — Compensation expense $ 410 $ 298 $ 111 December 31, 2017: State tax credit carryforwards $ — $ — $ — State net operating loss carryforwards $ 819 $ 627 $ — Charitable contribution carryforwards $ 909 $ — $ —
Summary of Tax Credit Carryforwards	The reserve balances, after reflecting expiration of carryforwards under applicable tax laws, at December 31, 2019 and 2018 are as follows: PNMR PNM TNMP (In thousands) December 31, 2019: State tax credit carryforwards $ 425 $ — $ — State net operating loss carryforwards $ — $ — $ — Charitable contribution carryforwards $ — $ — $ — Compensation expense $ 311 $ 198 $ 113 December 31, 2018: State tax credit carryforwards $ — $ — $ — State net operating loss carryforwards $ — $ — $ — Charitable contribution carryforwards $ — $ — $ — Compensation expense $ 410 $ 298 $ 111

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 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 and TNMP: Year Ended December 31, 2019 2018 2017 (In thousands) Services billings: PNMR to PNM $ 96,327 $ 95,637 $ 97,914 PNMR to TNMP 36,554 33,493 31,095 PNM to TNMP 375 367 382 TNMP to PNMR 141 140 141 TNMP to PNM — — 154 PNMR to NMRD 238 183 — Renewable energy purchases: PNM from NMRD 3,124 2,924 — Interconnection and facility study billings: PNM to NMRD 650 2,108 — PNM to PNMR — 68,820 — PNMR to PNM 68,820 — — Interest billings: PNMR to PNM 3,365 2,585 21 PNM to PNMR 299 289 220 PNMR to TNMP 42 136 133 Income tax sharing payments: PNMR to TNMP — — — PNMR to PNM — — 23,391 PNM to PNMR — 134 — TNMP to PNMR 12,996 3,424 20,686

Quarterly Operating Results (_2

Quarterly Operating Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Information	Unaudited operating results by quarters for 2019 and 2018 are presented below. In the opinion of management of the Company, all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results of operations for such periods have been included. The annual results of basic and diluted earnings per share shown below may be impacted by rounding. Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share amounts) PNMR 2019 (1) Operating revenues $ 349,645 $ 330,228 $ 433,586 $ 344,144 Operating income (loss) 36,723 (93,615 ) 140,540 60,552 Net earnings (loss) 21,662 (72,283 ) 106,763 35,989 Net earnings (loss) attributable to PNMR 18,700 (75,914 ) 102,771 31,805 Net earnings (loss) attributable to PNMR per common share: Basic 0.23 (0.95 ) 1.29 0.40 Diluted 0.23 (0.95 ) 1.28 0.40 2018 (2) Operating revenues $ 317,878 $ 352,313 $ 422,666 $ 343,756 Operating income (loss) 46,132 79,329 127,990 (17,404 ) Net earnings (loss) 18,799 42,449 91,573 (51,539 ) Net earnings (loss) attributable to PNMR 14,990 38,208 87,521 (55,077 ) Net earnings attributable to PNMR per common share: Basic 0.19 0.48 1.10 (0.70 ) Diluted 0.19 0.48 1.09 (0.69 ) PNM (1) 2019 Operating revenues $ 269,318 $ 238,219 $ 331,113 $ 255,172 Operating income (loss) 24,293 (115,977 ) 108,453 44,299 Net earnings (loss) 21,974 (83,313 ) 84,721 32,040 Net earnings (loss) attributable to PNM 19,144 (86,812 ) 80,861 27,988 2018 (2) Operating revenues $ 236,232 $ 264,511 $ 331,374 $ 259,848 Operating income 28,292 52,879 102,516 (38,654 ) Net earnings (loss) 11,514 30,781 81,428 (53,400 ) Net earnings (loss) attributable to PNM 7,837 26,672 77,508 (56,806 ) TNMP 2019 Operating revenues $ 80,327 $ 92,009 $ 102,473 $ 88,972 Operating income 12,585 22,578 32,596 18,055 Net earnings 4,098 15,267 25,087 11,347 2018 Operating revenues $ 81,646 $ 87,802 $ 91,292 $ 83,908 Operating income 18,532 26,829 27,824 23,312 Net earnings 9,413 15,367 16,100 10,711 (1) 2019 reflects pre-tax impairments of $150.6 million offset by $45.7 million of related tax impacts resulting from the NM Supreme Court’s ruling on the appeals in the NM 2015 Rate Case. See Note 17. (2) 2018 reflects pre-tax regulatory disallowances and restructuring costs of $63.3 million primarily resulting from the impairment of PNM’s 132 MW and 65

Summary of the Business and S_4

Summary of the Business and Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2019USD ($)FacilityutilityMW	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 29, 2017	Sep. 22, 2017	Sep. 05, 2017MW	Jun. 30, 2017USD ($)
Accounting Policies Disclosures [Line Items]
Number of regulated utilities | utility	2
Payment defaults	$ 0
Other current assets	44,472,000	$ 54,808,000
Allowance for equity funds used during construction	9,478,000	10,404,000	$ 9,516,000
Plant in service	$ 7,918,601,000	7,548,581,000
PNMR
Accounting Policies Disclosures [Line Items]
Number of regulated utilities | utility	2
Public Service Company of New Mexico
Accounting Policies Disclosures [Line Items]
Restricted cash deposits							$ 1,000,000
Other current assets	$ 36,561,000	43,516,000
Allowance for funds used during construction, capitalized interest	$ 5,000,000	$ 6,100,000	$ 6,300,000
Allowance for funds used during construction, capitalized interest rate	2.99%	3.19%	3.14%
Allowance for equity funds used during construction	$ 6,656,000	$ 8,173,000	$ 8,664,000
Allowance for funds used during construction, capitalized cost of equity rate	3.95%	4.25%	4.30%
Impairment losses on securities held in the NDT	$ 5,700,000	$ 13,700,000	$ 7,100,000
Plant in service	5,753,267,000	5,623,520,000
Texas-New Mexico Power Company
Accounting Policies Disclosures [Line Items]
Other current assets	1,280,000	1,114,000
Allowance for funds used during construction, capitalized interest	$ 2,400,000	$ 2,300,000	$ 1,200,000
Allowance for funds used during construction, capitalized interest rate	3.23%	3.32%	3.17%
Allowance for equity funds used during construction	$ 2,800,000	$ 2,200,000	$ 900,000
Allowance for funds used during construction, capitalized cost of equity rate	3.78%	3.29%	2.29%
Plant in service	$ 1,919,256,000	$ 1,686,119,000
PNMR Development
Accounting Policies Disclosures [Line Items]
Solar distributed generation (in mw) | MW	80					50
NMRD
Accounting Policies Disclosures [Line Items]
Solar distributed generation (in mw) | MW	30
Plant in service	$ 12,400,000
Renewable energy capacity under contract | MW	85.1
Megawatts supplying energy to data center (in mw) | MW	80
Megawatts supplying energy to cooperative (in mw) | MW	1.9
Megawatts supplying energy to power city (in mw) | MW	1.2
NMRD | PNMR Development
Accounting Policies Disclosures [Line Items]
Ownership percentage					50.00%
Number of solar facilities | Facility	3
Solar distributed generation (in mw) | MW	10
Plant in service	$ 24,800,000
Cash contribution percentage	50.00%
NMRD | AEP OnSite Partners
Accounting Policies Disclosures [Line Items]
Ownership percentage				50.00%
NMRD | PNMR Development and AEP OnSite
Accounting Policies Disclosures [Line Items]
Contribution to construction activities	$ 38,300,000	$ 9,000,000	$ 4,100,000
NMRD | Central New Mexico Electric Cooperative
Accounting Policies Disclosures [Line Items]
Megawatts supplying energy to cooperative (in mw) | MW	2

Summary of the Business and S_5

Summary of the Business and Significant Accounting Policies - Inventories/Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Public Utilities, Inventory [Line Items]
Inventory	$ 77,929	$ 71,834
Coal
Public Utilities, Inventory [Line Items]
Inventory	24,914	22,777
Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	53,015	49,057
Public Service Company of New Mexico
Public Utilities, Inventory [Line Items]
Inventory	72,225	67,097
Public Service Company of New Mexico | Coal
Public Utilities, Inventory [Line Items]
Inventory	24,914	22,777
Public Service Company of New Mexico | Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	$ 47,311	$ 44,320
Public Service Company of New Mexico | Electric plant
Public Utilities, Inventory [Line Items]
Depreciation average rates used	2.47%	2.40%	2.52%
Public Service Company of New Mexico | Common, intangible, and general plant
Public Utilities, Inventory [Line Items]
Depreciation average rates used	7.91%	8.18%	8.36%
Texas-New Mexico Power Company
Public Utilities, Inventory [Line Items]
Depreciation average rates used	4.04%	3.49%	3.57%
Inventory	$ 5,704	$ 4,737
Texas-New Mexico Power Company | Coal
Public Utilities, Inventory [Line Items]
Inventory	0	0
Texas-New Mexico Power Company | Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	$ 5,704	$ 4,737

Summary of the Business and S_6

Summary of the Business and Significant Accounting Policies - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Results of Operations
Operating revenues	$ 344,144	$ 433,586	$ 330,228	$ 349,645	$ 343,756	$ 422,666	$ 352,313	$ 317,878	$ 1,457,603	$ 1,436,613	$ 1,445,003
Net Earnings Attributable to PNMR	31,805	$ 102,771	$ (75,914)	$ 18,700	(55,077)	$ 87,521	$ 38,208	$ 14,990
Financial Position
Net property, plant, and equipment	161,106				194,427				161,106	194,427
Total assets	7,298,774				6,865,551				7,298,774	6,865,551	6,646,103
Total PNMR common stockholders’ equity	1,678,698				1,688,382				1,678,698	1,688,382
NMRD
Results of Operations
Operating revenues									3,662	3,147	100
Operating expenses									2,971	2,136	100
Net Earnings Attributable to PNMR									691	1,011	$ 100
Financial Position
Current assets	7,187				2,581				7,187	2,581
Net property, plant, and equipment	132,772				50,784				132,772	50,784
Total assets	139,959				53,365				139,959	53,365
Current liabilities	9,640				237				9,640	237
Total PNMR common stockholders’ equity	$ 130,319				$ 53,128				$ 130,319	$ 53,128

Segment Information - Schedule

Segment Information - Schedule (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Segment Reporting Information [Line Items]
Operating Revenues	$ 344,144	$ 433,586	$ 330,228	$ 349,645	$ 343,756	$ 422,666	$ 352,313	$ 317,878	$ 1,457,603	$ 1,436,613	$ 1,445,003
Other operating expenses									632,783	559,652	490,543
Depreciation and amortization									267,808	241,188	231,942
Operating income	60,552	140,540	(93,615)	36,723	(17,404)	127,990	79,329	46,132	144,200	236,047	315,039
Interest income									14,022	15,540	15,916
Other income (deductions)									29,643	(15,286)	22,429
Interest charges									(121,016)	(127,244)	(127,625)
Earnings before Income Taxes									66,849	109,057	225,759
Income taxes (benefit)									(25,282)	7,775	130,340
Net Earnings	35,989	$ 106,763	$ (72,283)	$ 21,662	(51,539)	$ 91,573	$ 42,449	$ 18,799	92,131	101,282	95,419
Valencia non-controlling interest									(14,241)	(15,112)	(15,017)
Subsidiary preferred stock dividends									(528)	(528)	(528)
Net Earnings Attributable to PNMR									77,362	85,642	79,874
Total Assets	7,298,774				6,865,551				7,298,774	6,865,551	6,646,103
Goodwill	278,297				278,297				$ 278,297	278,297	278,297
PNM
Segment Reporting Information [Line Items]
Number of Operating Segments | segment									1
Other operating expenses									$ 554,661	481,030	414,457
Depreciation and amortization									160,368	151,866	147,017
Operating income									61,068	145,033	221,079
Interest income									14,303	13,089	8,454
Other income (deductions)									26,989	(17,312)	22,132
Interest charges									(72,900)	(76,458)	(82,697)
Earnings before Income Taxes									29,460	64,352	168,968
Income taxes (benefit)									(25,962)	(5,971)	81,555
Net Earnings									55,422	70,323	87,413
Valencia non-controlling interest									(14,241)	(15,112)	(15,017)
Subsidiary preferred stock dividends									(528)	(528)	(528)
Net Earnings Attributable to PNMR									40,653	54,683	71,868
Total Assets	5,242,991				5,035,883				5,242,991	5,035,883	4,921,563
Goodwill	51,632				51,632				$ 51,632	51,632	51,632
TNMP
Segment Reporting Information [Line Items]
Number of Operating Segments | segment									1
Other operating expenses									$ 98,621	96,272	98,221
Depreciation and amortization									84,259	66,189	63,146
Operating income									85,814	96,497	93,604
Interest income									0	0	0
Other income (deductions)									4,131	4,065	3,551
Interest charges									(29,100)	(32,091)	(30,084)
Earnings before Income Taxes									60,845	68,471	67,071
Income taxes (benefit)									5,046	16,880	31,512
Net Earnings									55,799	51,591	35,559
Valencia non-controlling interest									0	0	0
Subsidiary preferred stock dividends									0	0	0
Net Earnings Attributable to PNMR									55,799	51,591	35,559
Total Assets	1,860,439				1,665,177				1,860,439	1,665,177	1,500,770
Goodwill	226,665				226,665				226,665	226,665	226,665
Corporate and Other
Segment Reporting Information [Line Items]
Other operating expenses									(20,499)	(17,650)	(22,135)
Depreciation and amortization									23,181	23,133	21,779
Operating income									(2,682)	(5,483)	356
Interest income									(281)	2,451	7,462
Other income (deductions)									(1,477)	(2,039)	(3,254)
Interest charges									(19,016)	(18,695)	(14,844)
Earnings before Income Taxes									(23,456)	(23,766)	(10,280)
Income taxes (benefit)									(4,366)	(3,134)	17,273
Net Earnings									(19,090)	(20,632)	(27,553)
Valencia non-controlling interest									0	0	0
Subsidiary preferred stock dividends									0	0	0
Net Earnings Attributable to PNMR									(19,090)	(20,632)	(27,553)
Total Assets	195,344				164,491				195,344	164,491	223,770
Goodwill	$ 0				$ 0				0	0	0
Electricity
Segment Reporting Information [Line Items]
Operating Revenues									1,457,603	1,436,613	1,445,003
Cost of energy									412,812	399,726	407,479
Utility margin									1,044,791	1,036,887	1,037,524
Electricity | PNM
Segment Reporting Information [Line Items]
Operating Revenues									1,093,822	1,091,965	1,104,230
Cost of energy									317,725	314,036	321,677
Utility margin									776,097	777,929	782,553
Electricity | TNMP
Segment Reporting Information [Line Items]
Operating Revenues									363,781	344,648	340,773
Cost of energy									95,087	85,690	85,802
Utility margin									268,694	258,958	254,971
Electricity | Corporate and Other
Segment Reporting Information [Line Items]
Operating Revenues									0	0	0
Cost of energy									0	0	0
Utility margin									$ 0	$ 0	$ 0

Segment Information - Major Cus

Segment Information - Major Customers (Details) - Customer Concentration Risk - Texas-New Mexico Power Company - Electric operating revenues	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REP A
Concentration Risk [Line Items]
Operating revenues from continuing operations	22.00%	21.00%	16.00%
REP B
Concentration Risk [Line Items]
Operating revenues from continuing operations	17.00%	15.00%	11.00%
REP C
Concentration Risk [Line Items]
Operating revenues from continuing operations	12.00%	12.00%	10.00%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2018	Jan. 01, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 1,752,594	$ 1,761,448	$ 1,744,872
Cumulative effect adjustment				$ 0	$ 10,382
Balance at January 1, 2018, as adjusted				1,761,448	1,755,254
Total Other Comprehensive Income (Loss)	9,307	(1,536)	14,097
Reclassification of stranded income taxes to retained earnings			17,600
Ending Balance	1,741,750	1,752,594	1,761,448
Public Service Company of New Mexico
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	1,461,571	1,488,369	1,466,792
Cumulative effect adjustment				0
Balance at January 1, 2018, as adjusted				1,488,369
Total Other Comprehensive Income (Loss)	11,367	(2,121)	13,129
Ending Balance	1,512,431	1,461,571	1,488,369
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(108,684)	(95,940)	(92,451)
Cumulative effect adjustment				(11,208)
Balance at January 1, 2018, as adjusted				(107,148)	$ (92,451)
Amounts reclassified from AOCI (pre-tax)	(5,926)	3,965	(10,534)
Income tax impact of amounts reclassified	1,506	(1,008)	4,087
Other OCI changes (pre-tax)	18,400	(6,022)	32,778
Income tax impact of other OCI changes	(4,673)	1,529	(12,234)
Total Other Comprehensive Income (Loss)	9,307	(1,536)	14,097
Reclassification of stranded income taxes to retained earnings			(17,586)
Ending Balance	(99,377)	(108,684)	(95,940)
Total | Public Service Company of New Mexico
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(110,422)	(97,093)	(92,428)
Cumulative effect adjustment				(11,208)
Balance at January 1, 2018, as adjusted				(108,301)
Amounts reclassified from AOCI (pre-tax)	(6,659)	3,749	(11,115)
Income tax impact of amounts reclassified	1,692	(952)	4,312
Other OCI changes (pre-tax)	21,895	(6,592)	31,778
Income tax impact of other OCI changes	(5,561)	1,674	(11,846)
Total Other Comprehensive Income (Loss)	11,367	(2,121)	13,129
Reclassification of stranded income taxes to retained earnings			(17,794)
Ending Balance	(99,055)	(110,422)	(97,093)
Unrealized Gains on Available-for-Sale Securities | Public Service Company of New Mexico
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	1,939	13,169	4,320
Cumulative effect adjustment				(11,208)
Balance at January 1, 2018, as adjusted				1,961
Amounts reclassified from AOCI (pre-tax)	(14,063)	(3,819)	(17,567)
Income tax impact of amounts reclassified	3,572	970	6,816
Other OCI changes (pre-tax)	25,724	3,790	28,160
Income tax impact of other OCI changes	(6,534)	(963)	(10,927)
Total Other Comprehensive Income (Loss)	8,699	(22)	6,482
Reclassification of stranded income taxes to retained earnings			2,367
Ending Balance	10,638	1,939	13,169
Pension Liability Adjustment | Public Service Company of New Mexico
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(112,361)	(110,262)	(96,748)
Cumulative effect adjustment				0
Balance at January 1, 2018, as adjusted				(110,262)
Amounts reclassified from AOCI (pre-tax)	7,404	7,568	6,452
Income tax impact of amounts reclassified	(1,880)	(1,922)	(2,504)
Other OCI changes (pre-tax)	(3,829)	(10,382)	3,618
Income tax impact of other OCI changes	973	2,637	(919)
Total Other Comprehensive Income (Loss)	2,668	(2,099)	6,647
Reclassification of stranded income taxes to retained earnings			(20,161)
Ending Balance	(109,693)	(112,361)	(110,262)
Fair Value Adjustment for Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		1,153	(23)
Cumulative effect adjustment				0
Balance at January 1, 2018, as adjusted				$ 1,153
Amounts reclassified from AOCI (pre-tax)		216	581
Income tax impact of amounts reclassified		(56)	(225)
Other OCI changes (pre-tax)		570	1,000
Income tax impact of other OCI changes		(145)	(388)
Total Other Comprehensive Income (Loss)		585	968
Reclassification of stranded income taxes to retained earnings			208
Ending Balance			$ 1,153
Fair Value Adjustment for Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	1,738
Amounts reclassified from AOCI (pre-tax)	733
Income tax impact of amounts reclassified	(186)
Other OCI changes (pre-tax)	(3,495)
Income tax impact of other OCI changes	888
Total Other Comprehensive Income (Loss)	(2,060)
Ending Balance	$ (322)	$ 1,738

Electric Operating Revenue Narr

Electric Operating Revenue Narrative (Details)	Dec. 31, 2019USD ($)utilityMW	Dec. 31, 2018USD ($)	Dec. 31, 2017MW
Contract with Customers, Asset and Liability [Roll Forward]
Number of regulated utilities | utility	2
Capitalized contract cost, amortization period (in years)	5 years
Contract assets | $	$ 0
Public Service Company of New Mexico
Contract with Customers, Asset and Liability [Roll Forward]
Expected exposure to market risk (in megawatts)	65		65
Power to be sold to third party (in megawatts)	36		36
Contract with customers, net | $	$ 59,300,000	$ 61,700,000
Palo Verde Nuclear Generating Station Unit 3 | Clean Air Act, SNCR | Public Service Company of New Mexico
Contract with Customers, Asset and Liability [Roll Forward]
Number of megawatts (in megawatts)			134

Electric Operating Revenue Disa

Electric Operating Revenue Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Contracts with customers									$ 1,377,208	$ 1,359,740	$ 1,321,023
Alternative revenue programs									(542)	1,756	15,779
Other electric operating revenue									80,937	75,117	108,201
Total electric operating revenues	$ 344,144	$ 433,586	$ 330,228	$ 349,645	$ 343,756	$ 422,666	$ 352,313	$ 317,878	1,457,603	1,436,613	1,445,003
Electricity
Disaggregation of Revenue [Line Items]
Total electric operating revenues									1,457,603	1,436,613	1,445,003
Transmission
Disaggregation of Revenue [Line Items]
Contracts with customers									124,162	121,271
Miscellaneous
Disaggregation of Revenue [Line Items]
Contracts with customers									16,702	23,081
Public Service Company of New Mexico
Disaggregation of Revenue [Line Items]
Contracts with customers									1,010,898	1,019,291	992,462
Alternative revenue programs									1,987	(2,443)	3,567
Other electric operating revenue									80,937	75,117	108,201
Total electric operating revenues	255,172	331,113	238,219	269,318	259,848	331,374	264,511	236,232	1,093,822	1,091,965	1,104,230
Public Service Company of New Mexico | Transmission
Disaggregation of Revenue [Line Items]
Contracts with customers									57,214	54,280
Public Service Company of New Mexico | Miscellaneous
Disaggregation of Revenue [Line Items]
Contracts with customers									13,134	14,098
Texas-New Mexico Power Company
Disaggregation of Revenue [Line Items]
Contracts with customers									366,310	340,449	328,561
Alternative revenue programs									(2,529)	4,199	12,212
Other electric operating revenue									0	0
Total electric operating revenues	$ 88,972	$ 102,473	$ 92,009	$ 80,327	$ 83,908	$ 91,292	$ 87,802	$ 81,646	363,781	344,648	$ 340,773
Texas-New Mexico Power Company | Transmission
Disaggregation of Revenue [Line Items]
Contracts with customers									66,948	66,991
Texas-New Mexico Power Company | Miscellaneous
Disaggregation of Revenue [Line Items]
Contracts with customers									3,568	8,983
Residential | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									578,625	563,297
Residential | Public Service Company of New Mexico | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									427,883	433,009
Residential | Texas-New Mexico Power Company | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									150,742	130,288
Commercial | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									513,940	519,594
Commercial | Public Service Company of New Mexico | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									396,987	408,333
Commercial | Texas-New Mexico Power Company | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									116,953	111,261
Industrial | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									92,006	78,436
Industrial | Public Service Company of New Mexico | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									69,601	61,119
Industrial | Texas-New Mexico Power Company | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									22,405	17,317
Public authority | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									26,016	27,297
Public authority | Public Service Company of New Mexico | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									20,322	21,688
Public authority | Texas-New Mexico Power Company | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									5,694	5,609
Economy energy service | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									25,757	26,764
Economy energy service | Public Service Company of New Mexico | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									25,757	26,764
Economy energy service | Texas-New Mexico Power Company | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers									$ 0	$ 0

