Public Service Company of New Mexico PFD 4.58% (PNMXO) 10-K 29 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Entity Registrant Name	PNM Resources, Inc.
Entity Incorporation, State or Country Code	NM
Entity Address, Address Line One	414 Silver Ave. SW
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87102
City Area Code	505
Local Phone Number	241-2700
Entity File Number	001-32462
Entity Tax Identification Number	85-0468296
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	PNM
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		90,200,384
Entity Public Float			$ 3,871,152,817
Documents Incorporated by Reference	Portions of the following document are incorporated by reference into Part III of this report: Proxy Statement to be filed by PNMR with the SEC pursuant to Regulation 14A relating to the annual meeting of shareholders of PNMR to be held on June 4, 2024. This combined Form 10-K is separately filed by PNMR, PNM, and TNMP. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants. When this Form 10-K is incorporated by reference into any filing with the SEC made by PNMR, PNM, or TNMP, as a registrant, the portions of this Form 10-K that relate to each other registrant are not incorporated by reference therein.
Entity Central Index Key	0001108426
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
PNM
Document Information [Line Items]
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Public Service Company of New Mexico
Entity Address, Address Line One	414 Silver Ave. SW
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87102
City Area Code	505
Local Phone Number	241-2700
Entity File Number	001-06986
Entity Tax Identification Number	85-0019030
Title of 12(b) Security	1965 Series, 4.58% Cumulative Preferred Stock
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction Flag	false
Entity Common Stock, Shares Outstanding		39,117,799
Entity Central Index Key	0000081023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
TNMP
Document Information [Line Items]
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction Flag	false
Entity Common Stock, Shares Outstanding		6,358
Entity Central Index Key	0000022767
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor [Line Items]
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Albuquerque, New Mexico
PNM
Auditor [Line Items]
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Albuquerque, New Mexico
TNMP
Auditor [Line Items]
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Albuquerque, New Mexico

Consolidated Statements of Earn

Consolidated Statements of Earnings - PNMR - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Electric Operating Revenues	$ 1,939,198	$ 2,249,555	$ 1,779,873
Operating Expenses:
Administrative and general	227,900	227,149	230,292
Regulatory disallowances and restructuring costs	71,923	832	1,194
Depreciation and amortization	319,503	304,853	284,107
Transmission and distribution costs	98,721	94,684	81,335
Taxes other than income taxes	95,940	92,989	86,008
Total operating expenses	1,707,858	1,855,795	1,471,720
Operating income	231,340	393,760	308,153
Other Income and Deductions:
Interest income	21,963	16,095	14,662
(Gains) losses on investment securities	19,246	(78,357)	16,850
Other income	24,204	21,601	20,200
Other (deductions)	(15,869)	(13,881)	(18,559)
Net other income and (deductions)	49,544	(54,542)	33,153
Interest Charges	190,355	127,908	96,877
Earnings before Income Taxes	90,529	211,310	244,429
Income Taxes (Benefits)	(16,350)	26,130	32,582
Net Earnings	106,879	185,180	211,847
(Earnings) Attributable to Valencia Non-controlling Interest	(18,533)	(15,122)	(15,490)
Preferred Stock Dividends Requirements	(528)	(528)	(528)
Net Earnings Attributable to PNMR	$ 87,818	$ 169,530	$ 195,829
Net Earnings Attributable to PNMR per Common Share:
Basic (in dollars per share)	$ 1.02	$ 1.97	$ 2.28
Diluted (in dollars per share)	$ 1.02	$ 1.97	$ 2.27
Electricity
Electric Operating Revenues	$ 1,939,198	$ 2,249,555	$ 1,779,873
Operating Expenses:
Cost of energy and production costs	802,261	987,941	644,853
Electricity, Generation
Operating Expenses:
Cost of energy and production costs	$ 91,610	$ 147,347	$ 143,931

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - PNMR - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 106,879	$ 185,180	$ 211,847
Unrealized Gains on Available-for-Sale Securities:
Unrealized holding gains (losses) arising during the period, net of income tax (expense) benefit of $(2,928), $490, and $478	8,601	(1,438)	(1,403)
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $1,828, $972, and $2,480	(5,371)	(2,855)	(7,285)
Pension Liability Adjustment:
Experience gains (losses), net of income tax (expense) benefit of $(353), $1,159, and $(3,076)	1,036	(3,406)	9,035
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(1,212), $(1,804), and $(2,120)	3,564	5,300	6,228
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $3,933, $(3,121), and $(458)	(11,550)	9,164	1,346
Reclassification adjustment for (gains) losses included in net earnings, net of income tax expense (benefit) of $(2,359), $299, and $229	6,928	(877)	(674)
Total Other Comprehensive Income	3,208	5,888	7,247
Comprehensive Income	110,087	191,068	219,094
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(18,533)	(15,122)	(15,490)
Preferred Stock Dividends Requirements	(528)	(528)	(528)
Comprehensive Income Attributable to PNMR	$ 91,026	$ 175,418	$ 203,076

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) - PNMR (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	$ (2,928)	$ 490	$ 478
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	1,828	972	2,480
Pension liability adjustment, income tax expense (benefit)	(353)	1,159	(3,076)
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, income tax expense	(1,212)	(1,804)	(2,120)
Change in fair market value, income tax (expense) benefit	3,933	(3,121)	(458)
Reclassification adjustment for losses included in net earnings, income tax expense (benefit)	$ (2,359)	$ 299	$ 229

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - PNMR - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows From Operating Activities:
Net Earnings	$ 106,879	$ 185,180	$ 211,847
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	353,692	341,123	320,210
Deferred income tax expense (benefit)	(13,509)	24,533	30,747
(Gains) losses on investment securities	(19,246)	78,357	(16,850)
Stock based compensation expense	7,190	7,825	9,446
Regulatory disallowances and restructuring costs	71,923	832	1,194
Allowance for equity funds used during construction	(14,978)	(13,799)	(13,217)
Other, net	804	2,377	5,457
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	53,229	(73,099)	(25,924)
Materials, supplies, and fuel stock	(31,301)	(8,528)	1,356
Other current assets	(52,225)	17,159	1,838
Other assets	(25,820)	5,002	31,135
Accounts payable	(33,536)	47,568	10,640
Accrued interest and taxes	17,526	9,205	2,692
Other current liabilities	125,580	(28,516)	6,894
Other liabilities	4,963	(27,935)	(29,592)
Net cash flows from operating activities	551,171	567,284	547,873
Cash Flows From Investing Activities:
Additions to utility and non-utility plant	(1,075,812)	(912,557)	(935,016)
Proceeds from sale of plant assets (Note 8)	32,654	0	0
Proceeds from sales of investment securities	574,199	526,448	459,867
Purchases of investment securities	(593,241)	(564,912)	(477,672)
Investments in NMRD	(26,250)	0	0
Distributions from NMRD	0	0	572
Other, net	44	674	(9)
Net cash flows used in investing activities	(1,088,406)	(950,347)	(952,258)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net	29,900	169,300	30,700
Long-term borrowings	1,358,096	558,000	1,816,345
Repayment of long-term debt	(910,000)	(179,500)	(1,411,345)
Issuance of common stock	198,177	0	0
Awards of common stock	(9,646)	(7,980)	(10,130)
Dividends paid	(126,705)	(119,839)	(112,972)
Valencia’s transactions with its owner	(21,569)	(17,533)	(19,094)
Transmission interconnection and security deposit arrangements	49,807	96,550	80,558
Refunds paid under transmission interconnection arrangements	(21,124)	(107,397)	(10,195)
Debt issuance costs and other, net	(9,836)	(5,564)	(6,306)
Net cash flows from financing activities	537,100	386,037	357,561
Change in Cash, Cash Equivalents, and Restricted Cash	(135)	2,974	(46,824)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	4,078	1,104	47,928
Cash, Cash Equivalents, and Restricted Cash at End of Year	3,943	4,078	1,104
Restricted Cash Included in Other Deferred Charges on Consolidated Balance Sheets:
At beginning of period	0	0	0
At end of period	1,728	0	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	155,273	118,485	91,276
Income taxes paid (refunded), net	1,505	(1,011)	1,042
Supplemental schedule of noncash investing and financing activities:
(Increase) decrease in accrued plant additions	$ (23,002)	$ 4,455	$ 7,362

