Public Service Company of New Mexico PFD 4.58% (PNMXO) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 24, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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	87102-3289
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 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 (in shares)		79,653,624
Entity Central Index Key	0001108426
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Transition Report	false
PNM
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	87102-3289
City Area Code	505
Local Phone Number	241-2700
Entity File Number	001-06986
Entity Tax Identification Number	85-0019030
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 (in shares)		39,117,799
Entity Central Index Key	0000081023
Current Fiscal Year End Date	--12-31
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 Ridge 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 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 (in shares)		6,358
Entity Central Index Key	0000022767
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Electric Operating Revenues:
Contracts with customers	$ 343,075	$ 314,917	$ 666,057	$ 630,614
Alternative revenue programs	4,466	5,844	4,892	6,480
Other electric operating revenue	10,108	9,467	20,322	42,778
Total electric operating revenues	357,649	330,228	691,271	679,872
Operating Expenses:
Administrative and general	50,453	42,833	96,485	95,170
Regulatory disallowances and restructuring costs	0	149,254	0	150,599
Depreciation and amortization	70,022	66,065	138,995	131,421
Transmission and distribution costs	18,034	19,195	35,320	35,872
Taxes other than income taxes	20,782	19,809	42,047	40,317
Total operating expenses	286,499	423,843	572,383	736,764
Operating income (loss)	71,150	(93,615)	118,888	(56,892)
Other Income and Deductions:
Interest income	3,071	3,460	6,494	7,048
Gains (losses) on investment securities	21,620	4,599	(11,229)	18,613
Other income	4,390	3,350	6,706	6,795
Other (deductions)	(3,307)	(3,117)	(6,780)	(6,369)
Net other income and deductions	25,774	8,292	(4,809)	26,087
Interest Charges	31,088	29,791	61,522	61,425
Earnings (Loss) before Income Taxes	65,836	(115,114)	52,557	(92,230)
Income Taxes (Benefits)	4,275	(42,831)	2,395	(41,608)
Net Earnings (Loss)	61,561	(72,283)	50,162	(50,622)
(Earnings) Attributable to Valencia Non-controlling Interest	(3,940)	(3,499)	(7,669)	(6,328)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)	(264)	(264)
Net Earnings (Loss) Available for PNM Common Stock	$ 57,489	$ (75,914)	$ 42,229	$ (57,214)
Net Earnings (Loss) Attributable to PNMR per Common Share:
Basic (dollars per share)	$ 0.72	$ (0.95)	$ 0.53	$ (0.72)
Diluted (dollars per share)	0.72	(0.95)	0.53	(0.72)
Dividends Declared per Common Share (dollars per share)	$ 0.308	$ 0.290	$ 0.615	$ 0.580
Cost of energy
Electric Operating Revenues:
Total electric operating revenues	$ 357,649	$ 330,228	$ 691,271	$ 679,872
Operating Expenses:
Energy costs	93,863	83,782	192,573	205,408
Energy production costs
Operating Expenses:
Energy costs	33,345	42,905	66,963	77,977
PNM
Electric Operating Revenues:
Contracts with customers	248,151	228,061	483,909	464,002
Alternative revenue programs	2,529	691	4,690	756
Other electric operating revenue	10,108	9,467	20,322	42,778
Total electric operating revenues	260,788	238,219	508,921	507,536
Operating Expenses:
Administrative and general	45,051	40,237	86,719	87,639
Regulatory disallowances and restructuring costs	0	149,254	0	150,599
Depreciation and amortization	41,763	39,811	83,212	79,036
Transmission and distribution costs	11,275	11,838	22,190	22,471
Taxes other than income taxes	11,886	11,285	24,241	23,295
Total operating expenses	211,204	354,196	425,733	599,221
Operating income (loss)	49,584	(115,977)	83,188	(91,685)
Other Income and Deductions:
Interest income	3,147	3,530	6,643	7,187
Gains (losses) on investment securities	21,620	4,599	(11,229)	18,613
Other income	1,758	1,920	3,267	4,552
Other (deductions)	(2,424)	(2,340)	(5,110)	(4,629)
Net other income and deductions	24,101	7,709	(6,429)	25,723
Interest Charges	19,178	18,526	36,807	36,886
Earnings (Loss) before Income Taxes	54,507	(126,794)	39,952	(102,848)
Income Taxes (Benefits)	4,895	(43,481)	2,536	(41,508)
Net Earnings (Loss)	49,612	(83,313)	37,416	(61,340)
(Earnings) Attributable to Valencia Non-controlling Interest	(3,940)	(3,499)	(7,669)	(6,328)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)	(264)	(264)
Net Earnings (Loss) Attributable to PNMR	45,672	(86,812)	29,747	(67,668)
Net Earnings (Loss) Available for PNM Common Stock	45,540	(86,944)	29,483	(67,932)
PNM | Cost of energy
Operating Expenses:
Energy costs	67,884	58,866	142,408	158,204
PNM | Energy production costs
Operating Expenses:
Energy costs	33,345	42,905	66,963	77,977
Texas-New Mexico Power Company
Electric Operating Revenues:
Contracts with customers	94,924	86,856	182,148	166,612
Alternative revenue programs	1,937	5,153	202	5,724
Other electric operating revenue	0	0	0	0
Total electric operating revenues	96,861	92,009	182,350	172,336
Operating Expenses:
Administrative and general	10,757	9,097	21,530	20,655
Depreciation and amortization	22,368	20,502	44,204	40,716
Transmission and distribution costs	6,759	7,357	13,130	13,401
Taxes other than income taxes	7,823	7,559	15,801	15,197
Total operating expenses	73,686	69,431	144,830	137,173
Operating income (loss)	23,175	22,578	37,520	35,163
Other Income and Deductions:
Other income	2,029	1,191	2,699	1,940
Other (deductions)	(66)	(460)	(175)	(623)
Net other income and deductions	1,963	731	2,524	1,317
Interest Charges	7,361	6,560	14,533	15,361
Earnings (Loss) before Income Taxes	17,777	16,749	25,511	21,119
Income Taxes (Benefits)	1,603	1,482	2,245	1,754
Net Earnings (Loss) Attributable to PNMR	16,174	15,267	23,266	19,365
Texas-New Mexico Power Company | Cost of energy
Operating Expenses:
Energy costs	$ 25,979	$ 24,916	$ 50,165	$ 47,204

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Earnings (Loss)	$ 61,561	$ (72,283)	$ 50,162	$ (50,622)
Unrealized Gains on Available-for-Sale Debt Securities:
Unrealized holding gains arising during the period, net of income tax (expense)	10,444	6,610	7,249	11,890
Reclassification adjustment for (gains) included in net earnings, net of income tax expense	(1,398)	(3,674)	(2,282)	(4,178)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience (gains) losses recognized as net periodic benefit cost, net of income tax expense (benefit)	1,548	1,381	3,096	2,762
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) benefit of $(203), $494, $304, $805	597	(1,450)	(894)	(2,364)
Reclassification adjustment for (gains) losses included in net earnings, net of income tax expense (benefit) of $117, $(65), $127, and $(133)	(345)	190	(373)	392
Total Other Comprehensive Income	10,846	3,057	6,796	8,502
Comprehensive Income (Loss)	72,407	(69,226)	56,958	(42,120)
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(3,940)	(3,499)	(7,669)	(6,328)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)	(264)	(264)
Comprehensive Income (Loss) Attributable to PNMR	68,335	(72,857)	49,025	(48,712)
PNM
Net Earnings (Loss)	49,612	(83,313)	37,416	(61,340)
Unrealized Gains on Available-for-Sale Debt Securities:
Unrealized holding gains arising during the period, net of income tax (expense)	10,444	6,610	7,249	11,890
Reclassification adjustment for (gains) included in net earnings, net of income tax expense	(1,398)	(3,674)	(2,282)	(4,178)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience (gains) losses recognized as net periodic benefit cost, net of income tax expense (benefit)	1,548	1,381	3,096	2,762
Fair Value Adjustment for Cash Flow Hedges:
Total Other Comprehensive Income	10,594	4,317	8,063	10,474
Comprehensive Income (Loss)	60,206	(78,996)	45,479	(50,866)
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(3,940)	(3,499)	(7,669)	(6,328)
Comprehensive Income (Loss) Attributable to PNMR	$ 56,266	$ (82,495)	$ 37,810	$ (57,194)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	$ (3,556)	$ (2,250)	$ (2,468)	$ (4,048)
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	476	1,251	777	1,423
Pension liability adjustment, income tax expense (benefit)	(527)	(470)	(1,054)	(940)
Change in fair market value, net of income tax (expense) benefit of $311 and $(472)	(203)	494	304	805
Reclassification adjustment for (gains) losses included in net earnings, net of income tax expense (benefit) of $(68) and $13	117	(65)	127	(133)
PNM
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	(3,556)	(2,250)	(2,468)	(4,048)
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	476	1,251	777	1,423
Pension liability adjustment, income tax expense (benefit)	$ (527)	$ (470)	$ (1,054)	$ (940)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows From Operating Activities:
Net earnings	$ 50,162	$ (50,622)
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities:
Depreciation and amortization	155,799	148,090
Deferred income tax expense (benefit)	2,087	(41,930)
(Gains) losses on investment securities	11,229	(18,613)
Stock based compensation expense	5,230	4,526
Regulatory disallowances and restructuring costs	0	150,599
Allowance for equity funds used during construction	(3,475)	(4,158)
Other, net	2,998	1,247
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(25,121)	4,205
Materials, supplies, and fuel stock	8,253	(2,656)
Other current assets	(18,475)	(6,020)
Other assets	12,935	21,858
Accounts payable	(5,919)	(812)
Accrued interest and taxes	(15,568)	(6,180)
Other current liabilities	7,687	(6,381)
Other liabilities	(22,040)	(21,288)
Net cash flows from operating activities	165,782	171,865
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant	(343,807)	(293,076)
Proceeds from sales of investment securities	354,651	234,011
Purchases of investment securities	(359,840)	(239,609)
Investments in NMRD	(18,250)	(13,250)
Other, net	19	(187)
Net cash flows from investing activities	(367,227)	(312,111)
Cash Flows From Financing Activities:
Short-term borrowings (repayments), net	494	0
Revolving credit facilities borrowings (repayments), net	66,955	106,500
Long-term borrowings	660,345	475,000
Repayment of long-term debt	(450,345)	(372,302)
Proceeds from stock option exercise	24	943
Awards of common stock	(11,984)	(9,892)
Dividends paid	(49,251)	(46,463)
Valencia’s transactions with its owner	(10,794)	(7,948)
Transmission interconnection and security deposit arrangements	3,364	0
Refunds paid under transmission interconnection arrangements	(3,816)	(1,661)
Debt issuance costs and other, net	(4,557)	(1,827)
Net cash flows from financing activities	200,435	142,350
Change in Cash, Restricted Cash, and Equivalents	(1,010)	2,104
Cash, Restricted Cash, and Equivalents at Beginning of Period	3,833	2,122
Cash, Restricted Cash, and Equivalents at End of Period	2,823	4,226
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	57,600	61,539
Income taxes paid (refunded), net	(131)	(2,768)
Supplemental schedule of noncash investing activities:
(Increase) decrease in accrued plant additions	21,265	30,451
PNM
Cash Flows From Operating Activities:
Net earnings	37,416	(61,340)
Net earnings	29,747	(67,668)
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities:
Depreciation and amortization	98,841	94,467
Deferred income tax expense (benefit)	2,861	(41,292)
(Gains) losses on investment securities	11,229	(18,613)
Regulatory disallowances and restructuring costs	0	150,599
Allowance for equity funds used during construction	(2,399)	(3,456)
Other, net	3,605	1,173
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(19,898)	8,778
Materials, supplies, and fuel stock	8,773	(2,423)
Other current assets	(11,790)	(1,509)
Other assets	9,436	18,132
Accounts payable	(727)	(4,049)
Accrued interest and taxes	(9,504)	3,615
Other current liabilities	7,790	24,019
Other liabilities	(20,190)	(22,483)
Net cash flows from operating activities	115,443	145,618
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant	(183,276)	(157,874)
Proceeds from sales of investment securities	354,651	234,011
Purchases of investment securities	(359,840)	(239,609)
Other, net	19	1
Net cash flows from investing activities	(188,446)	(163,471)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net	29,055	(200)
Short-term borrowings (repayments) – affiliate, net	0	(19,800)
Long-term borrowings	550,345	250,000
Repayment of long-term debt	(450,345)	(200,000)
Dividends paid	(40,918)	(264)
Valencia’s transactions with its owner	(10,794)	(7,948)
Transmission interconnection and security deposit arrangements	1,962	0
Refunds paid under transmission interconnection arrangements	(3,816)	(1,661)
Debt issuance costs and other, net	(2,541)	(120)
Net cash flows from financing activities	72,948	20,007
Change in Cash, Restricted Cash, and Equivalents	(55)	2,154
Cash, Restricted Cash, and Equivalents at Beginning of Period	1,001	85
Cash, Restricted Cash, and Equivalents at End of Period	946	2,239
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	34,371	34,308
Income taxes paid (refunded), net	0	(3,383)
Supplemental schedule of noncash investing activities:
(Increase) decrease in accrued plant additions	13,601	13,213
Texas-New Mexico Power Company
Cash Flows From Operating Activities:
Net earnings	23,266	19,365
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities:
Depreciation and amortization	44,767	41,379
Deferred income tax expense (benefit)	(4,882)	(8,004)
Other, net	(1,054)	(680)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(5,223)	(4,573)
Materials, supplies, and fuel stock	(520)	(233)
Other current assets	(4,329)	(7,155)
Other assets	4,359	3,544
Accounts payable	(2,108)	2,442
Accrued interest and taxes	893	1,175
Other current liabilities	4,059	3,130
Other liabilities	(1,079)	(1,234)
Net cash flows from operating activities	58,149	49,156
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant	(148,000)	(124,376)
Net cash flows from investing activities	(148,000)	(124,376)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net	(2,400)	37,500
Short-term borrowings (repayments) – affiliate, net	0	1,500
Long-term borrowings	110,000	225,000
Repayment of long-term debt	0	(172,302)
Dividends paid	(18,439)	(14,811)
Transmission interconnection and security deposit arrangements	1,402	0
Debt issuance costs and other, net	(1,975)	(1,667)
Net cash flows from financing activities	89,082	75,220
Change in Cash, Restricted Cash, and Equivalents	(769)	0
Cash, Restricted Cash, and Equivalents at Beginning of Period	1,000	0
Cash, Restricted Cash, and Equivalents at End of Period	231	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	13,465	16,342
Income taxes paid (refunded), net	(131)	615
Supplemental schedule of noncash investing activities:
(Increase) decrease in accrued plant additions	$ 1,816	$ 12,182

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 2,823	$ 3,833	$ 4,226	$ 2,122
Accounts receivable, net of allowance for credit losses	96,209	85,889
Unbilled revenues	70,480	57,416
Other receivables	10,349	12,165
Materials, supplies, and fuel stock	69,676	77,929
Regulatory assets	21,574	7,373
Income taxes receivable	4,494	4,933
Other current assets	51,279	44,472
Total current assets	326,884	294,010
Other Property and Investments:
Investment securities	389,452	388,832
Equity investment in NMRD	84,037	65,159
Other investments	336	356
Non-utility property, net	19,679	12,459
Total other property and investments	493,504	466,806
Utility Plant:
Plant in service, held for future use, and to be abandoned	8,030,505	7,918,601
Less accumulated depreciation and amortization	2,773,434	2,713,503
Net plant in service and plant held for future use	5,257,071	5,205,098
Construction work in progress	309,513	161,106
Nuclear fuel, net of accumulated amortization	101,994	99,805
Net utility plant	5,668,578	5,466,009
Deferred Charges and Other Assets:
Regulatory assets	582,586	556,930
Goodwill	278,297	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	118,140	131,212
Other deferred charges	106,478	105,510
Total deferred charges and other assets	1,085,501	1,071,949
Assets	7,574,467	7,298,774	7,048,667
Current Liabilities:
Short-term debt	252,549	185,100
Current installments of long-term debt	779,372	490,268
Accounts payable	75,933	103,118
Customer deposits	10,004	10,585
Accrued interest and taxes	60,807	76,815
Regulatory liabilities	3,659	505
Operating lease liabilities	26,744	29,068
Dividends declared	132	24,625
Other current liabilities	56,574	47,397
Total current liabilities	1,265,774	967,481
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	2,437,246	2,517,449
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	647,883	626,058
Regulatory liabilities	867,953	866,243
Asset retirement obligations	181,805	181,962
Accrued pension liability and postretirement benefit cost	87,248	95,037
Operating lease liabilities	91,320	105,512
Other deferred credits	227,282	185,753
Total deferred credits and other liabilities	2,103,491	2,060,565
Total liabilities	5,806,511	5,545,495
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock of Subsidiary without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
Company common stockholders’ equity:
Common stock	1,143,822	1,150,552
Accumulated other comprehensive income (loss), net of income taxes	(92,581)	(99,377)
Retained earnings	645,259	627,523
Total stockholders' equity	1,696,500	1,678,698
Non-controlling interest in Valencia	59,927	63,052
Total equity	1,756,427	1,741,750	1,674,740	1,752,594
Total liabilities and stockholders' equity	7,574,467	7,298,774
PNM
Current Assets:
Cash and cash equivalents	946	1,001	2,239	85
Accounts receivable, net of allowance for credit losses	66,618	60,447
Unbilled revenues	58,592	46,602
Other receivables	9,459	11,039
Affiliate receivables	8,941	8,825
Materials, supplies, and fuel stock	63,452	72,225
Regulatory assets	17,722	7,373
Income taxes receivable	15,448	15,122
Other current assets	40,114	36,561
Total current assets	281,292	259,195
Other Property and Investments:
Investment securities	389,452	388,832
Other investments	158	178
Non-utility property, net	7,587	4,470
Total other property and investments	397,197	393,480
Utility Plant:
Plant in service, held for future use, and to be abandoned	5,807,772	5,753,267
Less accumulated depreciation and amortization	2,112,706	2,076,291
Net plant in service and plant held for future use	3,695,066	3,676,976
Construction work in progress	175,076	108,787
Nuclear fuel, net of accumulated amortization	101,994	99,805
Net utility plant	3,972,136	3,885,568
Deferred Charges and Other Assets:
Regulatory assets	471,696	435,467
Goodwill	51,632	51,632
Operating lease right-of-use assets, net of accumulated amortization	109,042	120,585
Other deferred charges	94,427	97,064
Total deferred charges and other assets	726,797	704,748
Assets	5,377,422	5,242,991
Current Liabilities:
Short-term debt	87,055	58,000
Current installments of long-term debt	189,921	350,268
Accounts payable	52,418	66,746
Affiliate payables	15,708	12,524
Customer deposits	10,004	10,585
Accrued interest and taxes	34,439	43,617
Regulatory liabilities	2,741	371
Operating lease liabilities	24,039	25,927
Dividends declared	132	132
Other current liabilities	31,051	25,066
Total current liabilities	447,508	593,236
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	1,656,684	1,397,752
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	540,434	521,990
Regulatory liabilities	676,454	683,398
Asset retirement obligations	180,888	181,081
Accrued pension liability and postretirement benefit cost	80,715	87,838
Operating lease liabilities	85,028	97,992
Other deferred credits	191,984	155,744
Total deferred credits and other liabilities	1,755,503	1,728,043
Total liabilities	3,859,695	3,719,031
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock of Subsidiary without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
Company common stockholders’ equity:
Common stock	1,264,918	1,264,918
Accumulated other comprehensive income (loss), net of income taxes	(90,992)	(99,055)
Retained earnings	272,345	283,516
Total stockholders' equity	1,446,271	1,449,379
Non-controlling interest in Valencia	59,927	63,052
Total equity	1,506,198	1,512,431	1,402,493	1,461,571
Total liabilities and stockholders' equity	5,377,422	5,242,991
Texas-New Mexico Power Company
Current Assets:
Cash and cash equivalents	231	1,000	0	0
Accounts receivable, net of allowance for credit losses	29,591	25,442
Unbilled revenues	11,888	10,814
Other receivables	2,512	2,713
Materials, supplies, and fuel stock	6,224	5,704
Regulatory assets	3,852	0
Other current assets	2,135	1,280
Total current assets	56,433	46,953
Other Property and Investments:
Other investments	178	178
Non-utility property, net	10,814	6,684
Total other property and investments	10,992	6,862
Utility Plant:
Plant in service, held for future use, and to be abandoned	1,971,908	1,919,256
Less accumulated depreciation and amortization	530,230	516,795
Net plant in service and plant held for future use	1,441,678	1,402,461
Construction work in progress	124,383	42,554
Net utility plant	1,566,061	1,445,015
Deferred Charges and Other Assets:
Regulatory assets	110,890	121,463
Goodwill	226,665	226,665
Operating lease right-of-use assets, net of accumulated amortization	8,535	9,954
Other deferred charges	6,145	3,527
Total deferred charges and other assets	352,235	361,609
Assets	1,985,721	1,860,439
Current Liabilities:
Short-term debt	13,094	15,000
Accounts payable	16,674	20,598
Affiliate payables	7,020	5,419
Accrued interest and taxes	42,961	42,068
Regulatory liabilities	918	134
Operating lease liabilities	2,428	2,753
Other current liabilities	5,823	3,565
Total current liabilities	88,918	89,537
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	780,561	670,691
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	139,855	140,151
Regulatory liabilities	191,499	182,845
Asset retirement obligations	917	881
Accrued pension liability and postretirement benefit cost	6,533	7,199
Operating lease liabilities	5,897	7,039
Other deferred credits	12,087	7,469
Total deferred credits and other liabilities	356,788	345,584
Total liabilities	1,226,267	1,105,812
Commitments and Contingencies (Note 11)
Company common stockholders’ equity:
Common stock	64	64
Paid-in-capital	614,166	614,166
Retained earnings	145,224	140,397
Total stockholders' equity	759,454	754,627	$ 678,647	$ 674,093
Total liabilities and stockholders' equity	$ 1,985,721	$ 1,860,439

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Allowance for uncollectible accounts	$ 1,911	$ 1,163
Accumulated depreciation, nuclear fuel	$ 41,140	$ 42,354
Cumulative preferred stock of subsidiary, stated value (in dollars per share)	$ 100	$ 100
Cumulative preferred stock of subsidiary, shares authorized (in shares)	10,000,000	10,000,000
Cumulative preferred stock of subsidiary, shares issued (in shares)	115,293	115,293
Cumulative preferred stock of subsidiary, shares outstanding (in shares)	115,293	115,293
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	79,653,624	79,653,624
Common stock, shares outstanding (in shares)	79,653,624	79,653,624
PNM
Allowance for uncollectible accounts	$ 1,911	$ 1,163
Accumulated depreciation, nuclear fuel	$ 41,140	$ 42,354
Cumulative preferred stock, stated value (in dollars per share)	$ 100	$ 100
Cumulative preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Cumulative preferred stock, shares issued (in shares)	115,293	115,293
Cumulative preferred stock, shares outstanding (in shares)	115,293	115,293
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	39,117,799	39,117,799
Common stock, shares outstanding (in shares)	39,117,799	39,117,799
Texas-New Mexico Power Company
Common stock, par value (in dollars per share)	$ 10	$ 10
Common stock, shares authorized (in shares)	12,000,000	12,000,000
Common stock, shares issued (in shares)	6,358	6,358
Common stock, shares outstanding (in shares)	6,358	6,358

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - USD ($)	Total	Total PNMR Common Stockholders’ Equity	Common Stock	AOCI	Retained Earnings	Non- controlling Interest in Valencia	PNM	PNMTotal PNMR Common Stockholders’ Equity	PNMCommon Stock	PNMAOCI	PNMRetained Earnings	PNMNon- controlling Interest in Valencia	Texas-New Mexico Power Company	Texas-New Mexico Power CompanyCommon Stock	Texas-New Mexico Power CompanyPaid-in Capital	Texas-New Mexico Power CompanyRetained Earnings
Beginning balance at Dec. 31, 2018	$ 1,752,594,000	$ 1,688,382,000	$ 1,153,113,000	$ (108,684,000)	$ 643,953,000	$ 64,212,000	$ 1,461,571,000	$ 1,397,359,000	$ 1,264,918,000	$ (110,422,000)	$ 242,863,000	$ 64,212,000
Beginning balance TNMP at Dec. 31, 2018													$ 674,093,000	$ 64,000	$ 534,166,000	$ 139,863,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	(50,622,000)	(56,950,000)			(56,950,000)	6,328,000	(61,340,000)	(67,668,000)			(67,668,000)	6,328,000
Net earnings							(67,668,000)						19,365,000			19,365,000
Total other comprehensive income	8,502,000	8,502,000		8,502,000			10,474,000	10,474,000		10,474,000
Subsidiary preferred stock dividends	(264,000)	(264,000)			(264,000)
Dividends declared on preferred stock							(264,000)	(264,000)			(264,000)
Dividends declared on common stock	(23,099,000)	(23,099,000)			(23,099,000)		0						(14,811,000)			(14,811,000)
Proceeds from stock option exercise	943,000	943,000	943,000
Awards of common stock	(9,892,000)	(9,892,000)	(9,892,000)
Stock based compensation expense	4,526,000	4,526,000	4,526,000
Valencia’s transactions with its owner	(7,948,000)					(7,948,000)	(7,948,000)					(7,948,000)
Ending balance at Jun. 30, 2019	1,674,740,000	1,612,148,000	1,148,690,000	(100,182,000)	563,640,000	62,592,000	1,402,493,000	1,339,901,000	1,264,918,000	(99,948,000)	174,931,000	62,592,000
Ending balance TNMP at Jun. 30, 2019													678,647,000	64,000	534,166,000	144,417,000
Beginning balance at Mar. 31, 2019	1,747,458,000	1,684,679,000	1,148,364,000	(103,239,000)	639,554,000	62,779,000	1,485,307,000	1,422,528,000	1,264,918,000	(104,265,000)	261,875,000	62,779,000
Beginning balance TNMP at Mar. 31, 2019													667,478,000	64,000	534,166,000	133,248,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	(72,283,000)	(75,782,000)			(75,782,000)	3,499,000	(83,313,000)	(86,812,000)			(86,812,000)	3,499,000
Net earnings							(86,812,000)						15,267,000			15,267,000
Total other comprehensive income	3,057,000	3,057,000		3,057,000			4,317,000	4,317,000		4,317,000
Subsidiary preferred stock dividends	(132,000)
Dividends declared on preferred stock							(132,000)	(132,000)			(132,000)
Dividends declared on common stock	(132,000)	(132,000)			(132,000)		0						(4,098,000)			(4,098,000)
Proceeds from stock option exercise	13,000	13,000	13,000
Awards of common stock	(956,000)	(956,000)	(956,000)
Stock based compensation expense	1,269,000	1,269,000	1,269,000
Valencia’s transactions with its owner	(3,686,000)					(3,686,000)	(3,686,000)					(3,686,000)
Ending balance at Jun. 30, 2019	1,674,740,000	1,612,148,000	1,148,690,000	(100,182,000)	563,640,000	62,592,000	1,402,493,000	1,339,901,000	1,264,918,000	(99,948,000)	174,931,000	62,592,000
Ending balance TNMP at Jun. 30, 2019													678,647,000	64,000	534,166,000	144,417,000
Beginning balance at Dec. 31, 2019	1,741,750,000	1,678,698,000	1,150,552,000	(99,377,000)	627,523,000	63,052,000	1,512,431,000	1,449,379,000	1,264,918,000	(99,055,000)	283,516,000	63,052,000
Beginning balance TNMP at Dec. 31, 2019	1,678,698,000						1,449,379,000						754,627,000	64,000	614,166,000	140,397,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	50,162,000	42,493,000			42,493,000	7,669,000	37,416,000	29,747,000			29,747,000	7,669,000
Net earnings							29,747,000						23,266,000			23,266,000
Total other comprehensive income	6,796,000	6,796,000		6,796,000			8,063,000	8,063,000		8,063,000
Subsidiary preferred stock dividends	(264,000)	(264,000)			(264,000)
Dividends declared on preferred stock							(264,000)	(264,000)			(264,000)
Dividends declared on common stock	(24,493,000)	(24,493,000)			(24,493,000)		(40,654,000)	(40,654,000)			(40,654,000)		(18,439,000)			(18,439,000)
Proceeds from stock option exercise	24,000	24,000	24,000
Awards of common stock	(11,984,000)	(11,984,000)	(11,984,000)
Stock based compensation expense	5,230,000	5,230,000	5,230,000
Valencia’s transactions with its owner	(10,794,000)					(10,794,000)	(10,794,000)					(10,794,000)
Ending balance at Jun. 30, 2020	1,756,427,000	1,696,500,000	1,143,822,000	(92,581,000)	645,259,000	59,927,000	1,506,198,000	1,446,271,000	1,264,918,000	(90,992,000)	272,345,000	59,927,000
Ending balance TNMP at Jun. 30, 2020	1,696,500,000						1,446,271,000						759,454,000	64,000	614,166,000	145,224,000
Beginning balance at Mar. 31, 2020	1,687,569,000	1,627,222,000	1,142,879,000	(103,427,000)	587,770,000	60,347,000	1,450,484,000	1,390,137,000	1,264,918,000	(101,586,000)	226,805,000	60,347,000
Beginning balance TNMP at Mar. 31, 2020													750,372,000	64,000	614,166,000	136,142,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	61,561,000	57,621,000			57,621,000	3,940,000	49,612,000	45,672,000			45,672,000	3,940,000
Net earnings							45,672,000						16,174,000			16,174,000
Total other comprehensive income	10,846,000	10,846,000		10,846,000			10,594,000	10,594,000		10,594,000
Subsidiary preferred stock dividends	(132,000)	(132,000)			(132,000)
Dividends declared on preferred stock							(132,000)	(132,000)			(132,000)
Dividends declared on common stock							(40,700,000)						(7,092,000)			(7,092,000)
Awards of common stock	(486,000)	(486,000)	(486,000)
Stock based compensation expense	1,429,000	1,429,000	1,429,000
Valencia’s transactions with its owner	(4,360,000)					(4,360,000)	(4,360,000)					(4,360,000)
Ending balance at Jun. 30, 2020	1,756,427,000	$ 1,696,500,000	$ 1,143,822,000	$ (92,581,000)	$ 645,259,000	$ 59,927,000	1,506,198,000	$ 1,446,271,000	$ 1,264,918,000	$ (90,992,000)	$ 272,345,000	$ 59,927,000
Ending balance TNMP at Jun. 30, 2020	$ 1,696,500,000						$ 1,446,271,000						$ 759,454,000	$ 64,000	$ 614,166,000	$ 145,224,000