Earnings and Dividends Per Sh_3

Earnings and Dividends Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net Earnings Attributable to PNMR									$ 77,362	$ 85,642	$ 79,874
Average Number of Common Shares:
Outstanding during year (in shares)									79,654	79,654	79,654
Vested awards of restricted stock (in shares)									277	236	237
Average Shares – Basic (in shares)									79,931	79,890	79,891
Dilutive Effect of Common Stock Equivalents:
Stock options and restricted stock (in shares)									59	122	250
Average Shares – Diluted (in shares)									79,990	80,012	80,141
Net Earnings Attributable to PNMR Per Share of Common Stock:
Basic (in dollars per share)	$ 0.40	$ 1.29	$ (0.95)	$ 0.23	$ (0.70)	$ 1.10	$ 0.48	$ 0.19	$ 0.97	$ 1.07	$ 1
Diluted (in dollars per share)	$ 0.40	$ 1.28	$ (0.95)	$ 0.23	$ (0.69)	$ 1.09	$ 0.48	$ 0.19	0.97	1.07	1
Dividends Declared per Common Share (in dollars per share)									$ 1.1775	$ 1.0850	$ 0.9925

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	Nov. 26, 2018	Jul. 31, 2018	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Payment of dividends					$ 257,600,000
Line of Credit
Class of Stock [Line Items]
Debt-to-capital ratio (not more than)	70.00%		65.00%	65.00%	70.00%
Public Service Company of New Mexico
Class of Stock [Line Items]
Equity contribution from parent					$ 0	$ 0	$ 0
Payment of dividends					$ 283,500,000
Preferred stock, dividend rate					4.58%
Preferred stock, redemption percent					102.00%
Preferred stock outstanding (in shares)					115,293	115,293
Preferred stock, cumulative shares authorized (in shares)					10,000,000	10,000,000
Public Service Company of New Mexico | Maximum
Class of Stock [Line Items]
Requirement to obtain approval to transfer more than a percentage of PNM's assets					5.00%
Public Service Company of New Mexico | Line of Credit
Class of Stock [Line Items]
Debt-to-capital ratio (not more than)					65.00%
Public Service Company of New Mexico | Affiliated Entity
Class of Stock [Line Items]
Cash dividends paid to parent company by consolidated subsidiaries					$ 0	$ 77,400,000	60,700,000
Texas-New Mexico Power Company
Class of Stock [Line Items]
Equity contribution from parent					$ 80,000,000	30,000,000	50,000,000
Preferred stock, cumulative shares authorized (in shares)					1,000,000
Texas-New Mexico Power Company | Line of Credit
Class of Stock [Line Items]
Debt-to-capital ratio (not more than)					65.00%
Texas-New Mexico Power Company | Affiliated Entity
Class of Stock [Line Items]
Cash dividends paid to parent company by consolidated subsidiaries					$ 55,300,000	$ 41,900,000	$ 44,400,000
PNMR and TNMP
Class of Stock [Line Items]
Preferred stock outstanding (in shares)					0
PNMR and TNMP | Line of Credit
Class of Stock [Line Items]
Debt-to-capital ratio (not more than)		70.00%

Financing - Activities, PNM and

Financing - Activities, PNM and TNMP (Details)

Jan. 08, 2020shares

Jan. 07, 2020$ / sharesshares

Jul. 01, 2019USD ($)

Apr. 01, 2019USD ($)

Feb. 26, 2019USD ($)

Dec. 21, 2018USD ($)

Dec. 14, 2018USD ($)

Nov. 26, 2018USD ($)

Jul. 31, 2018USD ($)

May 14, 2018USD ($)

Apr. 09, 2018USD ($)

Jan. 01, 2018USD ($)

Dec. 15, 2017

Jul. 28, 2017USD ($)

Dec. 31, 2018USD ($)shares

Jul. 31, 2018USD ($)

Jun. 30, 2018

Sep. 30, 2018

Dec. 31, 2019USD ($)shares

Dec. 31, 2018USD ($)shares

Dec. 31, 2017USD ($)derivative

Dec. 18, 2019USD ($)

Mar. 29, 2019USD ($)

Jan. 18, 2019USD ($)

Dec. 17, 2018USD ($)

Jul. 25, 2018USD ($)

Jun. 28, 2018USD ($)

May 22, 2018USD ($)

Mar. 09, 2018USD ($)

Jul. 20, 2017USD ($)

Jun. 14, 2017USD ($)

Jan. 01, 2017USD ($)loan

Feb. 01, 2016USD ($)

Mar. 09, 2015USD ($)

Debt Instrument [Line Items]

Outstanding amount

$ 235,900,000

$ 185,100,000

$ 235,900,000

Common stock, shares issued (in shares) | shares

79,653,624

79,653,624

79,653,624

Interest charges

$ 121,016,000

$ 127,244,000

$ 127,625,000

Other deferred credits

$ 167,668,000

$ 185,753,000

167,668,000

Fixed interest rate

1.927%

PNMR 2016 One-Year Term Loan and PNMR 2016 Two-Year Term Loan

Debt Instrument [Line Items]

Number of loan agreements (in loans) | loan

2

PNMR 2016 One Year Term Loan

Debt Instrument [Line Items]

Outstanding amount

$ 100,000,000

Debt instrument, term

1 year

1 year

1 year

PNMR 2016 Two-Year Term Loan due December 2018

Debt Instrument [Line Items]

Loan entered into

100,000,000

Debt instrument, term

2 years

2 years

PNMR Development Term Loan due November 2020

Debt Instrument [Line Items]

Outstanding amount

$ 90,000,000

Variable interest rate

2.60%

PNMR 2018 One Year Term Loan

Debt Instrument [Line Items]

Aggregate principal amount

$ 150,000,000

Outstanding amount

$ 150,000,000

$ 0

150,000,000

Debt instrument, term

1 year

Variable interest rate

2.70%

PNMR 2018 Two-Year Term Loan due December 2020

Debt Instrument [Line Items]

Aggregate principal amount

$ 50,000,000

Debt instrument, term

2 years

Variable interest rate

2.60%

TNMP 2018 Term Loan Agreement

Debt Instrument [Line Items]

Term loan restatement to provide additional funding

$ 15,000,000

TNMP 2018 Term Loan due July 2020

Debt Instrument [Line Items]

Term loan restatement committed amount

$ 35,000,000

Variable Rate Short-Term Debt

Debt Instrument [Line Items]

Aggregate principal amount

50,000,000

Time hedged in interest rate cash flow hedge

4 years

Level 2 | Cash Flow Hedging

Debt Instrument [Line Items]

Fair value gain (loss, less than)

$ 400,000

Fair value gain (loss, less than)

1,000,000

Public Service Company of New Mexico

Debt Instrument [Line Items]

Outstanding amount

$ 42,400,000

$ 58,000,000

$ 42,400,000

Common stock, shares issued (in shares) | shares

39,117,799

39,117,799

39,117,799

Interest charges

$ 72,900,000

$ 76,458,000

82,697,000

Other deferred credits

$ 215,737,000

155,744,000

215,737,000

Public Service Company of New Mexico | San Juan Generating Station

Debt Instrument [Line Items]

Request issuance of energy transition bonds

$ 361,000,000

$ 361,000,000

Public Service Company of New Mexico | PNM 2019 $250.0 Million Term Loan due July 2020

Debt Instrument [Line Items]

Aggregate principal amount

$ 250,000,000

Public Service Company of New Mexico | PNM 2019 $40.0 Million Term Loan due June 2021

Debt Instrument [Line Items]

Aggregate principal amount

$ 40,000,000

Public Service Company of New Mexico | NMPRC

Debt Instrument [Line Items]

Requirement to obtain approval for any financing transaction, period of time (more than)

18 months

PNMR | PNMR Development Term Loan due November 2020

Debt Instrument [Line Items]

Loan entered into

90,000,000

$ 90,000,000

90,000,000

PNMR | PNMR 2018 Two-Year Term Loan due December 2020

Debt Instrument [Line Items]

Loan entered into

50,000,000

50,000,000

50,000,000

NM Capital | San Juan Coal Company, Westmoreland | Coal Supply

Debt Instrument [Line Items]

Loan entered into

$ 50,100,000

Repurchased face amount

$ 50,100,000

NM Capital | San Juan Generating Station | Coal Supply

Debt Instrument [Line Items]

Payments to fund long-term loans to unaffiliated third party

125,000,000

Texas-New Mexico Power Company

Debt Instrument [Line Items]

Outstanding amount

$ 17,500,000

$ 15,000,000

$ 17,500,000

Common stock, shares issued (in shares) | shares

6,358

6,358

6,358

Interest charges

$ 29,100,000

$ 32,091,000

$ 30,084,000

Other deferred credits

$ 2,908,000

$ 7,469,000

2,908,000

Line of Credit

Debt Instrument [Line Items]

Debt-to-capital ratios (less than or equal to)

70.00%

65.00%

65.00%

70.00%

Line of Credit | Public Service Company of New Mexico

Debt Instrument [Line Items]

Debt-to-capital ratios (less than or equal to)

65.00%

Line of Credit | Texas-New Mexico Power Company

Debt Instrument [Line Items]

Debt-to-capital ratios (less than or equal to)

65.00%

PNMR 2015 Term Loan Agreement

Debt Instrument [Line Items]

Loan entered into

150,000,000

$ 150,000,000

BTMU Term Loan Agreement | NM Capital

Debt Instrument [Line Items]

Loan entered into

$ 125,000,000

$ 125,000,000

Repurchased face amount

$ 43,000,000

Estimated principal payments

$ 43,000,000

Letter of Credit | PNMR | Letter or credit, 30 mil JP Morgan

Debt Instrument [Line Items]

Aggregate principal amount

30,300,000

Senior Unsecured Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 300,000,000

Stated percentage

3.25%

Senior Unsecured Notes | Public Service Company of New Mexico | Senior Unsecured Note Agreement (SUNs)

Debt Instrument [Line Items]

Aggregate principal amount

$ 450,000,000

Debt to capital ratio

65.00%

Senior Unsecured Notes | Public Service Company of New Mexico | SUNs, Issuance in May 2018

Debt Instrument [Line Items]

Aggregate principal amount

$ 350,000,000

Senior Unsecured Notes | Public Service Company of New Mexico | SUN's, Issuance in July 2018

Debt Instrument [Line Items]

Aggregate principal amount

$ 100,000,000

$ 100,000,000

PNM 2016 Term Loan Agreement due 2017 | Public Service Company of New Mexico

Debt Instrument [Line Items]

Aggregate principal amount

175,000,000

Pollution Control Bonds | Public Service Company of New Mexico | Pollution Control Revenue Bonds 2.125 Percent, due 2040

Debt Instrument [Line Items]

Aggregate principal amount

$ 37,000,000

Stated percentage

2.125%

Pollution Control Bonds | Public Service Company of New Mexico | Pollution Control Revenue Bonds 2.45 Percent, due 2042

Debt Instrument [Line Items]

Aggregate principal amount

$ 20,000,000

Stated percentage

2.45%

Unsecured Debt | Public Service Company of New Mexico

Debt Instrument [Line Items]

Shelf registration statement, capacity of issuance (up to)

475,000,000

Unsecured Debt | Public Service Company of New Mexico | PNM 2017 Term Loan Agreement

Debt Instrument [Line Items]

Loan entered into

200,000,000

0

200,000,000

Unsecured Debt | Public Service Company of New Mexico | SUNs, Issuance in May 2018 | Minimum

Debt Instrument [Line Items]

Debt instrument, term

5 years

Stated percentage

3.15%

Unsecured Debt | Public Service Company of New Mexico | SUNs, Issuance in May 2018 | Maximum

Debt Instrument [Line Items]

Debt instrument, term

30 years

Stated percentage

4.50%

Unsecured Debt | Public Service Company of New Mexico | SUN's, Issuance in July 2018 | Minimum

Debt Instrument [Line Items]

Debt instrument, term

10 years

Stated percentage

3.78%

3.78%

Unsecured Debt | Public Service Company of New Mexico | SUN's, Issuance in July 2018 | Maximum

Debt Instrument [Line Items]

Debt instrument, term

30 years

Stated percentage

4.60%

4.60%

Unsecured Debt | Public Service Company of New Mexico | 7.95% due May 2018

Debt Instrument [Line Items]

Stated percentage

7.95%

Unsecured Debt | Public Service Company of New Mexico | 7.50% due August 2018

Debt Instrument [Line Items]

Stated percentage

7.50%

7.50%

Unsecured Debt | Public Service Company of New Mexico | PNM 2019 $250.0 Million Term Loan due July 2020

Debt Instrument [Line Items]

Loan entered into

0

250,000,000

0

Unsecured Debt | Public Service Company of New Mexico | PNM 2019 $40.0 Million Term Loan due June 2021

Debt Instrument [Line Items]

Loan entered into

40,000,000

Unsecured Debt | Texas-New Mexico Power Company | 9.50% due April 2019

Debt Instrument [Line Items]

Stated percentage

9.50%

Extinguishment of debt

$ 172,300,000

First Mortgage Bonds | Texas-New Mexico Power Company | Interest Rate of 3.22%, Due 2027

Debt Instrument [Line Items]

Aggregate principal amount

$ 60,000,000

Stated percentage

3.22%

First Mortgage Bonds | Texas-New Mexico Power Company | TNMP 2018 Term Loan due July 2020

Debt Instrument [Line Items]

Loan entered into

$ 35,000,000

$ 0

35,000,000

First Mortgage Bonds | Texas-New Mexico Power Company | 9.50% due April 2019

Debt Instrument [Line Items]

Stated percentage

9.50%

First Mortgage Bonds | Texas-New Mexico Power Company | 3.60% due July 2029

Debt Instrument [Line Items]

Stated percentage

3.60%

Mortgages | Texas-New Mexico Power Company | First Mortgage Bonds

Debt Instrument [Line Items]

Aggregate principal amount

$ 60,000,000

Stated percentage

3.85%

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

Debt Instrument [Line Items]

Aggregate principal amount

$ 305,000,000

$ 225,000,000

Stated percentage

400.00%

Debt to capital ratio

65.00%

Mortgages | Texas-New Mexico Power Company | 3.60% due July 2029

Debt Instrument [Line Items]

Aggregate principal amount

$ 80,000,000

Secured Debt | Texas-New Mexico Power Company | TNMP Term Loan Agreement

Debt Instrument [Line Items]

Aggregate principal amount

$ 20,000,000

JPMorgan Chase Bank, N.A. and U.S. Bank National Association | PNM 2016 Term Loan Agreement due 2017 | Public Service Company of New Mexico

Debt Instrument [Line Items]

Aggregate principal amount

$ 175,000,000

JPMorgan Chase Bank, N.A. and U.S. Bank National Association | Notes Payable to Banks | Public Service Company of New Mexico | PNM 2017 Term Loan Agreement

Debt Instrument [Line Items]

Aggregate principal amount

$ 200,000,000

JPMorgan Chase Bank, N.A. and U.S. Bank National Association | Notes Payable to Banks | Public Service Company of New Mexico | PNM 2019 $250.0 Million Term Loan due July 2020

Debt Instrument [Line Items]

Stated percentage

2.45%

JPMorgan Chase Bank, N.A. and U.S. Bank National Association | Notes Payable to Banks | Public Service Company of New Mexico | PNM 2019 $40.0 Million Term Loan due June 2021

Debt Instrument [Line Items]

Stated percentage

2.39%

Interest rate contract

Debt Instrument [Line Items]

Number of derivative instruments held | derivative

3

Interest rate contract one | Variable Rate Short-Term Debt

Debt Instrument [Line Items]

Fixed interest rate

1.926%

Interest rate contract two | Variable Rate Short-Term Debt

Debt Instrument [Line Items]

Fixed interest rate

1.823%

Interest rate contract three | Variable Rate Short-Term Debt

Debt Instrument [Line Items]

Fixed interest rate

1.629%

Deposit Related to Potential Transmission Interconnections | PNMR Development

Debt Instrument [Line Items]

Amount of related party transaction

$ 68,200,000

Accrued interest

5,700,000

Interest charges

$ 3,300,000

$ 2,400,000

Other deferred credits

$ 68,200,000

PNMR 2020 Forward Equity Sales Agreement | Subsequent Event

Debt Instrument [Line Items]

Common stock, shares issued (in shares) | shares

6,200,000

Sale of stock, price per share (in dollars per share) | $ / shares

$ 47.21

Over-Allotment Option | Subsequent Event

Debt Instrument [Line Items]

Number of shares issued in transaction (in shares) | shares

800,000

800,000

Financing - Borrowing Arrangeme

Financing - Borrowing Arrangements Between PNMR and Its Subsidiaries and Short-term Debt (Details)	Feb. 21, 2020USD ($)	Dec. 31, 2019USD ($)	Jul. 22, 2019USD ($)	Jul. 21, 2019USD ($)	Feb. 22, 2019USD ($)	Feb. 21, 2019USD ($)	Dec. 31, 2018USD ($)	Feb. 26, 2018USD ($)	Dec. 12, 2017USD ($)	Jan. 01, 2017USD ($)bank
Short-term Debt [Line Items]
Financing capacity			$ 50,000,000	$ 40,000,000	$ 25,000,000	$ 24,500,000		$ 24,500,000
Short-term debt		$ 185,100,000					$ 235,900,000
Letters of credit outstanding		4,700,000
JPMorgan Chase Bank, N.A.
Short-term Debt [Line Items]
Letters of credit outstanding		30,300,000
PNMR 2018 One Year Term Loan
Short-term Debt [Line Items]
Short-term debt		0					150,000,000
PNMR Revolving Credit Facility
Short-term Debt [Line Items]
Financing capacity		300,000,000
Short-term debt		112,100,000					20,000,000
PNMR Development Revolving Credit Facility
Short-term Debt [Line Items]
Short-term debt		0					6,000,000
Subsequent Event
Short-term Debt [Line Items]
Invested cash	$ 900,000
Subsequent Event | PNMR Revolving Credit Facility
Short-term Debt [Line Items]
Available borrowing capacity	151,500,000
Subsequent Event | PNMR Development Revolving Credit Facility
Short-term Debt [Line Items]
Available borrowing capacity	40,000,000
Subsequent Event | Revolving Credit Facility
Short-term Debt [Line Items]
Available borrowing capacity	595,400,000
PNM Resources
Short-term Debt [Line Items]
Short-term debt		$ 112,100,000					170,000,000
PNM Resources | PNMR Revolving Credit Facility
Short-term Debt [Line Items]
Interest rates on outstanding borrowings		3.02%
Texas-New Mexico Power Company
Short-term Debt [Line Items]
Subsidiary loan agreements		$ 0					100,000
Short-term debt		15,000,000					17,500,000
Letters of credit outstanding		100,000
Texas-New Mexico Power Company | TNMP Revolving Credit Facility
Short-term Debt [Line Items]
Financing capacity		75,000,000
Short-term debt		$ 15,000,000					17,500,000
Interest rates on outstanding borrowings		2.47%
Texas-New Mexico Power Company | TNMP Revolving Credit Facility | 9.50% due April 2019
Short-term Debt [Line Items]
Aggregate principal amount of bonds		$ 75,000,000
Texas-New Mexico Power Company | Subsequent Event
Short-term Debt [Line Items]
Subsidiary loan agreements	0
Invested cash	0
Texas-New Mexico Power Company | Subsequent Event | TNMP Revolving Credit Facility
Short-term Debt [Line Items]
Available borrowing capacity	31,800,000
Public Service Company of New Mexico
Short-term Debt [Line Items]
Subsidiary loan agreements		0					19,800,000
Short-term debt		58,000,000					42,400,000
Letters of credit outstanding		2,500,000
Public Service Company of New Mexico | PNM 2014 New Mexico Credit Facility
Short-term Debt [Line Items]
Financing capacity										$ 50,000,000
Number of participating lenders (in banks) | bank										8
Public Service Company of New Mexico | PNM 2017 New Mexico Credit Facility
Short-term Debt [Line Items]
Financing capacity									$ 40,000,000
Public Service Company of New Mexico | PNM Revolving Credit Facility
Short-term Debt [Line Items]
Financing capacity		400,000,000
Short-term debt		$ 48,000,000					32,400,000
Interest rates on outstanding borrowings		2.87%
Public Service Company of New Mexico | PNM 2014 New Mexico Credit Facility
Short-term Debt [Line Items]
Interest rates on outstanding borrowings		2.84%
Public Service Company of New Mexico | PNM 2017 New Mexico Credit Facility
Short-term Debt [Line Items]
Short-term debt		$ 10,000,000					$ 10,000,000
Public Service Company of New Mexico | PNMR Development Revolving Credit Facility
Short-term Debt [Line Items]
Letters of credit outstanding		0
Public Service Company of New Mexico | Subsequent Event
Short-term Debt [Line Items]
Subsidiary loan agreements	0
Invested cash	0
Public Service Company of New Mexico | Subsequent Event | PNM Revolving Credit Facility
Short-term Debt [Line Items]
Available borrowing capacity	362,100,000
Public Service Company of New Mexico | Subsequent Event | PNM 2014 New Mexico Credit Facility
Short-term Debt [Line Items]
Available borrowing capacity	$ 10,000,000
Maximum
Short-term Debt [Line Items]
Subsidiary loan agreements		$ 100,000,000