Consolidated Balance Sheets - P

Consolidated Balance Sheets - PNMR - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 2,215	$ 4,078
Accounts receivable, net of allowance for credit losses of $3,388 and $4,925	126,291	183,669
Unbilled revenues	64,072	63,473
Other receivables	76,509	20,320
Materials, supplies, and fuel stock	98,034	66,733
Regulatory assets	73,046	20,265
Prepaid assets	19,759	18,465
Income taxes receivable	6,697	2,351
Other current assets	8,920	31,624
Total current assets	475,543	410,978
Other Property and Investments:
Investment securities	444,408	417,476
Equity investment in NMRD	119,570	90,620
Other investments	171	177
Non-utility property, including financing leases	29,367	26,841
Total other property and investments	593,516	535,114
Utility Plant:
Plant in service, held for future use, and to be abandoned	9,701,180	9,164,564
Less accumulated depreciation and amortization	2,755,823	2,659,952
Net plant in service and plant held for future use	6,945,357	6,504,612
Construction work in progress	589,834	372,988
Nuclear fuel, net of accumulated amortization of $35,840 and $43,985	74,671	95,223
Net utility plant	7,609,862	6,972,823
Deferred Charges and Other Assets:
Regulatory assets	914,381	846,686
Goodwill	278,297	278,297
Operating lease assets, net of amortization	182,201	55,982
Other deferred charges	198,805	157,497
Total deferred charges and other assets	1,573,684	1,338,462
Total assets	10,252,605	9,257,377
Current Liabilities:
Short-term debt	261,900	232,000
Current installments of long-term debt (includes $2,529 and $0 related to ETBC I)	280,169	184,793
Accounts payable	205,175	215,708
Customer deposits	6,237	6,117
Accrued interest and taxes	98,655	76,783
Regulatory liabilities	140,005	17,002
Operating lease liabilities	12,267	18,781
Dividends declared	35,085	31,676
Transmission interconnection arrangement liabilities	96,870	20,473
Other current liabilities	94,397	87,037
Total current liabilities	1,230,760	890,370
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $338,521 and $0 related to ETBC I)	4,241,642	3,892,594
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	845,280	822,831
Regulatory liabilities	771,317	755,202
Asset retirement obligations	245,531	223,377
Accrued pension liability and postretirement benefit cost	21,429	32,799
Operating lease liabilities	167,000	41,336
Other deferred credits	319,066	342,413
Total deferred credits and other liabilities	2,369,623	2,217,958
Total liabilities	7,842,025	7,000,922
Commitments and Contingencies (See Note 16)
Cumulative Preferred Stock of Subsidiary without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
Company common stockholders’ equity:
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 90,200,384 and 85,834,874 shares)	1,624,823	1,429,102
Accumulated other comprehensive income (loss), net of income taxes	(62,840)	(66,048)
Retained earnings	787,110	828,878
Total PNMR common stockholders’ equity	2,349,093	2,191,932
Non-controlling interest in Valencia	49,958	52,994
Total equity	2,399,051	2,244,926
Total liabilities and stockholders' equity	$ 10,252,605	$ 9,257,377

Consolidated Balance Sheets -_2

Consolidated Balance Sheets - PNMR (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Allowance for uncollectible accounts	$ 3,388	$ 4,925
Utility Plant:
Accumulated depreciation, nuclear fuel	35,840	43,985
Debt
Long-Term Debt	4,241,642	3,892,594
Current maturities of long-term debt	$ 280,169	$ 184,793
Deferred Credits and Other Liabilities:
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
Company common stockholders’ equity:
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	90,200,384	90,200,384
Common stock, shares outstanding (in shares)	85,834,874	85,834,874
Securitized Bonds
Debt
Long-Term Debt	$ 338,521	$ 0
Current maturities of long-term debt	2,529	0
PNM
Current Assets:
Allowance for uncollectible accounts	3,388	4,925
Utility Plant:
Accumulated depreciation, nuclear fuel	35,840	43,985
Debt
Long-Term Debt	2,061,558	1,816,107
Current maturities of long-term debt	$ 200,222	$ 184,793
Company common stockholders’ equity:
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	39,117,799	39,117,799
Common stock, shares outstanding (in shares)	39,117,799	39,117,799
PNM | Securitized Bonds
Debt
Long-Term Debt	$ 338,521	$ 0
Current maturities of long-term debt	2,529	0
TNMP
Debt
Long-Term Debt	1,180,933	1,076,875
Current maturities of long-term debt	$ 79,947	$ 0
Company common stockholders’ equity:
Common stock, shares authorized (in shares)	12,000,000	12,000,000
Common stock, shares issued (in shares)	6,358	6,358
Common stock, shares outstanding (in shares)	6,358	6,358

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - PNMR - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	AOCI	Retained Earnings	Non- controlling Interest in Valencia
Beginning Balance at Dec. 31, 2020	$ 2,108,474	$ 2,049,465	$ 1,429,941	$ (79,183)	$ 698,707	$ 59,009
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	211,847	196,357			196,357	15,490
Total other comprehensive income	7,247	7,247		7,247
Subsidiary preferred stock dividends	(528)	(528)			(528)
Dividends declared on common stock	(84,333)	(84,333)			(84,333)
Proceeds from stock option exercise	0	0	0
Awards of common stock	(10,130)	(10,130)	(10,130)
Stock based compensation expense	9,446	9,446	9,446
Valencia’s transactions with its owner	(19,094)					(19,094)
Ending Balance at Dec. 31, 2021	2,222,929	2,167,524	1,429,257	(71,936)	810,203	55,405
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	185,180	170,058			170,058	15,122
Total other comprehensive income	5,888	5,888		5,888
Subsidiary preferred stock dividends	(528)	(528)			(528)
Dividends declared on common stock	(150,855)	(150,855)			(150,855)
Awards of common stock	(7,980)	(7,980)	(7,980)
Stock based compensation expense	7,825	7,825	7,825
Valencia’s transactions with its owner	(17,533)					(17,533)
Ending Balance at Dec. 31, 2022	2,244,926	2,191,932	1,429,102	(66,048)	828,878	52,994
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	106,879	88,346			88,346	18,533
Total other comprehensive income	3,208	3,208		3,208
Subsidiary preferred stock dividends	(528)	(528)			(528)
Dividends declared on common stock	(129,586)	(129,586)			(129,586)
Awards of common stock	(9,646)	(9,646)	(9,646)
Issuance of common stock	198,177	198,177	198,177
Stock based compensation expense	7,190	7,190	7,190
Valencia’s transactions with its owner	(21,569)					(21,569)
Ending Balance at Dec. 31, 2023	$ 2,399,051	$ 2,349,093	$ 1,624,823	$ (62,840)	$ 787,110	$ 49,958