Significant Accounting Policies

Significant Accounting Policies and Responsibility for Financial Statements	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies and Responsibility for Financial Statements	Significant Accounting Policies and Responsibility for Financial Statements Financial Statement Preparation In the opinion of management, the accompanying unaudited interim Condensed Consolidated Financial Statements reflect all normal and recurring accruals and adjustments that are necessary to present fairly the consolidated financial position at June 30, 2020 and December 31, 2019, and the consolidated results of operations and comprehensive income for the three and six months ended June 30, 2020 and 2019, and cash flows for the six months ended June 30, 2020 and 2019. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could ultimately differ from those estimated. Weather causes the Company’s results of operations to be seasonal in nature and the results of operations presented in the accompanying Condensed Consolidated Financial Statements are not necessarily representative of operations for an entire year. The Notes to Condensed Consolidated Financial Statements include disclosures for PNMR, PNM, and TNMP. This report uses the term “Company” when discussing matters of common applicability to PNMR, PNM, and TNMP. Discussions regarding only PNMR, PNM, or TNMP are so indicated. Certain amounts in the 2019 Condensed Consolidated Financial Statements and Notes thereto have been reclassified to conform to the 2020 financial statement presentation. These Condensed Consolidated Financial Statements are unaudited. Certain information and note disclosures normally included in the annual audited Consolidated Financial Statements have been condensed or omitted, as permitted under the applicable rules and regulations. Readers of these financial statements should refer to PNMR’s, PNM’s, and TNMP’s audited Consolidated Financial Statements and Notes thereto that are included in their respective 2019 Annual Reports on Form 10-K. GAAP defines subsequent events as events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. Based on their nature, magnitude, and timing, certain subsequent events may be required to be reflected at the balance sheet date and/or required to be disclosed in the financial statements. The Company has evaluated subsequent events as required by GAAP. Principles of Consolidation The Condensed Consolidated Financial Statements of each of PNMR, PNM, and TNMP include their accounts and those of subsidiaries in which that entity owns a majority voting interest. PNM also consolidates Valencia. See Note 6. PNM owns undivided interests in several jointly-owned power plants and records its pro-rata share of the assets, liabilities, and expenses for those plants. The agreements for the jointly-owned plants provide that if an owner were to default on its payment obligations, the non-defaulting owners would be responsible for their proportionate share of the obligations of the defaulting owner. In exchange, the non-defaulting owners would be entitled to their proportionate share of the generating capacity of the defaulting owner. There have been no such payment defaults under any of the agreements for the jointly-owned plants. PNMR shared services’ expenses, which represent costs that are primarily driven by corporate level activities, are charged to the business segments. These services are billed at cost and are reflected as general and administrative expenses in the business segments. Other significant intercompany transactions between PNMR, PNM, and TNMP include interest and income tax sharing payments, as well as equity transactions, and interconnection billings. See Note 15. All intercompany transactions and balances have been eliminated. Dividends on Common Stock Dividends on PNMR’s common stock are declared by the Board. The timing of the declaration of dividends is dependent on the timing of meetings and other actions of the Board. This has historically resulted in dividends attributable to the second quarter of each year being declared through actions of the Board during the third quarter of the year. The Board declared dividends on common stock considered to be for the second quarter of $0.3075 per share in July 2020 and $0.2900 per share in July 2019, which are reflected as being in the second quarter within "Dividends Declared per Common Share" on the PNMR Condensed Consolidated Statements of Earnings. PNM paid cash dividends on its common stock to PNMR of $40.7 million in the three and six months ended June 30, 2020 that were declared in the three months ended March 31, 2020. PNM did not pay cash dividends on its common stock to PNMR in the three and sixth months ended June 30, 2019. TNMP declared and paid cash dividends on its common stock to PNMR of $7.1 million and $18.4 million in the three and six months ended June 30, 2020 and paid $4.1 million and $14.8 million in the three and six months ended June 30, 2019. 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 2018-14 – Compensation – Retirement Benefits – Defined Benefit Plans (Topic 715) Disclosure Framework: Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14 to improve benefit plan sponsors’ disclosures for defined benefit pension and other post-employment benefit plans. ASU 2018-14 removes the requirement to disclose the amounts in other comprehensive income expected to be recognized as benefit cost over the next fiscal year and the requirement to disclose the impact of a one-percentage-point change in the assumed health care cost trend rate; clarifies the disclosure requirements for plans with assets that are less than their projected benefit, or accumulated benefit obligation; and requires significant gains and losses affecting benefit obligations during the period be disclosed. ASU 2018-14 is effective for the Company on December 31, 2020, although early adoption is permitted, and requires retrospective application. As discussed in Note 11 of the Notes to the Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K and in Note 10, PNM and TNMP maintain qualified defined benefit, other postretirement benefit plans providing medical and dental benefits, and executive retirement programs. The Company is 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 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	6 Months Ended
	Jun. 30, 2020
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 transactions are reflected in the Corporate and Other segment. The following tables present summarized financial information for PNMR by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP. PNMR SEGMENT INFORMATION PNM TNMP Corporate PNMR Consolidated (In thousands) Three Months Ended June 30, 2020 Electric operating revenues $ 260,788 $ 96,861 $ — $ 357,649 Cost of energy 67,884 25,979 — 93,863 Utility margin 192,904 70,882 — 263,786 Other operating expenses 101,557 25,339 (4,282) 122,614 Depreciation and amortization 41,763 22,368 5,891 70,022 Operating income (loss) 49,584 23,175 (1,609) 71,150 Interest income 3,147 — (76) 3,071 Other income (deductions) 20,954 1,963 (214) 22,703 Interest charges (19,178) (7,361) (4,549) (31,088) Segment earnings (loss) before income taxes 54,507 17,777 (6,448) 65,836 Income taxes (benefit) 4,895 1,603 (2,223) 4,275 Segment earnings (loss) 49,612 16,174 (4,225) 61,561 Valencia non-controlling interest (3,940) — — (3,940) Subsidiary preferred stock dividends (132) — — (132) Segment earnings (loss) attributable to PNMR $ 45,540 $ 16,174 $ (4,225) $ 57,489 Six Months Ended June 30, 2020 Electric operating revenues $ 508,921 $ 182,350 $ — $ 691,271 Cost of energy 142,408 50,165 — 192,573 Utility margin 366,513 132,185 — 498,698 Other operating expenses 200,113 50,461 (9,759) 240,815 Depreciation and amortization 83,212 44,204 11,579 138,995 Operating income (loss) 83,188 37,520 (1,820) 118,888 Interest income 6,643 — (149) 6,494 Other income (deductions) (13,072) 2,524 (755) (11,303) Interest charges (36,807) (14,533) (10,182) (61,522) Segment earnings (loss) before income taxes 39,952 25,511 (12,906) 52,557 Income taxes (benefit) 2,536 2,245 (2,386) 2,395 Segment earnings (loss) 37,416 23,266 (10,520) 50,162 Valencia non-controlling interest (7,669) — — (7,669) Subsidiary preferred stock dividends (264) — — (264) Segment earnings (loss) attributable to PNMR $ 29,483 $ 23,266 $ (10,520) $ 42,229 At June 30, 2020: Total Assets $ 5,377,422 $ 1,985,721 $ 211,324 $ 7,574,467 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 PNM TNMP Corporate PNMR Consolidated (In thousands) Three Months Ended June 30, 2019 Electric operating revenues $ 238,219 $ 92,009 $ — $ 330,228 Cost of energy 58,866 24,916 — 83,782 Utility margin 179,353 67,093 — 246,446 Other operating expenses 255,519 24,013 (5,536) 273,996 Depreciation and amortization 39,811 20,502 5,752 66,065 Operating income (loss) (115,977) 22,578 (216) (93,615) Interest income 3,530 — (70) 3,460 Other income (deductions) 4,179 731 (78) 4,832 Interest charges (18,526) (6,560) (4,705) (29,791) Segment earnings (loss) before income taxes (126,794) 16,749 (5,069) (115,114) Income taxes (benefit) (43,481) 1,482 (832) (42,831) Segment earnings (loss) (83,313) 15,267 (4,237) (72,283) Valencia non-controlling interest (3,499) — — (3,499) Subsidiary preferred stock dividends (132) — — (132) Segment earnings (loss) attributable to PNMR $ (86,944) $ 15,267 $ (4,237) $ (75,914) Three Months Ended June 30, 2019 Electric operating revenues $ 507,536 $ 172,336 $ — $ 679,872 Cost of energy 158,204 47,204 — 205,408 Utility margin 349,332 125,132 — 474,464 Other operating expenses 361,981 49,253 (11,299) 399,935 Depreciation and amortization 79,036 40,716 11,669 131,421 Operating income (loss) (91,685) 35,163 (370) (56,892) Interest income 7,187 — (139) 7,048 Other income (deductions) 18,536 1,317 (814) 19,039 Interest charges (36,886) (15,361) (9,178) (61,425) Segment earnings (loss) before income taxes (102,848) 21,119 (10,501) (92,230) Income taxes (benefit) (41,508) 1,754 (1,854) (41,608) Segment earnings (loss) (61,340) 19,365 (8,647) (50,622) Valencia non-controlling interest (6,328) — — (6,328) Subsidiary preferred stock dividends (264) — — (264) Segment earnings (loss) attributable to PNMR $ (67,932) $ 19,365 $ (8,647) $ (57,214) At June 30, 2019: Total Assets $ 5,105,090 $ 1,768,831 $ 174,746 $ 7,048,667 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 The Company defines utility margin as electric operating revenues less cost of energy. Cost of energy consists primarily of fuel and purchase power costs for PNM and costs charged by third-party transmission providers for TNMP. The Company believes that utility margin provides a more meaningful basis for evaluating operations than electric operating revenues since substantially all such costs are offset in revenues as fuel and purchase power costs are passed through to customers under PNM’s FPPAC and third-party transmission costs are passed on to customers through TNMP’s transmission cost recovery factor. Utility margin is not a financial measure required to be presented under GAAP and is considered a non-GAAP measure.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Information regarding accumulated other comprehensive income (loss) for the six months ended June 30, 2020 and 2019 is as follows: Accumulated Other Comprehensive Income (Loss) PNM Corporate and Other PNMR Consolidated Unrealized Pension Fair Value Total Total (In thousands) Balance at December 31, 2019 $ 10,638 $ (109,693) $ (99,055) $ (322) $ (99,377) Amounts reclassified from AOCI (pre-tax) (3,059) 4,150 1,091 (500) 591 Income tax impact of amounts reclassified 777 (1,054) (277) 127 (150) Other OCI changes (pre-tax) 9,717 — 9,717 (1,198) 8,519 Income tax impact of other OCI changes (2,468) — (2,468) 304 (2,164) Net after-tax change 4,967 3,096 8,063 (1,267) 6,796 Balance at June 30, 2020 $ 15,605 $ (106,597) $ (90,992) $ (1,589) $ (92,581) Balance at December 31, 2018 $ 1,939 $ (112,361) $ (110,422) $ 1,738 $ (108,684) Amounts reclassified from AOCI (pre-tax) (5,601) 3,702 (1,899) 525 (1,374) Income tax impact of amounts reclassified 1,423 (940) 483 (133) 350 Other OCI changes (pre-tax) 15,938 — 15,938 (3,169) 12,769 Income tax impact of other OCI changes (4,048) — (4,048) 805 (3,243) Net after-tax change 7,712 2,762 10,474 (1,972) 8,502 Balance at June 30, 2019 $ 9,651 $ (109,599) $ (99,948) $ (234) $ (100,182) The Condensed Consolidated Statements of Earnings include pre-tax amounts reclassified from AOCI related to Unrealized Gains on Available-for-Sale Debt 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 Condensed Consolidated Statements of Earnings.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share In accordance with GAAP, dual presentation of basic and diluted earnings per share is presented in the Condensed Consolidated Statements of Earnings of PNMR. PNMR’s potentially dilutive shares consist of restricted stock and PNMR common stock issuable under the PNMR 2020 Forward Equity Sale Agreements, which are calculated under the treasury stock method. See Note 9. Information regarding the computation of earnings per share is as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands, except per share amounts) Net Earnings (Loss) Attributable to PNMR $ 57,489 $ (75,914) $ 42,229 $ (57,214) Average Number of Common Shares: Outstanding during period 79,654 79,654 79,654 79,654 Vested awards of restricted stock 186 263 202 251 Average Shares – Basic 79,840 79,917 79,856 79,905 Dilutive Effect of Common Stock Equivalents: PNMR 2020 Forward Equity Sale Agreements — — 86 — Restricted stock 36 — 37 — Average Shares – Diluted (1) 79,876 79,917 79,979 79,905 Net Earnings (Loss) Per Share of Common Stock: Basic $ 0.72 $ (0.95) $ 0.53 $ (0.72) Diluted $ 0.72 $ (0.95) $ 0.53 $ (0.72) (1) No potentially dilutive restricted stock have been included in the computation of Average Shares – Diluted for the three and six months ended June 30, 2019 since the effect would be anti-dilutive.

Electric Operating Revenues

Electric Operating Revenues	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Electric Operating Revenues	Electric Operating Revenues PNMR is an investor-owned holding company with two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s electric utilities are PNM and TNMP. Additional information concerning electric operating revenue is contained in Note 4 of the Notes to Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K. Accounts Receivable and Allowance for Credit Losses 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 estimates the allowance for credit losses on trade receivables based on historical experience and estimated default rates. Accounts receivable balances are reviewed monthly and adjustments to the allowance for credit losses are made as necessary and amounts that are deemed uncollectible are written off. On January 1, 2020, the Company adopted Accounting Standards Update 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. As a result of the adoption of the new standard, PNM updated its allowance for accounts receivable balances and recorded incremental credit losses of $0.4 million and $0.7 million in the three and six months ended June 30, 2020. See additional discussion of ASU 2016-13 in Note 7. Disaggregation of Revenues A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below. The table also reflects alternative revenue program revenues ("ARP") and other revenues. PNM TNMP PNMR Consolidated Three Months Ended June 30, 2020 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 109,090 $ 37,302 $ 146,392 Commercial 93,364 28,106 121,470 Industrial 20,373 6,857 27,230 Public authority 4,907 1,419 6,326 Economy energy service 3,278 — 3,278 Transmission 14,097 20,238 34,335 Miscellaneous 3,042 1,002 4,044 Total revenues from contracts with customers 248,151 94,924 343,075 Alternative revenue programs 2,529 1,937 4,466 Other electric operating revenues 10,108 — 10,108 Total Electric Operating Revenues $ 260,788 $ 96,861 $ 357,649 Six Months Ended June 30, 2020 Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 211,899 $ 69,200 $ 281,099 Commercial 179,713 56,791 236,504 Industrial 39,838 13,390 53,228 Public authority 9,254 2,842 12,096 Economy energy service 8,531 — 8,531 Transmission 28,264 38,250 66,514 Miscellaneous 6,410 1,675 8,085 Total revenues from contracts with customers 483,909 182,148 666,057 Alternative revenue programs 4,690 202 4,892 Other electric operating revenues 20,322 — 20,322 Total Electric Operating Revenues $ 508,921 $ 182,350 $ 691,271 PNM TNMP PNMR Consolidated Three Months Ended June 30, 2019 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 86,328 $ 33,640 $ 119,968 Commercial 98,968 28,058 127,026 Industrial 15,329 5,295 20,624 Public authority 4,596 1,391 5,987 Economy energy service 6,024 — 6,024 Transmission 14,342 17,585 31,927 Miscellaneous 2,474 887 3,361 Total revenues from contracts with customers 228,061 86,856 314,917 Alternative revenue programs 691 5,153 5,844 Other electric operating revenues 9,467 — 9,467 Total Electric Operating Revenues $ 238,219 $ 92,009 $ 330,228 Three Months Ended June 30, 2019 Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 193,629 $ 64,072 $ 257,701 Commercial 184,201 55,487 239,688 Industrial 30,076 10,911 40,987 Public authority 9,307 2,764 12,071 Economy energy service 12,946 — 12,946 Transmission 27,727 31,589 59,316 Miscellaneous 6,116 1,789 7,905 Total revenues from contracts with customers 464,002 166,612 630,614 Alternative revenue programs 756 5,724 6,480 Other electric operating revenues 42,778 — 42,778 Total Electric Operating Revenues $ 507,536 $ 172,336 $ 679,872 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 ARPs. For PNM, accounts receivable reflected on the Condensed Consolidated Balance Sheets, net of allowance for credit losses, includes $65.2 million at June 30, 2020 and $59.3 million at December 31, 2019 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 June 30, 2020 or 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

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2020
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities GAAP determines how an enterprise evaluates and accounts for its involvement with variable interest entities, focusing primarily on whether the enterprise has the power to direct the activities that most significantly impact the economic performance of a variable interest entity (“VIE”). GAAP also requires continual reassessment of the primary beneficiary of a VIE. Additional information concerning PNM’s VIEs is contained in Note 10 of the Notes to Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K. Valencia PNM has a PPA to purchase all of the electric capacity and energy from Valencia, a 158 MW natural gas-fired power plant near Belen, New Mexico, through May 2028. A third party built, owns, and operates the facility while PNM is the sole purchaser of the electricity generated. PNM is obligated to pay fixed operation and maintenance and capacity charges in addition to variable operation and maintenance charges under this PPA. For the three and six months ended June 30, 2020, PNM paid $5.0 million and $10.0 million for fixed charges and $0.5 million and $0.9 million for variable charges. For the three and six months ended June 30, 2019, PNM paid $5.0 million and $9.9 million for fixed charges and $0.2 million and $0.3 million for variable charges. PNM does not have any other financial obligations related to Valencia. The assets of Valencia can only be used to satisfy its obligations and creditors of Valencia do not have any recourse against PNM’s assets. During the term of the PPA, PNM has the option, under certain conditions, to purchase and own up to 50% of the plant or the VIE. The PPA specifies that the purchase price would be the greater of 50% of book value reduced by related indebtedness or 50% of fair market value. PNM sources fuel for the plant, controls when the facility operates through its dispatch, and receives the entire output of the plant, which factors directly and significantly impact the economic performance of Valencia. Therefore, PNM has concluded that the third-party entity that owns Valencia is a VIE and that PNM is the primary beneficiary of the entity under GAAP since PNM has the power to direct the activities that most significantly impact the economic performance of Valencia and will absorb the majority of the variability in the cash flows of the plant. As the primary beneficiary, PNM consolidates Valencia in its financial statements. Accordingly, the assets, liabilities, operating expenses, and cash flows of Valencia are included in the Condensed Consolidated Financial Statements of PNM although PNM has no legal ownership interest or voting control of the VIE. The assets and liabilities of Valencia set forth below are immaterial to PNM and, therefore, not shown separately on the Condensed Consolidated Balance Sheets. The owner’s equity and net income of Valencia are considered attributable to non-controlling interest. Summarized financial information for Valencia is as follows: Results of Operations Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands) Operating revenues $ 5,495 $ 5,177 $ 10,848 $ 10,129 Operating expenses 1,555 1,678 3,179 3,801 Earnings attributable to non-controlling interest $ 3,940 $ 3,499 $ 7,669 $ 6,328 Financial Position June 30, December 31, 2020 2019 (In thousands) Current assets $ 3,393 $ 5,094 Net property, plant, and equipment 57,163 58,581 Total assets 60,556 63,675 Current liabilities 629 623 Owners’ equity – non-controlling interest $ 59,927 $ 63,052 Westmoreland San Juan Mining, LLC As discussed in the subheading Coal Supply in Note 11, PNM purchases coal for SJGS under the SJGS CSA. 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 letter of credit support agreements. 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.

Fair Value of Derivative and Ot

Fair Value of Derivative and Other Financial Instruments	6 Months Ended
	Jun. 30, 2020
Fair Value of Derivative and Other Financial Instruments [Abstract]
Fair Value of Derivative and Other Financial Instruments	Fair Value of Derivative and Other Financial Instruments Additional information concerning energy related derivative contracts and other financial instruments is contained in Note 9 of the Notes to Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K. Fair value is defined under GAAP as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value is based on current market quotes as available and is supplemented by modeling techniques and assumptions made by the Company to the extent quoted market prices or volatilities are not available. External pricing input availability varies based on commodity location, market liquidity, and term of the agreement. Valuations of derivative assets and liabilities take into account nonperformance risk, including the effect of counterparties’ and the Company’s credit risk. The Company regularly assesses the validity and availability of pricing data for its derivative transactions. Although the Company uses its best judgment in estimating the fair value of these instruments, there are inherent limitations in any estimation technique. Energy Related Derivative Contracts Overview The primary objective for the use of commodity derivative instruments, including energy contracts, options, swaps, and futures, is to manage price risk associated with forecasted purchases of energy and fuel used to generate electricity, as well as managing anticipated generation capacity in excess of forecasted demand from existing customers. PNM’s energy related derivative contracts manage commodity risk. PNM is required to meet the demand and energy needs of its customers. PNM is exposed to market risk for the needs of its customers not covered under the FPPAC. Beginning January 1, 2018, PNM is exposed to market risk for its 65 MW interest in SJGS Unit 4, which is held as merchant plant as ordered by the NMPRC. PNM has entered into agreements to sell power from 36 MW of that capacity to a third party at a fixed price for the period January 1, 2018 through 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. 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 six months ended June 30, 2020 and the year ended December 31, 2019, 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 and considered Level 2 fair value measurements, are presented in the following line items on the Condensed Consolidated Balance Sheets: Economic Hedges June 30, December 31, (In thousands) Other current assets $ 1,096 $ 1,089 Other deferred charges 1,004 1,507 2,100 2,596 Other current liabilities (1,096) (1,089) Other deferred credits (1,004) (1,507) (2,100) (2,596) Net $ — $ — 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. All of the assets and liabilities in the table above at June 30, 2020 and December 31, 2019 result from PNM’s hazard sharing arrangements with Tri-State. The hazard sharing arrangements are net-settled upon delivery. At June 30, 2020 and December 31, 2019, PNM had no amounts recognized for the legal right to reclaim cash collateral. However, at both June 30, 2020 and December 31, 2019, amounts posted as cash collateral under margin arrangements were $0.5 million. At both June 30, 2020 and December 31, 2019, obligations to return cash collateral were $0.9 million. Cash collateral amounts are included in other current assets and other current liabilities on the Condensed Consolidated Balance Sheets. PNM has a NMPRC-approved hedging plan to manage fuel and purchased power costs related to customers covered by its FPPAC. There were no amounts hedged under this plan as of June 30, 2020 or December 31, 2019. The effects of mark-to-market commodity derivative instruments on PNM’s revenues and cost of energy during the three and six months ended June 30, 2020 and 2019 were less than $0.1 million. Commodity derivatives had no impact on OCI for the periods presented. PNM has no open energy or gas commodity volume positions at June 30, 2020 or December 31, 2019. 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 June 30, 2020 and December 31, 2019, PNM had no such contracts in a net liability position. Non-Derivative Financial Instruments The carrying amounts reflected on the Condensed Consolidated Balance Sheets approximate fair value for cash, receivables, and payables due to the short period of maturity. Investment securities are carried at fair value. Investment securities consist of PNM assets held in the NDT for its share of decommissioning costs of PVNGS and trusts for PNM’s share of final reclamation costs related to the coal mines serving SJGS and Four Corners. See Note 11. At June 30, 2020 and December 31, 2019, the fair value of investment securities included $335.5 million and $336.0 million for the NDT and $53.9 million and $52.8 million for the mine reclamation trusts. In June 2016, the FASB issued Accounting Standards Update 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which changes the way entities recognize impairments of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over the remaining lives of the assets. The majority of the amendments made by the new standard are required to be applied using a modified retrospective approach. The amendments in ASU 2016-13 also require 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. The amendments relating to available-for-sale debt securities are required to be applied prospectively on the date of adoption. PNM records a realized loss as an impairment for any available-for-sale debt security that has a fair value that is less than its carrying value. As a result, the Company has no available-for-sale debt securities for which carrying value exceeds fair value and there are no impairments considered to be “other than temporary” that are included in AOCI and not recognized in earnings. The Company adopted ASU 2016-13 on January 1, 2020, its required effective date. Adoption of the standard did not result in the Company recording a cumulative effect adjustment or impact the Company's accounting for its available-for-sale debt securities. All gains and losses resulting from sales and changes in the fair value of equity securities are recognized immediately in earnings. Gains and losses recognized on the Condensed Consolidated Statements of Earnings related to investment securities in the NDT and reclamation trusts are presented in the following table: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Equity securities: Net gains (losses) from equity securities sold $ 5,356 $ 2,774 $ 4,041 $ 4,161 Net gains (losses) from equity securities still held 13,377 303 (5,554) 9,905 Total net gains (losses) on equity securities 18,733 3,077 (1,513) 14,066 Available-for-sale debt securities: Net gains (losses) on debt securities 2,887 1,522 (9,716) 4,547 Net gains (losses) on investment securities $ 21,620 $ 4,599 $ (11,229) $ 18,613 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 $4.0 million and $(8.7) million for the three and six months ended June 30, 2020 and $(0.8) million and $2.6 million for the three and six months ended June 30, 2019. Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Proceeds from sales $ 205,296 $ 159,551 $ 354,651 $ 234,011 Gross realized gains $ 11,262 $ 10,906 $ 17,087 $ 15,095 Gross realized (losses) $ (7,002) $ (5,802) $ (14,037) $ (8,972) At June 30, 2020, the available-for-sale debt securities held by PNM, had the following final maturities: Fair Value (In thousands) Within 1 year $ 22,402 After 1 year through 5 years 83,549 After 5 years through 10 years 82,539 After 10 years through 15 years 14,192 After 15 years through 20 years 10,791 After 20 years 40,010 $ 253,483 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. 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 values 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. 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, when applicable, 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 Company has no Level 3 investments as of June 30, 2020 and December 31, 2019. Management of the Company independently verifies the information provided by pricing services. In August 2018, the FASB issued Accounting Standards Update 2018-13 – Fair Value Measurements (Topic 820) Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurements, 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. The Company adopted ASU 2018-13 on January 1, 2020, its required effective date. The Company applied the requirements of the new standard using retrospective application, except for the new disclosures related to Level 3 investments, which are to be applied prospectively. Adoption of the standard did not have a material impact on the Company's disclosures. Items recorded at fair value by PNM on the Condensed Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale debt securities: GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unrealized Gains (In thousands) June 30, 2020 Cash and cash equivalents $ 11,496 $ 11,496 $ — Equity securities: Corporate stocks, common 65,664 65,664 — Corporate stocks, preferred 8,498 2,770 5,728 Mutual funds and other 50,311 50,311 — Available-for-sale debt securities: U.S. government 47,190 29,315 17,875 $ 1,497 International government 13,734 — 13,734 1,630 Municipals 47,392 — 47,392 2,179 Corporate and other 145,167 464 144,703 15,616 $ 389,452 $ 160,020 $ 229,432 $ 20,922 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 The carrying amounts and fair values of long-term debt, all of which are considered Level 2 fair value measurements and are not recorded at fair value on the Condensed Consolidated Balance Sheets, are presented below: Carrying Amount Fair Value June 30, 2020 (In thousands) PNMR $ 3,216,618 $ 3,343,648 PNM $ 1,846,605 $ 1,951,768 TNMP $ 780,561 $ 797,604 December 31, 2019 PNMR $ 3,007,717 $ 3,142,704 PNM $ 1,748,020 $ 1,795,149 TNMP $ 670,691 $ 753,317 The carrying amount and fair value of the Company’s other investments presented on the Condensed Consolidated Balance Sheets are not material and not shown in the above table.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
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 as of 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. Additional information concerning stock-based compensation under the PEP is contained in Note 12 of the Notes to Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K. Restricted stock under the PEP refers to awards of stock subject to vesting, performance, or market conditions rather than to shares with contractual post-vesting restrictions. Generally, 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 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 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. At June 30, 2020, PNMR had unrecognized expense related to stock awards of $6.1 million, which is expected to be recognized over an average of 1.8 years. PNMR receives a tax deduction for certain stock option exercises during the period the options are exercised, generally for the excess of the price at which the options are sold over the exercise prices of the options, and a tax deduction for the value of restricted stock at the vesting date. GAAP requires that all excess tax benefits and deficiencies be recorded to tax expense and classified as operating cash flows when used to reduce income taxes payable. See Note 14. The grant date fair value for restricted stock and stock awards with internal Company 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: Six Months Ended June 30, Restricted Shares and Performance Based Shares 2020 2019 Expected quarterly dividends per share $ 0.3075 $ 0.2900 Risk-free interest rate 0.72 % 2.47 % Market-Based Shares Dividend yield 2.51 % 2.59 % Expected volatility 19.41 19.55 Risk-free interest rate 0.72 2.51 The following table summarizes activity in restricted stock awards, including performance-based and market-based shares, and stock options, for the six months ended June 30, 2020: Restricted Stock Stock Options Shares Weighted- Shares Weighted- Outstanding at December 31, 2019 161,542 $ 38.21 2,000 $ 12.22 Granted 246,029 36.73 — — Exercised (238,054) 34.86 (2,000) 12.22 Forfeited (1,456) 41.32 — — Outstanding at June 30, 2020 168,061 $ 40.77 — $ — PNMR’s current stock-based compensation program provides for performance and market targets through 2022. Included in 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). Excluded from the table above are 150,543, 142,080 and 142,047 shares for the three In 2015, the Company entered into a retention award agreement with its Chairman, President, and Chief Executive Officer under which she would receive a total of 53,859 shares of PNMR’s common stock if PNMR meets certain performance targets at the end of 2017 and 2019 and she remained an employee of the Company. The retention award was made under the PEP and was approved by the Board on February 26, 2015. Under the agreement, she was to receive 17,953 of the total shares if PNMR achieved specific performance targets at the end of 2017. The specified performance target was achieved at the end of 2017 and the Board ratified her receiving 17,953 shares in February 2018. The second portion of the agreement of 35,906 shares was achieved at the end of 2019. The Board ratified her receiving the shares in February 2020 and such shares are included in the above table. The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares, and stock options: Six Months Ended June 30, Restricted Stock 2020 2019 Weighted-average grant date fair value $ 36.73 $ 37.92 Total fair value of restricted shares that vested (in thousands) $ 11,740 $ 6,227 Stock Options Total intrinsic value of options exercised (in thousands) $ 84 $ 2,617