Financing - Long-term Debt (Det

Financing - Long-term Debt (Details) - USD ($)	Apr. 01, 2019	Dec. 31, 2019	Dec. 18, 2019	Jul. 01, 2019	Mar. 29, 2019	Feb. 26, 2019	Jan. 18, 2019	Dec. 31, 2018	Dec. 21, 2018
Debt Instrument [Line Items]
Total		$ 3,004,043,000						$ 2,666,345,000
Principal, less current maturities		490,345,000						0
Long-term debt, excluding current maturities, gross		2,513,698,000						2,666,345,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		(3,674,000)						(3,765,000)
Unamortized Discounts, (Premiums), and Issuance Costs, net, Less current maturities		77,000						0
Unamortized Discounts, (Premiums), and Issuance Costs, net, excluding current maturities		(3,751,000)						(3,765,000)
PNMR 2018 Two-Year Term Loan due December 2020
Debt Instrument [Line Items]
Aggregate principal amount									$ 50,000,000
Public Service Company of New Mexico
Debt Instrument [Line Items]
Total		1,755,845,000						1,665,845,000
Principal, less current maturities		350,345,000						0
Long-term debt, excluding current maturities, gross		1,405,500,000						1,665,845,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		7,825,000						9,355,000
Unamortized Discounts, (Premiums), and Issuance Costs, net, Less current maturities		77,000						0
Unamortized Discounts, (Premiums), and Issuance Costs, net, excluding current maturities		$ 7,748,000						9,355,000
Public Service Company of New Mexico | PNM 2019 $250.0 Million Term Loan due July 2020
Debt Instrument [Line Items]
Aggregate principal amount							$ 250,000,000
Public Service Company of New Mexico | PNM 2019 $40.0 Million Term Loan due June 2021
Debt Instrument [Line Items]
Aggregate principal amount			$ 40,000,000
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 1.875% due April 2033, mandatory tender - October 1, 2021
Debt Instrument [Line Items]
Stated percentage		1.875%
Unsecured long-term debt, noncurrent		$ 146,000,000						146,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 662,000						1,022,000
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 6.25% due January 2038
Debt Instrument [Line Items]
Stated percentage		6.25%
Unsecured long-term debt, noncurrent		$ 36,000,000						36,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 205,000						216,000
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 2.125% due June 2040, mandatory tender - June 1, 2022
Debt Instrument [Line Items]
Stated percentage		2.125%
Unsecured long-term debt, noncurrent		$ 37,000,000						37,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 224,000						314,000
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 5.20% due June 2040, mandatory tender - June 1, 2020
Debt Instrument [Line Items]
Stated percentage		5.20%
Unsecured long-term debt, noncurrent		$ 40,045,000						40,045,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 17,000						62,000
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 5.90% due June 2040
Debt Instrument [Line Items]
Stated percentage		5.90%
Unsecured long-term debt, noncurrent		$ 255,000,000						255,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 1,857,000						1,950,000
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 6.25% due June 2040
Debt Instrument [Line Items]
Stated percentage		6.25%
Unsecured long-term debt, noncurrent		$ 11,500,000						11,500,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 84,000						88,000
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 2.45% due September 2042, mandatory tender - June 1, 2022
Debt Instrument [Line Items]
Stated percentage		2.45%
Unsecured long-term debt, noncurrent		$ 20,000,000						20,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 85,000						119,000
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 2.40% due June 2043, mandatory tender - June 1, 2020
Debt Instrument [Line Items]
Stated percentage		2.40%
Unsecured long-term debt, noncurrent		$ 39,300,000						39,300,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 50,000						146,000
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 5.20% due June 2043, mandatory tender - June 1, 2020
Debt Instrument [Line Items]
Stated percentage		5.20%
Unsecured long-term debt, noncurrent		$ 21,000,000						21,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 10,000						31,000
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 5.35% due October 2021
Debt Instrument [Line Items]
Stated percentage		5.35%
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 3.15% due May 2023
Debt Instrument [Line Items]
Stated percentage		3.15%
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 3.45% due May 2025
Debt Instrument [Line Items]
Stated percentage		3.45%
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 3.85% due August 2025
Debt Instrument [Line Items]
Stated percentage		3.85%
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 3.68% due May 2028
Debt Instrument [Line Items]
Stated percentage		3.68%
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 3.78% due August 2028
Debt Instrument [Line Items]
Stated percentage		3.78%
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 3.93% due May 2033
Debt Instrument [Line Items]
Stated percentage		3.93%
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 4.22% due May 2038
Debt Instrument [Line Items]
Stated percentage		4.22%
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 4.50% due May 2048
Debt Instrument [Line Items]
Stated percentage		4.50%
Public Service Company of New Mexico | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 4.60% due August 2048
Debt Instrument [Line Items]
Stated percentage		4.60%
Public Service Company of New Mexico | Senior Unsecured Notes: | 5.35% due October 2021
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent		$ 160,000,000						160,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		292,000						455,000
Public Service Company of New Mexico | Senior Unsecured Notes: | 3.15% due May 2023
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent		55,000,000						55,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		261,000						338,000
Public Service Company of New Mexico | Senior Unsecured Notes: | 3.45% due May 2025
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent		104,000,000						104,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		562,000						666,000
Public Service Company of New Mexico | Senior Unsecured Notes: | 3.85% due August 2025
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent		250,000,000						250,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		1,675,000						1,974,000
Public Service Company of New Mexico | Senior Unsecured Notes: | 3.68% due May 2028
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent		88,000,000						88,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		518,000						581,000
Public Service Company of New Mexico | Senior Unsecured Notes: | 3.78% due August 2028
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent		15,000,000						15,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		91,000						101,000
Public Service Company of New Mexico | Senior Unsecured Notes: | 3.93% due May 2033
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent		38,000,000						38,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		238,000						256,000
Public Service Company of New Mexico | Senior Unsecured Notes: | 4.22% due May 2038
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent		45,000,000						45,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		291,000						307,000
Public Service Company of New Mexico | Senior Unsecured Notes: | 4.50% due May 2048
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent		20,000,000						20,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		133,000						138,000
Public Service Company of New Mexico | Senior Unsecured Notes: | 4.60% due August 2048
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent		85,000,000						85,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		570,000						590,000
Public Service Company of New Mexico | Senior Unsecured Notes: | PNM 2017 Term Loan due January 2019
Debt Instrument [Line Items]
Long-term debt		0						200,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		0						1,000
Public Service Company of New Mexico | Senior Unsecured Notes: | PNM 2019 $250.0 Million Term Loan due July 2020
Debt Instrument [Line Items]
Long-term debt		250,000,000						0
Unamortized Discounts, (Premiums), and Issuance Costs, net		0						0
Public Service Company of New Mexico | Senior Unsecured Notes: | PNM 2019 $40.0 Million Term Loan due June 2021
Debt Instrument [Line Items]
Long-term debt		40,000,000
Texas-New Mexico Power Company
Debt Instrument [Line Items]
Total		658,198,000						560,500,000
Principal, less current maturities		0						0
Long-term debt, excluding current maturities, gross		658,198,000						560,500,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		(12,493,000)						(14,898,000)
Unamortized Discounts, (Premiums), and Issuance Costs, net, Less current maturities		0						0
Unamortized Discounts, (Premiums), and Issuance Costs, net, excluding current maturities		$ (12,493,000)						(14,898,000)
Texas-New Mexico Power Company | Mortgages | TNMP 2019 Bond Purchase Agreement
Debt Instrument [Line Items]
Aggregate principal amount					$ 225,000,000	$ 305,000,000
Stated percentage						400.00%
Texas-New Mexico Power Company | Mortgages | 3.60% due July 2029
Debt Instrument [Line Items]
Aggregate principal amount				$ 80,000,000
Texas-New Mexico Power Company | Senior Unsecured Notes: | 9.50% due April 2019
Debt Instrument [Line Items]
Extinguishment of debt	$ 172,300,000
Stated percentage	9.50%
Texas-New Mexico Power Company | First Mortgage Bonds: | 9.50% due April 2019
Debt Instrument [Line Items]
Stated percentage		9.50%
Unsecured long-term debt, noncurrent		$ 0						172,302,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 0						206,000
Texas-New Mexico Power Company | First Mortgage Bonds: | 6.95% due April 2043
Debt Instrument [Line Items]
Stated percentage		6.95%
Unsecured long-term debt, noncurrent		$ 93,198,000						93,198,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ (16,632,000)						(17,347,000)
Texas-New Mexico Power Company | First Mortgage Bonds: | 4.03% due July 2024
Debt Instrument [Line Items]
Stated percentage		4.03%
Unsecured long-term debt, noncurrent		$ 80,000,000						80,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 475,000						580,000
Texas-New Mexico Power Company | First Mortgage Bonds: | 3.53% due February 2026
Debt Instrument [Line Items]
Stated percentage		3.53%
Unsecured long-term debt, noncurrent		$ 60,000,000						60,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 502,000						585,000
Texas-New Mexico Power Company | First Mortgage Bonds: | 3.22% due August 2027
Debt Instrument [Line Items]
Stated percentage		3.22%
Unsecured long-term debt, noncurrent		$ 60,000,000						60,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 437,000						494,000
Texas-New Mexico Power Company | First Mortgage Bonds: | 3.85% due June 2028
Debt Instrument [Line Items]
Stated percentage		3.85%
Unsecured long-term debt, noncurrent		$ 60,000,000						60,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 531,000						584,000
Texas-New Mexico Power Company | First Mortgage Bonds: | 3.79% due March 2034
Debt Instrument [Line Items]
Stated percentage		3.79%
Unsecured long-term debt, noncurrent		$ 75,000,000						0
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 535,000						0
Texas-New Mexico Power Company | First Mortgage Bonds: | 3.92% due March 2039
Debt Instrument [Line Items]
Stated percentage		3.92%
Unsecured long-term debt, noncurrent		$ 75,000,000						0
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 542,000						0
Texas-New Mexico Power Company | First Mortgage Bonds: | 4.06% due March 2044
Debt Instrument [Line Items]
Stated percentage		4.06%
Unsecured long-term debt, noncurrent		$ 75,000,000						0
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 546,000						0
Texas-New Mexico Power Company | First Mortgage Bonds: | 3.60% due July 2029
Debt Instrument [Line Items]
Stated percentage		3.60%
Unsecured long-term debt, noncurrent		$ 80,000,000						0
Unamortized Discounts, (Premiums), and Issuance Costs, net		571,000						0
Texas-New Mexico Power Company | First Mortgage Bonds: | TNMP 2018 Term Loan due July 2020
Debt Instrument [Line Items]
Long-term debt		0						35,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		0						0
PNMR
Debt Instrument [Line Items]
Total		590,000,000						440,000,000
Principal, less current maturities		140,000,000						0
Long-term debt, excluding current maturities, gross		450,000,000						440,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		994,000						1,778,000
Unamortized Discounts, (Premiums), and Issuance Costs, net, Less current maturities		0						0
Unamortized Discounts, (Premiums), and Issuance Costs, net, excluding current maturities		$ 994,000						1,778,000
PNMR | PNMR 3.25% 2018 SUNs due March 2021
Debt Instrument [Line Items]
Stated percentage		3.25%
Long-term debt		$ 300,000,000						300,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		917,000						1,690,000
PNMR | PNMR Development Term Loan due November 2020
Debt Instrument [Line Items]
Long-term debt		90,000,000						90,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		42,000						88,000
PNMR | PNMR 2018 Two-Year Term Loan due December 2020
Debt Instrument [Line Items]
Long-term debt		50,000,000						50,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net		0						0
PNMR | PNMR 2019 Term Loan due June 2021
Debt Instrument [Line Items]
Long-term debt		150,000,000						0
Unamortized Discounts, (Premiums), and Issuance Costs, net		$ 35,000						$ 0
JPMorgan Chase Bank, N.A. and U.S. Bank National Association | Public Service Company of New Mexico | Notes Payable to Banks | PNM 2017 Term Loan due January 2019
Debt Instrument [Line Items]
Aggregate principal amount	$ 200,000,000
JPMorgan Chase Bank, N.A. and U.S. Bank National Association | Public Service Company of New Mexico | Notes Payable to Banks | PNM 2019 $250.0 Million Term Loan due July 2020
Debt Instrument [Line Items]
Stated percentage		2.45%
JPMorgan Chase Bank, N.A. and U.S. Bank National Association | Public Service Company of New Mexico | Notes Payable to Banks | PNM 2019 $40.0 Million Term Loan due June 2021
Debt Instrument [Line Items]
Stated percentage		2.39%

Financing - Long-term Debt Matu

Financing - Long-term Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Long-term Debt, by Maturity [Abstract]
2020	$ 490,345
2021	796,000
2022	57,000
2023	55,000
2024	80,000
Thereafter	1,525,698
Total	3,004,043	$ 2,666,345
PNMR
Long-term Debt, by Maturity [Abstract]
2020	140,000
2021	450,000
2022	0
2023	0
2024	0
Thereafter	0
Total	590,000	440,000
Public Service Company of New Mexico
Long-term Debt, by Maturity [Abstract]
2020	350,345
2021	346,000
2022	57,000
2023	55,000
2024	0
Thereafter	947,500
Total	1,755,845	1,665,845
Texas-New Mexico Power Company
Long-term Debt, by Maturity [Abstract]
2020	0
2021	0
2022	0
2023	0
2024	80,000
Thereafter	578,198
Total	$ 658,198	$ 560,500

Lease Commitments - Narrative (

Lease Commitments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)MW	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	May 16, 2019MW	Dec. 31, 2016MW	Aug. 31, 2016MW	Jan. 15, 2016lease	Jan. 15, 2015lease
Lessee, Lease, Description [Line Items]
Unamortized cost of prepaid right-of-way agreements	$ 60.2	$ 63
Amortization of prepaid right-of-way agreements	3.7	$ 3.8	$ 3.5
Operating leases, capitalized financing costs, investing activities	3.9
Finance leases, capitalized financing costs, investing activities	0.7
Lessee, operating lease, unguaranteed residual value	21.8
Public Service Company of New Mexico
Lessee, Lease, Description [Line Items]
Operating leases, capitalized financing costs, investing activities	1.3
Finance leases, capitalized financing costs, investing activities	0.3
Lessee, operating lease, unguaranteed residual value	8.7
Texas-New Mexico Power Company
Lessee, Lease, Description [Line Items]
Operating leases, capitalized financing costs, investing activities	2.6
Finance leases, capitalized financing costs, investing activities	0.4
Lessee, operating lease, unguaranteed residual value	13.1
Palo Verde Nuclear Generating Station, Units 1 And 4 | Public Service Company of New Mexico
Lessee, Lease, Description [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
Palo Verde Nuclear Generating Station, Unit 2 | Public Service Company of New Mexico
Lessee, Lease, Description [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 megawatts purchased (in megawatts) | MW						64.1
Number of megawatts (in megawatts) | MW				114.6	114.6	114.6
Palo Verde Nuclear Generating Station | Public Service Company of New Mexico
Lessee, Lease, Description [Line Items]
Lease covenant, restriction on conveying, transferring, leasing and dividends	5.00%
Loss contingency, range of possible loss, portion not accrued	$ 157.6
Navajo Nation | Public Service Company of New Mexico
Lessee, Lease, Description [Line Items]
Right-of-way lease, annual payments	6
Right-of-way lease, payments	$ 6.9
New Mexico 2015 Rate Case | Palo Verde Nuclear Generating Station, Unit 2 | Public Service Company of New Mexico
Lessee, Lease, Description [Line Items]
Number of megawatts purchased (in megawatts) | MW	64.1			64.1
Equipment
Lessee, Lease, Description [Line Items]
Operating lease, residual value of leased asset	$ 1.9
Equipment | Public Service Company of New Mexico
Lessee, Lease, Description [Line Items]
Operating lease, residual value of leased asset	0.7
Equipment | Texas-New Mexico Power Company
Lessee, Lease, Description [Line Items]
Operating lease, residual value of leased asset	$ 1.2

Lease Commitments - Operating L

Lease Commitments - Operating Lease Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019
Operating leases:
Operating lease assets, net of amortization	$ 131,212	$ 157,440
Current portion of operating lease liabilities	29,068	25,189
Long-term portion of operating lease liabilities	105,512	135,174
Public Service Company of New Mexico
Operating leases:
Operating lease assets, net of amortization	120,585	143,816
Current portion of operating lease liabilities	25,927	21,589
Long-term portion of operating lease liabilities	97,992	124,891
Texas-New Mexico Power Company
Operating leases:
Operating lease assets, net of amortization	9,954	12,942
Current portion of operating lease liabilities	2,753	3,132
Long-term portion of operating lease liabilities	$ 7,039	$ 9,787

Lease Commitments - Finance Lea

Lease Commitments - Finance Lease Balance Sheet Information (Details) $ in Thousands	Dec. 31, 2019USD ($)
Financing leases:
Non-utility property	$ 10,028
Accumulated depreciation	(973)
Non-utility property, net	9,055
Other current liabilities	1,637
Other deferred credits	7,102
Public Service Company of New Mexico
Financing leases:
Non-utility property	4,857
Accumulated depreciation	(482)
Non-utility property, net	4,375
Other current liabilities	722
Other deferred credits	3,333
Texas-New Mexico Power Company
Financing leases:
Non-utility property	4,910
Accumulated depreciation	(466)
Non-utility property, net	4,444
Other current liabilities	850
Other deferred credits	$ 3,597

Lease Commitments - Schedule of

Lease Commitments - Schedule of Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2019
Weighted average remaining lease term (years):
Operating leases	6 years 5 months 26 days
Financing leases	5 years 6 months 14 days
Weighted average discount rate:
Operating leases	3.90%
Financing leases	3.64%
Public Service Company of New Mexico
Weighted average remaining lease term (years):
Operating leases	6 years 8 months 12 days
Financing leases	5 years 7 months 20 days
Weighted average discount rate:
Operating leases	3.89%
Financing leases	3.68%
Texas-New Mexico Power Company
Weighted average remaining lease term (years):
Operating leases	4 years 1 month 6 days
Financing leases	5 years 6 months 14 days
Weighted average discount rate:
Operating leases	3.95%
Financing leases	3.65%

Lease Commitments - Components

Lease Commitments - Components of Lease Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 31,963
Less: amounts capitalized	(3,913)
Total operating lease expense	28,050
Financing lease cost:
Amortization of right-of-use assets	973
Interest on lease liabilities	194
Less: amounts capitalized	(704)
Total financing lease expense	463
Variable lease expense	96
Short-term lease expense	414
Total lease expense for the period	29,023
Public Service Company of New Mexico
Lessee, Lease, Description [Line Items]
Operating lease cost	28,254
Less: amounts capitalized	(1,319)
Total operating lease expense	26,935
Financing lease cost:
Amortization of right-of-use assets	481
Interest on lease liabilities	92
Less: amounts capitalized	(280)
Total financing lease expense	293
Variable lease expense	96
Short-term lease expense	346
Total lease expense for the period	27,670
Texas-New Mexico Power Company
Lessee, Lease, Description [Line Items]
Operating lease cost	3,341
Less: amounts capitalized	(2,594)
Total operating lease expense	747
Financing lease cost:
Amortization of right-of-use assets	466
Interest on lease liabilities	100
Less: amounts capitalized	(423)
Total financing lease expense	143
Variable lease expense	0
Short-term lease expense	26
Total lease expense for the period	$ 916

Lease Commitments - Schedule _2

Lease Commitments - Schedule of Supplemental Cash Flows Related to Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 27,849
Operating cash flows from financing leases	71
Finance cash flows from financing leases	313
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	157,816
Financing leases	9,645
Public Service Company of New Mexico
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	26,392
Operating cash flows from financing leases	44
Finance cash flows from financing leases	183
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	143,816
Financing leases	4,473
Texas-New Mexico Power Company
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	935
Operating cash flows from financing leases	25
Finance cash flows from financing leases	109
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	12,942
Financing leases	$ 4,910

Lease Commitments - Schedule _3

Lease Commitments - Schedule of Future Expected Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financing
2020	$ 1,925
2021	1,807
2022	1,866
2023	1,624
2024	1,153
Later years	1,249
Total minimum lease payments	9,624
Less: Imputed interest	885
Lease liabilities as of December 31, 2019	8,739
Operating
2020	30,660
2021	29,316
2022	28,473
2023	19,423
2024	8,833
Later years	35,489
Total minimum lease payments	152,194
Less: Imputed interest	17,614
Lease liabilities as of December 31, 2019	134,580
Operating leases
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
Public Service Company of New Mexico
Financing
2020	857
2021	803
2022	830
2023	767
2024	505
Later years	723
Total minimum lease payments	4,485
Less: Imputed interest	430
Lease liabilities as of December 31, 2019	4,055
Operating
2020	27,028
2021	26,576
2022	26,266
2023	17,735
2024	7,908
Later years	34,466
Total minimum lease payments	139,979
Less: Imputed interest	16,060
Lease liabilities as of December 31, 2019	123,919
Operating leases
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
Texas-New Mexico Power Company
Financing
2020	998
2021	934
2022	966
2023	819
2024	648
Later years	526
Total minimum lease payments	4,891
Less: Imputed interest	444
Lease liabilities as of December 31, 2019	4,447
Operating
2020	3,078
2021	2,448
2022	1,996
2023	1,508
2024	877
Later years	765
Total minimum lease payments	10,672
Less: Imputed interest	880
Lease liabilities as of December 31, 2019	$ 9,792
Operating leases
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

Fair Value of Derivative and _3

Fair Value of Derivative and Other Financial Instruments - Overview and Commodity Derivatives (Details)	Dec. 31, 2019USD ($)MW	Dec. 31, 2018USD ($)	Dec. 31, 2017MW
Public Service Company of New Mexico
Derivatives, Fair Value [Line Items]
Expected exposure to market risk (in megawatts) | MW	65		65
Power to be sold to third party (in megawatts) | MW	36		36
PNMR and PNM
Derivatives, Fair Value [Line Items]
Amounts recognized for the legal right to reclaim cash collateral	$ 0	$ 0
Amounts posted as cash collateral under margin arrangements	500,000	1,000,000
Obligations to return cash collateral	900,000	1,000,000
PNMR and PNM | Designated as hedging instrument | Commodity Contract
Derivatives, Fair Value [Line Items]
Other current assets	1,089,000	1,083,000
Other deferred charges	1,507,000	2,511,000
Total assets	2,596,000	3,594,000
Other current liabilities	(1,089,000)	(1,177,000)
Other deferred credits	(1,507,000)	(2,511,000)
Total Liabilities	(2,596,000)	(3,688,000)
Net	0	(94,000)
Other credit derivatives | Public Service Company of New Mexico | Designated as hedging instrument | Commodity Contract
Derivatives, Fair Value [Line Items]
Total assets	$ 2,600,000	$ 3,600,000
Tri-State | Public Service Company of New Mexico
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 - Effect of Mark-to-Market Instruments on Earnings (Details) - Public Service Company of New Mexico - Designated as hedging instrument - Commodity Contract - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss)	$ 0	$ (102)	$ (235)
Electric operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss)	97	(50)	5,151
Cost of energy
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss)	$ (97)	$ (52)	$ (5,386)

Fair Value of Derivative and _5

Fair Value of Derivative and Other Financial Instruments - Volume Positions and Requirements to Provide Collateral (Details) MMBTU in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)MWhMMBTU	Dec. 31, 2018USD ($)MWhMMBTU
Derivative [Line Items]
Contract in a net liability position | $	$ 0	$ 0
Long | Commodity Contract | Economic Hedges | PNMR and PNM
Derivative [Line Items]
Power-related contracts | MMBTU	0	100
Short | Commodity Contract | Economic Hedges | PNMR and PNM
Derivative [Line Items]
Power-related contracts | MWh	0	0

Fair Value of Derivative and _6

Fair Value of Derivative and Other Financial Instruments - Investment in NDTs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Equity securities:
Net gains from equity securities sold	$ 5,698	$ 4,864
Net gains (losses) from equity securities still held	18,319	(10,523)
Total net gains (losses) on equity securities	24,017	(5,659)
Available-for-sale debt securities:
Net gains (losses) on debt securities	5,572	(11,517)
Net gains (losses) on investment securities	$ 29,589	$ (17,176)