Consolidated Statements of Ea_2

Consolidated Statements of Earnings - PNM - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Electric Operating Revenues	$ 1,939,198	$ 2,249,555	$ 1,779,873
Operating Expenses:
Administrative and general	227,900	227,149	230,292
Regulatory disallowances and restructuring costs	71,923	832	1,194
Depreciation and amortization	319,503	304,853	284,107
Transmission and distribution costs	98,721	94,684	81,335
Taxes other than income taxes	95,940	92,989	86,008
Total operating expenses	1,707,858	1,855,795	1,471,720
Operating income	231,340	393,760	308,153
Other Income and Deductions:
Interest income	21,963	16,095	14,662
Gains (losses) on investment securities	19,246	(78,357)	16,850
Other income	24,204	21,601	20,200
Other (deductions)	(15,869)	(13,881)	(18,559)
Net other income and (deductions)	49,544	(54,542)	33,153
Interest Charges	190,355	127,908	96,877
Earnings before Income Taxes	90,529	211,310	244,429
Income Taxes (Benefits)	(16,350)	26,130	32,582
Net Earnings	106,879	185,180	211,847
(Earnings) Attributable to Valencia Non-controlling Interest	(18,533)	(15,122)	(15,490)
Preferred Stock Dividends Requirements	(528)	(528)	(528)
Net Earnings Attributable to PNMR	87,818	169,530	195,829
PNM
Electric Operating Revenues	1,403,948	1,766,825	1,362,020
Operating Expenses:
Administrative and general	206,650	204,846	196,719
Regulatory disallowances and restructuring costs	70,750	832	1,194
Depreciation and amortization	177,633	180,812	170,365
Transmission and distribution costs	61,725	58,278	49,846
Taxes other than income taxes	48,790	49,210	46,682
Total operating expenses	1,320,772	1,505,338	1,140,523
Operating income	83,176	261,487	221,497
Other Income and Deductions:
Interest income	21,355	14,816	14,605
Gains (losses) on investment securities	19,246	(78,357)	16,850
Other income	11,638	10,763	11,390
Other (deductions)	(10,881)	(9,418)	(14,431)
Net other income and (deductions)	41,358	(62,196)	28,414
Interest Charges	86,574	61,073	51,360
Earnings before Income Taxes	37,960	138,218	198,551
Income Taxes (Benefits)	(16,758)	19,198	26,992
Net Earnings	54,718	119,020	171,559
(Earnings) Attributable to Valencia Non-controlling Interest	(18,533)	(15,122)	(15,490)
Net earnings	36,185	103,898	156,069
Preferred Stock Dividends Requirements	(528)	(528)	(528)
Net Earnings Attributable to PNMR	35,657	103,370	155,541
Electricity
Electric Operating Revenues	1,939,198	2,249,555	1,779,873
Operating Expenses:
Cost of energy and production costs	802,261	987,941	644,853
Electricity | PNM
Operating Expenses:
Cost of energy and production costs	663,614	864,013	531,786
Electricity, Generation
Operating Expenses:
Cost of energy and production costs	91,610	147,347	143,931
Electricity, Generation | PNM
Operating Expenses:
Cost of energy and production costs	$ 91,610	$ 147,347	$ 143,931

Consolidated Statements of Co_3

Consolidated Statements of Comprehensive Income - PNM - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Earnings	$ 106,879	$ 185,180	$ 211,847
Unrealized Gains on Available-for-Sale Securities:
Unrealized holding gains (losses) arising during the period, net of income tax (expense) benefit of $(2,928), $490, and $478	8,601	(1,438)	(1,403)
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $1,828, $972, and $2,480	(5,371)	(2,855)	(7,285)
Pension Liability Adjustment:
Experience gains (losses), net of income tax (expense) benefit of $(353), $1,159, and $(3,076)	1,036	(3,406)	9,035
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(1,212), $(1,804), and $(2,120)	3,564	5,300	6,228
Total Other Comprehensive Income	3,208	5,888	7,247
Comprehensive Income	110,087	191,068	219,094
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(18,533)	(15,122)	(15,490)
Comprehensive Income Attributable to PNMR	91,026	175,418	203,076
PNM
Net Earnings	54,718	119,020	171,559
Unrealized Gains on Available-for-Sale Securities:
Unrealized holding gains (losses) arising during the period, net of income tax (expense) benefit of $(2,928), $490, and $478	8,601	(1,438)	(1,403)
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $1,828, $972, and $2,480	(5,371)	(2,855)	(7,285)
Pension Liability Adjustment:
Experience gains (losses), net of income tax (expense) benefit of $(353), $1,159, and $(3,076)	1,036	(3,406)	9,035
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(1,212), $(1,804), and $(2,120)	3,564	5,300	6,228
Total Other Comprehensive Income	7,830	(2,399)	6,575
Comprehensive Income	62,548	116,621	178,134
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(18,533)	(15,122)	(15,490)
Comprehensive Income Attributable to PNMR	$ 44,015	$ 101,499	$ 162,644