Financing

Financing	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Financing	FinancingThe Company’s financing strategy includes both short-term and long-term borrowings. The Company utilizes short-term revolving credit facilities, as well as cash flows from operations, to provide funds for both construction and operating expenditures. Depending on market and other conditions, the Company will periodically sell long-term debt or enter into term loan arrangements and use the proceeds to reduce borrowings under the revolving credit facilities or refinance other debt. Each of the Company’s revolving credit facilities and term loans contain a single financial covenant that requires the maintenance of a debt-to-capitalization ratio. For the PNMR and PNMR Development agreements this ratio must be maintained at less than or equal to 70%, and for the PNM and TNMP agreements this ratio must be maintained at less than or equal to 65%. The Company’s revolving credit facilities and term loans generally also contain customary covenants, events of default, cross- default provisions, and change-of-control provisions. PNM must obtain NMPRC approval for any financing transaction having a maturity of more than 18 months. In addition, PNM files its annual short-term financing plan with the NMPRC. Additional information concerning financing activities is contained in Note 7 of the Notes to Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K. Financing Activities In October 2016, PNMR entered into letter of credit arrangements with JPMorgan Chase Bank N.A. (the "JPM LOC Facility") under which letters of credit aggregating $30.3 million were issued to facilitate the posting of reclamation bonds, which SJCC was required to post in connection with permits relating to the operation of the San Juan mine. On March 15, 2019, WSJ LLC acquired the assets of SJCC following the bankruptcy of Westmoreland. WSJ LLC assumed all obligations of SJCC, including under the letter of credit support arrangements. See Note 11. In May 2020, JPMorgan Chase Bank N.A. gave notice that it would not extend the letters of credit, which expire on October 21, 2020. The Company is currently pursuing a replacement agreement. On January 7, 2020, PNMR entered into forward sale agreements with each of Citibank N.A., and Bank of America N.A., as forward purchasers 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 Sale Agreements”). On January 8, 2020, the underwriters exercised in full their option to purchase the 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 PNMR 2020 Forward Equity Sale Agreements by delivering newly issued shares to the forward purchasers on or before January 7, 2021 in exchange for cash at the then applicable forward sales price. PNMR also has the option to net settle the agreement in cash or shares of PNMR common stock. Under a net cash settlement, under which no PNMR common stock would be issued, PNMR would receive net proceeds for a decrease in the market value of PNMR's common stock relative to the then applicable forward sales price per share, or would owe cash in the event of an increase in the market value of PNMR common stock. Under a net share settlement, PNMR would not receive any cash proceeds and may be required to deliver a sufficient number of shares of PNMR common stock to satisfy its obligation to the forward purchasers. The number of shares to be delivered to the forward purchasers would be based on the increase in the PNMR's common stock price relative to the then applicable forward sales price per share. 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. See Note 4. On April 24, 2020, TNMP entered into the TNMP 2020 Bond Purchase Agreement with institutional investors for the sale of $185.0 million aggregate principal amount of four series of TNMP first mortgage bonds (the "TNMP 2020 Bonds") offered in private placement transactions. TNMP issued $110.0 million of TNMP 2020 Bonds on April 24, 2020 and used the proceeds to repay borrowings under the TNMP Revolving Credit Facility and for other corporate purposes. TNMP issued the remaining $75.0 million of TNMP 2020 Bonds on July 15, 2020 and used the proceeds from that issuance to repay borrowings under the TNMP Revolving Credit facility and for other corporate purposes. The TNMP 2020 Bonds are subject to continuing compliance with the representations, warranties and covenants of the TNMP 2020 Bond Purchase Agreement. The terms of the TNMP 2020 Bond Purchase Agreement include customary covenants, including a covenant that requires TNMP to maintain a debt-to-capitalization ratio of less than or equal to 65%, customary events of default, a cross-default provision, and a change-of-control provision. TNMP will have the right to redeem any or all of the TNMP 2020 Bonds prior to their respective maturities, subject to payment of a customary make-whole premium. Information concerning the funding dates, maturities and interest rates on the TNMP 2020 Bonds issued in April and July 2020 are as follows: Funding Date Maturity Date Principal Amount Interest Rate (In millions) April 24, 2020 April 24, 2030 $ 85.0 2.73 % April 24, 2020 April 24, 2050 25.0 3.36 110.0 July 15, 2020 July 15, 2035 25.0 2.93 July 15, 2020 July 15, 2050 50.0 3.36 $ 185.0 On April 15, 2020, PNM entered into a $250.0 million term loan agreement (the "PNM 2020 Term Loan"), between PNM, the lenders party thereto, and U.S. Bank, as administrative agent. Proceeds from the PNM 2020 Term Loan were used to prepay the PNM 2019 $250.0 million Term Loan due July 2020, without penalty. The PNM 2020 Term Loan bears interest at a variable rate, which was 2.70% at June 30, 2020, and matures on June 15, 2021. As discussed below, on April 30, 2020, PNM used $100.0 million of proceeds from the PNM 2020 SUNs to prepay without penalty an equal amount of the PNM 2020 Term Loan. On April 30, 2020, PNM entered into an agreement (the "PNM 2020 Note Purchase Agreement") with institutional investors for the sale of $200.0 million aggregate principal amount of senior unsecured notes offered in private placement transactions. Under the agreement, PNM issued $150.0 million aggregate principal amount of its 3.21% senior unsecured notes, Series A, due April 30, 2030, and $50.0 million of its aggregate principal amount of its 3.57% senior unsecured notes, Series B, due April 29, 2039 (the "PNM 2020 SUNs"). The PNM 2020 SUNs were issued on April 30, 2020. PNM used $100.0 million of proceeds from the PNM 2020 SUNs to repay an equal amount of the PNM 2020 Term Loan. The remaining $100.0 million of the PNM 2020 SUNs were used to repay borrowings on the PNM Revolving Credit Facility and for other corporate purposes. The PNM 2020 SUNs agreement includes customary covenants, including a covenant that requires PNM to maintain 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 2020 SUNs at par. PNM has the right to redeem any or all of the PNM 2020 SUNs prior to their maturities, subject to payment of a customary make-whole premium. At December 31, 2019, PNM had $40.0 million of outstanding PCRBs, which have a final maturity of June 1, 2040 and two series of outstanding PCRBs of $39.3 million and $21.0 million, which have a final maturity of June 1, 2043. These PCRBs, aggregating $100.3 million, were subject to mandatory tender on June 1, 2020. On June 1, 2020, PNM purchased these PCRBs utilizing borrowings under the PNM Revolving Credit Facility and converted the PCRBs to the weekly mode. PNM held these PCRBs (without legally canceling them) until July 1, 2020, when they were remarketed in the weekly mode (the "PNM Floating Rate PCRBs") and PNM used the remarketing proceeds to repay the revolver borrowings. PNM Floating Rate PCRBs in the weekly mode bear interest at rates that are reset weekly, giving investors the option to return the PCRBs for remarketing to new investors upon 7 days' notice. At July 24, 2020, this rate was 0.47%. A corresponding portion of the borrowing capacity under the PNM Revolving Credit Facility will be reserved to support the investors' option to return the PNM Floating Rate PCRBs upon 7 days' notice. In accordance with GAAP, as PNM can demonstrate the intent and ability to keep the PNM Floating Rate PCRBs outstanding through at least the October 31, 2023 maturity of the PNM Revolving Credit Facility, the borrowings under the PNM Revolving Credit Facility used to purchase the PNM Floating Rate PCRBs, aggregating $100.3 million, are reflected as long-term debt in the Condensed Consolidated Balance Sheets at June 30, 2020. Additionally, the PNM Floating Rate PCRBs, supported by the borrowing capacity under the PNM Revolving Credit Facility, will continue to be reflected as long-term debt. At June 30, 2020 and December 31, 2019, PNM had PCRBs outstanding of $36.0 million at 6.25% issued by the Maricopa County, Arizona Pollution Control Corporation as well as $255.0 million at 5.90% and $11.5 million at 6.25% issued by the City of Farmington, New Mexico. The $36.0 million PCRBs became callable at 101% of par on January 1, 2020 and the remaining $266.5 million PCRBs became callable at par on June 1, 2020. On June 22, 2020, PNM provided notice to the bondholders that it was calling the PCRBs aggregating $302.5 million. On July 22, 2020, PNM purchased the PCRBs in lieu of redemption and remarketed them to new investors (the "PNM 2020 Fixed Rate PCRBs"). Information concerning the funding dates, mandatory tender dates, and interest rates on the PNM 2020 Fixed Rate PCRBs are as follows: Funding Date Mandatory Tender Date Principal Amount Interest Rate (In millions) July 22, 2020 June 1, 2022 $ 36.0 1.05 % July 22, 2020 June 1, 2022 11.5 1.20 July 22, 2020 June 1, 2023 130.0 1.10 July 22, 2020 June 1, 2024 125.0 1.15 $ 302.5 At June 30, 2020, variable interest rates were 0.98% on the $50.0 million PNMR 2018 Two On April 1, 2020, the NMPRC approved PNM’s request to issue approximately $361 million of Securitized Bonds upon the retirement of SJGS in 2022. The NMPRC's approval of the issuance of these Securitized Bonds is currently being appealed to the NM Supreme Court. See SJGS Abandonment Application in Note 12. Short-term Debt and Liquidity 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. PNM also has the $40.0 million PNM 2017 New Mexico Credit Facility that expires on December 12, 2022. The TNMP Revolving Credit Facility is a $75.0 million revolving credit facility secured by $75.0 million aggregate principal amount of TNMP first mortgage bonds and matures on September 23, 2022. PNMR Development has a $40.0 million revolving credit facility that expires on February 23, 2021. PNMR Development has the option to further increase the capacity of this facility to $50.0 million upon 15-days advance notice. 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. Variable interest rates under these facilities are based on LIBOR but contain provisions which allow for the replacement of LIBOR with other widely accepted interest rates. Short-term debt outstanding consists of: June 30, December 31, Short-term Debt 2020 2019 (In thousands) PNM: PNM Revolving Credit Facility (1) $ 47,055 $ 48,000 PNM 2017 New Mexico Credit Facility 40,000 10,000 87,055 58,000 TNMP: TNMP Revolving Credit Facility 12,600 15,000 TNMP Electricity Relief ERCOT loan (Note 12) 494 — 13,094 15,000 PNMR Revolving Credit Facility 152,400 112,100 $ 252,549 $ 185,100 (1) Outstanding amount as of June 30, 2020 excludes $100.3 million considered long-term debt as discussed above. At June 30, 2020, the weighted average interest rate was 1.68% for the PNMR Revolving Credit Facility, 1.43% for the PNM Revolving Credit Facility, 1.44% for the PNM 2017 New Mexico Credit Facility, and 0.91% for the TNMP Revolving Credit Facility. There were no borrowings outstanding under the PNMR Development Revolving Credit Facility at June 30, 2020. In addition to the above borrowings, PNMR, PNM, and TNMP had letters of credit outstanding of $4.6 million, $2.2 million, and $0.1 million at June 30, 2020 that reduce the available capacity under their respective revolving credit facilities. The above table excludes intercompany debt. As of June 30, 2020, and December 31, 2019, each of PNM, TNMP, and PNMR Development had zero intercompany borrowings from PNMR. In 2017, PNMR entered into three separate four At July 24, 2020, PNMR, PNM, TNMP, and PNMR Development had availability of $153.5 million, $343.9 million, $74.9 million, and $37.0 million under their respective revolving credit facilities, including reductions of availability due to outstanding letters of credit. PNM had no availability under the PNM 2017 New Mexico Credit Facility. Total availability at July 24, 2020, on a consolidated basis, was $609.3 million for PNMR. Availability under PNM's Revolving Credit Facility and total availability at PNMR, on a consolidated basis, does not reflect a reduction of $100.3 million that PNM has reserved to provide liquidity support for the PNM Floating Rate PCRBs. As of July 24, 2020, PNM, TNMP, and PNMR Development had no borrowings from PNMR under their intercompany loan agreements. At July 24, 2020, PNMR, PNM, and TNMP had invested cash of $0.9 million, zero, and $63.5 million. The Company’s debt arrangements have various maturities and expiration dates. The $90.0 million PNMR Development Term Loan matures in November 2020, the $50.0 million PNMR 2018 Two

Pension and Other Postretiremen

Pension and Other Postretirement Benefit Plans	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefit Plans	Pension and Other Postretirement Benefit Plans PNMR and its subsidiaries maintain qualified defined benefit pension plans, postretirement benefit plans providing medical and dental benefits, and executive retirement programs (collectively, the “PNM Plans” and “TNMP Plans”). PNMR maintains the legal obligation for the benefits owed to participants under these plans. The periodic costs or income of the PNM Plans and TNMP Plans are included in regulated rates to the extent attributable to regulated operations. In accordance with GAAP, the Company presents the service cost component of its net periodic benefit costs in administrative and general expenses and the non-service costs components in other income (deductions), net of amounts capitalized or deferred to regulatory assets and liabilities, on the Condensed Consolidated Statements of Earnings. PNM and TNMP receive a regulated return on the amounts funded for pension and OPEB plans in excess of accumulated periodic cost or income to the extent included in retail rates (a “prepaid pension asset”). Additional information concerning pension and OPEB plans is contained in Note 11 of the Notes to Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K. Annual net periodic benefit cost for the plans is actuarially determined using the methods and assumptions set forth in that note and is recognized ratably throughout the year. Differences between TNMP's annual net periodic costs (income) and amounts included in its regulated rates are deferred to regulatory assets or liabilities, for recovery or refund in future rate proceedings. PNM Plans The following table presents the components of the PNM Plans’ net periodic benefit cost: Three Months Ended June 30, Pension Plan OPEB Plan Executive Retirement Program 2020 2019 2020 2019 2020 2019 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 10 $ 13 $ — $ — Interest cost 4,985 6,294 613 829 122 162 Expected return on plan assets (7,363) (8,527) (1,387) (1,318) — — Amortization of net (gain) loss 4,465 3,880 87 169 101 79 Amortization of prior service cost (138) (241) — (99) — — Net Periodic Benefit Cost (Income) $ 1,949 $ 1,406 $ (677) $ (406) $ 223 $ 241 Six Months Ended June 30, Pension Plan OPEB Plan Executive Retirement Program 2020 2019 2020 2019 2020 2019 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 20 $ 26 $ — $ — Interest cost 9,971 12,587 1,227 1,658 244 324 Expected return on plan assets (14,726) (17,051) (2,774) (2,636) — — Amortization of net (gain) loss 8,930 7,759 174 338 201 158 Amortization of prior service cost (277) (483) — (198) — — Net Periodic Benefit Cost (Income) $ 3,898 $ 2,812 $ (1,353) $ (812) $ 445 $ 482 PNM did not make any contributions to its pension plan trust in the six months ended June 30, 2020 and 2019 and does not anticipate making any contributions to the pension plan in 2020 or 2021, but expects to contribute $4.6 million in 2022 and $19.1 million in 2023, and $19.0 million in 2024 based on current law, funding requirements, and estimates of portfolio performance. 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 rate. PNM may make additional contributions at its discretion. PNM did not make any cash contributions to the OPEB trust in the six months ended June 30, 2020 and 2019, however, a portion of the disbursements attributable to the OPEB trust are paid by PNM and are therefore considered to be contributions to the OPEB plan. Payments by PNM on behalf of the PNM OPEB plan were $1.0 million and $2.1 million in the three and six months ended June 30, 2020 and $0.7 million and $1.5 million in the three and six months ended June 30, 2019 and are expected to total $3.7 million in 2020 and $13.5 million for 2021-2024. Disbursements under the executive retirement program, which are funded by PNM and considered to be contributions to the plan, were $0.3 million and $0.8 million in the three and six months ended June 30, 2020 and $0.4 million and $0.7 million in the three and six months ended June 30, 2019 and are expected to total $1.5 million during 2020 and $5.4 million for 2021-2024. TNMP Plans The following table presents the components of the TNMP Plans’ net periodic benefit cost: Three Months Ended June 30, Pension Plan OPEB Plan Executive Retirement Program 2020 2019 2020 2019 2020 2019 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 12 $ 13 $ — $ — Interest cost 544 672 93 113 6 8 Expected return on plan assets (821) (967) (135) (129) — — Amortization of net (gain) loss 315 235 (80) (110) 6 4 Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 38 $ (60) $ (110) $ (113) $ 12 $ 12 Six Months Ended June 30, Pension Plan OPEB Plan Executive Retirement Program 2020 2019 2020 2019 2020 2019 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 23 $ 26 $ — $ — Interest cost 1,088 1,344 187 226 11 16 Expected return on plan assets (1,642) (1,934) (268) (258) — — Amortization of net (gain) loss 629 470 (162) (220) 12 8 Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 75 $ (120) $ (220) $ (226) $ 23 $ 24 TNMP did not make any contributions to its pension plan trust in the six months ended June 30, 2020 and 2019 and does not anticipate making any contributions to the pension plan in 2020 - 2022, but expects to contribute $1.1 million in 2023 and $2.8 million in 2024, based on current law, funding requirements, and estimates of portfolio performance. Funding assumptions were developed using discount rates of 3.4% to 3.5%. Actual amounts to be funded in the future will depend on the actuarial assumptions at that time, including the appropriate discount rate. TNMP may make additional contributions at its discretion. TNMP did not make any contributions to the OPEB trust in the three and six months ended June 30, 2020 and 2019 and does not expect to make contributions to the OPEB trust during the period 2020-2024. However, a portion of the disbursements attributable to the OPEB trust are paid by TNMP and are therefore considered to be contributions to the OPEB plan.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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 12. It is not possible at this time for the Company to determine fully the effect of all litigation and other legal and regulatory proceedings on its financial position, results of operations, or cash flows. With respect to some of the items listed below, the Company has determined that a loss is not probable or that, to the extent probable, cannot be reasonably estimated. In some cases, the Company is not able to predict with any degree of certainty the range of possible loss that could be incurred. The Company assesses legal and regulatory matters based on current information and makes judgments concerning their potential outcome, giving due consideration to the nature of the claim, the amount and nature of any damages sought, and the probability of success. Such judgments are made with the understanding that the outcome of any litigation, investigation, or other legal proceeding is inherently uncertain. In accordance with GAAP, the Company records liabilities for matters where it is probable a loss has been incurred and the amount of loss is reasonably estimable. The actual outcomes of the items listed below could ultimately differ from the judgments made and the differences could be material. The Company cannot make any assurances that the amount of reserves or potential insurance coverage will be sufficient to cover the cash obligations that might be incurred as a result of litigation or regulatory proceedings. Except as otherwise disclosed, the Company does not expect that any known lawsuits, environmental costs, and commitments will have a material effect on its financial condition, results of operations, or cash flows. Additional information concerning commitments and contingencies is contained in Note 16 of the Notes to Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K. Commitments and Contingencies Related to the Environment Nuclear Spent Fuel and Waste Disposal Nuclear power plant operators are required to enter into spent fuel disposal contracts with the DOE that require the DOE to accept and dispose of all spent nuclear fuel and other high-level radioactive wastes generated by domestic power reactors. Although the Nuclear Waste Policy Act required the DOE to develop a permanent repository for the storage and disposal of spent nuclear fuel by 1998, the DOE announced that it would not be able to open the repository by 1998 and sought to excuse its performance of these requirements. In November 1997, the DC Circuit issued a decision preventing the DOE from excusing its own delay but refused to order the DOE to begin accepting spent nuclear fuel. Based on this decision and the DOE’s delay, a number of utilities, including APS (on behalf of itself and the other PVNGS owners, including PNM), filed damages actions against the DOE in the Court of Federal Claims. The lawsuits filed by APS alleged that damages were incurred due to DOE’s continuing failure to remove spent nuclear fuel and high-level waste from PVNGS. In August 2014, APS and the DOE entered into a settlement agreement that establishes a process for the payment of claims for costs incurred through December 31, 2019. Under the settlement agreement, APS must submit claims annually for payment of allowable costs. PNM records estimated claims on a quarterly basis. The benefit from the claims is passed through to customers under the FPPAC to the extent applicable to NMPRC regulated operations. In July 2020, APS accepted the DOE's extension of the settlement agreement for recovery of costs incurred through December 31, 2022. PNM estimates that it will incur approximately $59.6 million (in 2019 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 June 30, 2020 and December 31, 2019, PNM had a liability for interim storage costs of $13.0 million and $12.7 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 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 2016 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 since PNM will retire its share of SJGS in 2022. PNM cannot predict the outcome of these matters with respect to Four Corners. 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. 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. The court granted NTEC’s motion and dismissed the case with prejudice, terminating the proceedings. In November 2017, the environmental group plaintiffs filed a Notice of Appeal of the dismissal in the U.S. Court of Appeals for the Ninth Circuit, and the court granted their subsequent motion to expedite the appeal. 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. On March 24, 2020, the environmental groups filed a petition for writ of certiorari in the U.S. Supreme Court seeking review of the Ninth Circuit's decision. The Supreme Court denied the petition on June 29, 2020, making the decision of the Ninth Circuit to affirm the District Courts dismissal of the case final. This matter is now complete. 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 Circuit to challenge both the Carbon Pollution Standards for new sources and the Clean Power Plan for existing sources. Numerous parties also simultaneously filed motions to stay the Clean Power Plan during the litigation. On January 21, 2016, the DC Circuit denied petitions to stay the Clean Power Plan, but 29 states and state agencies successfully petitioned the US Supreme Court for a stay, which was granted on February 9, 2016. The decision meant that the Clean Power Plan was not in effect and neither states nor sources were obliged to comply with its requirements. With the US Supreme Court stay in place, the DC Circuit heard oral arguments on the merits of the Clean Power Plan on September 27, 2016 in front of a ten judge en banc panel. However, before the DC Circuit could issue an opinion, the Trump Administration asked that the case be held in abeyance while the rule was being re-evaluated, which was granted. In addition, the DC Circuit issued a similar order in connection with a motion filed by EPA to hold cases challenging the NSPS in abeyance. On September 17, 2019, the DC Circuit issued an order that granted motions by various petitioners, including industry groups and EPA, to dismiss cases challenging the Clean Power Plan as moot due to EPA's issuance of the Affordable Clean Energy rule, which repealed the Clean Power Plan. On March 28, 2017, President Trump issued an Executive Order on Energy Independence. The order put forth two general policies: promote clean and safe development of energy resources, while avoiding regulatory burdens, and ensure electricity is affordable, reliable, safe, secure, and clean. The order directed the EPA Administrator to review and, if appropriate and consistent with law, suspend, revise, or rescind (1) the Clean Power Plan, (2) the New Source Performance Standards (“NSPS”) for GHG from new, reconstructed, or modified electric generating units, (3) the Proposed Clean Power Plan Model Trading Rules, and (4) the Legal Memorandum supporting the Clean Power Plan. In response to the Executive Order, EPA filed a petition with the DC Circuit requesting the cases challenging the Clean Power Plan be held in abeyance until after the conclusion of EPA’s review and any subsequent rulemaking, which was granted. In addition, the DC Circuit issued a similar order in connection with a motion filed by EPA to hold cases challenging the NSPS in abeyance. On September 17, 2019, the DC Circuit issued an order that granted motions by various petitioners, including industry groups and EPA, to dismiss the cases challenging the Clean Power Plan as moot due to EPA’s issuance of the Affordable Clean Energy rule. EPA’s efforts to replace the Clean Power Plan with the Affordable Clean Energy rule began on October 10, 2017, when EPA issued a NOPR proposing to repeal the Clean Power Plan and filed its status report with the court requesting the case be held in abeyance until the completion of the rulemaking on the proposed repeal. The NOPR proposed a legal interpretation concluding that the Clean Power Plan exceeded EPA’s statutory authority. On August 31, 2018, EPA published a proposed rule, known as the Affordable Clean Energy rule, to replace the Clean Power Plan. On June 19, 2019, EPA released the final version of the Affordable Clean Energy rule. EPA takes three actions in the final rule: (1) repealing of the Clean Power Plan; (2) promulgating the Affordable Clean Energy rule; and (3) revising the implementing regulations for all emission guidelines issued under Clean Air Act Section 111(d), which, among other things, extends the deadline for state plans and the timing for EPA's approval process. The final rule is very similar to the August 2018 proposed rule. EPA set the Best System of Emissions Reduction (“BSER”) for existing coal-fired power plants as heat rate efficiency improvements based on a range of “candidate technologies” that can be applied inside the fence-line. Rather than setting a specific numerical standard of performance, EPA’s rule directs states to determine which of the candidate technologies to apply to each coal-fired unit and establish standards of performance based on the degree of emission reduction achievable based on the application of BSER. The final rule requires states to submit a plan to EPA by July 8, 2022 and then EPA has one year to approve the plan. If states do not submit a plan or their submitted plan is not acceptable, EPA will have two years to develop a federal plan. The Affordable Clean Energy rule is not expected to impact SJGS since EPA’s final approval of a state SIP would occur after PNM retires its share of SJGS in 2022. Since the Navajo Nation does not have primacy over its air quality program, EPA would be the regulatory authority responsible for implementing the Affordable Clean Energy rule on the Navajo Nation. PNM is unable to predict the potential financial or operational impacts on Four Corners. While corresponding NSR reform regulations were proposed as part of the proposed Affordable Clean Energy rule, the final rule did not include such reform measures. EPA has indicated that it plans to finalize the proposed NSR reform in 2020. Unrelated to the Affordable Clean Energy rule, EPA issued a proposed rule on August 1, 2019 to clarify one aspect of the pre-construction review process for evaluating whether the NSR permitting program would apply to a proposed project at an existing source of emissions. The proposed rule clarifies that both emissions increases and decreases resulting from a project are to be considered in determining whether the proposed project will result in an increase in air emissions. On December 20, 2018, EPA published in the Federal Register a proposed rule that would revise the Carbon Pollution Standards rule published in October 2015 for new, reconstructed, or modified coal-fired EGUs. The proposed rule would revise the standards for new coal-fired EGUs based on the revised BSER as the most efficient demonstrated steam cycle (e.g., supercritical steam conditions for large units and subcritical steam conditions for small units), instead of partial carbon capture and sequestration. As a result, the proposed rule contains less stringent CO 2 emission performance standards for new units. EPA has also proposed revisions to the standards for reconstructed and modified fossil-fueled power plants to align with the proposed standards for new units. EPA is not proposing any changes nor reopening the standards of performance for newly constructed or reconstructed stationary combustion turbines. A final rule is expected in 2020. PNM’s review of the GHG emission reductions standards under the Affordable Clean Energy rule and the revised proposed Carbon Pollution Standards rule is ongoing. The Affordable Clean Energy rule has been challenged by several parties and may be impacted by further litigation. PNM cannot predict the impact these standards may have on its operations or a range of the potential costs of compliance, if any. National Ambient Air Quality Standards (“NAAQS”) The CAA requires EPA to set NAAQS for pollutants reasonably anticipated to endanger public health or welfare. EPA has set NAAQS for certain pollutants, including NOx, SO 2 , ozone, and particulate matter. In 2010, EPA updated the primary NOx and SO 2 NAAQS to include a 1-hour standard while retaining the annual standards for NOx and SO 2 and the 24-hour SO 2 standard. EPA also updated the final particulate matter standard in 2012 and updated the ozone standard in 2015. NOx Standard – On April 18, 2018, EPA published the final rule to retain the current primary health-based NOx standards of which NO 2 is the constituent of greatest concern and is the indicator for the primary NAAQS. EPA concluded that the current 1-hour and annual primary NO 2 standards are requisite to protect public health with an adequate margin of safety. The rule became effective on May 18, 2018. SO 2 Standard – On May 13, 2014, EPA released the draft data requirements rule for the 1-hour SO 2 NAAQS, which directs state and tribal air agencies to characterize current air quality in areas with large SO 2 sources to identify maximum 1- hour SO 2 concentrations. This characterization requires areas be designated as attainment, nonattainment, or unclassifiable for compliance with the 1-hour SO 2 NAAQS. On August 11, 2015, EPA released the Data Requirements Rule for SO 2 , telling states how to model or monitor to determine attainment or nonattainment with the new 1-hour SO 2 NAAQS. On June 3, 2016, NMED notified PNM that air quality modeling results indicated that SJGS was in compliance with the standard. In January 2017, NMED submitted its formal modeling report regarding attainment status to EPA. The modeling indicated that no area in New Mexico exceeds the 1-hour SO 2 standard. NMED submitted the first annual report for SJGS as required by the Data Requirements Rule in June 2018. That report recommended that no further modeling was warranted due to decreased SO 2 emissions. NMED submitted the second and third annual modeling report to EPA in July 2019 and July 2020. Those reports retained the recommendation that no further modeling is needed at this time and is subject to EPA review. On February 25, 2019, EPA announced its final decision to retain without changes the primary health-based NAAQS for SO 2 . Specifically, EPA will retain the current 1-hour standard for SO 2 , which is 75 parts per billion, based on the 3-year average of the 99th percentile of daily maximum 1-hour SO 2 concentrations. SO 2 is the most prevalent SO 2 compound and is used as the indicator for the primary SO 2 NAAQS. On May 14, 2015, PNM received an amendment to its NSR air permit for SJGS, which reflects the revised state implementation plan for regional haze BART and required the installation of SNCRs. The revised permit also required the reduction of SO 2 emissions to 0.10 pound per MMBTU on SJGS Units 1 and 4 and the installation of BDT equipment modifications for the purpose of reducing fugitive emissions, including NOx, SO 2, and particulate matter. These reductions help SJGS meet the NAAQS for these constituents. The BDT equipment modifications were installed at the same time as the SNCRs, in order to most efficiently and cost effectively conduct construction activities at SJGS. See a discussion of the regulatory treatment of BDT in Note 12. Ozone Standard – On October 1, 2015, EPA finalized the new ozone NAAQS and lowered both the primary and secondary 8-hour standard from 75 to 70 parts per billion. With ozone standards becoming more stringent, fossil-fueled generation units will come under increasing pressure to reduce emissions of NOx and volatile organic compounds since these are the pollutants that form ground-level ozone. On July 13, 2020, EPA proposed to retain the existing ozone NAAQS based on a review of the full body of currently available scientific evidence and exposure/risk information, but that proposal has not yet been published in the Federal Register, and EPA is unlikely to finalize the proposal until after the next presidential election. On November 10, 2015, EPA proposed a rule revising its Exceptional Events Rule, which outlines the requirements for excluding air quality data (including ozone data) from regulatory decisions if the data is affected by events outside an area’s control. The proposed rule is important in light of the more stringent ozone NAAQS final rule since western states like New Mexico and Arizona are subject to elevated background ozone transport from natural local sources, such as wildfires and stratospheric inversions, and transported via winds from distant sources in other regions or countries. EPA finalized the rule on October 3, 2016 and released related guidance in 2018 and 2019 to help implement its new exceptional events policy. During 2017 and 2018, EPA released rules establishing area designations for ozone. In those rules, San Juan County, New Mexico, where SJGS and Four Corners are located, is designated as attainment/unclassifiable and only a small area in Doña Ana County, New Mexico is designated as marginal non-attainment. Although Afton is located in Doña Ana County, it is not located within the small area designated as nonattainment for the 2015 ozone standard. The final rule also establishes the timing of attainment dates for each non-attainment area classification, which are marginal, moderate, serious, severe, or extreme. The rule became effective May 8, 2018. Attainment plans for nonattainment areas are due in August 2021. NMED has responsibility for bringing the small area in Doña Ana County designated as marginal/non-attainment for ozone into compliance and will look at all sources of NOx and volatile organic compounds. On November 22, 2019, EPA issued findings that several states, including New Mexico, had failed to submit SIPs for the 8-hour ozone NAAQS. In response, in December 2019, NMED published the Public Review Draft of the New Mexico 2013 NAAQS Good Neighbor SIP that outlines the strategies and emissions control measures that are expected to improve air quality in the area by May 8, 2021. These strategies and measures would aim to reduce the amount of NOx and volatile organic compounds emitted to the atmosphere and will rely upon current or upcoming federal rules, new or revised state rules, and other programs. Comments or requests for a public hearing were required by January 21, 2020. PNM does not believe there will be material impacts to its facilities as a result of NMED’s non-attainment designation of the small area within Doña Ana County. Until EPA approves attainment designations for the Navajo Nation and releases a proposal to implement the revised ozone NAAQS, PNM is unable to predict what impact the adoption of these standards may have on Four Corners. PNM cannot predict the outcome of this matter. PM Standard – On January 30, 2020, EPA published in the Federal Register a notice announcing the availability of its final Policy Assessment for the Review of the National Ambient Air Quality Standards for Particulate Matter (the "Final PA"). The final assessment was prepared as part of the review of the primary and secondary PM NAAQS. In the assessment, EPA recommend lowering the primary annual PM2.5 standard to between 8 µg/m3 and 10 µg/m3. However, on April 30, 2020, EPA published a proposed rule to retain the current standards for PM due to uncertainties in the data relied upon in the Final PA. EPA accepted comments on the proposed rule through June 29, 2020. EPA anticipates issuing a final rulemaking in late 2020. PNM cannot predict the outcome of this matter or whether it will have a material impact on its financial position, results of operations, or cash flows. Navajo Nation Environmental Issues Four Corners is located on the Navajo Nation and is held under easements granted by the federal government, as well as agreements with the Navajo Nation which grant each of the owners the right to operate on the site. The Navajo Acts purport to give the Navajo Nation Environmental Protection Agency authority to promulgate regulations covering air quality, drinking water, and pesticide activities, including those activities that occur at Four Corners. In October 1995, the Four Corners participants filed a lawsuit in the District Court of the Navajo Nation challenging the applicability of the Navajo Acts to Four Corners. In May 2005, APS and the Navajo Nation signed an agreement resolving the dispute regarding the Navajo Nation’s authority to adopt operating permit regulations under the Navajo Nation Air Pollution Prevention and Control Act. As a result of this agreement, APS sought, and the court granted, dismissal of the pending litigation in the Navajo Nation Supreme Court and the Navajo Nation District Court, to the extent the claims relate to the CAA. The agreement does not address or resolve any dispute relating to other aspects of the Navajo Acts. PNM cannot currently predict the outcome of these matters or the range of their potential impacts. Cooling Water Intake Structures In 2014, EPA issued a rule establishing national standards for certain cooling water intake structures at existing power plants and other facilities under the Clean Water Act to protect fish and other aquatic organisms by minimizing impingement mortality (the capture of aquatic wildlife on intake structures or against screens) and entrainment mortality (the capture of fish or shellfish in water flow entering and passing through intake structures). To minimize impingement mortality, the rule provides operators of facilities, such as SJGS and Four Corners, seven options for meeting Best Technology Available (“BTA”) standards for reducing impingement. SJGS has a closed-cycle recirculating cooling system, which is a listed BTA and may also qualify for the “ de minimis rate of impingement” based on the design of the intake structure. The permitting authority must establish the BTA for entrainment on a site-specific basis, taking into consideration an array of factors, including endangered species and social costs and benefits. Affected sources must submit source water baseline characterization data to the permitting authority to assist in the determination. Compliance deadlines under the rule are tied to permit renewal and will be subject to a schedule of compliance established by the permitting authority. The rule is not clear as to how it applies and what the compliance timelines are for facilities like SJGS that have a cooling water intake structure and only a multi-sector general stormwater permit. However, EPA has indicated that it is contemplating a December 31, 2023 compliance deadline. PNM is working with EPA regarding this issue and does not expect material changes as a result of any requirements that may be imposed upon SJGS, particularly given the NMPRC's April 1, 2020 approval for PNM to retire its share of SJGS by June 2022. On May 23, 2018, several environmental groups sued EPA Region IX in the U.S. Court of Appeals for the Ninth Circuit Court over EPA’s failure to timely reissue the Four Corners NPDES permit. The petitioners asked the court to issue a writ of mandamus compelling EPA Region IX to take final action on the pending NPDES permit by a reasonable date. EPA subsequently reissued the NPDES permit on June 12, 2018. The permit did not contain conditions related to the cooling water intake structure rule as EPA determined that the facility has achieved BTA for both impingement and entrainment by operating a closed-cycle recirculation system. On July 16, 2018, several environmental groups filed a petition for review with EPA’s Environmental Appeals Board concerning the reissued permit. The environmental groups alleged that the permit was reissued in contravention of several requirements under the Clean Water Act and did not contain required provisions concerning certain revised effluent limitation guidelines, existing-source regulations governing cooling-water intake structures, and effluent limits for surface seepage and subsurface discharges from coal-ash disposal facilities. On December 19, 2018, EPA withdrew the Four Corners NPDES permit in order to examine issues raised by the environmental groups. Withdrawal of the permit moots the appeal pending before the Environmental Appeals Board. EPA’s Environmental Appeals Board thereafter dismissed the environmental groups’ appeal. EPA issued an updated NPDES permit on September 30, 2019. The permit has been stayed pending an appeal filed by several environmental groups on November 1, 2019 to EPA's Environmental Appeals Board. Oral argument on this appeal has been scheduled for September 3, 2020. PNM cannot predict the outcome of this matter or whether it will have a material impact on PNM’s financial position, results of operations or cash flows. Effluent Limitation Guidelines On June 7, 2013, EPA published proposed revised wastewater effluent limitation guidelines establishing technology-based wastewater discharge limitations for fossil fuel-fired electric power plants. EPA’s proposal offered numerous options that target metals and other pollutants in wastewater streams originating from fly ash and bottom ash handling activities, scrubber activities, and non-chemical metal cleaning waste operations. All proposed alternatives establish a “zero discharge” effluent limit for all pollutants in fly ash transport water. Requirements governing bottom ash transport water differ depending on which alternative EPA ultimately chooses and could range from effluent limits based on Best Available Technology Economically Achievable to “zero discharge” effluent limits. EPA signed the final Steam Electric Effluent Guidelines rule on September 30, 2015. The final rule, which became effective on January 4, 2016, phases in the new, more stringent requirements in the form of effluent limits for arsenic, mercury, selenium, and nitrogen for wastewater discharged from wet scrubber systems and zero discharge of pollutants in ash transport water that must be incorporated into plants’ NPDES permits. Each plant must comply between 2018 and 2023 depending on when it needs a new or revised NPDES permit. The Effluent Limitations Guidelines