Fair Value of Derivative and _7

Fair Value of Derivative and Other Financial Instruments - Non-Derivative Financial Instruments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2018	Jan. 01, 2017
Debt Securities, Available-for-sale [Line Items]
Cumulative effect adjustment				$ 0	$ 10,382,000
Available for sale securities realized impairment losses	$ 3,000,000	$ 9,400,000	$ 3,300,000
Debt securities, unrealized loss position	0
Transfer to fair value hierarchy Level 2		0
PNMR and PNM
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale	249,818,000
Proceeds from sales	494,528,000	984,533,000	637,492,000
Gross realized gains	25,760,000	19,358,000	36,896,000
Gross realized (losses)	(17,453,000)	(16,624,000)	$ (12,993,000)
Impairment losses other than temporary included in AOCI	0
Nuclear Decommissioning Trust | Measured on a recurring basis | PNMR and PNM
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale	336,000,000	287,100,000
Mine Reclamation Trust | Measured on a recurring basis | PNMR and PNM
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale	$ 52,800,000	$ 41,100,000
Retained Earnings
Debt Securities, Available-for-sale [Line Items]
Cumulative effect adjustment				11,208,000	$ 10,382,000
Accounting Standards Update 2016-01 | Retained Earnings
Debt Securities, Available-for-sale [Line Items]
Cumulative effect adjustment				$ 11,200,000
Minimum
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets distribution period	10 years
Maximum
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets distribution period	15 years
Pension Plan | Equity Securities
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets	30.00%
Pension Plan | Alternative Investments
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets	20.00%
Pension Plan | Fixed income
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets	50.00%

Fair Value of Derivative and _8

Fair Value of Derivative and Other Financial Instruments - Maturities of Securities (Details) - PNMR and PNM $ in Thousands	Dec. 31, 2019USD ($)
Available-for-Sale
Within 1 year	$ 20,148
After 1 year through 5 years	80,052
After 5 years through 10 years	84,603
After 10 years through 15 years	13,090
After 15 years through 20 years	11,950
After 20 years	39,975
Debt securities, available-for-sale	$ 249,818

Fair Value of Derivative and _9

Fair Value of Derivative and Other Financial Instruments - Items Recorded at Fair Value (Details) - Public Service Company of New Mexico - Measured on a recurring basis - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	$ 388,832	$ 328,242
Unrealized Gains	14,297	2,600
Commodity Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets	2,596	3,594
Commodity derivative liabilities	(2,596)	(3,688)
Net	0	(94)
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	15,606	11,472
Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	64,527	32,997
Unrealized Gains
Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	9,033	7,258
Unrealized Gains
Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	49,848	70,777
Unrealized Gains
U.S. Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	48,439	29,503
Unrealized Gains	535	1,098
International government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	15,292	8,435
Unrealized Gains	1,193	90
Municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	46,642	53,642
Unrealized Gains	1,768	489
Corporate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	139,445	114,158
Unrealized Gains	10,801	923
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	163,707	136,150
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity Contract
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
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	15,606	11,472
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	64,527	32,997
Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	2,212	1,654
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	49,786	70,777
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	31,389	18,662
Quoted Prices in Active Markets for Identical Assets (Level 1) | International government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	187	588
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	225,125	189,936
Significant Other Observable Inputs (Level 2) | Commodity Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets	2,596	3,594
Commodity derivative liabilities	(2,596)	(3,688)
Net	0	(94)
Significant Other Observable Inputs (Level 2) | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Significant Other Observable Inputs (Level 2) | Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	0
Significant Other Observable Inputs (Level 2) | Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	6,821	5,604
Significant Other Observable Inputs (Level 2) | Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	62	0
Significant Other Observable Inputs (Level 2) | U.S. Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	17,050	10,841
Significant Other Observable Inputs (Level 2) | International government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	15,292	8,435
Significant Other Observable Inputs (Level 2) | Municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	46,642	53,642
Significant Other Observable Inputs (Level 2) | Corporate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	139,258	111,414
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	2,156
Significant Unobservable Inputs (Level 3) | Commodity Contract
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
Significant Unobservable Inputs (Level 3) | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Significant Unobservable Inputs (Level 3) | Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	0
Significant Unobservable Inputs (Level 3) | Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	0
Significant Unobservable Inputs (Level 3) | Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	0
Significant Unobservable Inputs (Level 3) | U.S. Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	0
Significant Unobservable Inputs (Level 3) | International government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	0
Significant Unobservable Inputs (Level 3) | Municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	0
Significant Unobservable Inputs (Level 3) | Corporate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	$ 0	$ 2,156

Fair Value of Derivative and_10

Fair Value of Derivative and Other Financial Instruments - Defined Benefit Plans Disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	$ 2,156
Fair value of plan assets at end of year	0	$ 2,156
Significant Unobservable Inputs (Level 3) | Mutual Fund
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year		0
Actual return on assets sold during the period	(84)	(38)
Actual return on assets still held at period end	56	(107)
Purchases	3,110	5,539
Sales	(5,238)	(3,238)
Public Service Company of New Mexico | Pension Plan
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	489,978	562,016
Fair value of plan assets at end of year	531,467	489,978
Public Service Company of New Mexico | Pension Plan | Participation in PNMR Master Trust Investments: | Fair Value Measurement [Domain]
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	412,790
Fair value of plan assets at end of year	445,984	412,790
Public Service Company of New Mexico | Pension Plan | Participation in PNMR Master Trust Investments:
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	489,664
Fair value of plan assets at end of year	532,659	489,664
Public Service Company of New Mexico | Pension Plan | Participation in PNMR Master Trust Investments: | Estimate of Fair Value Measurement
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	76,874
Fair value of plan assets at end of year	86,675	76,874
Public Service Company of New Mexico | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets owned	86,749	69,703
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	69,703	80,356
Fair value of plan assets at end of year	86,400	69,703
Public Service Company of New Mexico | Other Postretirement Benefits | Cash and cash equivalents
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	190
Fair value of plan assets at end of year	1,022	190
Public Service Company of New Mexico | Other Postretirement Benefits | Mutual funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	69,513
Fair value of plan assets at end of year	85,727	69,513
Public Service Company of New Mexico | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Plan | Participation in PNMR Master Trust Investments:
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	139,673
Fair value of plan assets at end of year	152,158	139,673
Public Service Company of New Mexico | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets owned	40,383	32,515
Public Service Company of New Mexico | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Postretirement Benefits | Cash and cash equivalents
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	190
Fair value of plan assets at end of year	1,022	190
Public Service Company of New Mexico | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Postretirement Benefits | Mutual funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	32,325
Fair value of plan assets at end of year	39,361	32,325
Public Service Company of New Mexico | Significant Other Observable Inputs (Level 2) | Pension Plan | Participation in PNMR Master Trust Investments:
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	272,829
Fair value of plan assets at end of year	293,826	272,829
Public Service Company of New Mexico | Significant Other Observable Inputs (Level 2) | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets owned	46,366	37,188
Public Service Company of New Mexico | Significant Other Observable Inputs (Level 2) | Other Postretirement Benefits | Cash and cash equivalents
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
Public Service Company of New Mexico | Significant Other Observable Inputs (Level 2) | Other Postretirement Benefits | Mutual funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	37,188
Fair value of plan assets at end of year	46,366	37,188
Public Service Company of New Mexico | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	288	191
Fair value of plan assets at end of year	0	288
Public Service Company of New Mexico | Significant Unobservable Inputs (Level 3) | U.S. government
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Actual return on assets sold during the period	(48)	(7)
Actual return on assets still held at period end	0	(1)
Purchases	133	192
Sales	(373)	(87)
Public Service Company of New Mexico | Significant Unobservable Inputs (Level 3) | Pension Plan | Participation in PNMR Master Trust Investments:
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	288
Fair value of plan assets at end of year	0	288
Public Service Company of New Mexico | Significant Unobservable Inputs (Level 3) | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets owned	0	0
Public Service Company of New Mexico | Significant Unobservable Inputs (Level 3) | Other Postretirement Benefits | Cash and cash equivalents
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
Public Service Company of New Mexico | Significant Unobservable Inputs (Level 3) | Other Postretirement Benefits | Mutual funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
Texas-New Mexico Power Company | Pension Plan
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	55,074	63,499
Fair value of plan assets at end of year	59,367	55,074
Texas-New Mexico Power Company | Pension Plan | Participation in PNMR Master Trust Investments: | Fair Value Measurement [Domain]
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	45,283
Fair value of plan assets at end of year	49,353	45,283
Texas-New Mexico Power Company | Pension Plan | Participation in PNMR Master Trust Investments:
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	54,661
Fair value of plan assets at end of year	59,327	54,661
Texas-New Mexico Power Company | Pension Plan | Participation in PNMR Master Trust Investments: | Estimate of Fair Value Measurement
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	9,378
Fair value of plan assets at end of year	9,974	9,378
Texas-New Mexico Power Company | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets owned	10,910	8,791
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	8,744	10,002
Fair value of plan assets at end of year	10,844	8,744
Texas-New Mexico Power Company | Other Postretirement Benefits | Cash and cash equivalents
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	66
Fair value of plan assets at end of year	275	66
Texas-New Mexico Power Company | Other Postretirement Benefits | Mutual funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	8,725
Fair value of plan assets at end of year	10,635	8,725
Texas-New Mexico Power Company | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Plan | Participation in PNMR Master Trust Investments:
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	15,149
Fair value of plan assets at end of year	17,335	15,149
Texas-New Mexico Power Company | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets owned	4,350	3,789
Texas-New Mexico Power Company | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Postretirement Benefits | Cash and cash equivalents
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	66
Fair value of plan assets at end of year	275	66
Texas-New Mexico Power Company | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Postretirement Benefits | Mutual funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	3,723
Fair value of plan assets at end of year	4,075	3,723
Texas-New Mexico Power Company | Significant Other Observable Inputs (Level 2) | Pension Plan | Participation in PNMR Master Trust Investments:
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	30,101
Fair value of plan assets at end of year	32,018	30,101
Texas-New Mexico Power Company | Significant Other Observable Inputs (Level 2) | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets owned	6,560	5,002
Texas-New Mexico Power Company | Significant Other Observable Inputs (Level 2) | Other Postretirement Benefits | Cash and cash equivalents
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
Texas-New Mexico Power Company | Significant Other Observable Inputs (Level 2) | Other Postretirement Benefits | Mutual funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	5,002
Fair value of plan assets at end of year	6,560	5,002
Texas-New Mexico Power Company | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	33	21
Fair value of plan assets at end of year	0	33
Texas-New Mexico Power Company | Significant Unobservable Inputs (Level 3) | U.S. government
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Actual return on assets sold during the period	(5)	(1)
Actual return on assets still held at period end	0	0
Purchases	15	23
Sales	(43)	(10)
Texas-New Mexico Power Company | Significant Unobservable Inputs (Level 3) | Pension Plan | Participation in PNMR Master Trust Investments:
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	33
Fair value of plan assets at end of year	0	33
Texas-New Mexico Power Company | Significant Unobservable Inputs (Level 3) | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets owned	0	0
Texas-New Mexico Power Company | Significant Unobservable Inputs (Level 3) | Other Postretirement Benefits | Cash and cash equivalents
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
Texas-New Mexico Power Company | Significant Unobservable Inputs (Level 3) | Other Postretirement Benefits | Mutual funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
PNMR | Fair Value Measurement [Domain]
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	458,073
Fair value of plan assets at end of year	495,337	458,073
PNMR
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	544,325
Fair value of plan assets at end of year	591,986	544,325
PNMR | Cash and cash equivalents
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	20,120
Fair value of plan assets at end of year	19,982	20,120
PNMR | International funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	54,270
Fair value of plan assets at end of year	68,497	54,270
PNMR | Domestic value
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	874
Fair value of plan assets at end of year	825	874
PNMR | Domestic growth
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	143,517
Fair value of plan assets at end of year	172,326	143,517
PNMR | U.S. government
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	84,459
Fair value of plan assets at end of year	90,970	84,459
PNMR | International government
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	5,721
Fair value of plan assets at end of year	5,411	5,721
PNMR | Municipals
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	9,558
Fair value of plan assets at end of year	6,980	9,558
PNMR | Corporate and other
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	139,554
Fair value of plan assets at end of year	130,346	139,554
PNMR | Private equity funds | Estimate of Fair Value Measurement
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	18,021
Fair value of plan assets at end of year	15,827	18,021
PNMR | Hedge funds | Estimate of Fair Value Measurement
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	45,589
Fair value of plan assets at end of year	47,618	45,589
PNMR | Real estate funds | Estimate of Fair Value Measurement
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	22,642
Fair value of plan assets at end of year	33,204	22,642
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	154,822
Fair value of plan assets at end of year	169,493	154,822
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and cash equivalents
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	20,120
Fair value of plan assets at end of year	19,982	20,120
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | International funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	54,270
Fair value of plan assets at end of year	68,497	54,270
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | Domestic value
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | Domestic growth
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	80,482
Fair value of plan assets at end of year	81,014	80,482
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | International government
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipals
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate and other
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	(50)
Fair value of plan assets at end of year	0	(50)
PNMR | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	302,930
Fair value of plan assets at end of year	325,844	302,930
PNMR | Significant Other Observable Inputs (Level 2) | Cash and cash equivalents
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
PNMR | Significant Other Observable Inputs (Level 2) | International funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
PNMR | Significant Other Observable Inputs (Level 2) | Domestic value
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	874
Fair value of plan assets at end of year	825	874
PNMR | Significant Other Observable Inputs (Level 2) | Domestic growth
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	143,517
Fair value of plan assets at end of year	172,326	143,517
PNMR | Significant Other Observable Inputs (Level 2) | U.S. government
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	3,977
Fair value of plan assets at end of year	9,956	3,977
PNMR | Significant Other Observable Inputs (Level 2) | International government
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	5,721
Fair value of plan assets at end of year	5,411	5,721
PNMR | Significant Other Observable Inputs (Level 2) | Municipals
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	9,558
Fair value of plan assets at end of year	6,980	9,558
PNMR | Significant Other Observable Inputs (Level 2) | Corporate and other
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	139,283
Fair value of plan assets at end of year	130,346	139,283
PNMR | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	321	212
Fair value of plan assets at end of year	0	321
PNMR | Significant Unobservable Inputs (Level 3) | Cash and cash equivalents
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
PNMR | Significant Unobservable Inputs (Level 3) | International funds
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
PNMR | Significant Unobservable Inputs (Level 3) | Domestic value
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
PNMR | Significant Unobservable Inputs (Level 3) | Domestic growth
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
PNMR | Significant Unobservable Inputs (Level 3) | U.S. government
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Actual return on assets sold during the period	(53)	(8)
Actual return on assets still held at period end	0	(1)
Purchases	148	215
Sales	(416)	(97)
Fair value of plan assets at end of year	0	0
PNMR | Significant Unobservable Inputs (Level 3) | International government
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
PNMR | Significant Unobservable Inputs (Level 3) | Municipals
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0	0
PNMR | Significant Unobservable Inputs (Level 3) | Corporate and other
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	321
Fair value of plan assets at end of year	$ 0	$ 321

Fair Value of Derivative and_11

Fair Value of Derivative and Other Financial Instruments - Items not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
PNMR
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 3,142,704	$ 2,703,810
PNMR | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	3,007,717	2,670,111
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
PNMR | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	3,142,074	2,703,810
PNMR | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Public Service Company of New Mexico
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,795,149	1,668,736
Public Service Company of New Mexico | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,748,020	1,656,490
Public Service Company of New Mexico | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Public Service Company of New Mexico | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,795,149	1,668,736
Public Service Company of New Mexico | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Texas-New Mexico Power Company
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	753,317	597,236
Texas-New Mexico Power Company | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	670,691	575,398
Texas-New Mexico Power Company | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Texas-New Mexico Power Company | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	753,317	597,236
Texas-New Mexico Power Company | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 0	$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details)	Feb. 01, 2016USD ($)	Jan. 31, 2016USD ($)	Dec. 31, 2019USD ($)MW	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Results of Operations
Earnings attributable to non-controlling interest			$ 14,241,000	$ 15,112,000	$ 15,017,000
Financial Position
Current assets			294,010,000	302,524,000
Total assets			7,298,774,000	6,865,551,000	6,646,103,000
Current liabilities			967,481,000	512,453,000
Owners’ equity – non-controlling interest			63,052,000	64,212,000
Public Service Company of New Mexico
Results of Operations
Earnings attributable to non-controlling interest			14,241,000	15,112,000	15,017,000
Financial Position
Current assets			259,195,000	270,319,000
Total assets			5,242,991,000	5,035,883,000
Current liabilities			593,236,000	223,023,000
Owners’ equity – non-controlling interest			$ 63,052,000	64,212,000
Public Service Company of New Mexico | Valencia
Variable Interest Entity [Line Items]
Number of megawatts purchased (in megawatts) | MW			158
Payment for fixed charges			$ 19,900,000	19,600,000	19,600,000
Payment for variable charges			$ 1,200,000	1,400,000	1,300,000
Purchase price, percentage of the book value reduced by related indebtedness			50.00%
Purchase price, percentage of fair market value			50.00%
Results of Operations
Operating revenues			$ 21,073,000	21,025,000	20,887,000
Operating expenses			(6,832,000)	(5,913,000)	(5,870,000)
Earnings attributable to non-controlling interest			14,241,000	15,112,000	$ 15,017,000
Financial Position
Current assets			5,094,000	2,684,000
Net property, plant and equipment			58,581,000	62,066,000
Total assets			63,675,000	64,750,000
Current liabilities			623,000	538,000
Owners’ equity – non-controlling interest			$ 63,052,000	$ 64,212,000
Public Service Company of New Mexico | Valencia | Maximum
Variable Interest Entity [Line Items]
Option to purchase a percentage of the plant or VIE (up to )			50.00%
NM Capital | Coal Supply | San Juan Generating Station
Financial Position
Loan agreement	$ 125,000,000	$ 125,000,000
Issuance in letters of credit		$ 30,300,000	$ 30,300,000

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets	4.00%
Amortization of gains and losses that are outside the corridor	5 years
Other expenses	$ 15,328,000	$ 15,696,000	$ 24,247,000
Maximum annual contributions per employee	75.00%
Employer matching contribution, percent of employees' gross pay	6.00%
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-matching contribution of eligible compensation based on eligible employee's age	3.00%
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-matching contribution of eligible compensation based on eligible employee's age	10.00%
Public Service Company of New Mexico
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other expenses	$ 11,813,000	11,128,000	18,556,000
Texas-New Mexico Power Company
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other expenses	$ 1,428,000	$ 1,422,000	$ 1,443,000
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term return resulting from effect of 1% change	1.00%
Expected long-term return resulting from effect of one-percentage point increase (as a percent)	1.00%
Expected employer contributions to pension plans	$ 0
Pension Plan | Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average discount rate related to anticipated contributions	3.40%
Pension Plan | Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average discount rate related to anticipated contributions	3.50%
Pension Plan | Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets	30.00%
Pension Plan | Fixed income
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets	50.00%
Pension Plan | Alternative Investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets	20.00%
Pension Plan | Public Service Company of New Mexico
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets	6.86%	6.54%	6.40%
Expected long-term return on assets decrease resulting in increase net periodic costs In next fiscal year	$ 5,000,000
Rate of return for retirement plan	18.50%
Expected employer contributions in year 4	$ 4,600,000
Expected employer contributions in year 5	19,100,000
Expected employer contributions in year 6	19,000,000
Actuarial gains (losses) recorded as regulatory assets	(8,926,000)
Employer contributions	$ 0	$ 0
Pension Plan | Texas-New Mexico Power Company
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets	6.90%	6.57%	6.40%
Expected long-term return on assets decrease resulting in increase net periodic costs In next fiscal year	$ 600,000
Rate of return for retirement plan	18.90%
Expected employer contributions in year 4	$ 0
Expected employer contributions in year 5	1,100,000
Expected employer contributions in year 6	2,800,000
Actuarial gains (losses) recorded as regulatory assets	(1,877,000)
Employer contributions	$ 0	$ 0
Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term return resulting from effect of 1% change	1.00%
Other Postretirement Benefits | Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets	70.00%
Other Postretirement Benefits | Fixed income
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets	30.00%
Other Postretirement Benefits | Public Service Company of New Mexico
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets	7.20%	7.42%	7.50%
Expected long-term return on assets decrease resulting in increase net periodic costs In next fiscal year	$ 800,000
Rate of return for retirement plan	28.10%
Actuarial gains (losses) recorded as regulatory assets	$ 11,400,000
Employer contributions	3,580,000	$ 2,924,000
Expected employer disbursements for next fiscal year	3,700,000
Expected employer disbursements by employer in year 3 through year 6	$ 13,500,000
Other Postretirement Benefits | Texas-New Mexico Power Company
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets	5.80%	5.86%	5.40%
Expected long-term return on assets decrease resulting in increase net periodic costs In next fiscal year	$ 100,000
Rate of return for retirement plan	28.40%
Actuarial gains (losses) recorded as regulatory assets	$ 900,000
Effect of 1%-point change in assumed health care cost trend rates on net periodic expense and APBO	0
Employer contributions	0	$ 343,000
Other Postretirement Benefits | PNM and TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	0
Expected employer contributions in fiscal year through year 6	0
Executive Retirement Program | Public Service Company of New Mexico
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actuarial gains (losses) recorded as regulatory assets	(1,053,000)
Expected disbursements by employer	1,400,000	1,500,000
Executive Retirement Program | Texas-New Mexico Power Company
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actuarial gains (losses) recorded as regulatory assets	(54,000)
Expected disbursements by employer	$ 100,000	$ 100,000
Accounting Standards Update 2017-07
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other expenses			$ 8,600,000
Non-US | Pension Plan | Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets		7.00%