Consolidated Statements of Co_4

Consolidated Statements of Comprehensive Income (Loss) - PNM (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	$ (2,928)	$ 490	$ 478
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	1,828	972	2,480
Pension liability adjustment, income tax expense (benefit)	(353)	1,159	(3,076)
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, income tax expense	(1,212)	(1,804)	(2,120)
PNM
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	(2,928)	490	478
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	1,828	972	2,480
Pension liability adjustment, income tax expense (benefit)	(353)	1,159	(3,076)
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, income tax expense	$ (1,212)	$ (1,804)	$ (2,120)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - PNM - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows From Operating Activities:
Net Earnings	$ 106,879,000	$ 185,180,000	$ 211,847,000
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	353,692,000	341,123,000	320,210,000
Deferred income tax expense (benefit)	(13,509,000)	24,533,000	30,747,000
(Gains) losses on investment securities	(19,246,000)	78,357,000	(16,850,000)
Regulatory disallowances and restructuring costs	71,923,000	832,000	1,194,000
Allowance for equity funds used during construction	(14,978,000)	(13,799,000)	(13,217,000)
Other, net	804,000	2,377,000	5,457,000
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	53,229,000	(73,099,000)	(25,924,000)
Materials, supplies, and fuel stock	(31,301,000)	(8,528,000)	1,356,000
Other current assets	(52,225,000)	17,159,000	1,838,000
Other assets	(25,820,000)	5,002,000	31,135,000
Accounts payable	(33,536,000)	47,568,000	10,640,000
Accrued interest and taxes	17,526,000	9,205,000	2,692,000
Other current liabilities	125,580,000	(28,516,000)	6,894,000
Other liabilities	4,963,000	(27,935,000)	(29,592,000)
Net cash flows from operating activities	551,171,000	567,284,000	547,873,000
Cash Flows From Investing Activities:
Additions to utility and non-utility plant	(1,075,812,000)	(912,557,000)	(935,016,000)
Proceeds from sale of plant assets (Note 8)	32,654,000	0	0
Proceeds from sales of investment securities	574,199,000	526,448,000	459,867,000
Purchases of investment securities	(593,241,000)	(564,912,000)	(477,672,000)
Other, net	44,000	674,000	(9,000)
Net cash flows used in investing activities	(1,088,406,000)	(950,347,000)	(952,258,000)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net	29,900,000	169,300,000	30,700,000
Long-term borrowings	1,358,096,000	558,000,000	1,816,345,000
Repayment of long-term debt	(910,000,000)	(179,500,000)	(1,411,345,000)
Dividends paid	(126,705,000)	(119,839,000)	(112,972,000)
Valencia’s transactions with its owner	(21,569,000)	(17,533,000)	(19,094,000)
Transmission interconnection and security deposit arrangements	49,807,000	96,550,000	80,558,000
Refunds paid under transmission interconnection arrangements	(21,124,000)	(107,397,000)	(10,195,000)
Debt issuance costs and other, net	(9,836,000)	(5,564,000)	(6,306,000)
Net cash flows from financing activities	537,100,000	386,037,000	357,561,000
Change in Cash, Cash Equivalents, and Restricted Cash	(135,000)	2,974,000	(46,824,000)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	4,078,000	1,104,000	47,928,000
Cash, Cash Equivalents, and Restricted Cash at End of Year	3,943,000	4,078,000	1,104,000
Restricted Cash Included in Other Deferred Charges on Consolidated Balance Sheets:
At beginning of period	0	0	0
At end of period	1,728,000	0	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	155,273,000	118,485,000	91,276,000
Income taxes paid (refunded), net	1,505,000	(1,011,000)	1,042,000
Supplemental schedule of noncash investing and financing activities:
(Increase) decrease in accrued plant additions	(23,002,000)	4,455,000	7,362,000
PNM
Cash Flows From Operating Activities:
Net Earnings	54,718,000	119,020,000	171,559,000
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	202,885,000	213,517,000	203,401,000
Deferred income tax expense (benefit)	(21,972,000)	29,487,000	27,120,000
(Gains) losses on investment securities	(19,246,000)	78,357,000	(16,850,000)
Regulatory disallowances and restructuring costs	70,750,000	832,000	1,194,000
Allowance for equity funds used during construction	(9,832,000)	(9,323,000)	(9,905,000)
Other, net	3,485,000	3,758,000	4,482,000
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	51,314,000	(60,743,000)	(24,757,000)
Materials, supplies, and fuel stock	(25,681,000)	(4,804,000)	2,531,000
Other current assets	(54,934,000)	17,956,000	2,154,000
Other assets	(20,956,000)	5,487,000	30,187,000
Accounts payable	(30,423,000)	48,868,000	9,836,000
Accrued interest and taxes	16,091,000	(19,574,000)	20,214,000
Other current liabilities	123,048,000	(41,876,000)	9,169,000
Other liabilities	4,588,000	(26,029,000)	(37,884,000)
Net cash flows from operating activities	343,835,000	354,933,000	392,451,000
Cash Flows From Investing Activities:
Additions to utility and non-utility plant	(565,080,000)	(433,459,000)	(602,180,000)
Proceeds from sale of plant assets (Note 8)	32,654,000	0	0
Proceeds from sales of investment securities	574,199,000	526,448,000	459,867,000
Purchases of investment securities	(593,241,000)	(564,912,000)	(477,672,000)
Other, net	7,000	439,000	(9,000)
Net cash flows used in investing activities	(551,461,000)	(471,484,000)	(619,994,000)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net	(48,400,000)	178,500,000	(2,600,000)
Long-term borrowings	673,096,000	298,000,000	631,345,000
Repayment of long-term debt	(410,000,000)	(179,500,000)	(446,345,000)
Equity contribution from parent	0	0	53,000,000
Dividends paid	(528,000)	(154,028,000)	(60,528,000)
Valencia’s transactions with its owner	(21,569,000)	(17,533,000)	(19,094,000)
Transmission interconnection and security deposit arrangements	38,807,000	90,150,000	47,858,000
Refunds paid under transmission interconnection arrangements	(17,624,000)	(93,247,000)	(2,893,000)
Debt issuance costs and other, net	(6,555,000)	(2,825,000)	(4,627,000)
Net cash flows from financing activities	207,227,000	119,517,000	196,116,000
Change in Cash, Cash Equivalents, and Restricted Cash	(399,000)	2,966,000	(31,427,000)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	2,985,000	19,000	31,446,000
Cash, Cash Equivalents, and Restricted Cash at End of Year	2,586,000	2,985,000	19,000
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	66,456,000	54,816,000	45,729,000
Income taxes paid (refunded), net	(5,338,000)	11,602,000	(19,492,000)
Supplemental schedule of noncash investing and financing activities:
(Increase) decrease in accrued plant additions	$ (8,604,000)	$ (6,859,000)	$ 23,091,000

Consolidated Balance Sheets -_3

Consolidated Balance Sheets - PNM - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 2,215	$ 4,078
Accounts receivable, net of allowance for credit losses of $3,388 and $4,925	126,291	183,669
Unbilled revenues	64,072	63,473
Other receivables	76,509	20,320
Materials, supplies, and fuel stock	98,034	66,733
Regulatory assets	73,046	20,265
Prepaid assets	19,759	18,465
Income taxes receivable	6,697	2,351
Other current assets	8,920	31,624
Total current assets	475,543	410,978
Other Property and Investments:
Investment securities	444,408	417,476
Other investments	171	177
Non-utility property, including financing leases	29,367	26,841
Total other property and investments	593,516	535,114
Utility Plant:
Plant in service, held for future use, and to be abandoned	9,701,180	9,164,564
Less accumulated depreciation and amortization	2,755,823	2,659,952
Net plant in service and plant held for future use	6,945,357	6,504,612
Construction work in progress	589,834	372,988
Nuclear fuel, net of accumulated amortization of $35,840 and $43,985	74,671	95,223
Net utility plant	7,609,862	6,972,823
Deferred Charges and Other Assets:
Regulatory assets	914,381	846,686
Goodwill	278,297	278,297
Operating lease assets, net of amortization	182,201	55,982
Other deferred charges	198,805	157,497
Total deferred charges and other assets	1,573,684	1,338,462
Total assets	10,252,605	9,257,377
Current Liabilities:
Short-term debt	261,900	232,000
Current installments of long-term debt (includes $2,529 and $0 related to ETBC I)	280,169	184,793
Accounts payable	205,175	215,708
Customer deposits	6,237	6,117
Accrued interest and taxes	98,655	76,783
Regulatory liabilities	140,005	17,002
Operating lease liabilities	12,267	18,781
Dividends declared	35,085	31,676
Transmission interconnection arrangement liabilities	96,870	20,473
Other current liabilities	94,397	87,037
Total current liabilities	1,230,760	890,370
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $338,521 and $0 related to ETBC I)	4,241,642	3,892,594
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	845,280	822,831
Regulatory liabilities	771,317	755,202
Asset retirement obligations	245,531	223,377
Accrued pension liability and postretirement benefit cost	21,429	32,799
Operating lease liabilities	167,000	41,336
Other deferred credits	319,066	342,413
Total deferred credits and other liabilities	2,369,623	2,217,958
Total liabilities	7,842,025	7,000,922
Commitments and Contingencies (See Note 16)
Cumulative Preferred Stock of Subsidiary without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
Company common stockholders’ equity:
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 90,200,384 and 85,834,874 shares)	1,624,823	1,429,102
Accumulated other comprehensive income (loss), net of income taxes	(62,840)	(66,048)
Retained earnings	787,110	828,878
Total PNMR common stockholders’ equity	2,349,093	2,191,932
Non-controlling interest in Valencia	49,958	52,994
Total equity	2,399,051	2,244,926
Total liabilities and stockholders' equity	10,252,605	9,257,377
PNM
Current Assets:
Cash and cash equivalents	858	2,985
Accounts receivable, net of allowance for credit losses of $3,388 and $4,925	94,879	151,386
Unbilled revenues	46,925	45,282
Materials, supplies, and fuel stock	81,572	55,890
Regulatory assets	72,996	18,333
Prepaid assets	9,941	10,085
Income taxes receivable	7,682	18,233
Other current assets	1,756	20,706
Total current assets	377,837	345,645
Other Property and Investments:
Investment securities	444,408	417,476
Other investments	69	76
Non-utility property, including financing leases	13,538	11,695
Total other property and investments	458,015	429,247
Utility Plant:
Plant in service, held for future use, and to be abandoned	6,151,510	6,007,464
Less accumulated depreciation and amortization	1,976,657	1,908,644
Net plant in service and plant held for future use	4,174,853	4,098,820
Construction work in progress	490,178	300,772
Nuclear fuel, net of accumulated amortization of $35,840 and $43,985	74,671	95,223
Net utility plant	4,739,702	4,494,815
Deferred Charges and Other Assets:
Regulatory assets	838,727	763,941
Goodwill	51,632	51,632
Operating lease assets, net of amortization	180,370	52,556
Other deferred charges	166,782	134,330
Total deferred charges and other assets	1,237,511	1,002,459
Total assets	6,813,065	6,272,166
Current Liabilities:
Short-term debt	137,500	185,900
Current installments of long-term debt (includes $2,529 and $0 related to ETBC I)	200,222	184,793
Customer deposits	6,237	6,117
Accrued interest and taxes	41,337	35,797
Regulatory liabilities	134,846	7,913
Operating lease liabilities	11,371	17,239
Dividends declared	132	132
Transmission interconnection arrangement liabilities	96,870	20,473
Other current liabilities	52,587	55,350
Total current liabilities	839,194	692,155
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $338,521 and $0 related to ETBC I)	2,061,558	1,816,107
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	684,037	682,040
Regulatory liabilities	565,021	556,989
Asset retirement obligations	244,633	222,549
Accrued pension liability and postretirement benefit cost	19,949	32,007
Operating lease liabilities	166,191	39,633
Other deferred credits	220,178	258,833
Total deferred credits and other liabilities	1,900,009	1,792,051
Total liabilities	4,800,761	4,300,313
Commitments and Contingencies (See Note 16)
Cumulative Preferred Stock of Subsidiary without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
Company common stockholders’ equity:
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 90,200,384 and 85,834,874 shares)	1,547,918	1,547,918
Accumulated other comprehensive income (loss), net of income taxes	(66,505)	(74,335)
Retained earnings	469,404	433,747
Total PNMR common stockholders’ equity	1,950,817	1,907,330
Non-controlling interest in Valencia	49,958	52,994
Total equity	2,000,775	1,960,324
Total liabilities and stockholders' equity	6,813,065	6,272,166
PNM | Nonrelated Party
Current Assets:
Other receivables	51,975	13,877
Current Liabilities:
Accounts payable	141,704	163,522
PNM | Related Party
Current Assets:
Other receivables	9,253	8,868
Current Liabilities:
Accounts payable	$ 16,388	$ 14,919