Regulatory and Rate Matters

Regulatory and Rate Matters	6 Months Ended
	Jun. 30, 2020
Regulated Operations [Abstract]
Regulatory and Rate Matters	Regulatory and Rate Matters The Company is involved in various regulatory matters, some of which contain contingencies that are subject to the same uncertainties as those described in Note 11. Additional information concerning regulatory and rate matters is contained in Note 17 of the Notes to Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K. PNM New Mexico General Rate Cases New Mexico 2015 General Rate Case (“NM 2015 Rate Case”) On August 27, 2015, PNM filed an application with the NMPRC for a general increase in retail electric rates. The application proposed a revenue increase of $123.5 million, including base non-fuel revenues of $121.7 million, and proposed that new rates become effective beginning in July 2016. 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 13), 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 March 31, 2019, PNM had recorded accumulated pre-tax impairments of its capital investments subject to the appeal in the amount of $19.7 million. 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 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 January 8, 2020, the NMPRC issued its order on remand, which 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, as of June 30, 2019, PNM recorded pre-tax impairments of $150.6 million, which included $1.3 million recorded in the three months ended March 31, 2019, and is reflected as regulatory disallowances and restructuring costs on the Condensed Consolidated Statements of Earnings. The impairment 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. The impairment was offset by tax impacts of $45.7 million. 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 • 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. Renewable Portfolio Standard As discussed in Note 16 of the Notes to Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K, the ETA was enacted in June 2019. 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. 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 • 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 2040 for 140 MW of output from La Joya Wind, which is expected to be operational by December 31, 2020 • A PPA through 2042 for the output of the Lightning Dock Geothermal facility with a current capacity of 15 MW • Solar distributed generation, aggregating 138.6 MW at June 30, 2020, owned by customers or third parties from whom PNM purchases any net excess output and RECs 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 its 2019 renewable energy procurement plan case, which was approved by the NMPRC on November 28, 2018, PNM proposed to collect $49.6 million for the year. The 2019 renewable energy procurement plan became effective on January 1, 2019. In its 2020 renewable energy procurement plan case, PNM proposed to collect $58.9 million through a revised rate rider beginning in 2020. In addition, PNM proposed that its FPPAC be reset from a July 1 through June 30 fiscal year to a calendar year. The NMPRC approved PNM's 2020 renewable energy procurement plan on January 29, 2020, and the revised rate rider became effective on February 1, 2020. PNM recorded revenues from the rider of $15.2 million and $30.3 million in the three and six months ended June 30, 2020 and $12.8 million and $25.5 million in the three and six months ended June 30, 2019. On June 1, 2020, PNM filed its renewable energy procurement plan for 2021 which proposes to collect $67.8 million, including $2.3 million related to PNM's voluntary Sky Blue renewable energy program. PNM is not proposing any new procurements in the plan. The NMPRC assigned this matter to a hearing examiner who scheduled a hearing for September 24, 2020. PNM cannot predict the outcome of this matter. 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 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. PNM’s costs to implement approved programs and incentives 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, establish energy savings targets for the period 2021 through 2025, and require that annual program funding be 3% to 5% of an electric utility's annual customer bills excluding gross receipt taxes, franchise and right-of-way access fees, provided that a customer's annual cost not exceed seventy-five thousand dollars. In 2019, PNM submitted a 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. On May 28, 2020, PNM began collecting $0.5 million of additional incentive resulting from PNM's 2019 energy efficiency reconciliation. No hearings were considered necessary and PNM’s 2020 energy efficiency rider reflecting the 2020 incentive became effective beginning December 30, 2019. On April 15, 2020, PNM filed an application for energy efficiency and load management programs to be offered in 2021, 2022, and 2023. The proposed program portfolio consists of twelve programs with a total annual budget of $31.4 million in 2021, $31.0 million in 2022, and $29.6 million in 2023. The application also seeks approval of an annual base incentive of 7.1% of the portfolio budget if PNM achieves energy savings of at least 80 GWh in a year. The proposed incentive would increase if PNM is able to achieve savings greater than 80 GWh in a year. The application also proposes an advanced metering infrastructure (“AMI”) pilot program, which includes the installation of 5,000 AMI meters at a cost of $2.9 million. PNM is proposing the pilot program to comply with an NMPRC order denying PNM’s February 2016 application to replace its existing customer metering equipment with AMI. The NMPRC assigned this matter to a hearing examiner, who scheduled a hearing for August 31, 2020. PNM cannot predict the outcome of this matter. Integrated Resource Plans NMPRC rules require that investor owned utilities file an IRP every three years. The IRP is required to cover a 20-year planning period and contain an action plan covering the first four years of that period. 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 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 Bonds 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 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. PNM will continue to seek input from interested parties as a part of this process. NMPRC rules require PNM to file its 2020 IRP in July 2020. On March 16, 2020, PNM filed a motion to extend the deadline to file its 2020 IRP to six months after the NMPRC issues a final order approving a replacement resource portfolio and closes the docket in the bifurcated SJGS Abandonment Application and replacement resource proceedings. On April 8, 2020, the NMPRC approved PNM's motion to extend the deadline to file its 2020 IRP as requested. On July 29, 2020 the NMPRC issued a final order for a replacement resource portfolio in the SJGS proceedings. SJGS Abandonment Application As discussed in Note 16 of the Notes to the Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K, 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 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. On July 1, 2019, PNM filed a Consolidated Application for the Abandonment and Replacement of SJGS and Related Securitized Financing Pursuant to the ETA (the “SJGS Abandonment Application”). The SJGS Abandonment Application sought NMPRC approval to retire PNM’s share of SJGS after the existing coal supply and participation agreements end in June 2022, for approval of replacement resources, and for the issuance of “energy transition bonds,” as provided by the ETA. PNM’s application proposed several replacement resource scenarios including PNM’s recommended replacement scenario, which would have provided cost savings to customers compared to continued operation of SJGS, preserved system reliability, and is consistent with PNM’s plan to have an emissions-free generation portfolio by 2040. This plan would have provided PNM authority to construct and own a 280 MW natural gas-fired peaking plant to be located on the existing SJGS facility site, and 70 MW of battery storage facilities. In addition, PNM’s recommended replacement resource scenario would have allowed PNM to execute PPAs to procure renewable energy from a total of 350 MW of solar-PV generating facilities and for energy from a total of 60 MW of battery storage facilities. PNM’s application included three other replacement resource scenarios that would have placed a greater amount of resources in the San Juan area, or resulted in no new fossil-fueled generating facilities, or no battery storage facilities being added to PNM’s portfolio. When compared to PNM's recommended replacement resource scenario, the three alternative resource scenarios were expected to result in increased costs to customers and the two alternative resource scenarios that result in no new fossil-fueled generating facilities were expected to not provide adequate system reliability. The SJGS Abandonment Application also included a request to issue approximately $361 million of energy transition bonds (the “Securitized Bonds”). PNM’s request for the issuance of Securitized Bonds included approximately $283 million of forecasted undepreciated investments in SJGS at June 30, 2020, an estimated $28.6 million for plant decommissioning and coal mine reclamation costs, approximately $9.6 million in upfront financing costs, and approximately $20.0 million for job training and severance costs for affected employees. Proceeds from the Securitization Bonds would also be used to fund approximately $19.8 million for economic development in the four corners area. On July 10, 2019, the NMPRC issued an order requiring the SJGS Abandonment Application be considered in two proceedings: one addressing SJGS abandonment and related financing, and the other addressing replacement resources. The NMPRC indicated that PNM’s July 1, 2019 filing is responsive to the January 30, 2019 order but did not definitively indicate if the abandonment and financing proceedings would be evaluated under the requirements of the ETA. The NMPRC’s July 10, 2019 order also extended the deadline to issue the abandonment and financing order to nine After several requests for clarification and legal challenges and following oral argument on January 29, 2020, the NM Supreme Court issued a ruling requiring the NMPRC to apply the ETA to all aspects of PNM’s SJGS Abandonment Application, indicating any previous NMPRC orders inconsistent with the ruling should be vacated, and denying parties’ request for stay. The NM Supreme Court issued a subsequent opinion, on July 23, 2020, more fully explaining the legal rationale for the January 29, 2020 ruling . Hearings on the abandonment and securitized financing proceedings were held in December 2019 and hearings on replacement resources were held in January 2020. On February 21, 2020, the Hearing Examiners issued two recommended decisions recommending approval of PNM’s proposed abandonment of SJGS, subject to approval of replacement resources, and approval of PNM’s proposed financing order to issue Securitized Bonds. The Hearing Examiners recommended that PNM be authorized to abandon SJGS by June 30, 2022, and to record regulatory assets for certain other abandonment costs that are not specifically addressed under the provisions of the ETA to preserve its ability to recover the costs in a future general rate case. The Hearing Examiner recommended that this authority only extend to the deferral of the costs and it not be an approval of any ratemaking treatment. The Hearing Examiners also recommended PNM be authorized to issue Securitized Bonds of up to $361 million and establish a rate rider to collect non-bypassable customer charges for repayment of the bonds and be subject to bi-annual adjustments (the “Energy Transition Charge”). The Hearing Examiners recommended an interim rate rider adjustment upon the start date of the Energy Transition Charge to provide immediate credits to customers for the full value of PNM’s revenue requirement related to SJGS until those reductions are reflected in base rates. In addition, the Hearing Examiners recommended PNM be granted authority to establish regulatory assets to recover costs that PNM will pay prior to the issuance of the Securitized Bonds, including costs associated with the bond issuances as well as for severances, job training, economic development, and workforce training. On April 1, 2020, the NMPRC unanimously approved the Hearing Examiners' recommended decisions regarding the abandonment of SJGS and the related securitized financing under the ETA. On April 10, 2020, CFRE and NEE filed a notice of appeal with the NM Supreme Court of the NMPRC's approval of PNM's request to issue securitized financing under the ETA. The NM Supreme Court granted motions to intervene filed by PNM, WRA, CCAE, and the Sierra Club. On May 8, 2020, CFRE and NEE filed a joint statement of issues with the NM Supreme Court which asserts that the NMPRC improperly applied the ETA and that the ETA violates the New Mexico Constitution. On June 19, 2020, WRA filed a motion to dismiss CFRE and NEE’s constitutional challenges to the ETA on the ground that the New Mexico Constitution provides that only New Mexico district courts have original jurisdiction over the claims. On July 24, 2020, the NM Supreme Court issued an order denying WRA’s motion to dismiss and requiring briefs in chief to be filed by August 17, 2020 . PNM cannot predict the outcome of this matter. PNM evaluated the consequences of the NMPRC's April 1, 2020 orders approving the abandonment of SJGS and the related issuance of Securitized Bonds under GAAP. This evaluation indicated that it is probable that PNM will be required to fund severances for PNM employees at the facility upon its retirement in 2022 and for PNMR shared services employees providing administrative and other support services to SJGS. In addition, the evaluation indicated that it is probable PNM will be obligated to fund severances and other costs for the WSJ LLC employees and to fund certain state agencies for economic development and workforce training upon the issuance of the Securitized Bonds. PNM believes these obligations can be reasonably estimated as of March 31, 2020 and, pursuant to the NMPRC's April 1, 2020 orders and the requirements of the ETA, are recoverable from New Mexico retail customers. As a result, in March 2020, PNMR and PNM recorded obligations of $9.4 million and $8.1 million for estimated severances, $8.9 million for obligations to fund severances and other costs of WSJ LLC employees, and to fund $19.8 million to state agencies for economic development and workforce training upon the issuance of the Securitized Bonds. The total amount recorded for these estimates of $38.1 million and $36.8 million is reflected in other deferred credits and as a corresponding deferred regulatory asset on PNMR's and PNM's Condensed Consolidated Balance Sheets as of June 30, 2020. These estimates may be adjusted in future periods as the Company refines its expectations. In addition, as discussed above these costs may be challenged by parties pursuant to the notices of appeal filed with the NM Supreme Court on April 10, 2020. On March 27, 2020, the Hearing Examiners issued a partial recommended decision on PNM’s request for approval of replacement resources recommending that the NMPRC bifurcate consideration of PNM’s requested replacement resources. The Hearing Examiners recommended that the NMPRC approve two of PNM’s requested replacement resources, including the 300 MW solar PPA combined with a 40 MW battery storage agreement and the 50 MW solar PPA combined with a 20 MW battery storage agreement. The Hearing Examiners recommended that the two solar and battery procurements be approved first because they are the most cost-effective resources proposed in the case, are supported by the majority of parties, and the economics of the projects will be in jeopardy if approval is delayed past April 30, 2020. The Hearing Examiners recommended that PNM be permitted to recover the energy costs of these PPAs through its FPPAC, and that PNM should recover the demand cost of the energy storage agreements in base rates in a future general rate case. On April 29, 2020, the NMPRC issued an order declining to bifurcate a determination on replacement resources and deferring final consideration until the issuance of a comprehensive recommended decision addressing the entire portfolio of replacement resources. On June 24, 2020, the Hearing Examiners issued a second recommended decision on PNM's request for approval of replacement resources that addressed the entire portfolio of replacement resources and superseded their March 27, 2020 partial recommended decision. The Hearing Examiners concluded that the ultimate selection of a portfolio of replacement resources involves policy considerations that are the province of the NMPRC and stated that they did not intend to make that decision for the NMPRC. The Hearing Examiners recommended that the NMPRC take one of two approaches to select replacement resources. The first approach emphasized resource selection criteria identified in the ETA which include the location of replacement resources over resource selection criteria traditionally applied by the NMPRC including price and reliability. This approach recommended approval of a replacement resource portfolio that includes a 300 MW solar PPA combined with a 150 MW battery storage agreement, a 50 MW solar PPA combined with a 20 MW battery storage agreement, a 200 MW solar PPA combined with a 100 MW battery storage agreement, a 100 MW solar PPA combined with a 30 MW battery storage agreement, and approximately 24 MW of demand response. The second approach emphasized the NMPRC’s traditional resource selection criteria including price and reliability, which included a mix of solar PPAs combined with battery storage agreements and a 200 MW PNM-owned natural gas facility. The Hearing Examiners recommended that the NMPRC require PNM to file, within 30 days, any new proposed PPAs and battery storage agreements required to implement the replacement resource portfolio approved by the NMPRC in a new docket for expedited consideration. The Hearing Examiners also recommended that PNM be permitted to recover the energy costs of these PPAs through its FPPAC, and that PNM should recover the demand cost of the battery storage agreements in base rates in a future general rate case. On July 29, 2020, the NMPRC issued an order approving the Hearing Examiners' first recommended approach, concluding that this approach satisfies threshold reliability considerations for replacement resources. The order also granted in part PNM’s request for an extension of time for PNM to file the application to implement the replacement resource portfolio. PNM has 60 days from the date of the order to file an application in a separate case seeking approval of the proposed final, executed contracts, for any replacement resources that are not currently in evidence that have been approved by the NMPRC. The financial impact of an early retirement of SJGS and the NMPRC approval process are influenced by many factors outside of PNM’s control, including the economic impact of the SJGS abandonment on the area surrounding the plant and the related mine, as well as the overall political and economic conditions of New Mexico. See additional discussion of the ETA and SJGS Abandonment Application in Note 16 of the Notes to Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K. PNM cannot predict the outcome of these matters. Joint Petition to Investigate PNM’s Option to Purchase Assets Underlying Certain Leases in PVNGS On April 22, 2019, NEE and other parties, which consist primarily of environmental not-for-profit organizations, filed a joint petition for expedited investigation with the NMPRC. The joint petition requested the NMPRC open an investigation regarding PNM’s option to purchase the assets underlying the PVNGS Unit 1 and 2 leases that will expire in January 2023 and 2024. Various parties filed to participate in the request. On May 8, 2019, the NMPRC issued an order requiring a response from both PNM and NMPRC staff. PNM filed responses indicating, among other things, that the joint petition should be denied,