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - APBO, PBO, Fair Value of Plan Assets, and Funded Status of the Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Non-current liability	$ 95,037	$ 100,375
Public Service Company of New Mexico
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Non-current liability	87,838	92,981
Public Service Company of New Mexico | Pension Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	564,258	623,983
Service cost	0	0	$ 0
Interest cost	25,175	24,270	26,908
Actuarial (gain) loss	61,151	(41,025)
Benefits paid	(44,839)	(42,970)
Balance at end of year	605,745	564,258	623,983
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	489,978	562,016
Actual return on plan assets	86,328	(29,068)
Employer contributions	0	0
Fair value of plan assets at end of year	531,467	489,978	562,016
Funded status – asset (liability) for pension benefits	(74,278)	(74,280)
Public Service Company of New Mexico | Other Postretirement Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	75,305	89,897
Service cost	53	83	96
Interest cost	3,316	3,439	4,025
Participant contributions	2,131	2,390
Actuarial (gain) loss	2,587	(12,206)
Benefits paid	(8,271)	(8,298)
Balance at end of year	75,121	75,305	89,897
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	69,703	80,356
Actual return on plan assets	19,257	(7,669)
Employer contributions	3,580	2,924
Fair value of plan assets at end of year	86,400	69,703	80,356
Funded status – asset (liability) for pension benefits	11,279	(5,602)
Public Service Company of New Mexico | Executive Retirement Program
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	14,726	16,117
Service cost	0	0	0
Interest cost	651	622	697
Actuarial (gain) loss	1,053	(508)
Benefits paid	(1,436)	(1,505)
Balance at end of year	14,994	14,726	16,117
Less current liability	1,434	1,627
Non-current liability	13,560	13,099
Texas-New Mexico Power Company
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Non-current liability	7,199	7,394
Texas-New Mexico Power Company | Pension Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	60,587	68,423
Service cost	0	0	0
Interest cost	2,686	2,625	2,887
Actuarial (gain) loss	7,889	(5,216)
Benefits paid	(5,588)	(5,245)
Balance at end of year	65,574	60,587	68,423
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	55,074	63,499
Actual return on plan assets	9,881	(3,180)
Employer contributions	0	0
Fair value of plan assets at end of year	59,367	55,074	63,499
Funded status – asset (liability) for pension benefits	(6,207)	(5,513)
Texas-New Mexico Power Company | Other Postretirement Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	10,064	12,279
Service cost	50	134	143
Interest cost	451	477	556
Participant contributions	316	174
Actuarial (gain) loss	1,004	(2,213)
Benefits paid	(650)	(787)
Balance at end of year	11,235	10,064	12,279
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	8,744	10,002
Actual return on plan assets	2,434	(988)
Employer contributions	0	343
Fair value of plan assets at end of year	10,844	8,744	10,002
Funded status – asset (liability) for pension benefits	(391)	(1,320)
Texas-New Mexico Power Company | Executive Retirement Program
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	702	771
Service cost	0	0	0
Interest cost	30	29	33
Actuarial (gain) loss	54	(4)
Benefits paid	(94)	(94)
Balance at end of year	692	702	$ 771
Less current liability	91	141
Non-current liability	$ 601	$ 561

Pension and Other Postretirem_5

Pension and Other Postretirement Benefits - Actuarial (Gain) Loss Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Public Service Company of New Mexico | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rates	$ 66,108	$ (34,769)
Claims, contributions, and demographic experience	(732)	431
Mortality rate	(4,225)	(6,966)
Other assumptions and experience	0	279
Actuarial (gain) loss	61,151	(41,025)
Public Service Company of New Mexico | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rates	7,236	(4,076)
Claims, contributions, and demographic experience	(4,022)	(3,174)
Mortality rate	(627)	(916)
Assumed participation rate	0	(4,040)
Actuarial (gain) loss	2,587	(12,206)
Texas-New Mexico Power Company | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rates	8,006	(4,278)
Claims, contributions, and demographic experience	394	(301)
Mortality rate	(296)	(705)
Other assumptions and experience	(215)	68
Actuarial (gain) loss	7,889	(5,216)
Texas-New Mexico Power Company | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rates	1,375	(710)
Claims, contributions, and demographic experience	(311)	72
Mortality rate	(60)	(114)
Assumed participation rate	0	(1,461)
Actuarial (gain) loss	$ 1,004	$ (2,213)

Pension and Other Postretirem_6

Pension and Other Postretirement Benefits - Pre-Tax Information about Prior Service Cost and Net Actuarial (Gain) loss in AOCI (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Public Service Company of New Mexico | Pension Plan
Net actuarial (gain) loss
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year	$ 150,274
Experience (gain) loss	8,926
Regulatory asset (liability) adjustment	(5,539)
Amortization recognized in net periodic benefit cost (income)	(7,270)
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at end of year	146,391
Amortization expected to be recognized in 2020	8,131
Public Service Company of New Mexico | Executive Retirement Program
Net actuarial (gain) loss
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year	2,086
Experience (gain) loss	1,053
Regulatory asset (liability) adjustment	(611)
Amortization recognized in net periodic benefit cost (income)	(133)
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at end of year	2,395
Amortization expected to be recognized in 2020	169
Texas-New Mexico Power Company | Pension Plan
Net actuarial (gain) loss
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year	0
Experience (gain) loss	1,877
Regulatory asset (liability) adjustment	(1,877)
Amortization recognized in net periodic benefit cost (income)	0
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at end of year	0
Amortization expected to be recognized in 2020	0
Texas-New Mexico Power Company | Executive Retirement Program
Net actuarial (gain) loss
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year	0
Experience (gain) loss	54
Regulatory asset (liability) adjustment	(54)
Amortization recognized in net periodic benefit cost (income)	0
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at end of year	0
Amortization expected to be recognized in 2020	$ 0

Pension and Other Postretirem_7

Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Income) Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Public Service Company of New Mexico | Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 0	$ 0	$ 0
Interest cost	25,175	24,270	26,908
Expected return on plan assets	(34,103)	(34,686)	(33,803)
Amortization of net (gain) loss	15,518	16,348	16,006
Amortization of prior service cost	(965)	(965)	(965)
Net periodic benefit cost	5,625	4,967	8,146
Public Service Company of New Mexico | Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	53	83	96
Interest cost	3,316	3,439	4,025
Expected return on plan assets	(5,278)	(5,414)	(5,230)
Amortization of net (gain) loss	675	2,354	3,682
Amortization of prior service cost	(397)	(1,664)	(1,663)
Net periodic benefit cost	(1,631)	(1,202)	910
Public Service Company of New Mexico | Executive Retirement Program
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	0
Interest cost	651	622	697
Amortization of net (gain) loss	318	359	313
Amortization of prior service cost	0	0	0
Net periodic benefit cost	969	981	1,010
Texas-New Mexico Power Company | Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	0
Interest cost	2,686	2,625	2,887
Expected return on plan assets	(3,868)	(3,963)	(3,779)
Amortization of net (gain) loss	941	1,088	923
Amortization of prior service cost	0	0	0
Net periodic benefit cost	(241)	(250)	31
Texas-New Mexico Power Company | Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	50	134	143
Interest cost	451	477	556
Expected return on plan assets	(517)	(542)	(456)
Amortization of net (gain) loss	(444)	(227)	(79)
Amortization of prior service cost	0	0	0
Net periodic benefit cost	(460)	(158)	164
Texas-New Mexico Power Company | Executive Retirement Program
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	0
Interest cost	30	29	33
Amortization of net (gain) loss	15	15	9
Amortization of prior service cost	0	0	0
Net periodic benefit cost	$ 45	$ 44	$ 42

Pension and Other Postretirem_8

Pension and Other Postretirement Benefits - Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	4.00%
Public Service Company of New Mexico | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining PBO and APBO	3.42%	4.65%	4.05%
Discount rate for determining net periodic benefit cost (income)	4.65%	4.05%	4.51%
Expected return on plan assets	6.86%	6.54%	6.40%
Public Service Company of New Mexico | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining PBO and APBO	3.42%	4.63%	4.00%
Discount rate for determining net periodic benefit cost (income)	4.63%	4.00%	4.47%
Expected return on plan assets	7.20%	7.42%	7.50%
Public Service Company of New Mexico | Executive Retirement Program
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining PBO and APBO	3.44%	4.66%	4.05%
Discount rate for determining net periodic benefit cost (income)	4.66%	4.05%	4.51%
Texas-New Mexico Power Company | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining PBO and APBO	3.46%	4.63%	4.01%
Discount rate for determining net periodic benefit cost (income)	4.63%	4.01%	4.49%
Expected return on plan assets	6.90%	6.57%	6.40%
Texas-New Mexico Power Company | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining PBO and APBO	3.42%	4.63%	4.00%
Discount rate for determining net periodic benefit cost (income)	4.63%	4.00%	4.47%
Expected return on plan assets	5.80%	5.86%	5.40%
Texas-New Mexico Power Company | Executive Retirement Program
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining PBO and APBO	3.46%	4.63%	4.01%
Discount rate for determining net periodic benefit cost (income)	4.63%	4.01%	4.49%

Pension and Other Postretirem_9

Pension and Other Postretirement Benefits - Pension Benefit Payments are Expected to be Paid (Details) $ in Thousands	Dec. 31, 2019USD ($)
Public Service Company of New Mexico | Pension Plan
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2020	$ 46,600
2021	45,636
2022	44,702
2023	43,595
2024	42,637
2024 - 2028	193,885
Public Service Company of New Mexico | Other Postretirement Benefits
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2020	6,770
2021	6,584
2022	6,216
2023	6,017
2024	5,755
2024 - 2028	24,122
Public Service Company of New Mexico | Executive Retirement Program
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2020	1,459
2021	1,424
2022	1,383
2023	1,335
2024	1,280
2024 - 2028	5,419
Texas-New Mexico Power Company | Pension Plan
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2020	5,321
2021	5,244
2022	5,111
2023	4,895
2024	4,652
2024 - 2028	20,846
Texas-New Mexico Power Company | Other Postretirement Benefits
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2020	647
2021	670
2022	695
2023	709
2024	719
2024 - 2028	3,497
Texas-New Mexico Power Company | Executive Retirement Program
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2020	93
2021	90
2022	86
2023	82
2024	76
2024 - 2028	$ 273

Pension and Other Postretire_10

Pension and Other Postretirement Benefits - Assumed Health Care Cost Trend Rates and Impact of a One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) - Public Service Company of New Mexico - Other Postretirement Benefits - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]
Health care cost trend rate assumed for next year	6.50%	6.50%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%
Year that the rate reaches the ultimate trend rate	2026	2026
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract]
1-Percentage-Point Increase, Effect on total of service and interest cost	$ 55
1-Percentage-Point Increase, Effect on APBO	1,310
1-Percentage-Point Decrease, Effect on total of service and interest cost	(77)
1-Percentage-Point Decrease, Effect on APBO	$ (1,744)

Pension and Other Postretire_11

Pension and Other Postretirement Benefits - Other Postretirement Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
401(k) plan
Defined Contribution Plan [Abstract]
401(k) plan	$ 16,097	$ 16,677	$ 16,452
401(k) plan | Public Service Company of New Mexico
Defined Contribution Plan [Abstract]
401(k) plan	11,587	12,052	12,120
401(k) plan | Texas-New Mexico Power Company
Defined Contribution Plan [Abstract]
401(k) plan	4,511	4,625	4,332
Non-qualified plan
Defined Contribution Plan [Abstract]
Non-qualified plan	4,551	865	3,702
Non-qualified plan | Public Service Company of New Mexico
Defined Contribution Plan [Abstract]
Non-qualified plan	3,384	621	2,834
Non-qualified plan | Texas-New Mexico Power Company
Defined Contribution Plan [Abstract]
Non-qualified plan	$ 1,167	$ 244	$ 868

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Equity Plan and Accounting for Stock Awards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2018	Jan. 01, 2017	May 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for stock-based arrangements	$ 6,400	$ 7,100	$ 6,200
Cumulative effect adjustment				$ 0	$ 10,382
Accumulated deferred income taxes	(626,058)	(600,719)
Accounting Standards Update 2016-09
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accumulated deferred income taxes		10,400
Retained Earnings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect adjustment				11,208	$ 10,382
Retained Earnings | Accounting Standards Update 2016-09
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect adjustment		10,400
Restricted Shares and Performance-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 3,500
Period to recognize compensation expense	1 year 6 months 7 days
Public Service Company of New Mexico
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for stock-based arrangements	$ 4,200	4,900	4,400
Cumulative effect adjustment				0
Accumulated deferred income taxes	(521,990)	(502,767)
Public Service Company of New Mexico | Retained Earnings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect adjustment				$ 11,208
Texas-New Mexico Power Company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for stock-based arrangements	2,200	2,200	$ 1,800
Accumulated deferred income taxes	$ (140,151)	$ (136,238)
Performance Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for awards	3 years
Vesting rate	100.00%
Number of shares authorized (in shares)						13,500,000
Charge to share pool for each share awarded	5
Performance Equity Plan | Nonemployee Members of the Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for awards	1 year

Stock-Based Compensation - Exce

Stock-Based Compensation - Excess Tax Benefits (Details) - Accounting Standards Update 2016-09 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Public Service Company of New Mexico
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefit from share-based compensation, operating activities	$ 559	$ 1,007	$ 1,708
Texas-New Mexico Power Company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefit from share-based compensation, operating activities	236	377	616
PNMR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefit from share-based compensation, operating activities	$ 795	$ 1,384	$ 2,324

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Shares and Performance-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected quarterly dividends per share (in dollars per share)	$ 0.2900	$ 0.2650	$ 0.2425
Risk-free interest rate	2.47%	2.38%	1.50%
Market-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	2.59%	2.96%	2.67%
Expected volatility	19.55%	19.12%	20.80%
Risk-free interest rate	2.51%	2.36%	1.54%

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Awards (Details) - USD ($)	Mar. 02, 2018	Mar. 03, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2018	Feb. 28, 2017	Dec. 31, 2015	Jan. 01, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Additional pre tax expense			$ 6,400,000	$ 7,100,000	$ 6,200,000
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, Options, Additional Disclosures [Abstract]
Number of shares authorized (in shares)						35,906		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, Options, Additional Disclosures [Abstract]
Number of shares authorized (in shares)						17,953
Executive Vice President and Chief Financial Officer | Common Stock | Achieved performance target for 2015 and 2016
Restricted Stock, Shares
Granted (in shares)	7,670	2,754
Restricted Stock, Weighted-Average Grant Date Fair Value
Granted (in dollars per share)	$ 35.85	$ 36.30
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Number of shares approved upon meeting target (in shares)							100,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted-average grant date fair value (in dollars per share)	$ 35.85	$ 36.30
Executive Vice President and Chief Financial Officer | Common Stock | Achieved performance target for 2015, 2016 and 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Value of stock to be granted if performance targets are achieved									$ 275,000
Restricted Stock
Restricted Stock, Shares
Beginning balance (in shares)			166,651
Granted (in shares)			134,573
Exercised (in shares)			(138,001)
Forfeited (in shares)			(1,681)
Expired (in shares)			0
Ending balance (in shares)			161,542	166,651
Restricted Stock, Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)			$ 32.93
Granted (in dollars per share)			37.92	$ 29.65	$ 23.06
Exercised (in dollars per share)			31.44
Forfeited (in dollars per share)			39.61
Expired (in dollars per share)			0
Ending balance (in dollars per share)			$ 38.21	32.93
Stock Options, Shares
Expired (in shares)			0
Options, Weighted Average Exercise Price
Expired (in dollars per share)			$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted-average grant date fair value (in dollars per share)			$ 37.92	$ 29.65	$ 23.06
Total fair value of restricted shares that vested			$ 6,246,000	$ 8,558,000	$ 5,747,000
Stock Options
Restricted Stock, Shares
Expired (in shares)			0
Restricted Stock, Weighted-Average Grant Date Fair Value
Expired (in dollars per share)			$ 0
Stock Options, Shares
Beginning balance (in shares)			81,000
Granted (in shares)			0
Exercised (in shares)			(79,000)
Forfeited (in shares)			0
Expired (in shares)			0
Ending balance (in shares)			2,000	81,000
Options, Weighted Average Exercise Price
Beginning balance (in dollars per share)			$ 11.94
Granted (in dollars per share)			0
Exercised (in dollars per share)			11.93
Forfeited (in dollars per share)			0
Expired (in dollars per share)			0
Ending balance (in dollars per share)			$ 12.22	$ 11.94
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Aggregate intrinsic value of stock options outstanding			$ 100,000
Exercise price of stock options that are greater than the closing price (in shares)			0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Total intrinsic value of options exercised			$ 2,617,000	$ 3,117,000	2,234,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Additional pre tax expense				1,000,000
Performance Shares | Executive
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Shares excluded in year two (in shares)			150,543
Shares excluded in year three (in shares)			147,202
Performance period			3 years
Performance Shares | Executive | Achieved performance target for 2016 through 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Shares excluded (in shares)			47,279
Weighted percentage assigned to achieving market targets			40.00%
Weighted percentage assigned to achieving performance targets			60.00%
Performance Shares | Executive | Achieved performance target for 2017 through 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Shares excluded (in shares)			122,277
Public Service Company of New Mexico
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Additional pre tax expense			$ 4,200,000	4,900,000	4,400,000
Public Service Company of New Mexico | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Additional pre tax expense				700,000
Texas-New Mexico Power Company
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Additional pre tax expense			$ 2,200,000	2,200,000	$ 1,800,000
Texas-New Mexico Power Company | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Additional pre tax expense				$ 300,000

Regulatory Assets and Liabili_3

Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Regulatory Assets
Current	$ 7,373	$ 4,534
Non-Current	556,930	598,930
Regulatory Liabilities
Current	(505)	(9,446)
Non-Current	(866,243)	(891,428)
Public Service Company of New Mexico
Regulatory Assets
Current	7,373	4,534
Non-Current	435,467	460,903
Total regulatory assets	442,840	465,437
Regulatory Liabilities
Current	(371)	(5,975)
Non-Current	(683,398)	(713,971)
Total regulatory liabilities	(683,769)	(719,946)
Public Service Company of New Mexico | Renewable energy rider
Regulatory Liabilities
Current	0	(4,475)
Public Service Company of New Mexico | Other
Regulatory Liabilities
Current	(371)	(1,500)
Public Service Company of New Mexico | Cost of removal
Regulatory Liabilities
Non-Current	(271,025)	(263,597)
Public Service Company of New Mexico | Deferred income taxes
Regulatory Liabilities
Non-Current	(374,122)	(407,978)
Public Service Company of New Mexico | PVNGS ARO
Regulatory Liabilities
Non-Current	(11,341)	(18,397)
Public Service Company of New Mexico | Renewable energy tax benefits
Regulatory Liabilities
Non-Current	(19,069)	(20,226)
Public Service Company of New Mexico | Accelerated depreciation SNCRs
Regulatory Liabilities
Non-Current	(7,758)	(3,690)
Public Service Company of New Mexico | Pension and OPEB
Regulatory Liabilities
Non-Current	0	0
Public Service Company of New Mexico | Other
Regulatory Liabilities
Non-Current	(83)	(83)
Public Service Company of New Mexico | FPPAC
Regulatory Assets
Current	7,373	4,104
Public Service Company of New Mexico | Energy efficiency costs
Regulatory Assets
Current	0	430
Public Service Company of New Mexico | CTC, including carrying charges
Regulatory Assets
Non-Current	0	0
Public Service Company of New Mexico | Coal mine reclamation costs
Regulatory Assets
Non-Current	13,995	19,915
Public Service Company of New Mexico | Deferred income taxes
Regulatory Assets
Non-Current	66,296	63,369
Public Service Company of New Mexico | Loss on reacquired debt
Regulatory Assets
Non-Current	19,426	21,085
Public Service Company of New Mexico | Pension and OPEB
Regulatory Assets
Non-Current	214,771	227,400
Public Service Company of New Mexico | Shutdown of SJGS Units 2 and 3
Regulatory Assets
Non-Current	113,508	119,785
Public Service Company of New Mexico | Hurricane recovery costs
Regulatory Assets
Non-Current	0	0
Public Service Company of New Mexico | AMS surcharge
Regulatory Assets
Non-Current	0	0
Public Service Company of New Mexico | AMS retirement and other costs
Regulatory Assets
Non-Current	0	0
Public Service Company of New Mexico | Renewable energy tax benefits
Regulatory Assets
Non-Current	643	0
Public Service Company of New Mexico | Other
Regulatory Assets
Non-Current	6,828	9,349
Texas-New Mexico Power Company
Regulatory Assets
Current	0	0
Non-Current	121,463	138,027
Total regulatory assets	121,463	138,027
Regulatory Liabilities
Current	(134)	(3,471)
Non-Current	(182,845)	(177,458)
Total regulatory liabilities	(182,979)	(180,929)
Texas-New Mexico Power Company | Renewable energy rider
Regulatory Liabilities
Current	0	0
Texas-New Mexico Power Company | Other
Regulatory Liabilities
Current	(134)	(3,471)
Texas-New Mexico Power Company | Cost of removal
Regulatory Liabilities
Non-Current	(46,091)	(29,637)
Texas-New Mexico Power Company | Deferred income taxes
Regulatory Liabilities
Non-Current	(131,871)	(143,745)
Texas-New Mexico Power Company | PVNGS ARO
Regulatory Liabilities
Non-Current	0	0
Texas-New Mexico Power Company | Renewable energy tax benefits
Regulatory Liabilities
Non-Current	0	0
Texas-New Mexico Power Company | Accelerated depreciation SNCRs
Regulatory Liabilities
Non-Current	0	0
Texas-New Mexico Power Company | Pension and OPEB
Regulatory Liabilities
Non-Current	(4,775)	(3,940)
Texas-New Mexico Power Company | Other
Regulatory Liabilities
Non-Current	(108)	(136)
Texas-New Mexico Power Company | FPPAC
Regulatory Assets
Current	0	0
Texas-New Mexico Power Company | Energy efficiency costs
Regulatory Assets
Current	0	0
Texas-New Mexico Power Company | CTC, including carrying charges
Regulatory Assets
Non-Current	7,412	17,744
Texas-New Mexico Power Company | Coal mine reclamation costs
Regulatory Assets
Non-Current	0	0
Texas-New Mexico Power Company | Deferred income taxes
Regulatory Assets
Non-Current	8,997	9,309
Texas-New Mexico Power Company | Loss on reacquired debt
Regulatory Assets
Non-Current	30,212	31,510
Texas-New Mexico Power Company | Pension and OPEB
Regulatory Assets
Non-Current	27,947	26,972
Texas-New Mexico Power Company | Shutdown of SJGS Units 2 and 3
Regulatory Assets
Non-Current	0	0
Texas-New Mexico Power Company | Hurricane recovery costs
Regulatory Assets
Non-Current	1,041	1,551
Texas-New Mexico Power Company | AMS surcharge
Regulatory Assets
Non-Current	25,015	31,435
Texas-New Mexico Power Company | AMS retirement and other costs
Regulatory Assets
Non-Current	15,542	16,489
Texas-New Mexico Power Company | Renewable energy tax benefits
Regulatory Assets
Non-Current	0	0
Texas-New Mexico Power Company | Other
Regulatory Assets
Non-Current	5,297	3,017
Accounting Standards Update 2017-07 | Public Service Company of New Mexico
Regulatory Liabilities
Non-service cost deferred as regulatory assets	700
Increase in coal mine decommissioning liability | Public Service Company of New Mexico
Regulatory Liabilities
Net expense	$ 800
Increase in coal mine decommissioning liability | Underground | Public Service Company of New Mexico
Regulatory Liabilities
Net expense		$ 9,400