Consolidated Balance Sheets -_4

Consolidated Balance Sheets - PNM (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Allowance for uncollectible accounts	$ 3,388	$ 4,925
Utility Plant:
Accumulated depreciation, nuclear fuel	$ 35,840	$ 43,985
Company common stockholders’ equity:
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	90,200,384	90,200,384
Common stock, shares outstanding (in shares)	85,834,874	85,834,874
Current maturities of long-term debt	$ 280,169	$ 184,793
Long-Term Debt	4,241,642	3,892,594
Securitized Bonds
Company common stockholders’ equity:
Current maturities of long-term debt	2,529	0
Long-Term Debt	338,521	0
PNM
Current Assets:
Allowance for uncollectible accounts	3,388	4,925
Utility Plant:
Accumulated depreciation, nuclear fuel	$ 35,840	$ 43,985
Deferred Credits and Other Liabilities:
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
Company common stockholders’ equity:
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	39,117,799	39,117,799
Common stock, shares outstanding (in shares)	39,117,799	39,117,799
Current maturities of long-term debt	$ 200,222	$ 184,793
Long-Term Debt	2,061,558	1,816,107
PNM | Securitized Bonds
Company common stockholders’ equity:
Current maturities of long-term debt	2,529	0
Long-Term Debt	$ 338,521	$ 0

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity - PNM - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	AOCI	Retained Earnings	Non- controlling Interest in Valencia	PNM	PNM Total Stockholders' Equity	PNM Common Stock	PNM AOCI	PNM Retained Earnings	PNM Non- controlling Interest in Valencia
Beginning Balance at Dec. 31, 2020	$ 2,108,474	$ 2,049,465	$ 1,429,941	$ (79,183)	$ 698,707	$ 59,009	$ 1,863,752	$ 1,804,743	$ 1,494,918	$ (78,511)	$ 388,336	$ 59,009
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	211,847	196,357			196,357	15,490	171,559	156,069			156,069	15,490
Total other comprehensive income	7,247	7,247		7,247			6,575	6,575		6,575
Subsidiary preferred stock dividends	(528)	(528)			(528)		(528)	(528)			(528)
Equity contribution from parent							53,000	53,000	53,000
Dividends declared on common stock	(84,333)	(84,333)			(84,333)		(60,000)	(60,000)			(60,000)
Valencia’s transactions with its owner	(19,094)					(19,094)	(19,094)					(19,094)
Ending Balance at Dec. 31, 2021	2,222,929	2,167,524	1,429,257	(71,936)	810,203	55,405	2,015,264	1,959,859	1,547,918	(71,936)	483,877	55,405
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	185,180	170,058			170,058	15,122	119,020	103,898			103,898	15,122
Total other comprehensive income	5,888	5,888		5,888			(2,399)	(2,399)		(2,399)
Subsidiary preferred stock dividends	(528)	(528)			(528)		(528)	(528)			(528)
Dividends declared on common stock	(150,855)	(150,855)			(150,855)		(153,500)	(153,500)			(153,500)
Valencia’s transactions with its owner	(17,533)					(17,533)	(17,533)					(17,533)
Ending Balance at Dec. 31, 2022	2,244,926	2,191,932	1,429,102	(66,048)	828,878	52,994	1,960,324	1,907,330	1,547,918	(74,335)	433,747	52,994
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	106,879	88,346			88,346	18,533	54,718	36,185			36,185	18,533
Total other comprehensive income	3,208	3,208		3,208			7,830	7,830		7,830
Subsidiary preferred stock dividends	(528)	(528)			(528)		(528)	(528)			(528)
Dividends declared on common stock	(129,586)	(129,586)			(129,586)		0	0			0
Valencia’s transactions with its owner	(21,569)					(21,569)	(21,569)					(21,569)
Ending Balance at Dec. 31, 2023	$ 2,399,051	$ 2,349,093	$ 1,624,823	$ (62,840)	$ 787,110	$ 49,958	$ 2,000,775	$ 1,950,817	$ 1,547,918	$ (66,505)	$ 469,404	$ 49,958

Consolidated Statements of Ea_3

Consolidated Statements of Earnings - TNMP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Electric Operating Revenues	$ 1,939,198	$ 2,249,555	$ 1,779,873
Operating Expenses:
Administrative and general	227,900	227,149	230,292
Regulatory disallowances and restructuring costs	71,923	832	1,194
Depreciation and amortization	319,503	304,853	284,107
Transmission and distribution costs	98,721	94,684	81,335
Taxes other than income taxes	95,940	92,989	86,008
Total operating expenses	1,707,858	1,855,795	1,471,720
Operating income	231,340	393,760	308,153
Other Income and Deductions:
Other income	24,204	21,601	20,200
Other (deductions)	(15,869)	(13,881)	(18,559)
Net other income and (deductions)	49,544	(54,542)	33,153
Interest Charges	190,355	127,908	96,877
Earnings before Income Taxes	90,529	211,310	244,429
Income Taxes	(16,350)	26,130	32,582
TNMP
Electric Operating Revenues	535,250	482,730	417,853
Operating Expenses:
Cost of energy and production costs	138,647	123,928	113,067
Administrative and general	53,963	49,592	47,820
Regulatory disallowances and restructuring costs	1,173	0	0
Depreciation and amortization	113,142	98,316	90,440
Transmission and distribution costs	36,996	36,406	31,489
Taxes other than income taxes	41,311	38,521	34,919
Total operating expenses	385,232	346,763	317,735
Operating income	150,018	135,967	100,118
Other Income and Deductions:
Other income	10,127	10,641	7,176
Other (deductions)	(1,759)	(1,988)	(1,768)
Net other income and (deductions)	8,368	8,653	5,408
Interest Charges	46,152	37,192	33,735
Earnings before Income Taxes	112,234	107,428	71,791
Income Taxes	17,297	15,161	7,912
Net earnings	$ 94,937	$ 92,267	$ 63,879