Lease Commitments

Lease Commitments	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Lease Commitments	Lease CommitmentsThe Company leases office buildings, vehicles, and other equipment. In addition, PNM leases interests in PVNGS Units 1 and 2 and certain rights-of-way agreements are classified as leases. All of the Company's leases with terms in excess of one year are recorded on the balance sheet by recording a present value lease liability and a corresponding right-of-use asset. Operating lease expense is recognized within operating expenses according to the use of the asset on a straight-line basis. Financing lease costs, which are comprised primarily of fleet and office equipment leases commencing after January 1, 2019, are recognized by amortizing the right-of-use asset on a straight-line basis and by recording interest expense on the lease liability. Financing lease right-of-use assets amortization is reflected in depreciation and amortization and interest on financing lease liabilities is reflected as interest charges on the Company’s Condensed Consolidated Statements of Earnings. See additional discussion of the Company's leasing activities in Note 8 of the Notes to Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K. 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 had 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 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 filed notice with the NMPRC of 60-day waivers of the deadline to provide notice to purchase or return the assets underlying the PVNGS Unit 1 leases. On March 3, 2020, and April 10, 2020, PNM filed additional notices of waivers of the deadlines. 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, 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. See Note 12. On June 11, 2020, PNM provided notice to the lessors and the NMPRC of its intent to return the assets underlying both the PVNGS Unit 1 and Unit 2 leases upon their expiration in January 2023 and 2024. Although PNM elected to return the assets underlying the extended leases, PNM retains 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. Any transfer of the assets underlying the leases will be required to comply with NRC licensing requirements. For example, the NRC could limit the transfer of ownership of the assets underlying all or a portion of PNM's currently leased interests in PVNGS. If a qualified buyer cannot be identified, PNM may be required to retain all or a portion of its currently leased capacity in PVNGS or be exposed to other claims for damages by the lessors. PNM will seek to recover its undepreciated investments, as well as any other obligations related to PVNGS from NM retail customers. PNM is exposed to loss under the PVNGS lease arrangements upon the occurrence of certain events that PNM does not consider 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 June 30, 2020, amounts due to the lessors under the circumstances described above would be up to $154.5 million, payable on July 15, 2020 in addition to the scheduled lease payments due on that date. 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 2020 payment for the amount due under the Navajo Nation right-of-way lease was $7.1 million, which included amounts due under the Consumer Price Index adjustment. 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 Condensed Consolidated Balance Sheets and recognizes amortization expense associated with these agreements in the Condensed Consolidated Statement of Earnings over their term. As of June 30, 2020 and December 31, 2019, the unamortized balance of these rights-of-ways was $58.8 million and $60.2 million. PNM recognized amortization expense associated with these agreements of $0.9 million and $1.9 million in the three and six months ended June 30, 2020, and $0.9 million and $1.9 million in the three and six months ended June 30, 2019. Fleet Vehicles and Equipment Fleet vehicle and equipment leases commencing on or after January 1, 2019 are classified as financing leases. Fleet vehicle and equipment leases existing as of December 31, 2018 are classified as operating 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. At June 30, 2020, residual value guarantees on fleet vehicle and equipment leases are $0.7 million, $1.3 million, and $2.0 million for PNM, TNMP, and PNMR Consolidated. Information related to the Company’s operating leases recorded on the Condensed Consolidated Balance Sheets is presented below: June 30, 2020 December 31, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 109,042 $ 8,535 $ 118,140 $ 120,585 $ 9,954 $ 131,212 Current portion of operating lease liabilities 24,039 2,428 26,744 25,927 2,753 29,068 Long-term portion of operating lease liabilities 85,028 5,897 91,320 97,992 7,039 105,512 As discussed above, the Company classifies its fleet vehicle and equipment leases and its office equipment leases commencing on or after January 1, 2019 as financing leases. Information related to the Company’s financing leases recorded on the Condensed Consolidated Balance Sheets is presented below: June 30, 2020 December 31, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 8,561 $ 9,712 $ 18,540 $ 4,857 $ 4,910 $ 10,028 Accumulated depreciation (1,070) (1,137) (2,267) (482) (466) (973) Non-utility property, net 7,491 8,575 16,273 4,375 4,444 9,055 Other current liabilities 1,512 1,623 3,203 722 850 1,637 Other deferred credits 5,699 6,958 12,800 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 as of June 30, 2020 is presented below: PNM TNMP PNMR Consolidated Weighted average remaining lease term (years): Operating leases 6.10 3.85 5.93 Financing leases 4.94 5.48 5.21 Weighted average discount rate: Operating leases 3.90 % 4.00 % 3.91 % Financing leases 3.12 % 3.26 % 3.19 % Information for the components of lease expense is as follows: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: $ 6,847 $ 746 $ 7,658 $ 13,740 $ 1,521 $ 15,393 Amounts capitalized (247) (602) (849) (538) (1,237) (1,774) Total operating lease expense $ 6,600 $ 144 $ 6,809 $ 13,202 $ 284 $ 13,619 Financing lease cost: Amortization of right-of-use assets 341 382 741 588 672 1,294 Interest on lease liabilities 52 68 121 97 124 224 Amounts capitalized (226) (369) (594) (401) (653) (1,053) Total financing lease expense 167 81 268 284 143 465 Variable lease expense 63 — 63 95 — 95 Short-term lease expense 75 1 75 160 1 161 Total lease expense for the period $ 6,905 $ 226 $ 7,215 $ 13,741 $ 428 $ 14,340 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: $ 6,803 $ 815 $ 7,692 $ 14,386 $ 1,713 $ 16,312 Amounts capitalized (344) (662) (1,006) (696) (1,319) (2,015) Total operating lease expense $ 6,459 $ 153 $ 6,686 $ 13,690 $ 394 $ 14,297 Financing lease cost: Amortization of right-of-use assets 77 81 158 143 139 282 Interest on lease liabilities 14 17 31 30 34 64 Amounts capitalized (41) (38) (79) (82) (75) (157) Total financing lease expense 50 60 110 91 98 189 Variable lease expense 32 — 32 32 — 32 Short-term lease expense 75 2 101 149 5 195 Total lease expense for the period $ 6,616 $ 215 $ 6,929 $ 13,962 $ 497 $ 14,713 Supplemental cash flow information related to the Company’s leases is as follows: Six Months Ended June 30 , Six Months Ended June 30 , 2020 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,511 $ 331 $ 17,125 $ 16,704 $ 529 $ 17,494 Operating cash flows from financing leases 36 20 59 18 20 38 Finance cash flows from financing leases 207 120 360 54 76 130 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ — $ — $ — $ 143,816 $ 12,942 $ 157,440 Financing leases 3,703 4,802 8,513 2,516 2,305 4,821 Capitalized costs excluded from the operating and financing cash paid for leases above for the six months ended June 30, 2020, are $0.5 million and $0.4 million at PNM, $1.2 million and $0.7 million at TNMP, and $1.8 million and $1.1 million at PNMR. For the six months ended June 30, 2019, capitalized costs excluded are $0.7 million and $0.1 million at PNM, $1.3 million and $0.1 million at TNMP, and $2.0 million and $0.2 million at PNMR. These capitalized costs are reflected as investing activities on the Company’s Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019. Future expected lease payments are shown below: As of June 30, 2020 PNM TNMP PNMR Consolidated Financing Operating Financing Operating Financing Operating (In thousands) Remainder of 2020 $ 862 $ 9,979 $ 944 $ 1,437 $ 1,842 $ 11,686 2021 1,688 26,576 1,845 2,448 3,606 29,316 2022 1,642 26,266 1,766 1,996 3,480 28,473 2023 1,587 17,735 1,617 1,508 3,241 19,423 2024 985 7,908 1,379 877 2,364 8,833 Later years 1,019 34,466 1,791 765 2,811 35,489 Total minimum lease payments 7,783 122,930 9,342 9,031 17,344 133,220 Less: Imputed interest 572 13,863 761 705 1,340 15,167 Lease liabilities as of June 30, 2020 $ 7,211 $ 109,067 $ 8,581 $ 8,326 $ 16,004 $ 118,053
Lease Commitments	Lease CommitmentsThe Company leases office buildings, vehicles, and other equipment. In addition, PNM leases interests in PVNGS Units 1 and 2 and certain rights-of-way agreements are classified as leases. All of the Company's leases with terms in excess of one year are recorded on the balance sheet by recording a present value lease liability and a corresponding right-of-use asset. Operating lease expense is recognized within operating expenses according to the use of the asset on a straight-line basis. Financing lease costs, which are comprised primarily of fleet and office equipment leases commencing after January 1, 2019, are recognized by amortizing the right-of-use asset on a straight-line basis and by recording interest expense on the lease liability. Financing lease right-of-use assets amortization is reflected in depreciation and amortization and interest on financing lease liabilities is reflected as interest charges on the Company’s Condensed Consolidated Statements of Earnings. See additional discussion of the Company's leasing activities in Note 8 of the Notes to Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K. 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 had 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 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 filed notice with the NMPRC of 60-day waivers of the deadline to provide notice to purchase or return the assets underlying the PVNGS Unit 1 leases. On March 3, 2020, and April 10, 2020, PNM filed additional notices of waivers of the deadlines. 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, 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. See Note 12. On June 11, 2020, PNM provided notice to the lessors and the NMPRC of its intent to return the assets underlying both the PVNGS Unit 1 and Unit 2 leases upon their expiration in January 2023 and 2024. Although PNM elected to return the assets underlying the extended leases, PNM retains 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. Any transfer of the assets underlying the leases will be required to comply with NRC licensing requirements. For example, the NRC could limit the transfer of ownership of the assets underlying all or a portion of PNM's currently leased interests in PVNGS. If a qualified buyer cannot be identified, PNM may be required to retain all or a portion of its currently leased capacity in PVNGS or be exposed to other claims for damages by the lessors. PNM will seek to recover its undepreciated investments, as well as any other obligations related to PVNGS from NM retail customers. PNM is exposed to loss under the PVNGS lease arrangements upon the occurrence of certain events that PNM does not consider 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 June 30, 2020, amounts due to the lessors under the circumstances described above would be up to $154.5 million, payable on July 15, 2020 in addition to the scheduled lease payments due on that date. 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 2020 payment for the amount due under the Navajo Nation right-of-way lease was $7.1 million, which included amounts due under the Consumer Price Index adjustment. 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 Condensed Consolidated Balance Sheets and recognizes amortization expense associated with these agreements in the Condensed Consolidated Statement of Earnings over their term. As of June 30, 2020 and December 31, 2019, the unamortized balance of these rights-of-ways was $58.8 million and $60.2 million. PNM recognized amortization expense associated with these agreements of $0.9 million and $1.9 million in the three and six months ended June 30, 2020, and $0.9 million and $1.9 million in the three and six months ended June 30, 2019. Fleet Vehicles and Equipment Fleet vehicle and equipment leases commencing on or after January 1, 2019 are classified as financing leases. Fleet vehicle and equipment leases existing as of December 31, 2018 are classified as operating 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. At June 30, 2020, residual value guarantees on fleet vehicle and equipment leases are $0.7 million, $1.3 million, and $2.0 million for PNM, TNMP, and PNMR Consolidated. Information related to the Company’s operating leases recorded on the Condensed Consolidated Balance Sheets is presented below: June 30, 2020 December 31, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 109,042 $ 8,535 $ 118,140 $ 120,585 $ 9,954 $ 131,212 Current portion of operating lease liabilities 24,039 2,428 26,744 25,927 2,753 29,068 Long-term portion of operating lease liabilities 85,028 5,897 91,320 97,992 7,039 105,512 As discussed above, the Company classifies its fleet vehicle and equipment leases and its office equipment leases commencing on or after January 1, 2019 as financing leases. Information related to the Company’s financing leases recorded on the Condensed Consolidated Balance Sheets is presented below: June 30, 2020 December 31, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 8,561 $ 9,712 $ 18,540 $ 4,857 $ 4,910 $ 10,028 Accumulated depreciation (1,070) (1,137) (2,267) (482) (466) (973) Non-utility property, net 7,491 8,575 16,273 4,375 4,444 9,055 Other current liabilities 1,512 1,623 3,203 722 850 1,637 Other deferred credits 5,699 6,958 12,800 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 as of June 30, 2020 is presented below: PNM TNMP PNMR Consolidated Weighted average remaining lease term (years): Operating leases 6.10 3.85 5.93 Financing leases 4.94 5.48 5.21 Weighted average discount rate: Operating leases 3.90 % 4.00 % 3.91 % Financing leases 3.12 % 3.26 % 3.19 % Information for the components of lease expense is as follows: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: $ 6,847 $ 746 $ 7,658 $ 13,740 $ 1,521 $ 15,393 Amounts capitalized (247) (602) (849) (538) (1,237) (1,774) Total operating lease expense $ 6,600 $ 144 $ 6,809 $ 13,202 $ 284 $ 13,619 Financing lease cost: Amortization of right-of-use assets 341 382 741 588 672 1,294 Interest on lease liabilities 52 68 121 97 124 224 Amounts capitalized (226) (369) (594) (401) (653) (1,053) Total financing lease expense 167 81 268 284 143 465 Variable lease expense 63 — 63 95 — 95 Short-term lease expense 75 1 75 160 1 161 Total lease expense for the period $ 6,905 $ 226 $ 7,215 $ 13,741 $ 428 $ 14,340 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: $ 6,803 $ 815 $ 7,692 $ 14,386 $ 1,713 $ 16,312 Amounts capitalized (344) (662) (1,006) (696) (1,319) (2,015) Total operating lease expense $ 6,459 $ 153 $ 6,686 $ 13,690 $ 394 $ 14,297 Financing lease cost: Amortization of right-of-use assets 77 81 158 143 139 282 Interest on lease liabilities 14 17 31 30 34 64 Amounts capitalized (41) (38) (79) (82) (75) (157) Total financing lease expense 50 60 110 91 98 189 Variable lease expense 32 — 32 32 — 32 Short-term lease expense 75 2 101 149 5 195 Total lease expense for the period $ 6,616 $ 215 $ 6,929 $ 13,962 $ 497 $ 14,713 Supplemental cash flow information related to the Company’s leases is as follows: Six Months Ended June 30 , Six Months Ended June 30 , 2020 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,511 $ 331 $ 17,125 $ 16,704 $ 529 $ 17,494 Operating cash flows from financing leases 36 20 59 18 20 38 Finance cash flows from financing leases 207 120 360 54 76 130 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ — $ — $ — $ 143,816 $ 12,942 $ 157,440 Financing leases 3,703 4,802 8,513 2,516 2,305 4,821 Capitalized costs excluded from the operating and financing cash paid for leases above for the six months ended June 30, 2020, are $0.5 million and $0.4 million at PNM, $1.2 million and $0.7 million at TNMP, and $1.8 million and $1.1 million at PNMR. For the six months ended June 30, 2019, capitalized costs excluded are $0.7 million and $0.1 million at PNM, $1.3 million and $0.1 million at TNMP, and $2.0 million and $0.2 million at PNMR. These capitalized costs are reflected as investing activities on the Company’s Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019. Future expected lease payments are shown below: As of June 30, 2020 PNM TNMP PNMR Consolidated Financing Operating Financing Operating Financing Operating (In thousands) Remainder of 2020 $ 862 $ 9,979 $ 944 $ 1,437 $ 1,842 $ 11,686 2021 1,688 26,576 1,845 2,448 3,606 29,316 2022 1,642 26,266 1,766 1,996 3,480 28,473 2023 1,587 17,735 1,617 1,508 3,241 19,423 2024 985 7,908 1,379 877 2,364 8,833 Later years 1,019 34,466 1,791 765 2,811 35,489 Total minimum lease payments 7,783 122,930 9,342 9,031 17,344 133,220 Less: Imputed interest 572 13,863 761 705 1,340 15,167 Lease liabilities as of June 30, 2020 $ 7,211 $ 109,067 $ 8,581 $ 8,326 $ 16,004 $ 118,053

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesIn December 2017, comprehensive changes in United States federal income taxes were enacted through legislation commonly known as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act made many significant modifications to the tax laws, including reducing the federal corporate income tax rate from 35% to 21% effective January 1, 2018. The Tax Act also eliminated federal bonus depreciation for utilities, limited interest deductibility for non-utility businesses and limited the deductibility of officer compensation. During 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. See additional discussion of the impacts of the Tax Act in Note 18 of the Notes to Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was enacted. Among other things, the CARES Act includes tax provisions that generally loosen restrictions on NOL utilization and business interest deductions, and accelerate refunds of previously generated alternative minimum tax credits. In addition, the CARES Act includes a temporary provision allowing businesses to defer payments to the government for some payroll taxes. The CARES Act provisions related to NOL utilization and business interest deductions are not applicable for the Company however, in June 2020, the Company applied for $5.2 million of accelerated refunds of previously generated alternative minimum tax credits and is deferring payments of certain payroll taxes. 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 As required under GAAP, the Company makes an estimate of its anticipated effective tax rate for the year as of the end of each quarterly period within its fiscal year. In interim periods, income tax expense is calculated by applying the anticipated annual effective tax rate to year-to-date earnings before income taxes. GAAP also provides that certain unusual or infrequently occurring items, including excess tax benefits related to stock awards, be excluded from the estimated annual effective tax rate calculation. At June 30, 2020, PNMR, PNM, and TNMP estimated their effective income tax rates for the year ended December 31, 2020 would be 6.21%, 8.73%, and 9.23%. The primary difference between the statutory income tax rates and the effective tax rates is the effect of the reduction in income tax expense resulting from the amortization of excess deferred federal and state income taxes ordered by the NMPRC in PNM’s NM 2016 Rate Case and the amortization of excess deferred federal income taxes as ordered by the PUCT in TNMP’s 2018 Rate Case. During the three and six months ended June 30, 2020, income tax expense calculated by applying the expected annual effective income tax rate to earnings before income taxes was further reduced by excess tax benefits related to stock awards of zero and $0.4 million for PNMR, of which zero and $0.3 million was allocated to PNM and zero and $0.1 million was allocated to TNMP.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsPNMR, 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. 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 and NMRD. See Note 16 for additional discussion of NMRD. The table below summarizes the nature and amount of related party transactions of PNMR, PNM, TNMP, and NMRD: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Services billings: PNMR to PNM $ 24,521 $ 22,925 $ 46,644 $ 49,751 PNMR to TNMP 9,703 8,385 18,430 18,443 PNM to TNMP 113 114 189 189 TNMP to PNMR 35 36 70 71 PNMR to NMRD 49 54 125 95 Renewable energy purchases: PNM from NMRD 2,404 949 3,923 1,574 Interconnection billings: PNM to NMRD 130 — 350 — PNM to PNMR — — — — Interest billings: PNMR to PNM 6 972 6 1,905 PNM to PNMR 77 77 158 149 PNMR to TNMP 1 10 2 42 Income tax sharing payments: PNMR to PNM — — — — TNMP to PNMR — — — —

Equity Method Investment

Equity Method Investment	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure	Equity Method Investment As discussed in Note 1 of the Company's 2019 Annual Reports on Form 10-K, PNMR Development and AEP OnSite Partners created NMRD in September 2017 to pursue the acquisition, development, and ownership of renewable energy generation projects, primarily in the state of New Mexico. As of June 30, 2020, NMRD’s renewable energy capacity in operation was 85.1 MW. PNMR Development and AEP OnSite Partners each have a 50% ownership interest in NMRD. The investment in NMRD is accounted for using the equity method of accounting because PNMR’s ownership interest results in significant influence, but not control, over NMRD and its operations. In the six months ended June 30, 2020 and 2019, PNMR Development made cash contributions of $18.3 million and $13.3 million to NMRD to be used primarily for its construction activities. PNMR presents its share of net earnings from NMRD in other income on the Condensed Consolidated Statements of Earnings. Summarized financial information for NMRD is as follows: Results of Operations Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands) Operating revenues $ 2,641 $ 1,103 $ 4,308 $ 1,828 Operating expenses 1,472 655 3,052 1,451 Net earnings $ 1,169 $ 448 $ 1,256 $ 377 Financial Position June 30, December 31, 2020 2019 (In thousands) Current assets $ 5,672 $ 7,187 Net property, plant, and equipment 163,629 132,772 Non-current assets 1,214 — Total assets 170,515 139,959 Current liabilities 2,073 9,640 Non-current liabilities 368 — Owners’ equity $ 168,074 $ 130,319

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2020
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. 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. PNMR also evaluates its stock price relative to historical performance, industry peers, and to major market indices, including an evaluation of PNMR’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. In addition to the typical considerations discussed above, the qualitative analysis considered 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 previous 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 11 and Note 12, 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, PNMR determined it was not more likely than not that the April 1, 2019 carrying values of PNM or TNMP exceeded their fair values.

Significant Accounting Polici_2

Significant Accounting Policies and Responsibility for Financial Statements (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Principles of Consolidation	The Condensed Consolidated Financial Statements of each of PNMR, PNM, and TNMP include their accounts and those of subsidiaries in which that entity owns a majority voting interest. PNM also consolidates Valencia. See Note 6. PNM owns undivided interests in several jointly-owned power plants and records its pro-rata share of the assets, liabilities, and expenses for those plants. The agreements for the jointly-owned plants provide that if an owner were to default on its payment obligations, the non-defaulting owners would be responsible for their proportionate share of the obligations of the defaulting owner. In exchange, the non-defaulting owners would be entitled to their proportionate share of the generating capacity of the defaulting owner. There have been no such payment defaults under any of the agreements for the jointly-owned plants.PNMR shared services’ expenses, which represent costs that are primarily driven by corporate level activities, are charged to the business segments. These services are billed at cost and are reflected as general and administrative expenses in the business segments. Other significant intercompany transactions between PNMR, PNM, and TNMP include interest and income tax sharing payments, as well as equity transactions, and interconnection billings. See Note 15. All intercompany transactions and balances have been eliminated.
New Accounting Pronouncements	Information concerning recently issued accounting pronouncements that have not been adopted by the Company is presented below. The Company does not expect difficulty in adopting these standards by their required effective dates. Accounting Standards Update 2018-14 – Compensation – Retirement Benefits – Defined Benefit Plans (Topic 715) Disclosure Framework: Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14 to improve benefit plan sponsors’ disclosures for defined benefit pension and other post-employment benefit plans. ASU 2018-14 removes the requirement to disclose the amounts in other comprehensive income expected to be recognized as benefit cost over the next fiscal year and the requirement to disclose the impact of a one-percentage-point change in the assumed health care cost trend rate; clarifies the disclosure requirements for plans with assets that are less than their projected benefit, or accumulated benefit obligation; and requires significant gains and losses affecting benefit obligations during the period be disclosed. ASU 2018-14 is effective for the Company on December 31, 2020, although early adoption is permitted, and requires retrospective application. As discussed in Note 11 of the Notes to the Consolidated Financial Statements in the 2019 Annual Reports on Form 10-K and in Note 10, PNM and TNMP maintain qualified defined benefit, other postretirement benefit plans providing medical and dental benefits, and executive retirement programs. The Company is 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 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 (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Summary of Financial Information by Segment	The following tables present summarized financial information for PNMR by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP. PNMR SEGMENT INFORMATION PNM TNMP Corporate PNMR Consolidated (In thousands) Three Months Ended June 30, 2020 Electric operating revenues $ 260,788 $ 96,861 $ — $ 357,649 Cost of energy 67,884 25,979 — 93,863 Utility margin 192,904 70,882 — 263,786 Other operating expenses 101,557 25,339 (4,282) 122,614 Depreciation and amortization 41,763 22,368 5,891 70,022 Operating income (loss) 49,584 23,175 (1,609) 71,150 Interest income 3,147 — (76) 3,071 Other income (deductions) 20,954 1,963 (214) 22,703 Interest charges (19,178) (7,361) (4,549) (31,088) Segment earnings (loss) before income taxes 54,507 17,777 (6,448) 65,836 Income taxes (benefit) 4,895 1,603 (2,223) 4,275 Segment earnings (loss) 49,612 16,174 (4,225) 61,561 Valencia non-controlling interest (3,940) — — (3,940) Subsidiary preferred stock dividends (132) — — (132) Segment earnings (loss) attributable to PNMR $ 45,540 $ 16,174 $ (4,225) $ 57,489 Six Months Ended June 30, 2020 Electric operating revenues $ 508,921 $ 182,350 $ — $ 691,271 Cost of energy 142,408 50,165 — 192,573 Utility margin 366,513 132,185 — 498,698 Other operating expenses 200,113 50,461 (9,759) 240,815 Depreciation and amortization 83,212 44,204 11,579 138,995 Operating income (loss) 83,188 37,520 (1,820) 118,888 Interest income 6,643 — (149) 6,494 Other income (deductions) (13,072) 2,524 (755) (11,303) Interest charges (36,807) (14,533) (10,182) (61,522) Segment earnings (loss) before income taxes 39,952 25,511 (12,906) 52,557 Income taxes (benefit) 2,536 2,245 (2,386) 2,395 Segment earnings (loss) 37,416 23,266 (10,520) 50,162 Valencia non-controlling interest (7,669) — — (7,669) Subsidiary preferred stock dividends (264) — — (264) Segment earnings (loss) attributable to PNMR $ 29,483 $ 23,266 $ (10,520) $ 42,229 At June 30, 2020: Total Assets $ 5,377,422 $ 1,985,721 $ 211,324 $ 7,574,467 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 PNM TNMP Corporate PNMR Consolidated (In thousands) Three Months Ended June 30, 2019 Electric operating revenues $ 238,219 $ 92,009 $ — $ 330,228 Cost of energy 58,866 24,916 — 83,782 Utility margin 179,353 67,093 — 246,446 Other operating expenses 255,519 24,013 (5,536) 273,996 Depreciation and amortization 39,811 20,502 5,752 66,065 Operating income (loss) (115,977) 22,578 (216) (93,615) Interest income 3,530 — (70) 3,460 Other income (deductions) 4,179 731 (78) 4,832 Interest charges (18,526) (6,560) (4,705) (29,791) Segment earnings (loss) before income taxes (126,794) 16,749 (5,069) (115,114) Income taxes (benefit) (43,481) 1,482 (832) (42,831) Segment earnings (loss) (83,313) 15,267 (4,237) (72,283) Valencia non-controlling interest (3,499) — — (3,499) Subsidiary preferred stock dividends (132) — — (132) Segment earnings (loss) attributable to PNMR $ (86,944) $ 15,267 $ (4,237) $ (75,914) Three Months Ended June 30, 2019 Electric operating revenues $ 507,536 $ 172,336 $ — $ 679,872 Cost of energy 158,204 47,204 — 205,408 Utility margin 349,332 125,132 — 474,464 Other operating expenses 361,981 49,253 (11,299) 399,935 Depreciation and amortization 79,036 40,716 11,669 131,421 Operating income (loss) (91,685) 35,163 (370) (56,892) Interest income 7,187 — (139) 7,048 Other income (deductions) 18,536 1,317 (814) 19,039 Interest charges (36,886) (15,361) (9,178) (61,425) Segment earnings (loss) before income taxes (102,848) 21,119 (10,501) (92,230) Income taxes (benefit) (41,508) 1,754 (1,854) (41,608) Segment earnings (loss) (61,340) 19,365 (8,647) (50,622) Valencia non-controlling interest (6,328) — — (6,328) Subsidiary preferred stock dividends (264) — — (264) Segment earnings (loss) attributable to PNMR $ (67,932) $ 19,365 $ (8,647) $ (57,214) At June 30, 2019: Total Assets $ 5,105,090 $ 1,768,831 $ 174,746 $ 7,048,667 Goodwill $ 51,632 $ 226,665 $ — $ 278,297

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Information regarding accumulated other comprehensive income (loss) for the six months ended June 30, 2020 and 2019 is as follows: Accumulated Other Comprehensive Income (Loss) PNM Corporate and Other PNMR Consolidated Unrealized Pension Fair Value Total Total (In thousands) Balance at December 31, 2019 $ 10,638 $ (109,693) $ (99,055) $ (322) $ (99,377) Amounts reclassified from AOCI (pre-tax) (3,059) 4,150 1,091 (500) 591 Income tax impact of amounts reclassified 777 (1,054) (277) 127 (150) Other OCI changes (pre-tax) 9,717 — 9,717 (1,198) 8,519 Income tax impact of other OCI changes (2,468) — (2,468) 304 (2,164) Net after-tax change 4,967 3,096 8,063 (1,267) 6,796 Balance at June 30, 2020 $ 15,605 $ (106,597) $ (90,992) $ (1,589) $ (92,581) Balance at December 31, 2018 $ 1,939 $ (112,361) $ (110,422) $ 1,738 $ (108,684) Amounts reclassified from AOCI (pre-tax) (5,601) 3,702 (1,899) 525 (1,374) Income tax impact of amounts reclassified 1,423 (940) 483 (133) 350 Other OCI changes (pre-tax) 15,938 — 15,938 (3,169) 12,769 Income tax impact of other OCI changes (4,048) — (4,048) 805 (3,243) Net after-tax change 7,712 2,762 10,474 (1,972) 8,502 Balance at June 30, 2019 $ 9,651 $ (109,599) $ (99,948) $ (234) $ (100,182)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Computation of Earnings Per Share	Information regarding the computation of earnings per share is as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands, except per share amounts) Net Earnings (Loss) Attributable to PNMR $ 57,489 $ (75,914) $ 42,229 $ (57,214) Average Number of Common Shares: Outstanding during period 79,654 79,654 79,654 79,654 Vested awards of restricted stock 186 263 202 251 Average Shares – Basic 79,840 79,917 79,856 79,905 Dilutive Effect of Common Stock Equivalents: PNMR 2020 Forward Equity Sale Agreements — — 86 — Restricted stock 36 — 37 — Average Shares – Diluted (1) 79,876 79,917 79,979 79,905 Net Earnings (Loss) Per Share of Common Stock: Basic $ 0.72 $ (0.95) $ 0.53 $ (0.72) Diluted $ 0.72 $ (0.95) $ 0.53 $ (0.72) (1) No potentially dilutive restricted stock have been included in the computation of Average Shares – Diluted for the three and six months ended June 30, 2019 since the effect would be anti-dilutive.