Construction Program and Join_3

Construction Program and Jointly-Owned Electric Generating Plants (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)generating_unit	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures	$ 616,273	$ 501,213	$ 500,461
Plant in Service	7,918,601	7,548,581
Accumulated depreciation	(2,713,503)	(2,604,177)
Public Service Company of New Mexico
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures	341,847	255,627	309,142
Plant in Service	5,753,267	5,623,520
Accumulated depreciation	(2,076,291)	(2,006,266)
Texas-New Mexico Power Company
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures	254,006	223,448	$ 145,495
Plant in Service	1,919,256	1,686,119
Accumulated depreciation	(516,795)	$ (487,734)
Joint Projects | Public Service Company of New Mexico
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures	341,800
Joint Projects | Texas-New Mexico Power Company
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures	254,000
Joint Projects | PNMR
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures	$ 616,300
SJGS (Coal) | Unit 4 | Other Unrelated Entities 2
Jointly Owned Utility Plant Interests [Line Items]
Jointly owned utility plant, ownership percentage	12.80%
SJGS (Coal) | Unit 4 | Other Unrelated Entities 3
Jointly Owned Utility Plant Interests [Line Items]
Jointly owned utility plant, ownership percentage	8.475%
SJGS (Coal) | Unit 4 | Other Unrelated Entities 4
Jointly Owned Utility Plant Interests [Line Items]
Jointly owned utility plant, ownership percentage	7.20%
SJGS (Coal) | Unit 4 | Other Unrelated Entities 5
Jointly Owned Utility Plant Interests [Line Items]
Jointly owned utility plant, ownership percentage	7.028%
SJGS (Coal) | Public Service Company of New Mexico
Jointly Owned Utility Plant Interests [Line Items]
Plant in Service	$ 779,236
Accumulated depreciation	(435,312)
Construction Work in Progress	$ 486
Composite Interest	66.35%
SJGS (Coal) | Public Service Company of New Mexico | Unit 4
Jointly Owned Utility Plant Interests [Line Items]
Composite Interest	77.297%
Palo Verde Nuclear Generating Station | Public Service Company of New Mexico
Jointly Owned Utility Plant Interests [Line Items]
Plant in Service	$ 819,613
Accumulated depreciation	(369,431)
Construction Work in Progress	$ 31,275
Composite Interest	10.20%
Number of units (in generating units) | generating_unit	3
Period of time for the original full power operating licenses	40 years
Operating lease, option term extensions	20 years
Four Corners | Public Service Company of New Mexico
Jointly Owned Utility Plant Interests [Line Items]
Number of units (in generating units) | generating_unit	2
Four Corners Units 4 and 5 (Coal) | Public Service Company of New Mexico
Jointly Owned Utility Plant Interests [Line Items]
Plant in Service	$ 283,939
Accumulated depreciation	(100,137)
Construction Work in Progress	$ 10,794
Composite Interest	13.00%
Luna (Gas) | Public Service Company of New Mexico
Jointly Owned Utility Plant Interests [Line Items]
Plant in Service	$ 78,258
Accumulated depreciation	(30,255)
Construction Work in Progress	$ 0
Composite Interest	33.33%
SJGS Units 1 and 2 | Other Unrelated Entities 1
Jointly Owned Utility Plant Interests [Line Items]
Composite Interest	50.00%
SJGS Units 1 and 2 | Public Service Company of New Mexico
Jointly Owned Utility Plant Interests [Line Items]
Composite Interest	50.00%

Construction Program and Join_4

Construction Program and Jointly-Owned Electric Generating Plants - Summary of Budgeted Construction Expenditures (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Summary of Budgeted Construction Expenditures [Line Items]
2020	$ 811.7
2021	992.4
2022	694.6
2023	771
2024	546.4
Total	3,816.1
Public Service Company of New Mexico
Summary of Budgeted Construction Expenditures [Line Items]
2020	447.5
2021	701.4
2022	331.6
2023	398
2024	280.4
Total	2,158.9
Anticipated expansion of transmission system	376.8
Public Service Company of New Mexico | Solar
Summary of Budgeted Construction Expenditures [Line Items]
2020	297.6
Texas-New Mexico Power Company
Summary of Budgeted Construction Expenditures [Line Items]
2020	337.2
2021	270
2022	342
2023	348
2024	245
Total	1,542.2
Corporate and Other
Summary of Budgeted Construction Expenditures [Line Items]
2020	27
2021	21
2022	21
2023	25
2024	21
Total	$ 115

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Asset Retirement Obligations [Line Items]
ARO liabilities related to nuclear decommissioning	76.00%
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 158,674	$ 146,679	$ 127,519
Liabilities incurred	0	0	1,854
Liabilities settled	(987)	(192)	(968)
Accretion expense	12,635	11,482	10,680
Revisions to estimated cash flows	11,640	705	7,594
Ending balance	181,962	158,674	146,679
Public Service Company of New Mexico
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	157,814	145,707	126,601
Liabilities incurred	0	0	1,853
Liabilities settled	(935)	0	(944)
Accretion expense	12,562	11,402	10,603
Revisions to estimated cash flows	11,640	705	7,594
Ending balance	181,081	157,814	145,707
Texas-New Mexico Power Company
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	860	793	754
Liabilities incurred	0	0	0
Liabilities settled	(52)	0	(24)
Accretion expense	73	67	63
Revisions to estimated cash flows	0	0	0
Ending balance	$ 881	$ 860	$ 793

Commitments and Contingencies -

Commitments and Contingencies - PVNGS Decommissioning Funding (Details) - Public Service Company of New Mexico - Palo Verde Nuclear Generating Station - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Public Utilities, General Disclosures [Line Items]
Funding for decommissioning costs in qualified and non-qualified trust funds	$ 1.3	$ 1.3	$ 2
Estimated market value of trusts for decommissioning costs	$ 336	$ 287.1

Commitments and Contingencies_2

Commitments and Contingencies - Nuclear Spent Fuel and Waste Disposal (Details) - Public Service Company of New Mexico - Palo Verde Nuclear Generating Station - Nuclear spent fuel and waste disposal - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Estimate of possible loss	$ 57.7
Other deferred credits
Loss Contingencies [Line Items]
Liability for interim storage costs	$ 12.7	$ 12.4

Commitments and Contingencies_3

Commitments and Contingencies - The Energy Transition Act (Details) - Electric-Generation Portfolio Standard - Energy Transition Act	Jun. 14, 2019
Required Percentage by 2020
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage	0.20
Required Percentage by 2025
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage	0.40
Required Percentage by 2030
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage	0.50
Required Percentage by 2040
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage	0.80
Required Percentage by 2045
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage	1

Commitments and Contingencies_4

Commitments and Contingencies - The Clean Air Act (Details)	Jul. 17, 2015	Dec. 31, 2015USD ($)MWhMW	Jan. 31, 2016USD ($)	Dec. 31, 2019USD ($)lb / MMBTUjoint_ownerTMW	Jul. 01, 2019USD ($)	Dec. 31, 2018USD ($)MW	Dec. 31, 2017USD ($)joint_ownerMW	Feb. 09, 2016state	Aug. 06, 2012compliance_alternative	Dec. 31, 1999state
Public Utilities, General Disclosures [Line Items]
Plant in service, held for future use, and to be abandoned				$ 7,918,601,000		$ 7,548,581,000
Accumulated depreciation and amortization				2,713,503,000		2,604,177,000
Regulatory assets				$ 556,930,000		598,930,000
San Juan Generating Station
Public Utilities, General Disclosures [Line Items]
Number of other entities (in joint owner) | joint_owner				5
Four Corners
Public Utilities, General Disclosures [Line Items]
Approved lease extension term	25 years
Public Service Company of New Mexico
Public Utilities, General Disclosures [Line Items]
Plant in service, held for future use, and to be abandoned				$ 5,753,267,000		5,623,520,000
Accumulated depreciation and amortization				2,076,291,000		2,006,266,000
Regulatory assets				$ 435,467,000		$ 460,903,000
Power to be sold to third party (in megawatts) | MW				36			36
Public Service Company of New Mexico | San Juan Generating Station Units 2 and 3
Public Utilities, General Disclosures [Line Items]
Recovery percentage of estimated undepreciated value							50.00%
Plant in service, held for future use, and to be abandoned							$ 439,400,000
Accumulated depreciation and amortization							188,300,000
Net book value							251,100,000
Regulatory assets							125,500,000
Reversal of plant write-off							3,000,000
Reversal of recorded loss for other unrecoverable costs							1,000,000
Total reversed losses							$ 4,000,000
Public Service Company of New Mexico | San Juan Generating Station
Public Utilities, General Disclosures [Line Items]
Forecasted undepreciated investment					$ 283,000,000
Public Service Company of New Mexico | San Juan Generating Station | Surface | Loss on long-term purchase commitment
Public Utilities, General Disclosures [Line Items]
Estimate of possible loss				$ 92,600,000
Public Service Company of New Mexico | Four Corners Units 4 and 5 (Coal)
Public Utilities, General Disclosures [Line Items]
Plant in service, held for future use, and to be abandoned				283,939,000
Accumulated depreciation and amortization				$ 100,137,000
Clean Air Act related to Regional Haze
Public Utilities, General Disclosures [Line Items]
Number of states to address regional haze | state										50
Potential to emit tons per year of visibility impairing pollution, maximum (in tons) | T				250
Clean Air Act, SNCR | San Juan Generating Station Unit 4
Public Utilities, General Disclosures [Line Items]
Number of other entities (in joint owner) | joint_owner							8
Clean Air Act, SNCR | San Juan Generating Station Unit 4 | CALIFORNIA
Public Utilities, General Disclosures [Line Items]
Number of other entities (in joint owner) | joint_owner							3
Clean Air Act, SNCR | Public Service Company of New Mexico | San Juan Generating Station Units 2 and 3
Public Utilities, General Disclosures [Line Items]
Current ownership (in megawatts) | MW		418
Requested time period to recover retired units NBV		20 years
Recovery percentage of estimated undepreciated value		50.00%
Accumulated plant write-off, disallowance							$ 128,600,000
Clean Air Act, SNCR | Public Service Company of New Mexico | Palo Verde Nuclear Generating Station Unit 3
Public Utilities, General Disclosures [Line Items]
Number of megawatts (in megawatts) | MW							134
Clean Air Act, SNCR | Public Service Company of New Mexico | San Juan Generating Station
Public Utilities, General Disclosures [Line Items]
Additional ownership to be obtained (in megawatts) | MW		132				132
Clean Air Act, SNCR | Public Service Company of New Mexico | San Juan Generating Station Unit 4
Public Utilities, General Disclosures [Line Items]
Additional ownership to be obtained (in megawatts) | MW		132
Estimated rate base value		$ 0
Coal-fired generation (in megawatts) | MW		197
Number of megawatt hours of renewable energy certificates to be acquired and retired (in megawatt hours) | MWh		1
Potential acquisition of ownership (in megawatts) | MW		65				65
Pre-tax impairment of investments						$ 35,000,000
Undepreciated investment in ownership to be obtained						11,900,000
Forecasted undepreciated investment						$ 23,100,000
Percentage of ownership held by exiting owners							38.80%
Ownership percentage							38.50%
Clean Air Act, SNCR | Public Service Company of New Mexico | San Juan Generating Station Unit 3
Public Utilities, General Disclosures [Line Items]
Percentage of ownership held by exiting owners							50.00%
Ownership percentage							50.00%
Clean Air Act, SNCR | Public Service Company of New Mexico | Maximum | San Juan Generating Station Unit 4
Public Utilities, General Disclosures [Line Items]
Annual cost of renewable energy credits, maximum		$ 7,000,000
Clean Air Act, SNCR | Public Service Company of New Mexico | Installation costs including construction management, gross receipts taxes, AFUDC, and other PNM costs | San Juan Generating Station Units 1 and 4
Public Utilities, General Disclosures [Line Items]
Portion of costs for SNCRs and BDT equipment			$ 77,700,000
Clean Air Act, SNCR | Public Service Company of New Mexico | Scenario, plan | San Juan Generating Station Units 1 and 4
Public Utilities, General Disclosures [Line Items]
Ownership percentage				66.30%
Clean Air Act, SNCR | Public Service Company of New Mexico | Scenario, plan | San Juan Generating Station Unit 4
Public Utilities, General Disclosures [Line Items]
Ownership percentage				77.30%
Clean Air Act, SNCR | PNMR and PNM | Palo Verde Nuclear Generating Station Unit 3
Public Utilities, General Disclosures [Line Items]
Number of megawatts (in megawatts) | MW		134
Clean Air Act, SNCR | PNMR Development | San Juan Generating Station Unit 4
Public Utilities, General Disclosures [Line Items]
Additional ownership to be obtained (in megawatts) | MW							132
Potential acquisition of ownership (in megawatts) | MW		65				65	65
Clean Air Act, SNCR Hearing Examiner Recommended Denial | Public Service Company of New Mexico | San Juan Generating Station Unit 4
Public Utilities, General Disclosures [Line Items]
Additional ownership to be obtained (in megawatts) | MW		132				132
Clean Air Act Related to Post Combustion Controls | Public Service Company of New Mexico | Four Corners
Public Utilities, General Disclosures [Line Items]
Number of compliance alternatives | compliance_alternative									2
Government standard emissions limit (in pounds per MMBTU) | lb / MMBTU				0.015
Plant requirement to meet opacity limit				20.00%
Rule imposes opacity limitation on certain fugitive dust emissions from coal and material handling operations				20.00%
Estimate of possible loss						$ 88,700,000
Clean Air Act Related to Post Combustion Controls | Public Service Company of New Mexico | Four Corners Units 4 and 5 (Coal)
Public Utilities, General Disclosures [Line Items]
Ownership percentage				13.00%
Clean Power Plan
Public Utilities, General Disclosures [Line Items]
Number of states that filed a petition against the Clean Power Plan | state								29

Commitments and Contingencies_5

Commitments and Contingencies - National Ambient Air Quality Standards (Details) - Public Service Company of New Mexico	Feb. 25, 2019parts_per_billion	Oct. 01, 2015parts_per_billion	Sep. 30, 2015parts_per_billion	May 14, 2015lb / MMBTU
Maximum | San Juan Generating Station And Four Corners
Public Utilities, General Disclosures [Line Items]
Government standard emissions limit (in parts per billion) | parts_per_billion	75	70	75
National Ambient Air Quality Standards | San Juan Generating Station
Public Utilities, General Disclosures [Line Items]
Revised SO2 emissions agreed upon (in pounds per MMBTU) | lb / MMBTU				0.10

Commitments and Contingencies_6

Commitments and Contingencies - WEG v. OSM NEPA Lawsuit (Details)	12 Months Ended
	Dec. 31, 2019option	Feb. 28, 2013stateminelawsuit
Loss Contingencies [Line Items]
Number of options for meeting BTA standards | option	7
Public Service Company of New Mexico | WEG v OSM Lawsuit
Loss Contingencies [Line Items]
Number of mines affected | mine		7
Number of states | state		4
Number of claims filed for relief (in lawsuits)		15
Public Service Company of New Mexico | WEG v OSM Lawsuit | San Juan Generating Station
Loss Contingencies [Line Items]
Number of claims filed for relief (in lawsuits)		2

Commitments and Contingencies_7

Commitments and Contingencies - Coal Supply (Details) - USD ($)	Feb. 01, 2016	Jan. 31, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018	May 22, 2018	Feb. 01, 2018	Jan. 01, 2018	Feb. 01, 2017
Other Commitments [Line Items]
Other current assets			$ 44,472,000	$ 54,808,000
Public Service Company of New Mexico
Other Commitments [Line Items]
Other current assets			36,561,000	43,516,000
Public Service Company of New Mexico | Increase in coal mine decommissioning liability
Other Commitments [Line Items]
Net expense			800,000
Public Service Company of New Mexico | Increase in coal mine decommissioning liability | Loss on long-term purchase commitment
Other Commitments [Line Items]
Estimated underpaid surface mining royalties under proposed rate change						$ 2,500,000
Public Service Company of New Mexico | Loss on long-term purchase commitment | San Juan Generating Station
Other Commitments [Line Items]
Annual funding post-term reclamation trust			5,500,000	10,000,000	$ 5,800,000
Public Service Company of New Mexico | Mine Reclamation Trust | San Juan Generating Station
Other Commitments [Line Items]
Reclamation trust funding, next fiscal year			9,700,000
Reclamation trust funding, year 2			10,900,000
Reclamation trust funding, year 3			11,700,000
Public Service Company of New Mexico | Mine Reclamation Trust | Four Corners
Other Commitments [Line Items]
Funds contributed to mine reclamation trust			2,300,000
Funds contributed next fiscal year through year five			1,900,000
Public Service Company of New Mexico | Surface | Loss on long-term purchase commitment
Other Commitments [Line Items]
Capped amount that can be collected from retail customers for final reclamation				100,000,000
Liability for interim storage costs			70,300,000	70,100,000
Public Service Company of New Mexico | Surface | Increase in coal mine decommissioning liability
Other Commitments [Line Items]
Net expense				29,800,000
Public Service Company of New Mexico | Underground and Surface | Increase in coal mine decommissioning liability
Other Commitments [Line Items]
Net expense				39,200,000
Public Service Company of New Mexico | Underground | Loss on long-term purchase commitment
Other Commitments [Line Items]
Liability for interim storage costs			25,300,000	23,200,000
Public Service Company of New Mexico | Underground | Increase in coal mine decommissioning liability
Other Commitments [Line Items]
Net expense				9,400,000
Public Service Company of New Mexico | San Juan Generating Station | Surface | Loss on long-term purchase commitment
Other Commitments [Line Items]
Estimate of possible loss			92,600,000
Public Service Company of New Mexico | San Juan Generating Station | Underground | Loss on long-term purchase commitment
Other Commitments [Line Items]
Estimate of possible loss			40,000,000
Public Service Company of New Mexico | San Juan Generating Station | Coal Supply
Other Commitments [Line Items]
Other current assets				$ 26,300,000
NM Capital | BTMU Term Loan Agreement
Other Commitments [Line Items]
Long-term debt	$ 125,000,000								$ 125,000,000
Repurchased face amount							$ 43,000,000
NM Capital | San Juan Generating Station | Coal Supply
Other Commitments [Line Items]
Funding provided	$ 125,000,000	$ 125,000,000
Variable interest rate								12.25%		9.25%
Coal mine reclamation bonds to be posted with NMMMD			118,700,000
Issuance in letters of credit		$ 30,300,000	$ 30,300,000
NM Capital | San Juan Coal Company, Westmoreland | Coal Supply
Other Commitments [Line Items]
Long-term debt									$ 50,100,000
Repurchased face amount							$ 50,100,000

Commitments and Contingencies_8

Commitments and Contingencies - Mining Royalty Rate (Details) - Continuous Highwall Mining - San Juan Generating Station - USD ($) $ in Millions	Dec. 31, 2019	Aug. 31, 2013
Public Utilities, General Disclosures [Line Items]
Proposed retroactive surface mining royalty rate		12.50%
Surface mining royalty rate applied between 2000 and 2003	8.00%
Estimated underpaid surface mining royalties under proposed rate change	$ 5
PNM's share of estimated underpaid surface mining royalties under proposed rate change	46.30%

Commitments and Contingencies_9

Commitments and Contingencies - Liability and Insurance Matters (Details) - Public Service Company of New Mexico - Palo Verde Nuclear Generating Station	12 Months Ended
	Dec. 31, 2019USD ($)generating_unit
Public Utilities, General Disclosures [Line Items]
Number of units (in generating units) | generating_unit	3
Nuclear Plant
Public Utilities, General Disclosures [Line Items]
Ownership percentage in nuclear reactor	10.20%
Number of units (in generating units) | generating_unit	3
Maximum potential assessment per incident	$ 42,100,000
Annual payment limitation related to incident	6,200,000
Aggregate amount of all risk insurance	2,800,000,000
Sublimit amount for non-nuclear property damage losses	2,250,000,000
Retrospective premium assessment	5,400,000
Nuclear Plant | Commercial Providers
Public Utilities, General Disclosures [Line Items]
Liability insurance coverage	450,000,000
Nuclear Plant | Industry Wide Retrospective Assessment Program
Public Utilities, General Disclosures [Line Items]
Liability insurance coverage	13,500,000,000
Nuclear Plant | Maximum
Public Utilities, General Disclosures [Line Items]
Liability insurance coverage	$ 13,900,000,000

Commitments and Contingencie_10

Commitments and Contingencies - Water Supply (Details) - Public Service Company of New Mexico - Palo Verde Nuclear Generating Station	1 Months Ended
	Apr. 30, 2010city
Public Utilities, General Disclosures [Line Items]
Providing water to a number of cities	5
Providing water, term	40 years

Commitments and Contingencie_11

Commitments and Contingencies - Right-of-Way, Complaints, and Navajo National Allottee Matters (Details) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2012landowner	Dec. 31, 2019Allotment_Parcel	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 01, 2015Allotment_Parcel	Jul. 13, 2015a	Jan. 22, 2015Allotment_Parcel
First Choice
Loss Contingencies [Line Items]
Tax settlement | $			$ 2.3
Navajo Nation Allottee Matters | Public Service Company of New Mexico
Loss 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)		6
Allotments with right-of-way renewals not previously contested (in allotment parcels)							10
Acres of land at issue (in acres) | a						15.49
Number of allotment parcels that cannot be condemned					2
Number of allotment parcels at issue					5
Pending Litigation
Loss Contingencies [Line Items]
Written notification requirement to terminate agreement, minimum period		30 days
Taxes Other Than Income Taxes | First Choice
Loss Contingencies [Line Items]
Tax settlement | $			$ 1.4	$ 0.2

Regulatory and Rate Matters - N

Regulatory and Rate Matters - New Mexico General Rate Cases (Details) $ in Thousands

Feb. 01, 2018

Jan. 10, 2018USD ($)

Dec. 07, 2016USD ($)

Sep. 28, 2016USD ($)leaseMW

Aug. 27, 2015USD ($)

Aug. 31, 2019

Aug. 31, 2016USD ($)leaseMW

Dec. 31, 2019USD ($)MW

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2018USD ($)

May 16, 2019MW

Dec. 31, 2016MW

Sep. 30, 2016MW

Jan. 31, 2016MW

Public Utilities, General Disclosures [Line Items]

Income taxes (benefit)

$ (25,282)

$ 7,775

$ 130,340

Regulatory disallowances and restructuring costs

151,095

$ 65,598

27,036

Percent of non-fuel revenue requirement change implemented

50.00%

NMPRC

Public Utilities, General Disclosures [Line Items]

Requested rate increase (decrease)

$ 99,200

Requested return on equity

10.125%

Proposed term for providing benefits to customers related to reduction in state corporate tax

23 years

Public Service Company of New Mexico

Public Utilities, General Disclosures [Line Items]

Income taxes (benefit)

(25,962)

$ (5,971)

81,555

Regulatory disallowances and restructuring costs

150,599

66,339

27,036

Public Service Company of New Mexico | NMPRC

Public Utilities, General Disclosures [Line Items]

Requested rate increase (decrease)

$ 10,300

Requested return on equity

9.575%

Proposed term for providing benefits to customers related to reduction in state corporate tax

3 years

3 years

Public Service Company of New Mexico | Palo Verde Nuclear Generating Station, Unit 2 Leases

Public Utilities, General Disclosures [Line Items]

Number of megawatts purchased (in megawatts) | MW

64.1

64.1

64.1

64.1

Number of megawatts (in megawatts) | MW

114.6

114.6

114.6

Number of leases under which assets were purchased | lease

3

3

Public Service Company of New Mexico | Palo Verde Nuclear Generating Station, Unit 1 Leases, extended

Public Utilities, General Disclosures [Line Items]