Consolidated Statements of Ca_3

Consolidated Statements of Cash Flows - TNMP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows From Operating Activities:
Net earnings	$ 106,879	$ 185,180	$ 211,847
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	353,692	341,123	320,210
Deferred income tax expense (benefit)	(13,509)	24,533	30,747
Allowance for equity funds used during construction and other, net	(14,978)	(13,799)	(13,217)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	53,229	(73,099)	(25,924)
Materials, supplies, and fuel stock	(31,301)	(8,528)	1,356
Other current assets	(52,225)	17,159	1,838
Other assets	(25,820)	5,002	31,135
Accounts payable	(33,536)	47,568	10,640
Accrued interest and taxes	17,526	9,205	2,692
Other current liabilities	125,580	(28,516)	6,894
Other liabilities	4,963	(27,935)	(29,592)
Net cash flows from operating activities	551,171	567,284	547,873
Cash Flows From Investing Activities:
Additions to utility and non-utility plant	(1,075,812)	(912,557)	(935,016)
Net cash flows used in investing activities	(1,088,406)	(950,347)	(952,258)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net	29,900	169,300	30,700
Long-term borrowings	1,358,096	558,000	1,816,345
Transmission interconnection and security deposit arrangements	49,807	96,550	80,558
Refunds paid under transmission interconnection arrangements	(21,124)	(107,397)	(10,195)
Dividends paid	(126,705)	(119,839)	(112,972)
Debt issuance costs and other, net	(9,836)	(5,564)	(6,306)
Net cash flows from financing activities	537,100	386,037	357,561
Change in Cash, Cash Equivalents, and Restricted Cash	(135)	2,974	(46,824)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	4,078	1,104	47,928
Cash, Cash Equivalents, and Restricted Cash at End of Year	3,943	4,078	1,104
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	155,273	118,485	91,276
Income taxes paid (refunded), net	1,505	(1,011)	1,042
Supplemental schedule of noncash investing and financing activities:
(Increase) decrease in accrued plant additions	(23,002)	4,455	7,362
TNMP
Cash Flows From Operating Activities:
Net earnings	94,937	92,267	63,879
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	113,854	99,165	91,331
Deferred income tax expense (benefit)	2,888	(4,556)	(253)
Allowance for equity funds used during construction and other, net	(5,145)	(4,477)	(3,291)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	1,916	(12,356)	(1,167)
Materials, supplies, and fuel stock	(5,620)	(3,723)	(1,175)
Other current assets	3,650	(264)	(6,132)
Other assets	3,109	3,834	6,989
Accounts payable	171	195	338
Accrued interest and taxes	2,886	14,667	(1,533)
Other current liabilities	(156)	11,952	620
Other liabilities	949	(1,757)	5,545
Net cash flows from operating activities	214,612	194,947	155,151
Cash Flows From Investing Activities:
Additions to utility and non-utility plant	(464,436)	(449,534)	(311,909)
Net cash flows used in investing activities	(464,436)	(449,534)	(311,909)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings (repayments), net	18,400	36,300	400
Long-term borrowings	185,000	160,000	65,000
Transmission interconnection and security deposit arrangements	11,000	6,400	32,700
Refunds paid under transmission interconnection arrangements	(3,500)	(14,150)	(7,302)
Equity contribution from parent	40,900	68,000	52,000
Debt issuance costs and other, net	(1,976)	(1,963)	(840)
Net cash flows from financing activities	249,824	254,587	141,958
Change in Cash, Cash Equivalents, and Restricted Cash	0	0	(14,800)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	0	0	14,800
Cash, Cash Equivalents, and Restricted Cash at End of Year	0	0	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	41,847	33,974	31,599
Income taxes paid (refunded), net	16,904	9,245	13,735
Supplemental schedule of noncash investing and financing activities:
(Increase) decrease in accrued plant additions	$ (17,297)	$ (9,131)	$ (9,131)

Consolidated Balance Sheets - T

Consolidated Balance Sheets - TNMP - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 2,215	$ 4,078
Accounts receivable	126,291	183,669
Unbilled revenues	64,072	63,473
Other receivables	76,509	20,320
Materials, supplies, and fuel stock	98,034	66,733
Regulatory assets	73,046	20,265
Other current assets	8,920	31,624
Total current assets	475,543	410,978
Other Property and Investments:
Other investments	171	177
Non-utility property, including financing leases	29,367	26,841
Total other property and investments	593,516	535,114
Utility Plant:
Plant in service, held for future use, and to be abandoned	9,701,180	9,164,564
Less accumulated depreciation and amortization	2,755,823	2,659,952
Net plant in service and plant held for future use	6,945,357	6,504,612
Construction work in progress	589,834	372,988
Net utility plant	7,609,862	6,972,823
Deferred Charges and Other Assets:
Regulatory assets	914,381	846,686
Goodwill	278,297	278,297
Operating lease assets, net of amortization	182,201	55,982
Other deferred charges	198,805	157,497
Total deferred charges and other assets	1,573,684	1,338,462
Total assets	10,252,605	9,257,377
Current Liabilities:
Short-term debt	261,900	232,000
Current maturities of long-term debt	280,169	184,793
Accounts payable	205,175	215,708
Accrued interest and taxes	98,655	76,783
Regulatory liabilities	140,005	17,002
Operating lease liabilities	12,267	18,781
Other current liabilities	94,397	87,037
Total current liabilities	1,230,760	890,370
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $338,521 and $0 related to ETBC I)	4,241,642	3,892,594
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	845,280	822,831
Regulatory liabilities	771,317	755,202
Asset retirement obligations	245,531	223,377
Accrued pension liability and postretirement benefit cost	21,429	32,799
Operating lease liabilities	167,000	41,336
Other deferred credits	319,066	342,413
Total deferred credits and other liabilities	2,369,623	2,217,958
Total liabilities	7,842,025	7,000,922
Commitments and Contingencies (See Note 16)
Company common stockholders’ equity:
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 90,200,384 and 85,834,874 shares)	1,624,823	1,429,102
Retained earnings	787,110	828,878
Total PNMR common stockholders’ equity	2,349,093	2,191,932
Total liabilities and stockholders' equity	10,252,605	9,257,377
TNMP
Current Assets:
Cash and cash equivalents	0	0
Accounts receivable	31,412	32,283
Unbilled revenues	17,147	18,191
Other receivables	26,983	8,552
Materials, supplies, and fuel stock	16,462	10,843
Regulatory assets	50	1,932
Other current assets	2,705	2,346
Total current assets	94,759	74,147
Other Property and Investments:
Other investments	102	101
Non-utility property, including financing leases	14,746	14,010
Total other property and investments	14,848	14,111
Utility Plant:
Plant in service, held for future use, and to be abandoned	3,210,870	2,853,130
Less accumulated depreciation and amortization	582,140	578,157
Net plant in service and plant held for future use	2,628,730	2,274,973
Construction work in progress	91,274	63,820
Net utility plant	2,720,004	2,338,793
Deferred Charges and Other Assets:
Regulatory assets	75,654	82,745
Goodwill	226,665	226,665
Operating lease assets, net of amortization	1,814	3,426
Other deferred charges	11,287	6,714
Total deferred charges and other assets	315,420	319,550
Total assets	3,145,031	2,746,601
Current Liabilities:
Short-term debt	55,100	36,700
Current maturities of long-term debt	79,947	0
Accrued interest and taxes	57,558	54,672
Regulatory liabilities	5,159	9,089
Operating lease liabilities	895	1,543
Other current liabilities	12,084	6,336
Total current liabilities	269,295	148,765
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $338,521 and $0 related to ETBC I)	1,180,933	1,076,875
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	178,748	164,637
Regulatory liabilities	206,296	198,213
Asset retirement obligations	898	828
Accrued pension liability and postretirement benefit cost	1,480	792
Operating lease liabilities	809	1,703
Other deferred credits	68,911	52,964
Total deferred credits and other liabilities	457,142	419,137
Total liabilities	1,907,370	1,644,777
Commitments and Contingencies (See Note 16)
Company common stockholders’ equity:
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 90,200,384 and 85,834,874 shares)	64	64
Paid-in-capital	846,066	805,166
Retained earnings	391,531	296,594
Total PNMR common stockholders’ equity	1,237,661	1,101,824
Total liabilities and stockholders' equity	3,145,031	2,746,601
TNMP | Nonrelated Party
Current Liabilities:
Accounts payable	51,620	34,152
TNMP | Related Party
Current Liabilities:
Accounts payable	$ 6,932	$ 6,273