Electric Operating Revenues (Ta

Electric Operating Revenues (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below. The table also reflects alternative revenue program revenues ("ARP") and other revenues. PNM TNMP PNMR Consolidated Three Months Ended June 30, 2020 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 109,090 $ 37,302 $ 146,392 Commercial 93,364 28,106 121,470 Industrial 20,373 6,857 27,230 Public authority 4,907 1,419 6,326 Economy energy service 3,278 — 3,278 Transmission 14,097 20,238 34,335 Miscellaneous 3,042 1,002 4,044 Total revenues from contracts with customers 248,151 94,924 343,075 Alternative revenue programs 2,529 1,937 4,466 Other electric operating revenues 10,108 — 10,108 Total Electric Operating Revenues $ 260,788 $ 96,861 $ 357,649 Six Months Ended June 30, 2020 Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 211,899 $ 69,200 $ 281,099 Commercial 179,713 56,791 236,504 Industrial 39,838 13,390 53,228 Public authority 9,254 2,842 12,096 Economy energy service 8,531 — 8,531 Transmission 28,264 38,250 66,514 Miscellaneous 6,410 1,675 8,085 Total revenues from contracts with customers 483,909 182,148 666,057 Alternative revenue programs 4,690 202 4,892 Other electric operating revenues 20,322 — 20,322 Total Electric Operating Revenues $ 508,921 $ 182,350 $ 691,271 PNM TNMP PNMR Consolidated Three Months Ended June 30, 2019 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 86,328 $ 33,640 $ 119,968 Commercial 98,968 28,058 127,026 Industrial 15,329 5,295 20,624 Public authority 4,596 1,391 5,987 Economy energy service 6,024 — 6,024 Transmission 14,342 17,585 31,927 Miscellaneous 2,474 887 3,361 Total revenues from contracts with customers 228,061 86,856 314,917 Alternative revenue programs 691 5,153 5,844 Other electric operating revenues 9,467 — 9,467 Total Electric Operating Revenues $ 238,219 $ 92,009 $ 330,228 Three Months Ended June 30, 2019 Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 193,629 $ 64,072 $ 257,701 Commercial 184,201 55,487 239,688 Industrial 30,076 10,911 40,987 Public authority 9,307 2,764 12,071 Economy energy service 12,946 — 12,946 Transmission 27,727 31,589 59,316 Miscellaneous 6,116 1,789 7,905 Total revenues from contracts with customers 464,002 166,612 630,614 Alternative revenue programs 756 5,724 6,480 Other electric operating revenues 42,778 — 42,778 Total Electric Operating Revenues $ 507,536 $ 172,336 $ 679,872

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2020
Variable Interest Entities [Abstract]
Summarized Financial Information	Summarized financial information for Valencia is as follows: Results of Operations Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands) Operating revenues $ 5,495 $ 5,177 $ 10,848 $ 10,129 Operating expenses 1,555 1,678 3,179 3,801 Earnings attributable to non-controlling interest $ 3,940 $ 3,499 $ 7,669 $ 6,328 Financial Position June 30, December 31, 2020 2019 (In thousands) Current assets $ 3,393 $ 5,094 Net property, plant, and equipment 57,163 58,581 Total assets 60,556 63,675 Current liabilities 629 623 Owners’ equity – non-controlling interest $ 59,927 $ 63,052

Fair Value of Derivative and _2

Fair Value of Derivative and Other Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value of Derivative and Other Financial Instruments [Abstract]
Summary of Derivatives	PNM’s commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges and considered Level 2 fair value measurements, are presented in the following line items on the Condensed Consolidated Balance Sheets: Economic Hedges June 30, December 31, (In thousands) Other current assets $ 1,096 $ 1,089 Other deferred charges 1,004 1,507 2,100 2,596 Other current liabilities (1,096) (1,089) Other deferred credits (1,004) (1,507) (2,100) (2,596) Net $ — $ —
Schedule of Gross Realized Gains and Losses	Gains and losses recognized on the Condensed Consolidated Statements of Earnings related to investment securities in the NDT and reclamation trusts are presented in the following table: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Equity securities: Net gains (losses) from equity securities sold $ 5,356 $ 2,774 $ 4,041 $ 4,161 Net gains (losses) from equity securities still held 13,377 303 (5,554) 9,905 Total net gains (losses) on equity securities 18,733 3,077 (1,513) 14,066 Available-for-sale debt securities: Net gains (losses) on debt securities 2,887 1,522 (9,716) 4,547 Net gains (losses) on investment securities $ 21,620 $ 4,599 $ (11,229) $ 18,613 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 $4.0 million and $(8.7) million for the three and six months ended June 30, 2020 and $(0.8) million and $2.6 million for the three and six months ended June 30, 2019. Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Proceeds from sales $ 205,296 $ 159,551 $ 354,651 $ 234,011 Gross realized gains $ 11,262 $ 10,906 $ 17,087 $ 15,095 Gross realized (losses) $ (7,002) $ (5,802) $ (14,037) $ (8,972)
Investments Classified by Contractual Maturity Date	At June 30, 2020, the available-for-sale debt securities held by PNM, had the following final maturities: Fair Value (In thousands) Within 1 year $ 22,402 After 1 year through 5 years 83,549 After 5 years through 10 years 82,539 After 10 years through 15 years 14,192 After 15 years through 20 years 10,791 After 20 years 40,010 $ 253,483
Schedule of Investments	Items recorded at fair value by PNM on the Condensed Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale debt securities: GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unrealized Gains (In thousands) June 30, 2020 Cash and cash equivalents $ 11,496 $ 11,496 $ — Equity securities: Corporate stocks, common 65,664 65,664 — Corporate stocks, preferred 8,498 2,770 5,728 Mutual funds and other 50,311 50,311 — Available-for-sale debt securities: U.S. government 47,190 29,315 17,875 $ 1,497 International government 13,734 — 13,734 1,630 Municipals 47,392 — 47,392 2,179 Corporate and other 145,167 464 144,703 15,616 $ 389,452 $ 160,020 $ 229,432 $ 20,922 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
Schedule of Carrying Amount and Fair Value of Items Not Recorded at Fair Value	The carrying amounts and fair values of long-term debt, all of which are considered Level 2 fair value measurements and are not recorded at fair value on the Condensed Consolidated Balance Sheets, are presented below: Carrying Amount Fair Value June 30, 2020 (In thousands) PNMR $ 3,216,618 $ 3,343,648 PNM $ 1,846,605 $ 1,951,768 TNMP $ 780,561 $ 797,604 December 31, 2019 PNMR $ 3,007,717 $ 3,142,704 PNM $ 1,748,020 $ 1,795,149 TNMP $ 670,691 $ 753,317

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of Activity	The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value: Six Months Ended June 30, Restricted Shares and Performance Based Shares 2020 2019 Expected quarterly dividends per share $ 0.3075 $ 0.2900 Risk-free interest rate 0.72 % 2.47 % Market-Based Shares Dividend yield 2.51 % 2.59 % Expected volatility 19.41 19.55 Risk-free interest rate 0.72 2.51 The following table summarizes activity in restricted stock awards, including performance-based and market-based shares, and stock options, for the six months ended June 30, 2020: Restricted Stock Stock Options Shares Weighted- Shares Weighted- Outstanding at December 31, 2019 161,542 $ 38.21 2,000 $ 12.22 Granted 246,029 36.73 — — Exercised (238,054) 34.86 (2,000) 12.22 Forfeited (1,456) 41.32 — — Outstanding at June 30, 2020 168,061 $ 40.77 — $ — The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares, and stock options: Six Months Ended June 30, Restricted Stock 2020 2019 Weighted-average grant date fair value $ 36.73 $ 37.92 Total fair value of restricted shares that vested (in thousands) $ 11,740 $ 6,227 Stock Options Total intrinsic value of options exercised (in thousands) $ 84 $ 2,617

Financing (Tables)

Financing (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Information concerning the funding dates, maturities and interest rates on the TNMP 2020 Bonds issued in April and July 2020 are as follows: Funding Date Maturity Date Principal Amount Interest Rate (In millions) April 24, 2020 April 24, 2030 $ 85.0 2.73 % April 24, 2020 April 24, 2050 25.0 3.36 110.0 July 15, 2020 July 15, 2035 25.0 2.93 July 15, 2020 July 15, 2050 50.0 3.36 $ 185.0 Information concerning the funding dates, mandatory tender dates, and interest rates on the PNM 2020 Fixed Rate PCRBs are as follows: Funding Date Mandatory Tender Date Principal Amount Interest Rate (In millions) July 22, 2020 June 1, 2022 $ 36.0 1.05 % July 22, 2020 June 1, 2022 11.5 1.20 July 22, 2020 June 1, 2023 130.0 1.10 July 22, 2020 June 1, 2024 125.0 1.15 $ 302.5
Schedule of Short-term Debt	Short-term debt outstanding consists of: June 30, December 31, Short-term Debt 2020 2019 (In thousands) PNM: PNM Revolving Credit Facility (1) $ 47,055 $ 48,000 PNM 2017 New Mexico Credit Facility 40,000 10,000 87,055 58,000 TNMP: TNMP Revolving Credit Facility 12,600 15,000 TNMP Electricity Relief ERCOT loan (Note 12) 494 — 13,094 15,000 PNMR Revolving Credit Facility 152,400 112,100 $ 252,549 $ 185,100 (1) Outstanding amount as of June 30, 2020 excludes $100.3 million considered long-term debt as discussed above.

Pension and Other Postretirem_2

Pension and Other Postretirement Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The following table presents the components of the PNM Plans’ net periodic benefit cost: Three Months Ended June 30, Pension Plan OPEB Plan Executive Retirement Program 2020 2019 2020 2019 2020 2019 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 10 $ 13 $ — $ — Interest cost 4,985 6,294 613 829 122 162 Expected return on plan assets (7,363) (8,527) (1,387) (1,318) — — Amortization of net (gain) loss 4,465 3,880 87 169 101 79 Amortization of prior service cost (138) (241) — (99) — — Net Periodic Benefit Cost (Income) $ 1,949 $ 1,406 $ (677) $ (406) $ 223 $ 241 Six Months Ended June 30, Pension Plan OPEB Plan Executive Retirement Program 2020 2019 2020 2019 2020 2019 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 20 $ 26 $ — $ — Interest cost 9,971 12,587 1,227 1,658 244 324 Expected return on plan assets (14,726) (17,051) (2,774) (2,636) — — Amortization of net (gain) loss 8,930 7,759 174 338 201 158 Amortization of prior service cost (277) (483) — (198) — — Net Periodic Benefit Cost (Income) $ 3,898 $ 2,812 $ (1,353) $ (812) $ 445 $ 482 The following table presents the components of the TNMP Plans’ net periodic benefit cost: Three Months Ended June 30, Pension Plan OPEB Plan Executive Retirement Program 2020 2019 2020 2019 2020 2019 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 12 $ 13 $ — $ — Interest cost 544 672 93 113 6 8 Expected return on plan assets (821) (967) (135) (129) — — Amortization of net (gain) loss 315 235 (80) (110) 6 4 Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 38 $ (60) $ (110) $ (113) $ 12 $ 12 Six Months Ended June 30, Pension Plan OPEB Plan Executive Retirement Program 2020 2019 2020 2019 2020 2019 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 23 $ 26 $ — $ — Interest cost 1,088 1,344 187 226 11 16 Expected return on plan assets (1,642) (1,934) (268) (258) — — Amortization of net (gain) loss 629 470 (162) (220) 12 8 Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 75 $ (120) $ (220) $ (226) $ 23 $ 24

Regulatory and Rate Matters (Ta

Regulatory and Rate Matters (Tables)	6 Months Ended
	Jun. 30, 2020
Regulated Operations [Abstract]
Schedule of Rate Increases for Transmission Costs	The following sets forth TNMP’s recent interim transmission cost rate increases: Effective Date Approved Increase in Rate Base Annual Increase in Revenue (In millions) March 21, 2019 $ 111.8 $ 14.3 September 19, 2019 21.9 3.3 March 27, 2020 59.2 7.8

Lease Commitments (Tables)

Lease Commitments (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Assets and Liabilities, Lessee	Information related to the Company’s operating leases recorded on the Condensed Consolidated Balance Sheets is presented below: June 30, 2020 December 31, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 109,042 $ 8,535 $ 118,140 $ 120,585 $ 9,954 $ 131,212 Current portion of operating lease liabilities 24,039 2,428 26,744 25,927 2,753 29,068 Long-term portion of operating lease liabilities 85,028 5,897 91,320 97,992 7,039 105,512 June 30, 2020 December 31, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 8,561 $ 9,712 $ 18,540 $ 4,857 $ 4,910 $ 10,028 Accumulated depreciation (1,070) (1,137) (2,267) (482) (466) (973) Non-utility property, net 7,491 8,575 16,273 4,375 4,444 9,055 Other current liabilities 1,512 1,623 3,203 722 850 1,637 Other deferred credits 5,699 6,958 12,800 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 as of June 30, 2020 is presented below: PNM TNMP PNMR Consolidated Weighted average remaining lease term (years): Operating leases 6.10 3.85 5.93 Financing leases 4.94 5.48 5.21 Weighted average discount rate: Operating leases 3.90 % 4.00 % 3.91 % Financing leases 3.12 % 3.26 % 3.19 %
Lease, Cost	Information for the components of lease expense is as follows: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: $ 6,847 $ 746 $ 7,658 $ 13,740 $ 1,521 $ 15,393 Amounts capitalized (247) (602) (849) (538) (1,237) (1,774) Total operating lease expense $ 6,600 $ 144 $ 6,809 $ 13,202 $ 284 $ 13,619 Financing lease cost: Amortization of right-of-use assets 341 382 741 588 672 1,294 Interest on lease liabilities 52 68 121 97 124 224 Amounts capitalized (226) (369) (594) (401) (653) (1,053) Total financing lease expense 167 81 268 284 143 465 Variable lease expense 63 — 63 95 — 95 Short-term lease expense 75 1 75 160 1 161 Total lease expense for the period $ 6,905 $ 226 $ 7,215 $ 13,741 $ 428 $ 14,340 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: $ 6,803 $ 815 $ 7,692 $ 14,386 $ 1,713 $ 16,312 Amounts capitalized (344) (662) (1,006) (696) (1,319) (2,015) Total operating lease expense $ 6,459 $ 153 $ 6,686 $ 13,690 $ 394 $ 14,297 Financing lease cost: Amortization of right-of-use assets 77 81 158 143 139 282 Interest on lease liabilities 14 17 31 30 34 64 Amounts capitalized (41) (38) (79) (82) (75) (157) Total financing lease expense 50 60 110 91 98 189 Variable lease expense 32 — 32 32 — 32 Short-term lease expense 75 2 101 149 5 195 Total lease expense for the period $ 6,616 $ 215 $ 6,929 $ 13,962 $ 497 $ 14,713
Schedule of Leases, Supplemental Cash Flows	Supplemental cash flow information related to the Company’s leases is as follows: Six Months Ended June 30 , Six Months Ended June 30 , 2020 2019 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,511 $ 331 $ 17,125 $ 16,704 $ 529 $ 17,494 Operating cash flows from financing leases 36 20 59 18 20 38 Finance cash flows from financing leases 207 120 360 54 76 130 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ — $ — $ — $ 143,816 $ 12,942 $ 157,440 Financing leases 3,703 4,802 8,513 2,516 2,305 4,821
Lessee, Operating Lease, Liability, Maturity	Future expected lease payments are shown below: As of June 30, 2020 PNM TNMP PNMR Consolidated Financing Operating Financing Operating Financing Operating (In thousands) Remainder of 2020 $ 862 $ 9,979 $ 944 $ 1,437 $ 1,842 $ 11,686 2021 1,688 26,576 1,845 2,448 3,606 29,316 2022 1,642 26,266 1,766 1,996 3,480 28,473 2023 1,587 17,735 1,617 1,508 3,241 19,423 2024 985 7,908 1,379 877 2,364 8,833 Later years 1,019 34,466 1,791 765 2,811 35,489 Total minimum lease payments 7,783 122,930 9,342 9,031 17,344 133,220 Less: Imputed interest 572 13,863 761 705 1,340 15,167 Lease liabilities as of June 30, 2020 $ 7,211 $ 109,067 $ 8,581 $ 8,326 $ 16,004 $ 118,053
Finance Lease, Liability, Maturity	Future expected lease payments are shown below: As of June 30, 2020 PNM TNMP PNMR Consolidated Financing Operating Financing Operating Financing Operating (In thousands) Remainder of 2020 $ 862 $ 9,979 $ 944 $ 1,437 $ 1,842 $ 11,686 2021 1,688 26,576 1,845 2,448 3,606 29,316 2022 1,642 26,266 1,766 1,996 3,480 28,473 2023 1,587 17,735 1,617 1,508 3,241 19,423 2024 985 7,908 1,379 877 2,364 8,833 Later years 1,019 34,466 1,791 765 2,811 35,489 Total minimum lease payments 7,783 122,930 9,342 9,031 17,344 133,220 Less: Imputed interest 572 13,863 761 705 1,340 15,167 Lease liabilities as of June 30, 2020 $ 7,211 $ 109,067 $ 8,581 $ 8,326 $ 16,004 $ 118,053

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below summarizes the nature and amount of related party transactions of PNMR, PNM, TNMP, and NMRD: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Services billings: PNMR to PNM $ 24,521 $ 22,925 $ 46,644 $ 49,751 PNMR to TNMP 9,703 8,385 18,430 18,443 PNM to TNMP 113 114 189 189 TNMP to PNMR 35 36 70 71 PNMR to NMRD 49 54 125 95 Renewable energy purchases: PNM from NMRD 2,404 949 3,923 1,574 Interconnection billings: PNM to NMRD 130 — 350 — PNM to PNMR — — — — Interest billings: PNMR to PNM 6 972 6 1,905 PNM to PNMR 77 77 158 149 PNMR to TNMP 1 10 2 42 Income tax sharing payments: PNMR to PNM — — — — TNMP to PNMR — — — —

Equity Method Investment (Table

Equity Method Investment (Tables)	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Marketable Securities	Summarized financial information for NMRD is as follows: Results of Operations Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands) Operating revenues $ 2,641 $ 1,103 $ 4,308 $ 1,828 Operating expenses 1,472 655 3,052 1,451 Net earnings $ 1,169 $ 448 $ 1,256 $ 377 Financial Position June 30, December 31, 2020 2019 (In thousands) Current assets $ 5,672 $ 7,187 Net property, plant, and equipment 163,629 132,772 Non-current assets 1,214 — Total assets 170,515 139,959 Current liabilities 2,073 9,640 Non-current liabilities 368 — Owners’ equity $ 168,074 $ 130,319

Significant Accounting Polici_3

Significant Accounting Policies and Responsibility for Financial Statements (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Payment defaults under agreements			$ 0		$ 0
Dividends declared per common share (dollars per share)		$ 0.2900	$ 0.308	$ 0.290	$ 0.615	$ 0.580
Dividends declared on common stock				$ 132,000	$ 24,493,000	$ 23,099,000
Subsequent event
Business Acquisition [Line Items]
Dividends declared per common share (dollars per share)	$ 0.3075
PNM
Business Acquisition [Line Items]
Dividends declared on common stock			$ 40,700,000	0	40,654,000	0
Texas-New Mexico Power Company
Business Acquisition [Line Items]
Dividends declared on common stock			$ 7,092,000	$ 4,098,000	$ 18,439,000	$ 14,811,000

Segment Information - Summarize

Segment Information - Summarized Financial Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			1
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	$ 357,649	$ 330,228	$ 691,271	$ 679,872
Other operating expenses	122,614	273,996	240,815	399,935
Depreciation and amortization	70,022	66,065	138,995	131,421
Operating income (loss)	71,150	(93,615)	118,888	(56,892)
Interest income	3,071	3,460	6,494	7,048
Other income (deductions)	22,703	4,832	(11,303)	19,039
Interest charges	(31,088)	(29,791)	(61,522)	(61,425)
Earnings (Loss) before Income Taxes	65,836	(115,114)	52,557	(92,230)
Income taxes (benefit)	4,275	(42,831)	2,395	(41,608)
Net Earnings (Loss)	61,561	(72,283)	50,162	(50,622)
Valencia non-controlling interest	(3,940)	(3,499)	(7,669)	(6,328)
Subsidiary preferred stock dividends	(132)	(132)	(264)	(264)
Net Earnings (Loss) Available for PNM Common Stock	57,489	(75,914)	42,229	(57,214)
Total Assets	7,574,467	7,048,667	7,574,467	7,048,667	$ 7,298,774
Goodwill	278,297	278,297	278,297	278,297	$ 278,297
PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Other operating expenses	101,557	255,519	200,113	361,981
Depreciation and amortization	41,763	39,811	83,212	79,036
Operating income (loss)	49,584	(115,977)	83,188	(91,685)
Interest income	3,147	3,530	6,643	7,187
Other income (deductions)	20,954	4,179	(13,072)	18,536
Interest charges	(19,178)	(18,526)	(36,807)	(36,886)
Earnings (Loss) before Income Taxes	54,507	(126,794)	39,952	(102,848)
Income taxes (benefit)	4,895	(43,481)	2,536	(41,508)
Net Earnings (Loss)	49,612	(83,313)	37,416	(61,340)
Valencia non-controlling interest	(3,940)	(3,499)	(7,669)	(6,328)
Subsidiary preferred stock dividends	(132)	(132)	(264)	(264)
Net Earnings (Loss) Available for PNM Common Stock	45,540	(86,944)	29,483	(67,932)
Total Assets	5,377,422	5,105,090	5,377,422	5,105,090
Goodwill	51,632	51,632	51,632	51,632
TNMP
Segment Reporting Information, Profit (Loss) [Abstract]
Other operating expenses	25,339	24,013	50,461	49,253
Depreciation and amortization	22,368	20,502	44,204	40,716
Operating income (loss)	23,175	22,578	37,520	35,163
Interest income	0	0	0	0
Other income (deductions)	1,963	731	2,524	1,317
Interest charges	(7,361)	(6,560)	(14,533)	(15,361)
Earnings (Loss) before Income Taxes	17,777	16,749	25,511	21,119
Income taxes (benefit)	1,603	1,482	2,245	1,754
Net Earnings (Loss)	16,174	15,267	23,266	19,365
Valencia non-controlling interest	0	0	0	0
Subsidiary preferred stock dividends	0	0	0	0
Net Earnings (Loss) Available for PNM Common Stock	16,174	15,267	23,266	19,365
Total Assets	1,985,721	1,768,831	1,985,721	1,768,831
Goodwill	226,665	226,665	226,665	226,665
Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Other operating expenses	(4,282)	(5,536)	(9,759)	(11,299)
Depreciation and amortization	5,891	5,752	11,579	11,669
Operating income (loss)	(1,609)	(216)	(1,820)	(370)
Interest income	(76)	(70)	(149)	(139)
Other income (deductions)	(214)	(78)	(755)	(814)
Interest charges	(4,549)	(4,705)	(10,182)	(9,178)
Earnings (Loss) before Income Taxes	(6,448)	(5,069)	(12,906)	(10,501)
Income taxes (benefit)	(2,223)	(832)	(2,386)	(1,854)
Net Earnings (Loss)	(4,225)	(4,237)	(10,520)	(8,647)
Valencia non-controlling interest	0	0	0	0
Subsidiary preferred stock dividends	0	0	0	0
Net Earnings (Loss) Available for PNM Common Stock	(4,225)	(4,237)	(10,520)	(8,647)
Total Assets	211,324	174,746	211,324	174,746
Goodwill	0	0	0	0
Cost of energy
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	357,649	330,228	691,271	679,872
Cost of energy	93,863	83,782	192,573	205,408
Utility margin	263,786	246,446	498,698	474,464
Cost of energy | PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	260,788	238,219	508,921	507,536
Cost of energy	67,884	58,866	142,408	158,204
Utility margin	192,904	179,353	366,513	349,332
Cost of energy | TNMP
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	96,861	92,009	182,350	172,336
Cost of energy	25,979	24,916	50,165	47,204
Utility margin	70,882	67,093	132,185	125,132
Cost of energy | Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	0	0	0	0
Cost of energy	0	0	0	0
Utility margin	$ 0	$ 0	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,687,569	$ 1,747,458	$ 1,741,750	$ 1,752,594
Total Other Comprehensive Income	10,846	3,057	6,796	8,502
Ending balance	1,756,427	1,674,740	1,756,427	1,674,740
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(103,427)	(103,239)	(99,377)	(108,684)
Amounts reclassified from AOCI (pre-tax)			591	(1,374)
Income tax impact of amounts reclassified			(150)	350
Other OCI changes (pre-tax)			8,519	12,769
Income tax impact of other OCI changes			(2,164)	(3,243)
Total Other Comprehensive Income	10,846	3,057	6,796	8,502
Ending balance	(92,581)	(100,182)	(92,581)	(100,182)
Fair Value Adjustment for Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(322)	1,738
Amounts reclassified from AOCI (pre-tax)			(500)	525
Income tax impact of amounts reclassified			127	(133)
Other OCI changes (pre-tax)			(1,198)	(3,169)
Income tax impact of other OCI changes			304	805
Total Other Comprehensive Income			(1,267)	(1,972)
Ending balance	(1,589)	(234)	(1,589)	(234)
PNM
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,450,484	1,485,307	1,512,431	1,461,571
Total Other Comprehensive Income	10,594	4,317	8,063	10,474
Ending balance	1,506,198	1,402,493	1,506,198	1,402,493
PNM | Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(101,586)	(104,265)	(99,055)	(110,422)
Amounts reclassified from AOCI (pre-tax)			1,091	(1,899)
Income tax impact of amounts reclassified			(277)	483
Other OCI changes (pre-tax)			9,717	15,938
Income tax impact of other OCI changes			(2,468)	(4,048)
Total Other Comprehensive Income	10,594	4,317	8,063	10,474
Ending balance	(90,992)	(99,948)	(90,992)	(99,948)
PNM | Unrealized Gains on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			10,638	1,939
Amounts reclassified from AOCI (pre-tax)			(3,059)	(5,601)
Income tax impact of amounts reclassified			777	1,423
Other OCI changes (pre-tax)			9,717	15,938
Income tax impact of other OCI changes			(2,468)	(4,048)
Total Other Comprehensive Income			4,967	7,712
Ending balance	15,605	9,651	15,605	9,651
PNM | Pension Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(109,693)	(112,361)
Amounts reclassified from AOCI (pre-tax)			4,150	3,702
Income tax impact of amounts reclassified			(1,054)	(940)
Total Other Comprehensive Income			3,096	2,762
Ending balance	$ (106,597)	$ (109,599)	$ (106,597)	$ (109,599)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net Earnings (Loss) Attributable to PNMR	$ 57,489	$ (75,914)	$ 42,229	$ (57,214)
Average Number of Common Shares:
Outstanding during period (in shares)	79,654	79,654	79,654	79,654
Vested awards of restricted stock (in shares)	186	263	202	251
Average Shares – Basic (in shares)	79,840	79,917	79,856	79,905
Dilutive Effect of Common Stock Equivalents:
PNMR 2020 Forward Equity Sale Agreements (in shares)	0	0	86	0
Restricted stock (in shares)	36	0	37	0
Average Shares – Diluted (in shares)	79,876	79,917	79,979	79,905
Net Earnings (Loss) Per Share of Common Stock:
Basic (in dollars per share)	$ 0.72	$ (0.95)	$ 0.53	$ (0.72)
Diluted (in dollars per share)	$ 0.72	$ (0.95)	$ 0.53	$ (0.72)

Electric Operating Revenues - N

Electric Operating Revenues - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)utility	Jun. 30, 2020USD ($)utility	Dec. 31, 2019USD ($)
Disaggregation of Revenue [Line Items]
Number of regulated utilities | utility	2	2
Accounts receivable, allowance for credit loss, period increase (decrease)	$ 400,000	$ 700,000
Contract assets	0	0	$ 0
PNM
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 65,200,000	$ 65,200,000	$ 59,300,000

Electric Operating Revenues - D

Electric Operating Revenues - Disaggregation of revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 343,075	$ 314,917	$ 666,057	$ 630,614
Alternative revenue programs	4,466	5,844	4,892	6,480
Other electric operating revenue	10,108	9,467	20,322	42,778
Revenues	357,649	330,228	691,271	679,872
PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	248,151	228,061	483,909	464,002
Alternative revenue programs	2,529	691	4,690	756
Other electric operating revenue	10,108	9,467	20,322	42,778
Revenues	260,788	238,219	508,921	507,536
TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	94,924	86,856	182,148	166,612
Alternative revenue programs	1,937	5,153	202	5,724
Other electric operating revenue	0	0	0	0
Revenues	96,861	92,009	182,350	172,336
Cost of energy
Disaggregation of Revenue [Line Items]
Revenues	357,649	330,228	691,271	679,872
Cost of energy | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	146,392	119,968	281,099	257,701
Cost of energy | Commercial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	121,470	127,026	236,504	239,688
Cost of energy | Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	27,230	20,624	53,228	40,987
Cost of energy | Public authority
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	6,326	5,987	12,096	12,071
Cost of energy | Economy energy service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	3,278	6,024	8,531	12,946
Cost of energy | PNM | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	109,090	86,328	211,899	193,629
Cost of energy | PNM | Commercial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	93,364	98,968	179,713	184,201
Cost of energy | PNM | Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	20,373	15,329	39,838	30,076
Cost of energy | PNM | Public authority
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	4,907	4,596	9,254	9,307
Cost of energy | PNM | Economy energy service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	3,278	6,024	8,531	12,946
Cost of energy | TNMP | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	37,302	33,640	69,200	64,072
Cost of energy | TNMP | Commercial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	28,106	28,058	56,791	55,487
Cost of energy | TNMP | Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	6,857	5,295	13,390	10,911
Cost of energy | TNMP | Public authority
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,419	1,391	2,842	2,764
Cost of energy | TNMP | Economy energy service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Transmission
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	34,335	31,927	66,514	59,316
Transmission | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	14,097	14,342	28,264	27,727
Transmission | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	20,238	17,585	38,250	31,589
Miscellaneous
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	4,044	3,361	8,085	7,905
Miscellaneous | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	3,042	2,474	6,410	6,116
Miscellaneous | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 1,002	$ 887	$ 1,675	$ 1,789

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)MW	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)MW	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Jan. 31, 2016USD ($)
Results of Operations
Operating revenues	$ 357,649	$ 330,228	$ 691,271	$ 679,872
Operating expenses	286,499	423,843	572,383	736,764
Earnings attributable to non-controlling interest	3,940	3,499	7,669	6,328
Financial Position
Current assets	326,884		326,884		$ 294,010
Assets	7,574,467	7,048,667	7,574,467	7,048,667	7,298,774
Current liabilities	1,265,774		1,265,774		967,481
Owners’ equity – non-controlling interest	59,927		59,927		63,052
PNM
Results of Operations
Operating revenues	260,788	238,219	508,921	507,536
Operating expenses	211,204	354,196	425,733	599,221
Earnings attributable to non-controlling interest	3,940	3,499	7,669	6,328
Financial Position
Current assets	281,292		281,292		259,195
Assets	5,377,422		5,377,422		5,242,991
Current liabilities	447,508		447,508		593,236
Owners’ equity – non-controlling interest	59,927		59,927		63,052
PNM | Valencia
Variable Interest Entity [Line Items]
Payment for fixed costs	5,000	5,000	10,000	9,900
Payment for variable costs	500	200	$ 900	300
Long-term contract option to purchase, ownership percentage (up to)			50.00%
Long-term contract option to purchase, purchase price - percentage of adjusted NBV			50.00%
Long-term contract option to purchase, purchase price - percentage of FMV			50.00%
Results of Operations
Operating revenues	5,495	5,177	$ 10,848	10,129
Operating expenses	1,555	1,678	3,179	3,801
Earnings attributable to non-controlling interest	3,940	$ 3,499	7,669	$ 6,328
Financial Position
Current assets	3,393		3,393		5,094
Net property, plant, and equipment	57,163		57,163		58,581
Assets	60,556		60,556		63,675
Current liabilities	629		629		623
Owners’ equity – non-controlling interest	$ 59,927		$ 59,927		$ 63,052
PNM | Purchased through May 2028 | Valencia
Variable Interest Entity [Line Items]
Number of megawatts purchased (in megawatts) | MW	158		158
NM Capital | San Juan Generating Station | Coal supply
Variable Interest Entity [Line Items]
Cash used to support bank letter or credit arrangement	$ 30,300		$ 30,300			$ 30,300

Fair Value of Derivative and _3

Fair Value of Derivative and Other Financial Instruments - Overview and Commodity Derivatives (Details)	Jun. 30, 2020USD ($)MW	Dec. 31, 2019USD ($)
Derivatives, Fair Value [Line Items]
Obligations to return cash		$ 900,000
PNM
Derivatives, Fair Value [Line Items]
Expected exposure to market risk (in megawatts) | MW	65
Power to be sold to third party (in megawatts) | MW	36
Amounts recognized for right to reclaim cash	$ 0	0
Cash collateral under margin arrangements		500,000
PNM | Designated as Hedging Instrument | Commodity derivatives
Derivatives, Fair Value [Line Items]
Other current assets	1,096,000	1,089,000
Other deferred charges	1,004,000	1,507,000
Derivative asset	2,100,000	2,596,000
Other current liabilities	(1,096,000)	(1,089,000)
Other deferred credits	(1,004,000)	(1,507,000)
Derivative liability	(2,100,000)	(2,596,000)
Net	0	0
PNM | Designated as Hedging Instrument | Commodity derivatives | Fuel and purchased power costs
Derivatives, Fair Value [Line Items]
Other current assets	$ 0	$ 0
Tri-State | PNM
Derivatives, Fair Value [Line Items]
Power to be sold to third party (in megawatts) | MW	100