Estimated annual rent expense

$ 18,100

Public Service Company of New Mexico | 2015 Electric Rate Case

Public Utilities, General Disclosures [Line Items]

Requested rate increase (decrease)

$ 123,500

Approved rate increase (decrease)

$ 61,200

Public Service Company of New Mexico | 2015 Electric Rate Case | Palo Verde Nuclear Generating Station, Unit 2 Leases

Public Utilities, General Disclosures [Line Items]

Proposed disallowance of recovery of purchase price of assets

$ 163,300

Approved lease acquisition costs

83,700

Disallowed leasehold improvements

$ 43,800

Public Service Company of New Mexico | 2015 Electric Rate Case | Non-Fuel Energy

Public Utilities, General Disclosures [Line Items]

Requested rate increase (decrease)

$ 121,700

Four Corners

Public Utilities, General Disclosures [Line Items]

Regulatory disallowances and restructuring costs

$ 47,600

Pre-tax regulatory disallowance

$ 148,100

Palo Verde Nuclear Generating Station, Unit 2 | Public Service Company of New Mexico

Public Utilities, General Disclosures [Line Items]

Number of megawatts purchased (in megawatts) | MW

64.1

Number of megawatts (in megawatts) | MW

114.6

114.6

114.6

Palo Verde Nuclear Generating Station, Unit 2 | Public Service Company of New Mexico | 2015 Electric Rate Case

Public Utilities, General Disclosures [Line Items]

Number of megawatts purchased (in megawatts) | MW

64.1

Pre-tax regulatory disallowance for capital costs

$ 4,000

$ 3,100

$ 18,400

New Mexico 2015 Rate Case | Public Service Company of New Mexico

Public Utilities, General Disclosures [Line Items]

Recorded pre-tax impairments

150,600

Amount of impairment to carrying amount of regulatory assets

39,700

Income taxes (benefit)

$ 45,700

New Mexico 2015 Rate Case | Palo Verde Nuclear Generating Station, Unit 2 | Public Service Company of New Mexico

Public Utilities, General Disclosures [Line Items]

Number of megawatts purchased (in megawatts) | MW

64.1

64.1

Recorded pre-tax impairments portion of purchase price

$ 73,200

Income taxes (benefit)

(45,700)

Leaseholds and Leasehold Improvements | New Mexico 2015 Rate Case | Palo Verde Nuclear Generating Station, Units 1 And 4 | Public Service Company of New Mexico

Public Utilities, General Disclosures [Line Items]

Amount of impairment to carrying amount of regulatory assets

$ 37,700

Regulatory and Rate Matters - R

Regulatory and Rate Matters - Renewable Portfolio Standard (Details)	Jun. 03, 2019MW	Dec. 31, 2019USD ($)MW	Jun. 14, 2019	May 01, 2019kv	Aug. 10, 2018kvMW	Jun. 01, 2017GWhMW
KV Transmission Line
Public Utilities, General Disclosures [Line Items]
Solar distributed generation (in mw)	140				166
PPA term	20 years
Transmission line and associated facilities | kv				345	345
Public Service Company of New Mexico | Renewable Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Solar photovoltaic capacity (in mw)		157
Current output of solar photovoltaic capacity (in mw)		15
Solar distributed generation (in mw)		127.6
Requested solar production (in mw)		50
Public Service Company of New Mexico | Renewable Portfolio Standard | Maximum
Public Utilities, General Disclosures [Line Items]
Reasonable cost threshold in megawatts per hour | $		$ 60
Public Service Company of New Mexico | Renewable Portfolio Standard | Required Percentage by 2011
Public Utilities, General Disclosures [Line Items]
Required percentage of renewable energy in portfolio to electric sales		10.00%
Public Service Company of New Mexico | Renewable Portfolio Standard | Required Percentage by 2015
Public Utilities, General Disclosures [Line Items]
Required percentage of renewable energy in portfolio to electric sales		15.00%
Public Service Company of New Mexico | Renewable Portfolio Standard | Required Percentage by 2020
Public Utilities, General Disclosures [Line Items]
Required percentage of renewable energy in portfolio to electric sales		20.00%
NMPRC | Public Service Company of New Mexico
Public Utilities, General Disclosures [Line Items]
Additional megawatt hours in first year (in mw) | GWh						80
Requested solar production (in mw)						50
New Mexico Wind | Public Service Company of New Mexico | Renewable Portfolio Standard 2014
Public Utilities, General Disclosures [Line Items]
Wind energy capacity (in mw)		204
New Mexico Wind | NMPRC | Public Service Company of New Mexico
Public Utilities, General Disclosures [Line Items]
Additional megawatt hours in second year (in mw) | GWh						105
Red Mesa Wind | Public Service Company of New Mexico | Renewable Portfolio Standard 2014
Public Utilities, General Disclosures [Line Items]
Wind energy capacity (in mw)		102
Lightning Dock Geothermal | NMPRC | Public Service Company of New Mexico
Public Utilities, General Disclosures [Line Items]
Additional megawatt hours in first year (in mw) | GWh						55
Additional megawatt hours in second year (in mw) | GWh						77
La Joya Wind | KV Transmission Line
Public Utilities, General Disclosures [Line Items]
Solar distributed generation (in mw)					140
Energy Transition Act | Electric-Generation Portfolio Standard | Required Percentage by 2020
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage			0.20
Energy Transition Act | Electric-Generation Portfolio Standard | Required Percentage by 2025
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage			0.40
Energy Transition Act | Electric-Generation Portfolio Standard | Required Percentage by 2030
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage			0.50
Energy Transition Act | Electric-Generation Portfolio Standard | Required Percentage by 2040
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage			0.80
Energy Transition Act | Electric-Generation Portfolio Standard | Required Percentage by 2045
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage			1

Regulatory and Rate Matters -_2

Regulatory and Rate Matters - Renewable Energy Rider (Details) - Public Service Company of New Mexico - Renewable energy rider - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Public Utilities, General Disclosures [Line Items]
Revenue from renewable energy rider	$ 52	$ 41.4	$ 45.2
Maximum
Public Utilities, General Disclosures [Line Items]
Annual revenue to be collected	$ 58.9
NMPRC-approved return on equity	0.50%

Regulatory and Rate Matters - E

Regulatory and Rate Matters - Energy Efficiency and Load Management (Details) $ in Millions	Apr. 13, 2018USD ($)	Nov. 08, 2017USD ($)	Jul. 26, 2017USD ($)GWh	Jun. 21, 2017	Apr. 14, 2017USD ($)GWh	Jan. 11, 2017USD ($)	Apr. 15, 2016USD ($)GWhprogram	Dec. 31, 2019USD ($)GWh	Dec. 31, 2018USD ($)GWh	Nov. 07, 2017
Public Service Company of New Mexico
Public Utilities, General Disclosures [Line Items]
Frequency of energy efficiency plan filings				3 years
Percentage of modification to funding levels				0.10
Public Service Company of New Mexico | 2017 Energy Efficiency and Load Management Program | Disincentives/Incentives Added
Public Utilities, General Disclosures [Line Items]
Number of energy efficiency and load management programs (in programs) | program							10
Program costs related to energy efficiency						$ 26	$ 28
Application of incentive based on target savings							$ 2.4
Minimum profit incentive						$ 1.8		$ 1.8
Targeted energy savings | GWh							75	59
Public Service Company of New Mexico | Energy Efficiency and Load Management Program, Proposed 2018 Portfolio | Disincentives/Incentives Added
Public Utilities, General Disclosures [Line Items]
Program costs related to energy efficiency		$ 23.6			$ 25.1
Application of incentive based on target savings									$ 1.9
Projected earned incentive	$ 2.3		$ 1.9		$ 2.1			$ 2.7
Targeted energy savings | GWh			69		70				53
Public Utilities, Energy Efficiency and Load Management Programs, Additional Incentive, Targeted Energy Savings | GWh								68
Public Service Company of New Mexico | Energy Efficiency and Load Management Program, Proposed 2019 Portfolio | Disincentives/Incentives Added
Public Utilities, General Disclosures [Line Items]
Program costs related to energy efficiency		$ 24.9			$ 28.2
Application of incentive based on target savings			$ 1.7		$ 2.1			$ 1.8
Public Service Company of New Mexico | Maximum | Renewable Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Reasonable cost threshold						3.00%		3.00%
Sliding scale profit incentive						9.00%
Public Service Company of New Mexico | Minimum | Renewable Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Sliding scale profit incentive						7.10%		7.10%
Measurement Input, Discount Rate
Public Utilities, General Disclosures [Line Items]
Tax-adjusted WACC		0.0959								0.0771

Regulatory and Rate Matters - F

Regulatory and Rate Matters - FFPAC Continuation Application (Details)	12 Months Ended
	Dec. 31, 2019
Public Service Company of New Mexico
Public Utilities, General Disclosures [Line Items]
Frequency of FPPAC filings	4 years

Regulatory and Rate Matters - I

Regulatory and Rate Matters - Integrated Resource Plan (Details)	Jul. 03, 2017	May 04, 2016	Sep. 30, 2019	Dec. 31, 2019
NMPRC
Public Utilities, General Disclosures [Line Items]
Period of action plan				4 years
Public Service Company of New Mexico
Public Utilities, General Disclosures [Line Items]
Required filing of Integrated Resource Plan				3 years
Period of action plan				4 years
Public Service Company of New Mexico | NMPRC
Public Utilities, General Disclosures [Line Items]
Period of time to show good cause why a docket should remain open		30 days
Integrated Resource Plan, 2011 | Public Service Company of New Mexico
Public Utilities, General Disclosures [Line Items]
Planning period covered, IRP				20 years
Integrated Resource Plan, 2017 | Public Service Company of New Mexico
Public Utilities, General Disclosures [Line Items]
Planning period covered, IRP	20 years
Integrated Resource Plan, 2020 | Public Service Company of New Mexico
Public Utilities, General Disclosures [Line Items]
Planning period covered, IRP			20 years

Regulatory and Rate Matters - S

Regulatory and Rate Matters - SJGS Abandonment Application (Details) - San Juan Generating Station - Public Service Company of New Mexico $ in Millions	Jul. 01, 2019USD ($)scenarioMW	Dec. 31, 2019USD ($)	Feb. 21, 2020USD ($)
Public Utilities, General Disclosures [Line Items]
Number of megawatts in natural gas-fired peaking plant (in megawatts) | MW	280
Number of megawatts in battery storage facilities (in megawatts) | MW	70
Solar distributed generation (in mw) | MW	350
Number of megawatts in battery storage facilities, replacement resource scenario (in megawatts) | MW	60
Number of replacement resource scenarios | scenario	3
Request issuance of energy transition bonds	$ 361	$ 361
Forecasted undepreciated investment	283
Plant decommissioning and coal mine reclamation costs	28.6
Upfront financing costs	9.6
Severance costs	20
Proceeds from securitization bonds	$ 19.8
Subsequent Event | Forecast
Public Utilities, General Disclosures [Line Items]
Forecasted undepreciated investment			$ 361

Regulatory and Rate Matters - C

Regulatory and Rate Matters - Cost Recovery Related to Joining the EIM (Details) - Energy Imbalance Market - Public Service Company of New Mexico $ in Millions	Aug. 22, 2018USD ($)
Public Utilities, General Disclosures [Line Items]
Initial capital investments to be recovered	$ 20.9
Other expenses to be recovered	$ 7.4

Regulatory and Rate Matters - A

Regulatory and Rate Matters - Advanced Metering Infrastructure Application and Facebook Data Center Project (Details) $ in Millions	Aug. 24, 2018Facilitypower_purchase_agreementMW	Dec. 31, 2017MW	Dec. 31, 2019MW	Sep. 05, 2017MW	Aug. 17, 2016service_rate	Feb. 26, 2016USD ($)
Public Utilities, General Disclosures [Line Items]
Number of requested service rates | service_rate					2
Ownership percentage			50.00%
Facebook Data Center
Public Utilities, General Disclosures [Line Items]
PPA term		25 years
Number of additional PPAs | power_purchase_agreement	2
Public Service Company of New Mexico | Advanced metering infrastructure
Public Utilities, General Disclosures [Line Items]
Application to seek recovery of costs of project | $						$ 87.2
Adjustment to estimated costs to be recovered | $						95.1
Application to seek recovery of undepreciated investment | $						$ 33
PNMR Development
Public Utilities, General Disclosures [Line Items]
Solar distributed generation (in mw)			80	50
Ownership percentage			50.00%
Casa Mesa Wind, LLC | Facebook Data Center
Public Utilities, General Disclosures [Line Items]
Solar distributed generation (in mw)		50
Avangrid Renewables, LLC | Facebook Data Center
Public Utilities, General Disclosures [Line Items]
Solar distributed generation (in mw)		166
Route 66 Solar Energy Center, LLC | Facebook Data Center
Public Utilities, General Disclosures [Line Items]
Solar distributed generation (in mw)	100	50
Number of solar facilities | Facility	2

Regulatory and Rate Matters - P

Regulatory and Rate Matters - PNM Solar Direct, Application for a New 345-kV Transmission Line and Wester Spirit Line (Details) $ in Millions	Jun. 03, 2019MW	May 31, 2019MW	Dec. 31, 2017	May 01, 2019USD ($)kv	Aug. 10, 2018USD ($)kvMW
PNM Solar Direct
Public Utilities, General Disclosures [Line Items]
Solar distributed generation (in mw) | MW		50
PPA term		15 years
KV Transmission Line
Public Utilities, General Disclosures [Line Items]
Solar distributed generation (in mw) | MW	140				166
PPA term	20 years
Transmission line and associated facilities | kv				345	345
Estimated cost of project					$ 85
Facebook Data Center
Public Utilities, General Disclosures [Line Items]
PPA term			25 years
Estimated cost of project					$ 39
Estimated cost of project, percentage					4600.00%
Western Spirit Line
Public Utilities, General Disclosures [Line Items]
Estimated cost of project				$ 285
Estimated self-fund amount under agreement				$ 75
La Joya Wind | KV Transmission Line
Public Utilities, General Disclosures [Line Items]
Solar distributed generation (in mw) | MW					140

Regulatory and Rate Matters - H

Regulatory and Rate Matters - Hazard Sharing Agreement (Details) - Public Service Company of New Mexico - Tri-State GWh in Millions, $ in Millions	Jun. 01, 2016MW	Dec. 31, 2019USD ($)GWh	Dec. 31, 2018USD ($)GWh	Dec. 31, 2017USD ($)GWh
Public Utilities, General Disclosures [Line Items]
Hazard sharing agreement	1 year
Agreement to sell the other party capacity and energy (in mw) | MW	100
Number of hours sold (in GWh) | GWh		766.4	725.7	827.1
Hours sold (in dollars) | $		$ 21.7	$ 25.8	$ 23.6
Number of hours purchased (in GWh) | GWh		693.6	822.7	849
Hours purchased (in dollars) | $		$ 21.8	$ 28.7	$ 24.2

Regulatory and Rate Matters -_3

Regulatory and Rate Matters - Formula Transmission Rate Case (Details)	Dec. 31, 2019
Public Service Company of New Mexico | Formula Transmission Rate Case
Public Utilities, General Disclosures [Line Items]
Return on equity	10.00%

Regulatory and Rate Matters - T

Regulatory and Rate Matters - TNMP Narrative (Details) advanced_meter in Thousands, $ in Thousands

Feb. 06, 2020USD ($)

Nov. 02, 2018USD ($)

May 30, 2018USD ($)

Jan. 10, 2018USD ($)

Mar. 13, 2017USD ($)

Dec. 07, 2016USD ($)

Oct. 31, 2019USD ($)

Aug. 31, 2019USD ($)

Jul. 31, 2011USD ($)

Dec. 31, 2019USD ($)advanced_meter

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Public Utilities, General Disclosures [Line Items]

Unrecovered investment revenue

$ 20,200

Net increase in regulatory liabilities

$ 7,175

$ 548,952

Public Service Company of New Mexico

Public Utilities, General Disclosures [Line Items]

Regulatory liabilities

$ 683,769

719,946

Net increase in regulatory liabilities

11,244

402,501

Texas-New Mexico Power Company

Public Utilities, General Disclosures [Line Items]

Regulatory liabilities

$ 182,979

180,929

Net increase in regulatory liabilities

(4,069)

146,451

Refund of regulatory liability to customers

37,800

CTC Funding amount interest minimum

15.00%

Adjustment for collection of amortization

$ 1,100

Reduction to revenue

$ 5,400

Texas-New Mexico Power Company | 2018 TNMP Rate Case

Public Utilities, General Disclosures [Line Items]

Requested rate increase (decrease)

$ 10,000

$ 25,900

Requested return on equity

9.65%

10.50%

Requested cost of debt, percentage

6.44%

7.20%

Requested debt capital structure, percentage

55.00%

50.00%

Requested equity capital structure, percentage

45.00%

50.00%

Regulatory liabilities

146,500

Net increase in regulatory liabilities

$ 14,400

Refund of federal income tax rates period

3 years

5 years

Investments excluded from rate, amount

$ 10,600

Recovery of direct costs

$ 3,300

$ 3,800

Pre-tax write-off

$ 500

Texas-New Mexico Power Company | Advanced Meter System Deployment and Surcharge Request

Public Utilities, General Disclosures [Line Items]

Approved deployment costs

$ 113,400

Period of time to collect deployment costs through surcharge period

12 years

Number of advanced meters installed | advanced_meter

242

Texas-New Mexico Power Company | Transmission Cost of Service Rates | Subsequent Event

Public Utilities, General Disclosures [Line Items]

Requested rate increase (decrease)

$ 59,200

Requested increase in annual transmission service revenue

$ 7,800

NMPRC

Public Utilities, General Disclosures [Line Items]

Requested rate increase (decrease)

$ 99,200

Requested return on equity

10.125%

NMPRC | Public Service Company of New Mexico

Public Utilities, General Disclosures [Line Items]

Requested rate increase (decrease)

$ 10,300

Requested return on equity

9.575%

Regulatory and Rate Matters -_4

Regulatory and Rate Matters - TNMP Schedules (Details) - Texas-New Mexico Power Company - USD ($) $ in Millions	Sep. 19, 2019	Mar. 21, 2019	Mar. 27, 2018	Sep. 13, 2017	Mar. 14, 2017	Feb. 28, 2020	Feb. 28, 2019	Feb. 28, 2018
Energy efficiency costs
Public Utilities, General Disclosures [Line Items]
Aggregate Collection Amount							$ 6	$ 6
Performance Bonus							$ 1.1	$ 0.8
Transmission Cost of Service Rates
Public Utilities, General Disclosures [Line Items]
Approved Increase in Rate Base	$ 21.9	$ 111.8	$ 32	$ 27.5	$ 30.2
Annual Increase in Revenue	$ 3.3	$ 14.3	$ 0.6	$ 4.7	$ 4.8
Subsequent Event | Energy efficiency costs
Public Utilities, General Disclosures [Line Items]
Aggregate Collection Amount						$ 5.6
Performance Bonus						$ 0.8

Regulatory and Rate Matters -_5

Regulatory and Rate Matters - Energy Efficiency (Details) - Texas-New Mexico Power Company $ in Millions	Aug. 30, 2019USD ($)
Public Utilities, General Disclosures [Line Items]
Energy efficiency cost recovery factor, requested change amount	$ 5.9
Energy efficiency cost recovery factor, requested performance bonus	$ 0.8

Income Taxes - Federal Income T

Income Taxes - Federal Income Tax Reform (Details) - USD ($) $ in Thousands	Jan. 10, 2018	Aug. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Net increase in regulatory liabilities				$ 7,175	$ 548,952
Net decrease in deferred income tax liabilities (deferred income tax assets)				1,910	491,491
Net increase in affiliate receivables (affiliate payables)				0
Net deferred income tax expense				5,265	57,461
Reclassification of stranded income taxes to retained earnings					17,600
Income taxes (benefit)			$ (25,282)	7,775	130,340
Public Service Company of New Mexico
Income Taxes [Line Items]
Net increase in regulatory liabilities				11,244	402,501
Net decrease in deferred income tax liabilities (deferred income tax assets)				(2,175)	372,895
Net increase in affiliate receivables (affiliate payables)				12,300
Net deferred income tax expense				1,119	29,606
Income taxes (benefit)			(25,962)	(5,971)	81,555
TNMP
Income Taxes [Line Items]
Net increase in regulatory liabilities				(4,069)	146,451
Net decrease in deferred income tax liabilities (deferred income tax assets)				(9,784)	138,586
Net increase in affiliate receivables (affiliate payables)				4,042
Net deferred income tax expense				1,673	7,865
Income taxes (benefit)			5,046	16,880	31,512
Corporate and Other
Income Taxes [Line Items]
Net increase in regulatory liabilities				0	0
Net decrease in deferred income tax liabilities (deferred income tax assets)				13,869	(19,990)
Net increase in affiliate receivables (affiliate payables)				(16,342)
Net deferred income tax expense				2,473	19,990
Income taxes (benefit)			(4,366)	$ (3,134)	$ 17,273
NMPRC
Income Taxes [Line Items]
Proposed term for providing benefits to customers related to reduction in state corporate tax				23 years
NMPRC | Public Service Company of New Mexico
Income Taxes [Line Items]
Proposed term for providing benefits to customers related to reduction in state corporate tax	3 years	3 years
New Mexico 2015 Rate Case | Public Service Company of New Mexico
Income Taxes [Line Items]
Pre-tax impairment of investments			150,600
Income taxes (benefit)			$ 45,700

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Current federal income tax	$ 60	$ 0	$ 0
Current state income tax	43	(244)	(188)
Deferred federal income tax	(20,372)	7,716	119,182
Deferred state income tax	(4,491)	648	11,632
Amortization of accumulated investment tax credits	(522)	(345)	(286)
Total income taxes (benefit)	(25,282)	7,775	130,340
Public Service Company of New Mexico
Income Taxes [Line Items]
Current federal income tax	(6,266)	(6,644)	118
Current state income tax	449	(2,661)	(1,112)
Deferred federal income tax	(12,308)	5,661	73,308
Deferred state income tax	(7,590)	(2,080)	9,527
Amortization of accumulated investment tax credits	(247)	(247)	(286)
Total income taxes (benefit)	(25,962)	(5,971)	81,555
Texas-New Mexico Power Company
Income Taxes [Line Items]
Current federal income tax	10,792	13,347	2,472
Current state income tax	1,904	1,753	1,765
Deferred federal income tax	(7,621)	(540)	27,304
Deferred state income tax	(29)	2,320	(29)
Total income taxes (benefit)	$ 5,046	$ 16,880	$ 31,512