Consolidated Balance Sheets -_5

Consolidated Balance Sheets - TNMP (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Company common stockholders’ equity:
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	90,200,384	90,200,384
Common stock, shares outstanding (in shares)	85,834,874	85,834,874
TNMP
Company common stockholders’ equity:
Common stock, par value (in dollars per share)	$ 10	$ 10
Common stock, shares authorized (in shares)	12,000,000	12,000,000
Common stock, shares issued (in shares)	6,358	6,358
Common stock, shares outstanding (in shares)	6,358	6,358

Consolidated Statements of Ch_3

Consolidated Statements of Changes in Common Stockholder's Equity - TNMP - USD ($) $ in Thousands	Total	Retained Earnings	TNMP	TNMP Common Stock	TNMP Paid-in Capital	TNMP Retained Earnings
Beginning Balance at Dec. 31, 2020			$ 825,678	$ 64	$ 685,166	$ 140,448
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings			63,879			63,879
Equity contribution from parent			52,000		52,000
Dividends declared on common stock	$ (84,333)	$ (84,333)	0
Ending Balance at Dec. 31, 2021			941,557	64	737,166	204,327
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings			92,267			92,267
Equity contribution from parent			68,000		68,000
Dividends declared on common stock	(150,855)	(150,855)
Ending Balance at Dec. 31, 2022	2,191,932		1,101,824	64	805,166	296,594
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings			94,937			94,937
Equity contribution from parent			40,900		40,900
Dividends declared on common stock	(129,586)	$ (129,586)
Ending Balance at Dec. 31, 2023	$ 2,349,093		$ 1,237,661	$ 64	$ 846,066	$ 391,531