Fair Value of Derivative and _4

Fair Value of Derivative and Other Financial Instruments - Statement of Earnings Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
PNM | Designated as Hedging Instrument | Commodity derivatives | Cost of energy
Derivative Instruments, Gain (Loss) [Line Items]
Total gain	$ 0.1	$ 0.1	$ 0.1	$ 0.1

Fair Value of Derivative and _5

Fair Value of Derivative and Other Financial Instruments - Margin, Notional Amounts and Credit Rating (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)MMBTU	Dec. 31, 2019USD ($)MMBTU
Derivative [Line Items]
Contract in a liability position | $	$ 0	$ 0
PNM | Commodity derivatives | Fair value hedging
Derivative [Line Items]
Economic Hedges (in mmbtu and mwh) | MMBTU	0	0

Fair Value of Derivative and _6

Fair Value of Derivative and Other Financial Instruments - Available for Sale Securities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, unrealized loss position	$ 0		$ 0
Other than temporary impairments			0
PNM
Debt Securities, Available-for-sale [Line Items]
(Increase)/decrease in other than temporary losses of available-for-sale securities, net portion recognized in earnings	4,000,000	$ (800,000)	(8,700,000)	$ 2,600,000
Proceeds from sales	205,296,000	159,551,000	354,651,000	234,011,000
Gross realized gains	11,262,000	10,906,000	17,087,000	15,095,000
Gross realized (losses)	(7,002,000)	$ (5,802,000)	(14,037,000)	$ (8,972,000)
Recurring | PNM
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities	389,452,000		389,452,000		$ 388,832,000
Nuclear Decommissioning Trust | Recurring | PNM
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities	335,500,000		335,500,000		336,000,000
Mine Reclamation Trust | Recurring | PNM
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities	$ 53,900,000		$ 53,900,000		$ 52,800,000

Fair Value of Derivative and _7

Fair Value of Derivative and Other Financial Instruments - Investments in NDT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity securities:
Net gains (losses) from equity securities sold	$ 5,356	$ 2,774	$ 4,041	$ 4,161
Net gains (losses) from equity securities still held	13,377	303	(5,554)	9,905
Total net gains (losses) on equity securities	18,733	3,077	(1,513)	14,066
Available-for-sale debt securities:
Net gains (losses) on debt securities	2,887	1,522	(9,716)	4,547
Net gains (losses) on investment securities	$ 21,620	$ 4,599	$ (11,229)	$ 18,613

Fair Value of Derivative and _8

Fair Value of Derivative and Other Financial Instruments - Maturities of Debt Securities (Details) - PNMR and PNM $ in Thousands	Jun. 30, 2020USD ($)
Available-for-Sale
Within 1 year	$ 22,402
After 1 year through 5 years	83,549
After 5 years through 10 years	82,539
After 10 years through 15 years	14,192
After 15 years through 20 years	10,791
After 20 years	40,010
Available-for-sale debt securities	$ 253,483

Fair Value of Derivative and _9

Fair Value of Derivative and Other Financial Instruments - Items Recorded and Presented by Level of Hierarchy (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PNMR	$ 3,343,648	$ 3,142,704
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PNMR	3,216,618	3,007,717
PNM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PNMR	1,951,768	1,795,149
PNM | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PNMR	1,846,605	1,748,020
TNMP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PNMR	797,604	753,317
TNMP | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PNMR	780,561	670,691
Recurring | PNM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	389,452	388,832
Investments, unrealized gain	20,922	14,297
Recurring | PNM | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	160,020	163,707
Recurring | PNM | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	229,432	225,125
Recurring | PNM | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	11,496	15,606
Recurring | PNM | Cash and cash equivalents | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	11,496	15,606
Recurring | PNM | Cash and cash equivalents | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Recurring | PNM | Corporate stocks, common
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	65,664	64,527
Recurring | PNM | Corporate stocks, common | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	65,664	64,527
Recurring | PNM | Corporate stocks, common | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Recurring | PNM | Corporate stocks, preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	8,498	9,033
Recurring | PNM | Corporate stocks, preferred | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	2,770	2,212
Recurring | PNM | Corporate stocks, preferred | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	5,728	6,821
Recurring | PNM | Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	50,311	49,848
Recurring | PNM | Mutual funds and other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	50,311	49,786
Recurring | PNM | Mutual funds and other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	62
Recurring | PNM | Corporate stocks, common
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, unrealized gain
Recurring | PNM | Corporate stocks, preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, unrealized gain
Recurring | PNM | Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, unrealized gain
Recurring | PNM | U.S. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	47,190	48,439
Investments, unrealized gain	1,497	535
Recurring | PNM | U.S. government | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	29,315	31,389
Recurring | PNM | U.S. government | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	17,875	17,050
Recurring | PNM | International government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	13,734	15,292
Investments, unrealized gain	1,630	1,193
Recurring | PNM | International government | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	0
Recurring | PNM | International government | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	13,734	15,292
Recurring | PNM | Municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	47,392	46,642
Investments, unrealized gain	2,179	1,768
Recurring | PNM | Municipals | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	0
Recurring | PNM | Municipals | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	47,392	46,642
Recurring | PNM | Corporate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	145,167	139,445
Investments, unrealized gain	15,616	10,801
Recurring | PNM | Corporate and other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	464	187
Recurring | PNM | Corporate and other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	$ 144,703	$ 139,258

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		114 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Feb. 28, 2018	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	0		0
Stock Options, Shares
Outstanding at beginning of period (in shares)	2,000
Granted (in shares)	0		0
Exercised (in shares)	(2,000)
Forfeited (in shares)	0
Outstanding at end of period (in shares)	0		0
Stock Options, Weighted- Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 12.22
Granted (in dollars per share)	0
Exercised (in dollars per share)	12.22
Forfeited (in dollars per share)	0
Outstanding at end of period (in dollars per share)	$ 0		$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Total intrinsic value of options exercised	$ 84	$ 2,617
Chairman, President, and Chief Executive Officer | Common Stock | Achieves a specific performance target by the end of 2019 and she remains an employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares received if achieves specified improvement in total shareholders return (in shares)				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 [Line Items]
Shares received if achieves specified improvement in total shareholders return (in shares)					17,953
Restricted Shares and Performance Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense related to stock awards	$ 6,100		$ 6,100
Period of time stock expense is expected to be recognized	1 year 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected quarterly dividends per share (in dollars per share)	$ 0.3075	$ 0.2900
Risk-free interest rate	0.72%	2.47%
Restricted Stock
Restricted Stock, Shares
Outstanding at beginning of period (in shares)	161,542
Granted (in shares)	246,029
Exercised (in shares)	(238,054)
Forfeited (in shares)	(1,456)
Outstanding at end of period (in shares)	168,061		168,061
Restricted Stock, Weighted- Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 38.21
Granted (in dollars per share)	36.73	$ 37.92
Exercised (in dollars per share)	34.86
Forfeited (in dollars per share)	41.32
Outstanding at end of period (in dollars per share)	40.77		$ 40.77
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average grant date fair value (in dollars per share)	$ 36.73	$ 37.92
Total fair value of restricted shares that vested	$ 11,740	$ 6,227
Performance Shares | Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares awarded in year one (in shares)	150,543		150,543
Maximum number of shares awarded in year two (in shares)	142,080		142,080
Maximum number of shares awarded in year three (in shares)	142,047		142,047
Performance period	3 years
Performance Shares | Executive | Achieved performance target for 2017 through 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares awarded in year one (in shares)	122,277		122,277
Market-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	0.72%	2.51%
Dividend yield	2.51%	2.59%
Expected volatility	19.41%	19.55%
Performance Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Vesting rate	100.00%
Performance Equity Plan | Non-employee Members of the Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year

Financing - Financing Activitie

Financing - Financing Activities (Details)

Jun. 22, 2020USD ($)

Apr. 30, 2020USD ($)

Apr. 24, 2020USD ($)bond_series

Apr. 15, 2020USD ($)

Apr. 01, 2020USD ($)

Jan. 08, 2020$ / sharesshares

Jan. 07, 2020shares

Jan. 01, 2020

Jul. 01, 2019USD ($)

Jun. 30, 2020USD ($)shares

Jun. 30, 2019

Jul. 24, 2020

Jul. 15, 2020USD ($)

Jun. 01, 2020USD ($)

Dec. 31, 2019USD ($)shares

Oct. 21, 2016USD ($)

Debt Instrument [Line Items]

Common stock, shares issued (in shares) | shares

79,653,624

79,653,624

PNMR 2020 Forward Equity Sales Agreement

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

Debt Instrument [Line Items]

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

800,000

800,000

PNMR 2018 Two Year Term Loan

Debt Instrument [Line Items]

Aggregate principal amount

$ 50,000,000

Variable interest rate

0.98%

Term loans

$ 50,000,000

Term of loan

2 years

PNMR 2019 Term Loan

Debt Instrument [Line Items]

Variable interest rate

1.14%

PNMR Development Term Loan

Debt Instrument [Line Items]

Aggregate principal amount

$ 90,000,000

PNM

Debt Instrument [Line Items]

Common stock, shares issued (in shares) | shares

39,117,799

39,117,799

PNM | PNM 2019 40 Million Term Loan

Debt Instrument [Line Items]

Aggregate principal amount

$ 40,000,000

Variable interest rate

0.84%

PNM | Maximum

Debt Instrument [Line Items]

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

18 months

Texas-New Mexico Power Company

Debt Instrument [Line Items]

Common stock, shares issued (in shares) | shares

6,358

6,358

Line of credit

Debt Instrument [Line Items]

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

65.00%

70.00%

Line of credit | PNM | PNM Revolving Credit Facility

Debt Instrument [Line Items]

Repayments of debt

$ 100,000,000

Letter of credit | PNMR | JPM LOC Facility

Debt Instrument [Line Items]

Aggregate principal amount

$ 30,300,000

Mortgage Bonds | Texas-New Mexico Power Company | TNMP 2020 Bond Purchase Agreement

Debt Instrument [Line Items]

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

65.00%

Aggregate principal amount

$ 185,000,000

Series of bond issuance | bond_series

4

Mortgage Bonds | Texas-New Mexico Power Company | TNMP 2020 Bond Purchase Agreement | Subsequent event

Debt Instrument [Line Items]

Aggregate principal amount

$ 185,000,000

Mortgage Bonds | Texas-New Mexico Power Company | TNMP 2020 Bond Purchase Agreement, Bond Series 1 and 2

Debt Instrument [Line Items]

Aggregate principal amount

$ 110,000,000

Mortgage Bonds | Texas-New Mexico Power Company | TNMP 2020 Bond Purchase Agreement, Bond Series 1

Debt Instrument [Line Items]

Aggregate principal amount

$ 85,000,000

Stated interest rate

2.73%

Mortgage Bonds | Texas-New Mexico Power Company | TNMP 2020 Bond Purchase Agreement, Bond Series 2

Debt Instrument [Line Items]

Aggregate principal amount

$ 25,000,000

Stated interest rate

3.36%

Mortgage Bonds | Texas-New Mexico Power Company | TNMP 2020 Bond Purchase Agreement, Bond Series 3 and 4 | Subsequent event

Debt Instrument [Line Items]

Aggregate principal amount

75,000,000

Mortgage Bonds | Texas-New Mexico Power Company | TNMP 2020 Bond Purchase Agreement, Bond Series 3 | Subsequent event

Debt Instrument [Line Items]

Aggregate principal amount

$ 25,000,000

Stated interest rate

2.93%

Mortgage Bonds | Texas-New Mexico Power Company | TNMP 2020 Bond Purchase Agreement, Bond Series 4 | Subsequent event

Debt Instrument [Line Items]

Aggregate principal amount

$ 50,000,000

Stated interest rate

3.36%

Medium-term Notes | PNM | PNM 2020 250 Million Term Loan

Debt Instrument [Line Items]

Aggregate principal amount

$ 250,000,000

Variable interest rate

2.70%

Medium-term Notes | PNM | PNM 2019 Term Loan

Debt Instrument [Line Items]

Repayments of debt

$ 250,000,000

Senior Unsecured Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 300,000,000

Senior Notes | Senior Unsecured Notes, 3.21% Series A, due April 2030

Debt Instrument [Line Items]

Aggregate principal amount

$ 150,000,000

Stated interest rate

3.21%

Senior Notes | Senior Unsecured Notes, 3.57% Series B, due April 2039

Debt Instrument [Line Items]

Aggregate principal amount

$ 50,000,000

Stated interest rate

3.57%

Senior Notes | PNM

Debt Instrument [Line Items]

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

65.00%

Aggregate principal amount

$ 200,000,000

Senior Notes | PNM | PNM 2020 250 Million Term Loan

Debt Instrument [Line Items]

Repayments of debt

$ 100,000,000

Bonds

Debt Instrument [Line Items]

Aggregate principal amount

302,500,000

Repayments of debt

$ 302,500,000

Bonds | City of Farmington, New Mexico

Debt Instrument [Line Items]

Aggregate principal amount

$ 266,500,000

Bonds | Pollution Control Revenue Bonds

Debt Instrument [Line Items]

Aggregate principal amount

100,300,000

Term loans

$ 100,300,000

Bonds | Pollution Control Revenue Bonds | Subsequent event

Debt Instrument [Line Items]

Stated interest rate

0.47%

Bonds | Pollution Control Revenue Bonds, Due 2040

Debt Instrument [Line Items]

Term loans

40,000,000

Bonds | Pollution Control Revenue Bonds, Due 2043, Series 1

Debt Instrument [Line Items]

Term loans

39,300,000

Bonds | Pollution Control Revenue Bonds, Due 2043, Series 2

Debt Instrument [Line Items]

Term loans

21,000,000

Bonds | Pollution Control Revenue Bonds, 5.90%, Callable | City of Farmington, New Mexico

Debt Instrument [Line Items]

Aggregate principal amount

$ 255,000,000

$ 255,000,000

Stated interest rate

5.90%

5.90%

Bonds | Pollution Control Revenue Bonds, 6.25%, Callable | Maricopa County, Arizona Pollution Control Corporation

Debt Instrument [Line Items]

Aggregate principal amount

$ 36,000,000

$ 36,000,000

Stated interest rate

6.25%

Debt instrument, redemption price, percentage

101.00%

Bonds | Pollution Control Revenue Bonds, 6.25%, Callable | City of Farmington, New Mexico

Debt Instrument [Line Items]

Aggregate principal amount

$ 11,500,000

$ 11,500,000

Stated interest rate

6.25%

6.25%

Bonds | Pollution Control Revenue Bonds, 1.05 Percent Due 2022

Debt Instrument [Line Items]

Aggregate principal amount

$ 36,000,000

Stated interest rate

1.05%

Bonds | Pollution Control Revenue Bonds, 1.20 Percent Due 2022

Debt Instrument [Line Items]

Aggregate principal amount

$ 11,500,000

Stated interest rate

1.20%

Bonds | Pollution Control Revenue Bonds, 1.10 Percent Due 2023

Debt Instrument [Line Items]

Aggregate principal amount

$ 130,000,000

Stated interest rate

1.10%

Bonds | Pollution Control Revenue Bonds, 1.15 Percent Due 2024

Debt Instrument [Line Items]

Aggregate principal amount

$ 125,000,000

Stated interest rate

1.15%

Term loan agreement with banks | PNM | PNM 2020 250 Million Term Loan

Debt Instrument [Line Items]

Aggregate principal amount

$ 150,000,000

Term loan agreement with banks | PNM | PNM 2019 Term Loan

Debt Instrument [Line Items]

Aggregate principal amount

$ 150,000,000

Term loan agreement with banks | PNM | PNM 2020 Term Loan

Debt Instrument [Line Items]

Variable interest rate

2.70%

Term loan agreement with banks | Texas-New Mexico Power Company | PNMR Development Term Loan

Debt Instrument [Line Items]

Aggregate principal amount

$ 90,000,000

Variable interest rate

0.98%

San Juan Generating Station | PNM

Debt Instrument [Line Items]

Request issuance of energy transition bonds

$ 361,000,000

$ 361,000,000

Financing - Short-term Debt and

Financing - Short-term Debt and Liquidity (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)	Dec. 31, 2017USD ($)derivative	Jul. 24, 2020USD ($)	Dec. 31, 2019USD ($)	Jul. 22, 2019USD ($)	Jul. 21, 2019USD ($)
Short-term Debt [Line Items]
Financing capacity					$ 50,000,000	$ 40,000,000
Short-term debt	$ 252,549,000			$ 185,100,000
Letters of credit outstanding	4,600,000
Senior Unsecured Notes
Short-term Debt [Line Items]
Aggregate principal amount	300,000,000
Bonds
Short-term Debt [Line Items]
Aggregate principal amount	302,500,000
Pollution Control Revenue Bonds | Bonds
Short-term Debt [Line Items]
Aggregate principal amount	100,300,000
Long-term debt				100,300,000
Variable Rate Short-Term Debt
Short-term Debt [Line Items]
Term of derivatives		4 years
Aggregate principal amount		$ 50,000,000
PNMR Development Term Loan
Short-term Debt [Line Items]
Aggregate principal amount	90,000,000
PNMR 2018 Two Year Term Loan
Short-term Debt [Line Items]
Aggregate principal amount	50,000,000
Long-term debt	$ 50,000,000
Term of loan	2 years
PNMR Revolving Credit Facility | PNMR
Short-term Debt [Line Items]
Line of credit facility, interest rate at period end	1.68%
PNM
Short-term Debt [Line Items]
Short-term debt	$ 87,055,000			58,000,000
Letters of credit outstanding	2,200,000
PNM | Lines of credit
Short-term Debt [Line Items]
NMPRC approved credit facility	40,000,000
Short-term debt	40,000,000			10,000,000
PNM | PNM 2019 Term Loan | Term loan agreement with banks
Short-term Debt [Line Items]
Aggregate principal amount	150,000,000
PNM | PNM 2019 40 Million Term Loan
Short-term Debt [Line Items]
Aggregate principal amount	40,000,000
PNM | PNM 2020 250 Million Term Loan | Term loan agreement with banks
Short-term Debt [Line Items]
Aggregate principal amount	$ 150,000,000
PNM | PNM Revolving Credit Facility
Short-term Debt [Line Items]
Line of credit facility, interest rate at period end	1.43%
PNM | PNM 2017 New Mexico Credit Facility
Short-term Debt [Line Items]
Line of credit facility, interest rate at period end	1.44%
PNM | PNMR Development Revolving Credit Facility
Short-term Debt [Line Items]
Letters of credit outstanding	$ 0
TNMP
Short-term Debt [Line Items]
Short-term debt	13,094,000			15,000,000
Letters of credit outstanding	100,000
TNMP | PNMR Development Term Loan | Term loan agreement with banks
Short-term Debt [Line Items]
Aggregate principal amount	$ 90,000,000
TNMP | TNMP Revolving Credit Facility
Short-term Debt [Line Items]
Line of credit facility, interest rate at period end	0.91%
Revolving credit facility
Short-term Debt [Line Items]
Financing capacity	$ 300,000,000
Short-term debt	152,400,000			112,100,000
Revolving credit facility | PNM
Short-term Debt [Line Items]
Financing capacity	400,000,000
Short-term debt	47,055,000			48,000,000
Revolving credit facility | TNMP
Short-term Debt [Line Items]
Financing capacity	75,000,000
Short-term debt	12,600,000			15,000,000
Revolving credit facility | TNMP | First mortgage bonds
Short-term Debt [Line Items]
Collateral amount	75,000,000
Bonds | TNMP
Short-term Debt [Line Items]
Short-term debt	494,000			0
Interest rate contract
Short-term Debt [Line Items]
Number of derivatives | derivative		3
Interest rate 1 | Variable Rate Short-Term Debt
Short-term Debt [Line Items]
Fixed interest rate		1.926%
Interest rate 2 | Variable Rate Short-Term Debt
Short-term Debt [Line Items]
Fixed interest rate		1.823%
Interest rate 3 | Variable Rate Short-Term Debt
Short-term Debt [Line Items]
Fixed interest rate		1.629%
Interest rate 3 | Level 2 | Cash Flow Hedge
Short-term Debt [Line Items]
Current derivative liability	$ 2,100,000			$ 400,000
Subsequent event
Short-term Debt [Line Items]
Remaining borrowing capacity			$ 609,300,000
Subsequent event | PNMR
Short-term Debt [Line Items]
Remaining borrowing capacity			153,500,000
Consolidated invested cash			900,000
Subsequent event | PNM
Short-term Debt [Line Items]
Remaining borrowing capacity			343,900,000
Consolidated invested cash			0
Subsequent event | PNM | Lines of credit
Short-term Debt [Line Items]
Remaining borrowing capacity			0
Subsequent event | TNMP
Short-term Debt [Line Items]
Remaining borrowing capacity			74,900,000
Consolidated invested cash			63,500,000
Subsequent event | PNMR Development
Short-term Debt [Line Items]
Remaining borrowing capacity			$ 37,000,000

Pension and Other Postretirem_3

Pension and Other Postretirement Benefit Plans (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
PNM | Pension Plan
Components of Net Periodic Benefit Cost
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	4,985,000	6,294,000	9,971,000	12,587,000
Expected return on plan assets	(7,363,000)	(8,527,000)	(14,726,000)	(17,051,000)
Amortization of net (gain) loss	4,465,000	3,880,000	8,930,000	7,759,000
Amortization of prior service cost	(138,000)	(241,000)	(277,000)	(483,000)
Net Periodic Benefit Cost (Income)	1,949,000	1,406,000	3,898,000	2,812,000
Contributions by employer			0	0
Expected employer contributions, remainder of fiscal year	0		0
Estimated employer contributions in next fiscal year	0		0
Expected employer contributions in year 3	4,600,000		4,600,000
Expected employer contributions in year 4	19,100,000		19,100,000
Expected employer contributions in year 5	19,000,000		$ 19,000,000
PNM | Pension Plan | Minimum
Components of Net Periodic Benefit Cost
Assumptions used calculating net periodic benefit cost, discount rate			3.40%
PNM | Pension Plan | Maximum
Components of Net Periodic Benefit Cost
Assumptions used calculating net periodic benefit cost, discount rate			3.50%
PNM | OPEB Plan
Components of Net Periodic Benefit Cost
Service cost	10,000	13,000	$ 20,000	26,000
Interest cost	613,000	829,000	1,227,000	1,658,000
Expected return on plan assets	(1,387,000)	(1,318,000)	(2,774,000)	(2,636,000)
Amortization of net (gain) loss	87,000	169,000	174,000	338,000
Amortization of prior service cost	0	(99,000)	0	(198,000)
Net Periodic Benefit Cost (Income)	(677,000)	(406,000)	(1,353,000)	(812,000)
Contributions by employer			0	0
Disbursements by employer	1,000,000	700,000	2,100,000	1,500,000
Expected employer disbursements in year 2 through 5	13,500,000		13,500,000
Total expected employer disbursements for remainder of fiscal year	3,700,000		3,700,000
PNM | Executive Retirement Program
Components of Net Periodic Benefit Cost
Service cost	0	0	0	0
Interest cost	122,000	162,000	244,000	324,000
Expected return on plan assets	0	0	0	0
Amortization of net (gain) loss	101,000	79,000	201,000	158,000
Amortization of prior service cost	0	0	0	0
Net Periodic Benefit Cost (Income)	223,000	241,000	445,000	482,000
Disbursements by employer	300,000	400,000	800,000	700,000
Expected employer disbursements in year 2 through 5	5,400,000		5,400,000
Total expected employer disbursements for remainder of fiscal year	1,500,000		1,500,000
TNMP | Pension Plan
Components of Net Periodic Benefit Cost
Service cost	0	0	0	0
Interest cost	544,000	672,000	1,088,000	1,344,000
Expected return on plan assets	(821,000)	(967,000)	(1,642,000)	(1,934,000)
Amortization of net (gain) loss	315,000	235,000	629,000	470,000
Amortization of prior service cost	0	0	0	0
Net Periodic Benefit Cost (Income)	38,000	(60,000)	75,000	(120,000)
Contributions by employer			0	0
Expected employer contributions in year 4	1,100,000		1,100,000
Expected employer contributions in year 5	2,800,000		2,800,000
Estimated employer contributions remainder of fiscal year through year three	0		$ 0
TNMP | Pension Plan | Minimum
Components of Net Periodic Benefit Cost
Assumptions used calculating net periodic benefit cost, discount rate			3.40%
TNMP | Pension Plan | Maximum
Components of Net Periodic Benefit Cost
Assumptions used calculating net periodic benefit cost, discount rate			3.50%
TNMP | OPEB Plan
Components of Net Periodic Benefit Cost
Service cost	12,000	13,000	$ 23,000	26,000
Interest cost	93,000	113,000	187,000	226,000
Expected return on plan assets	(135,000)	(129,000)	(268,000)	(258,000)
Amortization of net (gain) loss	(80,000)	(110,000)	(162,000)	(220,000)
Amortization of prior service cost	0	0	0	0
Net Periodic Benefit Cost (Income)	(110,000)	(113,000)	(220,000)	(226,000)
Disbursements by employer	200,000	100,000	300,000	200,000
Estimated employer contributions for remainder of fiscal year through year 5	0		0
TNMP | Executive Retirement Program
Components of Net Periodic Benefit Cost
Service cost	0	0	0	0
Interest cost	6,000	8,000	11,000	16,000
Expected return on plan assets	0	0	0	0
Amortization of net (gain) loss	6,000	4,000	12,000	8,000
Amortization of prior service cost	0	0	0	0
Net Periodic Benefit Cost (Income)	12,000	12,000	23,000	24,000
Expected employer disbursements in year 2 through 5	300,000		300,000
Total expected employer disbursements for remainder of fiscal year	100,000		100,000
TNMP | Executive Retirement Program | Maximum
Components of Net Periodic Benefit Cost
Disbursements by employer	$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Nuclear Spent Fuel and Waste Disposal (Details) - PNM - Nuclear spent fuel and waste disposal - Palo Verde Nuclear Generating Station - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Public Utilities, Commitments And Contingencies [Line Items]
Estimate of possible loss	$ 59.6
Other deferred credits
Public Utilities, Commitments And Contingencies [Line Items]
Loss contingency accrual	$ 13	$ 12.7

Commitments and Contingencies_2

Commitments and Contingencies - The Clean Air Act (Details)	6 Months Ended
	Jun. 30, 2020optionT	Feb. 25, 2019parts_per_billion	Feb. 09, 2016state	Dec. 31, 2015parts_per_billion	Oct. 01, 2015parts_per_billion	May 14, 2015lb_PER_MMBTU	Dec. 31, 1999state
Public Utilities, Commitments And Contingencies [Line Items]
Number of options for meeting BTA standards | option	7
Clean Air Act related to regional haze
Public Utilities, Commitments And Contingencies [Line Items]
Number of states to address regional haze (in states)							50
Potential to emit tons per year of visibility impairing pollution (in tons, more than) | T	250
Clean Power Plan
Public Utilities, Commitments And Contingencies [Line Items]
Number of states that filed a petition against the Clean Power Plan			29
Maximum | PNM | San Juan Generating Station and Four Corners
Public Utilities, Commitments And Contingencies [Line Items]
Government standard emission limit (in ozone parts per million) | parts_per_billion		75		75	70
San Juan Generating Station | PNM | National Ambient Air Quality Standards
Public Utilities, Commitments And Contingencies [Line Items]
Revised SO2 emissions (in pounds per MMBTU) | lb_PER_MMBTU						0.10

Commitments and Contingencies_3

Commitments and Contingencies - Coal Supply (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2020	Jan. 31, 2016
Public Utilities, Commitments And Contingencies [Line Items]
Other current assets	$ 44,472		$ 44,472		$ 51,279
PNM
Public Utilities, Commitments And Contingencies [Line Items]
Other current assets	36,561		36,561		40,114
PNM | Loss on long-term purchase commitment | Surface
Public Utilities, Commitments And Contingencies [Line Items]
Final reclamation, capped amount to be collected				$ 100,000
Loss contingency accrual	70,300		70,300		69,900
PNM | Loss on long-term purchase commitment | Underground
Public Utilities, Commitments And Contingencies [Line Items]
Loss contingency accrual	25,300		25,300		26,400
PNM | Loss on long-term purchase commitment | San Juan Generating Station | Surface
Public Utilities, Commitments And Contingencies [Line Items]
Estimate of possible loss					90,600
PNM | Loss on long-term purchase commitment | San Juan Generating Station | Underground
Public Utilities, Commitments And Contingencies [Line Items]
Estimate of possible loss					40,000
Coal supply | PNM | San Juan Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Other current assets	26,300		26,300		26,300
Coal supply | NM Capital | San Juan Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Requirement to post reclamation bonds					118,700
Cash used to support bank letter or credit arrangement					30,300	$ 30,300
Increase in coal mine decommissioning liability | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory disallowance, additional amount recorded		$ 300	$ 1,100
Increase in coal mine decommissioning liability | PNM | Underground and Surface
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory disallowance, additional amount recorded				39,200
Increase in coal mine decommissioning liability | PNM | Underground
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory disallowance, additional amount recorded				$ 9,400
Mine Reclamation Trust | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Required contribution to reclamation trust, current fiscal year					8,800
Reclamation trust funding, year 2					10,900
Reclamation trust funding, year 3					11,700
Four Corners CSA | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Other commitment, due in first year					2,100
Other commitment, due in second year					1,900
Other commitment, due in third year					1,900
Other commitment, due in fourth year					1,900
Other commitment, due in fifth year					$ 1,900
San Juan Generating Station | Loss on long-term purchase commitment | PNM
Public Utilities, Commitments And Contingencies [Line Items]
Annual funding post-term reclamation trust	$ 5,500