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Federal income tax at statutory rates	$ 14,038	$ 22,902	$ 79,016
Amortization of accumulated investment tax credits	(522)	(345)	(286)
Amortization of excess deferred income tax	(37,799)	(19,779)	0
Flow-through of depreciation items	1,136	712	1,147
Earnings attributable to non-controlling interest in Valencia	(2,991)	(3,173)	(5,256)
State income tax, net of federal benefit	298	1,358	5,398
Impairment of state net operating loss carryforwards	0	0	819
Allowance for equity funds used during construction	(1,990)	(2,185)	(3,331)
Impairment of charitable contribution carryforward	0	0	909
Regulatory recovery of prior year impairments of state net operating loss carryforward, including amortization	1,367	1,367	(2,225)
Federal income tax rate change	0	2,914	57,461
Tax expense (benefit) related to stock compensation awards	(795)	4,647	(2,324)
Other	1,976	(643)	(988)
Total income taxes (benefit)	$ (25,282)	$ 7,775	$ 130,340
Effective tax rate	(37.82%)	7.13%	57.73%
Public Service Company of New Mexico
Income Taxes [Line Items]
Federal income tax at statutory rates	$ 6,187	$ 13,514	$ 59,139
Amortization of accumulated investment tax credits	(247)	(247)	(286)
Amortization of excess deferred income tax	(28,923)	(19,779)	0
Flow-through of depreciation items	1,077	674	1,103
Earnings attributable to non-controlling interest in Valencia	(2,991)	(3,173)	(5,256)
State income tax, net of federal benefit	92	1,323	4,926
Impairment of state net operating loss carryforwards	0	0	627
Allowance for equity funds used during construction	(1,398)	(1,716)	(3,032)
Regulatory recovery of prior year impairments of state net operating loss carryforward, including amortization	1,367	1,367	(2,225)
Federal income tax rate change	0	(683)	29,606
Tax expense (benefit) related to stock compensation awards	(559)	3,967	(1,708)
Other	(567)	(1,218)	(1,339)
Total income taxes (benefit)	$ (25,962)	$ (5,971)	$ 81,555
Effective tax rate	(88.13%)	(9.28%)	48.27%
Texas-New Mexico Power Company
Income Taxes [Line Items]
Federal income tax at statutory rates	$ 12,778	$ 14,379	$ 23,475
Amortization of excess deferred income tax	(8,876)	0	0
State income tax, net of federal benefit	1,532	1,454	1,198
Federal income tax rate change	0	0	7,865
Tax expense (benefit) related to stock compensation awards	(236)	735	(616)
Other	(152)	312	(410)
Total income taxes (benefit)	$ 5,046	$ 16,880	$ 31,512
Effective tax rate	8.29%	24.65%	46.98%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Net operating loss	$ 59,488	$ 82,386
Regulatory liabilities related to income taxes	145,087	158,416
Federal tax credit carryforwards	101,231	76,481
Shutdown of SJGS Units 2 and 3	0	1,638
Regulatory disallowance related to NM 2015 Rate Case (Note 17)	34,639	0
Other	54,199	97,515
Total deferred tax assets	394,644	416,436
Deferred tax liabilities:
Depreciation and plant related	(787,928)	(767,482)
Investment tax credit	(81,186)	(57,853)
Regulatory assets related to income taxes	(58,495)	(62,889)
CTC	(1,466)	(3,613)
Pension	(35,029)	(35,407)
Regulatory asset for shutdown of SJGS Units 2 and 3	(28,831)	(30,425)
Other	(27,767)	(59,486)
Total deferred tax liabilities	(1,020,702)	(1,017,155)
Net accumulated deferred income tax liabilities	(626,058)	(600,719)
Public Service Company of New Mexico
Deferred tax assets:
Net operating loss	25,889	50,762
Regulatory liabilities related to income taxes	114,849	125,395
Federal tax credit carryforwards	82,983	62,230
Shutdown of SJGS Units 2 and 3	34,639	0
Regulatory disallowance related to NM 2015 Rate Case (Note 17)	0	1,638
Other	38,735	36,916
Total deferred tax assets	297,095	276,941
Deferred tax liabilities:
Depreciation and plant related	(630,293)	(606,673)
Investment tax credit	(74,667)	(55,484)
Regulatory assets related to income taxes	(49,479)	(53,561)
Pension	(30,609)	(31,046)
Regulatory asset for shutdown of SJGS Units 2 and 3	(28,831)	(30,425)
Other	(5,206)	(2,519)
Total deferred tax liabilities	(819,085)	(779,708)
Net accumulated deferred income tax liabilities	(521,990)	(502,767)
Texas-New Mexico Power Company
Deferred tax assets:
Regulatory liabilities related to income taxes	30,238	33,021
Other	3,788	4,517
Total deferred tax assets	34,026	37,538
Deferred tax liabilities:
Depreciation and plant related	(142,791)	(136,117)
Regulatory assets related to income taxes	(9,016)	(9,328)
Loss on reacquired debt	(6,345)	(6,617)
CTC	(1,466)	(3,613)
Pension	(4,420)	(4,361)
AMS	(8,473)	(10,030)
Other	(1,666)	(3,710)
Total deferred tax liabilities	(174,177)	(173,776)
Net accumulated deferred income tax liabilities	$ (140,151)	$ (136,238)

Income Taxes - Schedule of De_2

Income Taxes - Schedule of Deferred Income Tax Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Net change in deferred income tax liability per above table	$ 25,339
Change in tax effects of income tax related regulatory assets and liabilities	(10,332)
Amortization of excess deferred income tax	(37,799)
Tax effect of mark-to-market adjustments	(2,261)
Tax effect of excess pension liability	(908)
Adjustment for uncertain income tax positions	499
Reclassification of unrecognized tax benefits	(499)
Amortization of state net operating loss recovered in prior years	1,367
Refundable alternative minimum tax credit carryforward reclassified to receivable	(576)
Other	(215)
Deferred income taxes (benefits)	(25,385)	$ 8,019	$ 130,528
Public Service Company of New Mexico
Income Taxes [Line Items]
Net change in deferred income tax liability per above table	19,223
Change in tax effects of income tax related regulatory assets and liabilities	(7,861)
Amortization of excess deferred income tax	(28,923)
Tax effect of mark-to-market adjustments	(2,962)
Tax effect of excess pension liability	(908)
Adjustment for uncertain income tax positions	488
Reclassification of unrecognized tax benefits	(488)
Amortization of state net operating loss recovered in prior years	1,367
Other	(81)
Deferred income taxes (benefits)	(20,145)	3,334	82,549
Texas-New Mexico Power Company
Income Taxes [Line Items]
Net change in deferred income tax liability per above table	3,913
Change in tax effects of income tax related regulatory assets and liabilities	(2,471)
Amortization of excess deferred income tax	(8,876)
Other	(216)
Deferred income taxes (benefits)	$ (7,650)	$ 1,780	$ 27,275

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Expense) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, interest on income taxes expense	$ 0	$ 0	$ 0
PNMR
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	10,194,000	9,429,000	6,752,000
Additions based on tax positions	329,000	543,000	262,000
Additions (reductions) for tax positions of prior years	170,000	222,000	2,415,000
Settlement payments	0	0	0
Ending balance	10,693,000	10,194,000	9,429,000
Unrecognized tax benefits that would impact effective tax rate	10,100,000
Public Service Company of New Mexico
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	7,288,000	6,563,000	3,949,000
Additions based on tax positions	329,000	543,000	262,000
Additions (reductions) for tax positions of prior years	159,000	182,000	2,352,000
Settlement payments	0	0	0
Ending balance	7,776,000	7,288,000	6,563,000
Unrecognized tax benefits that would impact effective tax rate	7,200,000
Unrecognized tax benefits, interest on income taxes expense	0	0	0
Texas-New Mexico Power Company
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	103,000	63,000	0
Additions based on tax positions	0	0	0
Additions (reductions) for tax positions of prior years	11,000	40,000	63,000
Settlement payments	0	0	0
Ending balance	114,000	103,000	63,000
Unrecognized tax benefits that would impact effective tax rate	100,000
Unrecognized tax benefits, interest on income taxes expense	$ 0	$ 0	$ 0

Income Taxes - Carryforwards (D

Income Taxes - Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2013	Dec. 31, 2012
Operating Loss Carryforwards [Line Items]
New Mexico corporate tax rate being phased in					7.60%
New Mexico Corporate tax rate, effective by 2018				5.90%
Regulatory liability			$ (10,109)
Income tax expense			(1,259)
Income Taxes, Impairment of Carryforwards
State tax credit carryforwards	$ 425	$ 0	0
State net operating loss carryforwards	0	0	819
Charitable contribution carryforwards	0	0	909
Compensation expense	(99)	410
Income Taxes, Reserve Balances
State tax credit carryforwards	425	0
State net operating loss carryforwards	0	0
Charitable contribution carryforwards	0	0
Compensation expense	311	410
Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Federal net operating loss carryforwards	286,600
Federal tax credit carryforwards that expire beginning in 2023	101,200
Public Service Company of New Mexico
Operating Loss Carryforwards [Line Items]
Regulatory liability			(10,109)
Income tax expense			(1,179)
Income Taxes, Impairment of Carryforwards
State tax credit carryforwards	0	0	0
State net operating loss carryforwards	0	0	627
Charitable contribution carryforwards	0	0	0
Compensation expense	(100)	298
Income Taxes, Reserve Balances
State tax credit carryforwards	0	0
State net operating loss carryforwards	0	0
Charitable contribution carryforwards	0	0
Compensation expense	198	298
Texas-New Mexico Power Company
Operating Loss Carryforwards [Line Items]
Regulatory liability			0
Income tax expense			0
Income Taxes, Impairment of Carryforwards
State tax credit carryforwards	0	0	0
State net operating loss carryforwards	0	0	0
Charitable contribution carryforwards	0	0	$ 0
Compensation expense	2	111
Income Taxes, Reserve Balances
State tax credit carryforwards	0	0
State net operating loss carryforwards	0	0
Charitable contribution carryforwards	0	0
Compensation expense	$ 113	$ 111

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Apr. 01, 2018	Dec. 31, 2017
Schedule of Goodwill and Other Intangible Assets [Line Items]
Goodwill	$ 278,297	$ 278,297		$ 278,297
Public Service Company of New Mexico
Schedule of Goodwill and Other Intangible Assets [Line Items]
Goodwill	51,632	51,632	$ 51,600
Percentage of fair value in excess of carrying amount			19.00%
Texas-New Mexico Power Company
Schedule of Goodwill and Other Intangible Assets [Line Items]
Goodwill	$ 226,665	$ 226,665	$ 226,700
Percentage of fair value in excess of carrying amount			32.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Ownership percentage	50.00%
Services billings: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	$ 96,327	$ 95,637	$ 97,914
Services billings: | PNMR to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	36,554	33,493	31,095
Services billings: | PNM to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	375	367	382
Services billings: | TNMP to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	141	140	141
Services billings: | TNMP to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	0	0	154
Services billings: | PNMR to NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	238	183	0
Renewable energy purchases: | PNM from NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	3,124	2,924	0
Interconnection and facility study billings: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	68,820	0	0
Interconnection and facility study billings: | PNM to NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	650	2,108	0
Interconnection and facility study billings: | PNM to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	0	68,820	0
Interest billings: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	3,365	2,585	21
Interest billings: | PNMR to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	42	136	133
Interest billings: | PNM to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	299	289	220
Income tax sharing payments: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	0	0	23,391
Income tax sharing payments: | PNMR to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	0	0	0
Income tax sharing payments: | TNMP to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	12,996	3,424	20,686
Income tax sharing payments: | PNM to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	$ 0	$ 134	$ 0

Quarterly Operating Results (_3

Quarterly Operating Results (Unaudited) (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)$ / shares	Sep. 30, 2019USD ($)$ / shares	Jun. 30, 2019USD ($)$ / shares	Mar. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / sharesMW	Sep. 30, 2018USD ($)$ / shares	Jun. 30, 2018USD ($)$ / shares	Mar. 31, 2018USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / sharesMW	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2015MW
Segment Reporting Information [Line Items]
Operating Revenues	$ 344,144	$ 433,586	$ 330,228	$ 349,645	$ 343,756	$ 422,666	$ 352,313	$ 317,878	$ 1,457,603	$ 1,436,613	$ 1,445,003
Operating income (loss)	60,552	140,540	(93,615)	36,723	(17,404)	127,990	79,329	46,132	144,200	236,047	315,039
Net earnings (loss)	35,989	106,763	(72,283)	21,662	(51,539)	91,573	42,449	18,799	$ 92,131	$ 101,282	$ 95,419
Net Earnings Attributable to PNMR	$ 31,805	$ 102,771	$ (75,914)	$ 18,700	$ (55,077)	$ 87,521	$ 38,208	$ 14,990
Net Earnings Attributable to PNMR per Common Share:
Basic (in dollars per share) | $ / shares	$ 0.40	$ 1.29	$ (0.95)	$ 0.23	$ (0.70)	$ 1.10	$ 0.48	$ 0.19	$ 0.97	$ 1.07	$ 1
Diluted (in dollars per share) | $ / shares	$ 0.40	$ 1.28	$ (0.95)	$ 0.23	$ (0.69)	$ 1.09	$ 0.48	$ 0.19	$ 0.97	$ 1.07	$ 1
Income taxes (benefit)									$ (25,282)	$ 7,775	$ 130,340
Federal income tax rate change									0	2,914	57,461
Public Service Company of New Mexico
Segment Reporting Information [Line Items]
Operating Revenues	$ 255,172	$ 331,113	$ 238,219	$ 269,318	$ 259,848	$ 331,374	$ 264,511	$ 236,232	1,093,822	1,091,965	1,104,230
Operating income (loss)	44,299	108,453	(115,977)	24,293	(38,654)	102,516	52,879	28,292	61,068	145,033	221,079
Net earnings (loss)	32,040	84,721	(83,313)	21,974	(53,400)	81,428	30,781	11,514	55,422	70,323	87,413
Net Earnings Attributable to PNMR	27,988	80,861	(86,812)	19,144	(56,806)	77,508	26,672	7,837	41,181	55,211	72,396
Net Earnings Attributable to PNMR per Common Share:
Income taxes (benefit)									(25,962)	(5,971)	81,555
Federal income tax rate change									0	(683)	29,606
Texas-New Mexico Power Company
Segment Reporting Information [Line Items]
Operating Revenues	88,972	102,473	92,009	80,327	83,908	91,292	87,802	81,646	363,781	344,648	340,773
Operating income (loss)	18,055	32,596	22,578	12,585	23,312	27,824	26,829	18,532	85,814	96,497	93,604
Net Earnings Attributable to PNMR	11,347	$ 25,087	$ 15,267	$ 4,098	10,711	$ 16,100	$ 15,367	$ 9,413	55,799	51,591	35,559
Net Earnings Attributable to PNMR per Common Share:
Income taxes (benefit)									5,046	16,880	31,512
Federal income tax rate change									0	0	7,865
Electricity
Segment Reporting Information [Line Items]
Operating Revenues									1,457,603	1,436,613	$ 1,445,003
Clean Air Act, SNCR | San Juan Generating Station Unit 4 | Public Service Company of New Mexico
Net Earnings Attributable to PNMR per Common Share:
Pre-tax impairment of investments					$ 35,000					35,000
Regulatory disallowance and restructuring costs										$ 63,300
Additional ownership to be obtained (in megawatts) | MW												132
Potential acquisition of ownership (in megawatts) | MW					65					65		65
Clean Air Act, SNCR Hearing Examiner Recommended Denial | San Juan Generating Station Unit 4 | Public Service Company of New Mexico
Net Earnings Attributable to PNMR per Common Share:
Additional ownership to be obtained (in megawatts) | MW					132					132		132
New Mexico 2015 Rate Case | Public Service Company of New Mexico
Net Earnings Attributable to PNMR per Common Share:
Pre-tax impairment of investments	$ 150,600								150,600
Income taxes (benefit)									$ 45,700

Schedule I - Condensed Financ_2

Schedule I - Condensed Financial Information of Parent Company - Statements of Earnings (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Operating Revenues	$ 344,144	$ 433,586	$ 330,228	$ 349,645	$ 343,756	$ 422,666	$ 352,313	$ 317,878	$ 1,457,603	$ 1,436,613	$ 1,445,003
Operating Expenses									1,313,403	1,200,566	1,129,964
Operating income	60,552	140,540	(93,615)	36,723	(17,404)	127,990	79,329	46,132	144,200	236,047	315,039
Other Income and Deductions:
Other income									15,382	17,586	19,515
Net other income and deductions									43,665	254	38,345
Interest charges									121,016	127,244	127,625
Earnings before Income Taxes									66,849	109,057	225,759
Income taxes (benefit)									(25,282)	7,775	130,340
Net Earnings Attributable to Company	$ 31,805	$ 102,771	$ (75,914)	$ 18,700	$ (55,077)	$ 87,521	$ 38,208	$ 14,990
PNM Resources
Condensed Financial Statements, Captions [Line Items]
Operating Revenues									0	0	0
Operating Expenses									3,983	7,475	2,902
Operating income									(3,983)	(7,475)	(2,902)
Other Income and Deductions:
Equity in earnings of subsidiaries									96,324	109,995	111,877
Other income									731	2,048	1,181
Net other income and deductions									97,055	112,043	113,058
Interest charges									19,581	19,453	12,490
Earnings before Income Taxes									73,491	85,115	97,666
Income taxes (benefit)									(3,872)	(527)	17,792
Net Earnings Attributable to Company									$ 77,363	$ 85,642	$ 79,874

Schedule I - Condensed Financ_3

Schedule I - Condensed Financial Information of Parent Company - Statement of Cash flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows From Operating Activities:
Net Cash Flows From Operating Activities	$ 503,163	$ 428,226	$ 523,462
Cash Flows From Investing Activities:
Net cash flows from investing activities	(673,898)	(475,724)	(466,163)
Cash Flows From Financing Activities:
Short-term loan borrowings (repayments)	(150,000)	50,000	0
Revolving credit facility borrowings (repayments), net	99,200	(119,500)	18,300
Long-term borrowings	745,000	984,652	317,000
Repayment of long-term debt	(407,302)	(750,162)	(274,070)
Proceeds from stock option exercise	943	963	1,739
Dividends paid	(92,926)	(84,961)	(77,792)
Other, net	(2,840)	(6,846)	(2,942)
Net cash flows from financing activities	172,446	45,646	(58,847)
Change in Cash and Cash Equivalents	1,711	(1,852)	(1,548)
Cash and Cash Equivalents at Beginning of Year	2,122	3,974	5,522
Cash and Cash Equivalents at End of Year	3,833	2,122	3,974
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	115,476	119,308	120,955
Income taxes paid (refunded), net	(2,929)	842	625
PNM Resources
Cash Flows From Operating Activities:
Net Cash Flows From Operating Activities	2,001	(2,566)	(7,814)
Cash Flows From Investing Activities:
Utility plant additions	1,100	826	(180)
Investments in subsidiaries	(80,000)	(30,000)	(50,000)
Cash dividends from subsidiaries	54,465	129,379	105,084
Net cash flows from investing activities	(24,435)	100,205	54,904
Cash Flows From Financing Activities:
Short-term loan borrowings (repayments)	(150,000)	50,000	0
Revolving credit facility borrowings (repayments), net	123,900	(148,700)	42,600
Long-term borrowings	150,000	349,652
Repayment of long-term debt	0	(250,000)	0
Proceeds from stock option exercise	943	963	1,739
Purchases to satisfy awards of common stock	(9,918)	(12,635)	(13,929)
Dividends paid	(92,398)	(84,433)	(77,264)
Other, net	(107)	(2,414)	(269)
Net cash flows from financing activities	22,420	(97,567)	(47,123)
Change in Cash and Cash Equivalents	(14)	72	(33)
Cash and Cash Equivalents at Beginning of Year	93	21	54
Cash and Cash Equivalents at End of Year	79	93	21
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	18,702	15,450	10,899
Income taxes paid (refunded), net	$ 0	$ 0	$ 0

Schedule I - Condensed Financ_4

Schedule I - Condensed Financial Information of Parent Company - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 3,833	$ 2,122
Income taxes receivable	4,933	7,965
Other, net	44,472	54,808
Total current assets	294,010	302,524
Property, plant and equipment, net of accumulated depreciation of $14,583 and $13,518	5,466,009	5,234,629
Other long-term assets	356	297
Total assets	7,298,774	6,865,551	$ 6,646,103
Liabilities and Stockholders’ Equity
Short-term debt	185,100	235,900
Current maturities of long-term debt	490,268	0
Accrued interest and taxes	76,815	65,156
Other current liabilities	47,397	55,855
Total current liabilities	967,481	512,453
Long-term debt	2,517,449	2,670,111
Total liabilities	5,545,495	5,101,428
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 79,653,624 shares)	1,150,552	1,153,113
Accumulated other comprehensive income (loss), net of tax	(99,377)	(108,684)
Retained earnings	627,523	643,953
Total PNMR common stockholders’ equity	1,678,698	1,688,382
Total liabilities and stockholders' equity	7,298,774	6,865,551
PNM Resources
Assets
Cash and cash equivalents	79	93
Intercompany receivables	79,059	82,539
Income taxes receivable	4,635	7,856
Other, net	2,876	5,635
Total current assets	86,649	96,123
Property, plant and equipment, net of accumulated depreciation of $14,583 and $13,518	24,313	25,413
Investment in subsidiaries	2,197,918	2,064,693
Other long-term assets	55,077	60,265
Total long-term assets	2,277,308	2,150,371
Total assets	2,363,957	2,246,494
Liabilities and Stockholders’ Equity
Short-term debt	112,100	170,000
Short-term debt-affiliate	40,619	8,819
Current maturities of long-term debt	50,000	0
Accrued interest and taxes	5,239	4,885
Other current liabilities	25,450	23,297
Total current liabilities	233,408	207,001
Long-term debt	449,048	348,310
Other long-term liabilities	2,803	2,803
Total liabilities	685,259	558,114
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 79,653,624 shares)	1,150,552	1,153,112
Accumulated other comprehensive income (loss), net of tax	(99,377)	(108,685)
Retained earnings	627,523	643,953
Total PNMR common stockholders’ equity	1,678,698	1,688,380
Total liabilities and stockholders' equity	$ 2,363,957	$ 2,246,494

Schedule I - Condensed Financ_5

Schedule I - Condensed Financial Information of Parent Company - Balance Sheets (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Common stock, no 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 Resources
Condensed Financial Statements, Captions [Line Items]
Accumulated depreciation	$ 14,583	$ 13,518
Common stock, no 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

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Reserve, Allowance For Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 1,406	$ 1,081	$ 1,209
Charged to costs and expenses	2,835	3,360	2,619
Charged to other accounts	0	0	0
Write-offs and other	3,078	3,035	2,747
Balance at end of year	1,163	1,406	1,081
Public Service Company of New Mexico
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	1,406	1,081	1,209
Charged to costs and expenses	2,790	3,338	2,615
Charged to other accounts	0	0	0
Write-offs and other	3,033	3,013	2,743
Balance at end of year	1,163	1,406	1,081
Texas-New Mexico Power Company
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	0	0	0
Charged to costs and expenses	44	22	4
Charged to other accounts	0	0	0
Write-offs and other	44	22	4
Balance at end of year	$ 0	$ 0	$ 0

Uncategorized Items - pnm123120

Label	Element	Value
Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 644,736,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	615,124,000
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
Noncontrolling Interest [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	68,920,000
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
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	10,382,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,686,334,000
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
Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,163,661,000
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