Commitments and Contingencies_4

Commitments and Contingencies - Royalty Rates, Tax Assessment, Insurance and Other Matters (Details)	1 Months Ended		6 Months Ended
	Sep. 30, 2012landowner	Apr. 30, 2010city	Jun. 30, 2020USD ($)generating_unit	Dec. 01, 2015Allotment_Parcel	Jul. 13, 2015a	Jan. 22, 2015Allotment_Parcel	Aug. 31, 2013
Continuous highwall mining | San Juan Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Proposed retroactive surface mining royalty rate							12.50%
Surface mining royalty rate applied			8.00%
Estimated underpaid surface mining royalties under proposed rate change			$ 5,000,000
PNM's share estimated underpaid surface mining royalties under proposed rate change			46.30%
PNM
Public Utilities, Commitments And Contingencies [Line Items]
Franchise fee agreement term			15 years
PNM | Navajo Nation Allottee Matters
Public Utilities, Commitments And Contingencies [Line Items]
Number of landowners involved in the appeal | landowner	43
Number of allotments where landowners are revoking rights of way renewal consents (in allotment parcels) | Allotment_Parcel				2		10
Area of land (in acres) | a					15.49
Number of allotment parcels at issue that are not to be condemned | Allotment_Parcel				2
Number of allotment parcels at issue | Allotment_Parcel				5
PNM | Palo Verde Nuclear Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Number of cities to provide cooling water | city		5
Term of agreement for cooling water		40 years
PNM | Palo Verde Nuclear Generating Station | Nuclear plant
Public Utilities, Commitments And Contingencies [Line Items]
Ownership percentage in nuclear reactor			10.20%
Number of units | generating_unit			3
Maximum potential assessment per incident			$ 42,100,000
Annual payment limitation related to incident			6,200,000
Aggregate amount of all risk insurance			2,800,000,000
Maximum amount under Nuclear Electric Insurance Limited			5,400,000
Asset retirement obligation, revision of estimate			6,400,000
PNM | Maximum | Palo Verde Nuclear Generating Station | Nuclear plant
Public Utilities, Commitments And Contingencies [Line Items]
Liability insurance coverage			13,900,000,000
Liability insurance coverage sublimit			2,250,000,000
Commercial providers | PNM | Palo Verde Nuclear Generating Station | Nuclear plant
Public Utilities, Commitments And Contingencies [Line Items]
Liability insurance coverage			450,000,000
Industry Wide Retrospective Assessment Program | PNM | Palo Verde Nuclear Generating Station | Nuclear plant
Public Utilities, Commitments And Contingencies [Line Items]
Liability insurance coverage			$ 13,500,000,000
Pending litigation
Public Utilities, Commitments And Contingencies [Line Items]
Written notification to terminate agreement, minimum period of time required			30 days

Regulatory and Rate Matters - P

Regulatory and Rate Matters - PNM (Details)

Jun. 01, 2020USD ($)

May 28, 2020USD ($)

Apr. 15, 2020USD ($)MMBTUmeter

Feb. 01, 2018

Jan. 10, 2018USD ($)

Jul. 03, 2017

Dec. 07, 2016USD ($)

Sep. 28, 2016USD ($)leaseMW

Aug. 27, 2015USD ($)

Aug. 31, 2016USD ($)leaseMW

Jun. 30, 2020USD ($)MW

Sep. 30, 2019

Jun. 30, 2019USD ($)

Mar. 31, 2019USD ($)

Jun. 30, 2020USD ($)MW

Jun. 30, 2019USD ($)

Dec. 31, 2019USD ($)GWh

Dec. 31, 2017

Mar. 27, 2020MW

May 16, 2019MW

Sep. 30, 2016MW

Jan. 31, 2016MW

Public Utilities, Commitments And Contingencies [Line Items]

Income taxes (benefit)

$ (4,275,000)

$ 42,831,000

$ (2,395,000)

$ 41,608,000

Regulatory disallowances and restructuring costs

$ 0

149,254,000

$ 0

150,599,000

Percent of non-fuel revenue requirement change implemented

50.00%

Excess return on jurisdictional equity that would require refund

0.50%

0.50%

PNM

Public Utilities, Commitments And Contingencies [Line Items]

Income taxes (benefit)

$ (4,895,000)

43,481,000

$ (2,536,000)

41,508,000

Regulatory disallowances and restructuring costs

$ 0

149,254,000

$ 0

150,599,000

Solar generation capacity (in megawatts) | MW

300

Action plan, covered period

4 years

2015 Electric Rate Case | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Requested rate increase (decrease)

$ 123,500,000

Requested rate increase (decrease) of non-fuel revenue

$ 121,700,000

Approved rate increase (decrease)

$ 61,200,000

Renewable Portfolio Standard | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Number of megawatts of Solar PV facilities | MW

157

157

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

15

15

Solar generation capacity (in megawatts) | MW

138.6

138.6

Energy Efficiency and Load Management Program | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Energy efficiency and load management programs targeted energy savings (in Gigawatts) | MMBTU

80

Program costs related to energy efficiency, in year two

$ 31,400,000

Program costs related to energy efficiency, in year three

31,000,000

Program costs related to energy efficiency, in year four

$ 29,600,000

Number of AMI meters to be installed | meter

5,000

Program costs related to meter installation

$ 2,900,000

Integrated Resource Plan, 2011 | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Frequency of IRP filings

3 years

Planning period covered of IRP

20 years

Integrated Resource Plan, 2017 | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Planning period covered of IRP

20 years

Integrated Resource Plan, 2020 | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Planning period covered of IRP

20 years

NMPRC

Public Utilities, Commitments And Contingencies [Line Items]

Requested rate increase (decrease)

$ 99,200,000

Requested return on equity

10.125%

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

3 years

Action plan, covered period

4 years

NMPRC | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Requested rate increase (decrease)

$ 10,300,000

Requested return on equity

9.575%

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

3 years

Proposed revision to rider that will allow for recovery

$ 49,600,000

NMPRC | Renewable Energy Rider | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Proposed revision to rider that will allow for recovery

$ 67,800,000

Revenue from renewable energy rider, year two

$ 58,900,000

Recorded revenues from renewable rider

$ 15,200,000

$ 12,800,000

$ 30,300,000

25,500,000

NMPRC | Renewable Energy Rider, Sky Blue Energy Program | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Proposed revision to rider that will allow for recovery

$ 2,300,000

Required Percentage by 2011 | Renewable Portfolio Standard | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Required percentage of renewable energy in portfolio to electric sales

10.00%

10.00%

Required Percentage by 2015 | Renewable Portfolio Standard | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Required percentage of renewable energy in portfolio to electric sales

15.00%

15.00%

Required Percentage by 2020 | Renewable Portfolio Standard | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Required percentage of renewable energy in portfolio to electric sales

20.00%

20.00%

Minimum | Renewable Portfolio Standard | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Profit incentive sliding scale multiplier

0.071

0.071

Energy efficiency and load management programs targeted energy savings (in Gigawatts) | MMBTU

80

Maximum | Renewable Portfolio Standard | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Reasonable cost threshold in megawatts per hour

$ 60

$ 60

Palo Verde Nuclear Generating Station, Unit 2 Leases | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Number of megawatts purchased (in megawatts) | MW

64.1

64.1

64.1

64.1

Number of megawatts nuclear generation (in megawatts) | MW

114.6

114.6

114.6

114.6

Number of leases under which assets were purchased | lease

3

3

Public utilities, aggregate annual rent expense

$ 18,100,000

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

Public Utilities, Commitments And Contingencies [Line Items]

Hearing examiner's proposed disallowance of recovery

$ 163,300,000

Initial rate base value

$ 83,700,000

Disallowance of the recovery undepreciated costs of capitalized leasehold improvements

$ 43,800,000

Pre-tax regulatory disallowance

$ 19,700,000

New Mexico Wind | Renewable Portfolio Standard 2014 | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Number of megawatts for wind energy | MW

204

Red Mesa Wind | Renewable Portfolio Standard 2014 | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Number of megawatts for wind energy | MW

102

La Joya Wind | Renewable Portfolio Standard | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Number of megawatts for wind energy | MW

140

Four Corners

Public Utilities, Commitments And Contingencies [Line Items]

Regulatory disallowances and restructuring costs

$ 47,600,000

Regulatory disallowance

$ 148,100,000

New Mexico 2015 Rate Case | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Pre-tax impairment of investments

$ 1,300,000

$ 150,600,000

Undepreciated capitalized improvements

$ 39,700,000

$ 39,700,000

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

Public Utilities, Commitments And Contingencies [Line Items]

Number of megawatts purchased (in megawatts) | MW

64.1

64.1

64.1

Portion of purchase price

$ 73,200,000

Income taxes (benefit)

45,700,000

Leaseholds and Leasehold Improvements | New Mexico 2015 Rate Case | Palo Verde Nuclear Generating Station, Unit 1 and 4 Leases | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Undepreciated capitalized improvements

$ 37,700,000

$ 37,700,000

Disincentives and Incentives Added | 2017 Energy Efficiency and Load Management Program | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Energy efficiency and load management programs profit incentive, minimum

$ 1,800,000

Energy efficiency and load management programs targeted energy savings (in Gigawatts) | GWh

59

Energy efficiency and load management programs additional incentive targeted energy savings (in Gigawatts) | GWh

68

Disincentives and Incentives Added | 2019 Energy Efficiency and Load Management Program | PNM

Public Utilities, Commitments And Contingencies [Line Items]

Energy efficiency and load management programs profit incentive, minimum

$ 500,000

Regulatory and Rate Matters - S

Regulatory and Rate Matters - SJGS Abandonment Application (Details) $ in Thousands	Apr. 01, 2020USD ($)	Jul. 10, 2019	Jul. 01, 2019USD ($)scenarioMW	May 31, 2019MW	Jun. 30, 2020USD ($)MW	Jun. 30, 2020USD ($)MW	Jun. 30, 2019USD ($)	Jun. 24, 2020MW	Mar. 31, 2020USD ($)	Mar. 27, 2020MMBTUMW	Feb. 21, 2020USD ($)
Public Utilities, General Disclosures [Line Items]
Increase (decrease) in allowance for equity funds used during construction | $						$ 3,475	$ 4,158
NMPRC
Public Utilities, General Disclosures [Line Items]
Deadline extension period to issue abandonment and financing order		9 months
Deadline extension period to issue replacement resources order		15 months
COVID-19
Public Utilities, General Disclosures [Line Items]
Deferred incremental costs | $					$ 1,300	$ 1,300
PNM Solar Direct
Public Utilities, General Disclosures [Line Items]
Solar generation capacity (in megawatts)				50
Power purchase agreement term				15 years
Replacement Resource Portfolio Two | Hearing Examiners Approach Two
Public Utilities, General Disclosures [Line Items]
Number of megawatts for natural gas facility (in Megawatts)								200
Replacement Resource Portfolio Four | Hearing Examiners Approach One
Public Utilities, General Disclosures [Line Items]
Number of megawatts for demand response (in Megawatts)								24
Required Percentage by 2020 | Energy Transition Act | Electric-Generation Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage					0.20	0.20
Required Percentage by 2025 | Energy Transition Act | Electric-Generation Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage					0.40	0.40
Required Percentage by 2030 | Energy Transition Act | Electric-Generation Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage					0.50	0.50
Required Percentage by 2040 | Energy Transition Act | Electric-Generation Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage					0.80	0.80
Required Percentage by 2045 | Energy Transition Act | Electric-Generation Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Renewable energy, percentage					1	1
PNM
Public Utilities, General Disclosures [Line Items]
Number of megawatts in battery storage facilities (in megawatts)										40
Solar generation capacity (in megawatts)										300
Solar generation capacity, power purchase agreements (in Megawatts) | MMBTU										20
Increase (decrease) in allowance for equity funds used during construction | $						$ 2,399	$ 3,456
PNM | Audit Of PNM’s Compliance With OATT And Financial Reporting
Public Utilities, General Disclosures [Line Items]
Interest expense, debt | $						1,900
Increase (decrease) in allowance for equity funds used during construction | $					$ 100	$ 100
PNM | Renewable Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Solar generation capacity (in megawatts)					138.6	138.6
PNM | PNM Solar Direct
Public Utilities, General Disclosures [Line Items]
Solar generation capacity (in megawatts)										50
PNM | Replacement Resource Portfolio One | Hearing Examiners Approach One
Public Utilities, General Disclosures [Line Items]
Number of megawatts in battery storage facilities (in megawatts)								150
Solar generation capacity (in megawatts)								300
PNM | Replacement Resource Portfolio Two | Hearing Examiners Approach One
Public Utilities, General Disclosures [Line Items]
Number of megawatts in battery storage facilities (in megawatts)								20
Solar generation capacity (in megawatts)								50
PNM | Replacement Resource Portfolio Three | Hearing Examiners Approach One
Public Utilities, General Disclosures [Line Items]
Number of megawatts in battery storage facilities (in megawatts)								100
Solar generation capacity (in megawatts)								200
PNM | Replacement Resource Portfolio Four | Hearing Examiners Approach One
Public Utilities, General Disclosures [Line Items]
Number of megawatts in battery storage facilities (in megawatts)								30
Solar generation capacity (in megawatts)								100
PNM | Required Percentage by 2011 | Renewable Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Required percentage of renewable energy in portfolio to electric sales					10.00%	10.00%
PNM | Required Percentage by 2015 | Renewable Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Required percentage of renewable energy in portfolio to electric sales					15.00%	15.00%
PNM | Required Percentage by 2020 | Renewable Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Required percentage of renewable energy in portfolio to electric sales					20.00%	20.00%
San Juan Generating Station | Other deferred credits
Public Utilities, General Disclosures [Line Items]
Restructuring reserve | $					$ 38,100	$ 38,100
San Juan Generating Station | Employee Severance
Public Utilities, General Disclosures [Line Items]
Restructuring reserve | $									$ 9,400
San Juan Generating Station | PNM
Public Utilities, General Disclosures [Line Items]
Number of megawatts in natural gas-fired peaking plant (in megawatts)			280
Number of megawatts in battery storage facilities (in megawatts)			70
Solar generation capacity (in megawatts)			350
Number of megawatts in battery storage facilities, replacement resource scenario (in megawatts)			60
Number of replacement resource scenarios | scenario			3
Request issuance of energy transition bonds | $	$ 361,000		$ 361,000
Forecasted undepreciated investment | $			283,000								$ 361,000
Plant decommissioning and coal mine reclamation costs | $			28,600
Upfront financing costs | $			9,600
Severance costs | $			20,000
Proceeds from securitization bonds | $			$ 19,800
San Juan Generating Station | PNM | Other deferred credits
Public Utilities, General Disclosures [Line Items]
Restructuring reserve | $					$ 36,800	$ 36,800
San Juan Generating Station | PNM | Employee Severance
Public Utilities, General Disclosures [Line Items]
Restructuring reserve | $									8,100
San Juan Generating Station | PNM | Other Restructuring
Public Utilities, General Disclosures [Line Items]
Restructuring reserve | $									8,900
San Juan Generating Station | PNM | Economic Development and Workforce Training Costs
Public Utilities, General Disclosures [Line Items]
Restructuring reserve | $									$ 19,800

Regulatory and Rate Matters - T

Regulatory and Rate Matters - TNMP Narrative (Details) - TNMP $ in Millions

Jun. 26, 2020USD ($)

Apr. 14, 2020USD ($)

Dec. 20, 2018USD ($)

May 30, 2018USD ($)

Oct. 31, 2019USD ($)

Aug. 31, 2019USD ($)

Dec. 31, 2017USD ($)

Jul. 27, 2020USD ($)

Jun. 30, 2020USD ($)

May 29, 2020USD ($)

Mar. 30, 2020MWh

Mar. 01, 2020USD ($)

Dec. 31, 2019USD ($)

Public Utilities, Commitments And Contingencies [Line Items]

Net regulatory liability

$ 37.8

Annual distribution revenue requirement

$ 14.3

Energy efficiency cost recovery, requested change amount

$ 5.9

$ 5.9

Energy efficiency cost recovery, requested bonus

$ 1

$ 0.8

Rider charge from electricity relief program (per MWh) | MWh

0.33

Proceeds from short-term debt

$ 0.5

COVID-19

Public Utilities, Commitments And Contingencies [Line Items]

Regulatory liability

$ 0.4

Other COVID-19 related costs

$ 0.3

Forecast

Public Utilities, Commitments And Contingencies [Line Items]

Energy efficiency cost recovery, requested bonus

$ 1

2018 TNMP Rate Case

Public Utilities, Commitments And Contingencies [Line Items]

Requested rate increase (decrease)

$ 10

$ 25.9

Requested return on equity

9.65%

10.50%

Requested cost of debt

6.44%

7.20%

Requested debt capital structure

55.00%

50.00%

Requested equity capital structure

45.00%

50.00%

Investments excluded from rate request

$ 10.6

Refund of federal income tax rates period

5 years

Recovery of costs incurred

$ 3.3

$ 3.8

Recovery costs collection period

3 years

Write off of regulatory disallowance

$ 0.5

Regulatory and Rate Matters -_2

Regulatory and Rate Matters - Transmission Cost of Service Rates (Details) - TNMP - USD ($) $ in Millions	Jul. 24, 2020	Apr. 06, 2020	Mar. 27, 2020	Sep. 19, 2019	Mar. 21, 2019
Public Utilities, General Disclosures [Line Items]
Requested increase in annual distribution revenue		$ 14.7
Incremental distribution investments		$ 149.2
PUCT
Public Utilities, General Disclosures [Line Items]
Approved Increase in Rate Base			$ 59.2	$ 21.9	$ 111.8
Annual Increase in Revenue			$ 7.8	$ 3.3	$ 14.3
PUCT | Forecast
Public Utilities, General Disclosures [Line Items]
Approved Increase in Rate Base	$ 10.8
Annual Increase in Revenue	$ 2

Lease Commitments - Narrative (

Lease Commitments - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Jan. 16, 2016lease	Jan. 15, 2015lease
Operating Leased Assets [Line Items]
Operating lease, payments to lessor upon occurrence of certain events		$ 154.5		$ 154.5
Unamortized cost, right-of-way lease payments		58.8		58.8		$ 60.2
Operating lease, right-of-use assets, amortization expense		0.9	$ 0.9	1.9	$ 1.9
Operating leases, capitalized financing costs, investing activities				1.8	2
Finance leases, capitalized financing costs, investing activities				1.1	0.2
Lessee, operating lease, unguaranteed residual value		24.8		24.8
PNM
Operating Leased Assets [Line Items]
Operating leases, capitalized financing costs, investing activities				0.5	0.7
Finance leases, capitalized financing costs, investing activities				0.4	0.1
Lessee, operating lease, unguaranteed residual value		10.1		10.1
PNM | Palo Verde Nuclear Generating Station, Unit 1 and 4 Leases
Operating Leased Assets [Line Items]
Number of leases, expiring | lease								4
Number of leases under which lease term was extended | lease								4
Annual lease payments during renewal period				16.5
PNM | Palo Verde Nuclear Generating Station, Unit 2 Leases
Operating Leased Assets [Line Items]
Number of leases, expiring | lease							4
Number of leases under which lease term was extended | lease							1
Annual lease payments during renewal period				1.6
PNM | Navajo Nation
Operating Leased Assets [Line Items]
Annual lease payments				6
Right-of-way lease payments	$ 7.1
TNMP
Operating Leased Assets [Line Items]
Operating leases, capitalized financing costs, investing activities				1.2	1.3
Finance leases, capitalized financing costs, investing activities				0.7	$ 0.1
Lessee, operating lease, unguaranteed residual value		14.7		14.7
Equipment
Operating Leased Assets [Line Items]
Operating lease, residual value of leased asset		2		2
Equipment | PNM
Operating Leased Assets [Line Items]
Operating lease, residual value of leased asset		0.7		0.7
Equipment | TNMP
Operating Leased Assets [Line Items]
Operating lease, residual value of leased asset		$ 1.3		$ 1.3

Lease Commitments - Operating L

Lease Commitments - Operating Lease Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating leases:
Operating lease assets, net of amortization	$ 118,140	$ 131,212
Current portion of operating lease liabilities	26,744	29,068
Long-term portion of operating lease liabilities	91,320	105,512
PNM
Operating leases:
Operating lease assets, net of amortization	109,042	120,585
Current portion of operating lease liabilities	24,039	25,927
Long-term portion of operating lease liabilities	85,028	97,992
TNMP
Operating leases:
Operating lease assets, net of amortization	8,535	9,954
Current portion of operating lease liabilities	2,428	2,753
Long-term portion of operating lease liabilities	$ 5,897	$ 7,039

Lease Commitments - Finance Lea

Lease Commitments - Finance Lease Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financing leases:
Non-utility property	$ 18,540	$ 10,028
Accumulated depreciation	(2,267)	(973)
Non-utility property, net	16,273	9,055
Other current liabilities	3,203	1,637
Other deferred credits	12,800	7,102
PNM
Financing leases:
Non-utility property	8,561	4,857
Accumulated depreciation	(1,070)	(482)
Non-utility property, net	7,491	4,375
Other current liabilities	1,512	722
Other deferred credits	5,699	3,333
TNMP
Financing leases:
Non-utility property	9,712	4,910
Accumulated depreciation	(1,137)	(466)
Non-utility property, net	8,575	4,444
Other current liabilities	1,623	850
Other deferred credits	$ 6,958	$ 3,597

Lease Commitments - Schedule of

Lease Commitments - Schedule of Weighted Average Remaining Lease Terms and Discount Rates (Details)	Jun. 30, 2020
Weighted average remaining lease term (years):
Operating leases	5 years 11 months 4 days
Financing leases	5 years 2 months 15 days
Weighted average discount rate:
Operating leases	3.91%
Financing leases	3.19%
PNM
Weighted average remaining lease term (years):
Operating leases	6 years 1 month 6 days
Financing leases	4 years 11 months 8 days
Weighted average discount rate:
Operating leases	3.90%
Financing leases	3.12%
TNMP
Weighted average remaining lease term (years):
Operating leases	3 years 10 months 6 days
Financing leases	5 years 5 months 23 days
Weighted average discount rate:
Operating leases	4.00%
Financing leases	3.26%

Lease Commitments - Components

Lease Commitments - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lease, Cost [Line Items]
Operating lease cost:	$ 7,658	$ 7,692	$ 15,393	$ 16,312
Amounts capitalized	(849)	(1,006)	(1,774)	(2,015)
Total operating lease expense	6,809	6,686	13,619	14,297
Financing lease cost:
Amortization of right-of-use assets	741	158	1,294	282
Interest on lease liabilities	121	31	224	64
Amounts capitalized	(594)	(79)	(1,053)	(157)
Total financing lease expense	268	110	465	189
Variable lease expense	63	32	95	32
Short-term lease expense	75	101	161	195
Total lease expense for the period	7,215	6,929	14,340	14,713
PNM
Lease, Cost [Line Items]
Operating lease cost:	6,847	6,803	13,740	14,386
Amounts capitalized	(247)	(344)	(538)	(696)
Total operating lease expense	6,600	6,459	13,202	13,690
Financing lease cost:
Amortization of right-of-use assets	341	77	588	143
Interest on lease liabilities	52	14	97	30
Amounts capitalized	(226)	(41)	(401)	(82)
Total financing lease expense	167	50	284	91
Variable lease expense	63	32	95	32
Short-term lease expense	75	75	160	149
Total lease expense for the period	6,905	6,616	13,741	13,962
TNMP
Lease, Cost [Line Items]
Operating lease cost:	746	815	1,521	1,713
Amounts capitalized	(602)	(662)	(1,237)	(1,319)
Total operating lease expense	144	153	284	394
Financing lease cost:
Amortization of right-of-use assets	382	81	672	139
Interest on lease liabilities	68	17	124	34
Amounts capitalized	(369)	(38)	(653)	(75)
Total financing lease expense	81	60	143	98
Variable lease expense	0	0	0	0
Short-term lease expense	1	2	1	5
Total lease expense for the period	$ 226	$ 215	$ 428	$ 497

Lease Commitments - Schedule _2

Lease Commitments - Schedule of Supplemental Cash Flows Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 17,125	$ 17,494
Operating cash flows from financing leases	59	38
Finance cash flows from financing leases	360	130
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	0	157,440
Financing leases	8,513	4,821
PNM
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	16,511	16,704
Operating cash flows from financing leases	36	18
Finance cash flows from financing leases	207	54
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	0	143,816
Financing leases	3,703	2,516
TNMP
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	331	529
Operating cash flows from financing leases	20	20
Finance cash flows from financing leases	120	76
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	0	12,942
Financing leases	$ 4,802	$ 2,305

Lease Commitments - Schedule _3

Lease Commitments - Schedule of Future Expected Lease Payments (Details) $ in Thousands	Jun. 30, 2020USD ($)
Financing
Remainder of 2020	$ 1,842
2021	3,606
2022	3,480
2023	3,241
2024	2,364
Later years	2,811
Total minimum lease payments	17,344
Less: Imputed interest	1,340
Lease liabilities as of June 30, 2020	16,004
Operating
Remainder of 2020	11,686
2021	29,316
2022	28,473
2023	19,423
2024	8,833
Later years	35,489
Total minimum lease payments	133,220
Less: Imputed interest	15,167
Lease liabilities as of June 30, 2020	118,053
PNM
Financing
Remainder of 2020	862
2021	1,688
2022	1,642
2023	1,587
2024	985
Later years	1,019
Total minimum lease payments	7,783
Less: Imputed interest	572
Lease liabilities as of June 30, 2020	7,211
Operating
Remainder of 2020	9,979
2021	26,576
2022	26,266
2023	17,735
2024	7,908
Later years	34,466
Total minimum lease payments	122,930
Less: Imputed interest	13,863
Lease liabilities as of June 30, 2020	109,067
TNMP
Financing
Remainder of 2020	944
2021	1,845
2022	1,766
2023	1,617
2024	1,379
Later years	1,791
Total minimum lease payments	9,342
Less: Imputed interest	761
Lease liabilities as of June 30, 2020	8,581
Operating
Remainder of 2020	1,437
2021	2,448
2022	1,996
2023	1,508
2024	877
Later years	765
Total minimum lease payments	9,031
Less: Imputed interest	705
Lease liabilities as of June 30, 2020	$ 8,326

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Jan. 10, 2018	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2017
Income Tax Contingency [Line Items]
Accelerated refund application amount of AMT tax, CARES act		$ 5,200,000	$ 5,200,000
Deferred federal, state and local, income tax expense (benefit)			$ 30,600,000
Effective tax rate			6.21%
Tax benefits related to stock awards		0	$ 400,000
PNM
Income Tax Contingency [Line Items]
Deferred federal, state and local, income tax expense (benefit)			$ 21,600,000
Effective tax rate			8.73%
Tax benefits related to stock awards		0	$ 300,000
TNMP
Income Tax Contingency [Line Items]
Deferred federal, state and local, income tax expense (benefit)			$ 9,000,000
Effective tax rate			9.23%
Tax benefits related to stock awards		$ 0	$ 100,000
NMPRC
Income Tax Contingency [Line Items]
Period of time for proposed return to customers the benefit of the reduction in federal corporate income tax rate				23 years
Period of time for proposed return to customers the benefit of the reduction in New Mexico's corporate income tax rate				3 years
NMPRC | PNM
Income Tax Contingency [Line Items]
Period of time for proposed return to customers the benefit of the reduction in New Mexico's corporate income tax rate	3 years

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Related Party Transaction [Line Items]
Ownership percentage	50.00%		50.00%
Services billings: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	$ 24,521	$ 22,925	$ 46,644	$ 49,751
Services billings: | PNMR to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	9,703	8,385	18,430	18,443
Services billings: | PNM to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	113	114	189	189
Services billings: | TNMP to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	35	36	70	71
Services billings: | PNMR to NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	49	54	125	95
Renewable energy purchases: | PNM from NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	2,404	949	3,923	1,574
Interconnection billings: | PNM from NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	130	0	350	0
Interconnection billings: | PNM to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	0	0	0	0
Interest billings: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	6	972	6	1,905
Interest billings: | PNMR to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	1	10	2	42
Interest billings: | PNM to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	77	77	158	149
Income tax sharing payments: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	0	0	0	0
Income tax sharing payments: | TNMP to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	$ 0	$ 0	$ 0	$ 0

Equity Method Investment (Detai

Equity Method Investment (Details) - NMRD $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)MW	Jun. 30, 2019USD ($)
Business Acquisition [Line Items]
Renewable energy capacity in operating (in mw) | MW	85.1
PNMR Development
Business Acquisition [Line Items]
Ownership percentage	50.00%
Contribution to construction activities | $	$ 18.3	$ 13.3

Equity Method Investment - Summ

Equity Method Investment - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Statement [Abstract]
Revenues	$ 357,649	$ 330,228	$ 691,271	$ 679,872
Balance Sheet Related Disclosures [Abstract]
Construction work in progress	309,513		309,513		$ 161,106
Assets	7,574,467	7,048,667	7,574,467	7,048,667	7,298,774
Total stockholders' equity	1,696,500		1,696,500		1,678,698
NMRD
Income Statement [Abstract]
Revenues	2,641	1,103	4,308	1,828
Operating Expenses	1,472	655	3,052	1,451
Net Earnings (Loss) Attributable to PNMR	1,169	$ 448	1,256	$ 377
Balance Sheet Related Disclosures [Abstract]
Cash	5,672		5,672		7,187
Construction work in progress	163,629		163,629		132,772
Assets, Noncurrent	1,214		1,214		0
Assets	170,515		170,515		139,959
Accounts Payable	2,073		2,073		9,640
Liabilities, Noncurrent	368		368		0
Total stockholders' equity	$ 168,074		$ 168,074		$ 130,319

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Apr. 01, 2018
Goodwill [Line Items]
Goodwill	$ 278,297	$ 278,297	$ 278,297
PNM
Goodwill [Line Items]
Goodwill	51,632	51,632		$ 51,600
Goodwill fair value exceeded by its carrying value				19.00%
TNMP
Goodwill [Line Items]
Goodwill	$ 226,665	$ 226,665		$ 226,700
Goodwill fair value exceeded by its carrying value				38.00%