Summary of the Business and Sig

Summary of the Business and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of the Business and Significant Accounting Policies	Summary of the Business and Significant Accounting Policies Nature of Business PNMR is an investor-owned holding company with two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR’s primary subsidiaries are PNM and TNMP. PNM is a public utility with regulated operations primarily engaged in the generation, transmission, and distribution of electricity. In 2023, ETBC I, a special purpose entity that is wholly-owned by PNM, was formed for the limited purpose of purchasing, owning, and administering energy transition property, issuing Securitized Bonds, and performing related activities. See Note 7. TNMP is a wholly-owned subsidiary of TNP, which is a holding company that is wholly-owned by PNMR. TNMP provides regulated transmission and distribution services in Texas. PNMR’s common stock trades on the New York Stock Exchange under the symbol PNM. Merger Termination On October 20, 2020, PNMR, Avangrid, and Merger Sub, entered into the Merger Agreement pursuant to which Merger Sub would have merged with and into PNMR, with PNMR surviving the Merger as a wholly-owned subsidiary of Avangrid. The Merger Agreement provided that it may be terminated by each of PNMR and Avangrid under certain circumstances, including if the Effective Time shall not have occurred by the End Date, which had been extended to December 31, 2023, if all conditions to closing have been satisfied other than the obtaining of all required regulatory approvals. On December 31, 2023, Avangrid informed PNMR that it was terminating the Merger Agreement effective as of December 31, 2023. Financial Statement Preparation and Presentation The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could ultimately differ from those estimated. The Notes to Consolidated Financial Statements include disclosures for PNMR, PNM, and TNMP. This report uses the term “Company” when discussing matters of common applicability to PNMR, PNM, and TNMP. Discussions regarding only PNMR, PNM, or TNMP are so indicated. 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 accordingly. Principles of Consolidation The Consolidated Financial Statements of each of PNMR, PNM, and TNMP include their accounts and those of subsidiaries in which that entity owns a majority voting interest. PNM also consolidates Valencia (Note 10). PNM owns undivided interests in 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 Services Company 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 intercompany loans, interest and income tax sharing payments, as well as equity transactions, and interconnection billings. All intercompany transactions and balances have been eliminated. See Note 20. Accounting for the Effects of Certain Types of Regulation The Company maintains its accounting records in accordance with the uniform system of accounts prescribed by FERC and adopted by the NMPRC and PUCT. Certain of the Company’s operations are regulated by the NMPRC, PUCT, and FERC and the provisions of GAAP for rate-regulated enterprises are applied to the regulated operations. Regulators may assign costs to accounting periods that differ from accounting methods applied by non-regulated utilities. When it is probable that regulators will permit recovery of costs through future rates, costs are deferred as regulatory assets that otherwise would be expensed. Likewise, regulatory liabilities are recognized when it is probable that regulators will require refunds through future rates or when revenue is collected for expenditures that have not yet been incurred. GAAP also provides for the recognition of revenue and regulatory assets and liabilities associated with “alternative revenue programs” authorized by regulators. Such programs allow the utility to adjust future rates in response to past activities or completed events, if certain criteria are met. Regulatory assets and liabilities are amortized into earnings over the authorized recovery period. Accordingly, the Company has deferred certain costs and recorded certain liabilities pursuant to the rate actions of the NMPRC, PUCT, and FERC. Information on regulatory assets and regulatory liabilities is contained in Note 13. In some circumstances, regulators allow a requested increase in rates to be implemented, subject to refund, before the regulatory process has been completed and a decision rendered by the regulator. When this occurs, the Company assesses the possible outcomes of the rate proceeding. The Company records a provision for refund to the extent the amounts being collected, subject to refund, exceed the amount the Company determines is probable of ultimately being allowed by the regulator. Cash and Restricted Cash Investments in highly liquid investments with original maturities of three months or less at the date of purchase are considered cash and cash equivalents. Cash deposits received and held for a period of time that are restricted to a specific purpose, under the terms of their effective agreements, are considered restricted cash. PNM and PNMR have restricted cash balances related to Securitized Bonds issued by ETBC I. Restricted cash amounts are included in Other deferred charges on the Consolidated Balance Sheets as of December 31, 2023. See Note 10. At December 31, 2023 there was no restricted cash for TNMP. At December 31, 2022 and 2021 there was no restricted cash for PNMR, PNM, and TNMP. Utility Plant Utility plant is stated at original cost and includes capitalized payroll-related costs such as taxes, pension, other fringe benefits, administrative costs, and AFUDC, where authorized by rate regulation, or capitalized interest. Repairs, including major maintenance activities, and minor replacements of property are expensed when incurred, except as required by regulators for ratemaking purposes. Major replacements are charged to utility plant. Gains, losses, and costs to remove resulting from retirements or other dispositions of regulated property in the normal course of business are credited or charged to accumulated depreciation. PNM and TNMP may receive reimbursements, referred to as CIAC, from customers to pay for all or part of certain construction projects to the extent the project does not benefit regulated customers in general. PNM and TNMP account for these reimbursements as offsets to utility plant additions based on the requirements of the NMPRC, FERC, and PUCT. Due to the PUCT’s regulatory treatment of CIAC reimbursements, TNMP also receives a financing component that is recognized as other income on the Consolidated Statements of Earnings. Under the NMPRC regulatory treatment, PNM typically does not receive a financing component. Depreciation and Amortization PNM’s provision for depreciation and amortization of utility plant, other than nuclear fuel, is based upon straight-line rates approved by the NMPRC and FERC. Amortization of nuclear fuel is based on units-of-production. TNMP’s provision for depreciation and amortization of utility plant is based upon straight-line rates approved by the PUCT. Depreciation and amortization of non-utility property, including right-of-use assets for finance leases as discussed in Note 8, is computed based on the straight-line method. The provision for depreciation of certain equipment is allocated between operating expenses and construction projects based on the use of the equipment. Average straight-line rates used were as follows: Year ended December 31, 2023 2022 2021 PNM Electric plant 2.67 % 2.55 % 2.48 % Common, intangible, and general plant 7.64 7.83 7.91 TNMP 3.77 3.72 3.88 Depreciation on electric, common, intangible, and general plant is as follows: Year ended December 31, 2023 2022 2021 (In thousands) PNM $ 158,956 $ 163,162 $ 153,165 TNMP 110,675 96,131 87,900 Allowance for Funds Used During Construction As provided by the FERC uniform systems of accounts, AFUDC is charged to regulated utility plant for construction projects. This allowance is designed to enable a utility to capitalize financing costs during periods of construction of property subject to rate regulation. It represents the cost of borrowed funds (allowance for borrowed funds used during construction or “debt AFUDC”) and a return on other funds (allowance for equity funds used during construction or “equity AFUDC”). The debt AFUDC is recorded in interest charges and the equity AFUDC is recorded in other income on the Consolidated Statements of Earnings. For the years ended December 31, 2023, 2022, and 2021, PNM recorded $9.5 million, $3.7 million, and $3.4 million of debt AFUDC at annual rates of 2.99%, 1.70%, and 1.70% and $9.8 million, $9.3 million, and $9.9 million of equity AFUDC at annual rates of 3.24%, 4.26%, and 4.94%. For the years ended December 31, 2023, 2022, and 2021, TNMP recorded $5.7 million, $3.4 million, and $1.6 million of debt AFUDC at rates of 3.49%, 2.25%, and 1.80% and $5.1 million, $4.5 million, and $3.3 million of equity AFUDC at rates of 3.17%, 2.99%, and 3.67%. Materials, Supplies, and Fuel Stock Materials and supplies relate to transmission, distribution, and generating assets. Materials and supplies are charged to inventory when purchased and are expensed or capitalized as appropriate when issued. Materials and supplies are valued using an average costing method. Inventories consisted of the following at December 31: PNMR PNM TNMP 2023 2022 2023 2022 2023 2022 (In thousands) Fuel Oil $ 896 $ 985 $ 896 $ 985 $ — $ — Materials and supplies 97,138 65,748 80,676 54,905 16,462 10,843 $ 98,034 $ 66,733 $ 81,572 $ 55,890 $ 16,462 $ 10,843 Investments PNM holds investment securities in the NDT for the purpose of funding its share of the decommissioning costs of PVNGS, a trust for PNM’s share of decommissioning costs at SJGS, and trusts for PNM’s share of final reclamation costs related to the coal mines that served SJGS and continue to serve Four Corners (Note 16). Investments (both equity and available-for-sale debt securities) are measured at fair value on a quarterly basis with changes in fair value for equity securities recognized in earnings for that period. Since third party investment managers have sole discretion over the purchase and sale of the securities (under general guidelines and targets provided by management), PNM records an impairment, as a realized loss, for any available-for-sale debt security that has a fair value which is less than cost at the end of each quarter. For the years ended December 31, 2023, 2022 and 2021, PNM recorded impairment losses on the available-for-sale debt securities of $(19.1) million, $25.8 million and $(0.7) million. No gains or losses are deferred as regulatory assets or liabilities. See Notes 3 and 9. All investments are held in PNM’s name and are in the custody of major financial institutions. The specific identification method is used to determine the cost of securities disposed of, with realized gains and losses reflected in other income and deductions. As discussed above, PNM immediately records an impairment loss 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. All gains and losses resulting from sales and changes in the fair value of equity securities are recognized immediately in earnings. Equity Method Investment PNMR accounts for its investment in NMRD using the equity method of accounting because PNMR’s ownership interest results in significant influence, but not control, over NMRD and its operations. PNMR records as income its percentage share of earnings or loss of NMRD and carries its investment at cost, adjusted for its share of undistributed earnings or losses. See Note 21. Goodwill The Company does not amortize goodwill. Goodwill is evaluated for impairment annually, or more frequently if events and circumstances indicate that the goodwill might be impaired. See Note 19. Asset Impairment Tangible long-lived assets and right-of-use assets associated with leases are evaluated in relation to the estimated future undiscounted cash flows to assess recoverability when events and circumstances indicate that the assets might be impaired. Revenue Recognition See Note 4 for a discussion of electric operating revenues. Accounts Receivable and Allowance for Credit Losses See Note 4 for a discussion of accounts receivable and the allowance for credit losses. Amortization of Debt Acquisition Costs Discount, premium, and expense related to the issuance of long-term debt are amortized over the lives of the respective issues. Gains and losses incurred upon the early retirement of long-term debt are recognized in other income or other deductions, except for amounts recoverable through NMPRC, FERC, or PUCT regulation, which are recorded as regulatory assets or liabilities and amortized over the lives of the respective issues. Unamortized premium, discount, and expense related to long-term debt are reflected as part of the related liability on the Consolidated Balance Sheets. Derivatives The Company records derivative instruments, including energy contracts, on the balance sheet as either an asset or liability measured at their fair value. Changes in the derivatives’ fair value are recognized in earnings unless specific hedge accounting criteria are met. PNM also records certain commodity derivative transactions recoverable through NMPRC regulation as regulatory assets or liabilities. See Note 9. The Company treats all forward commodity purchases and sales contracts subject to unplanned netting or “book-out” by the transmission provider as derivative instruments subject to mark-to-market accounting. GAAP provides guidance on whether realized gains and losses on derivative contracts not held for trading purposes should be reported on a net or gross basis and concludes such classification is a matter of judgment that depends on the relevant facts and circumstances. See Note 4. Decommissioning and Reclamation Costs PNM is only required to recognize and measure decommissioning liabilities for tangible long-lived assets for which a legal obligation exists. Nuclear decommissioning costs and related accruals are based on periodic site-specific estimates of the costs for removing all radioactive and other structures at PVNGS and are dependent upon numerous assumptions, including estimates of future decommissioning costs at current price levels, inflation rates, and discount rates. PNM’s accruals for PVNGS Units 1, 2, and 3, including portions previously held under leases, have been made based on such estimates, the guidelines of the NRC, and the PVNGS license periods. PNM records its share of the SJGS decommissioning obligation as an ARO on its Consolidated Balance Sheets. Studies on the decommissioning costs of SJGS are performed periodically and revisions to the ARO liability are recorded. See Note 16. In connection with both the SJGS and Four Corners coal supply agreements, the owners are required to reimburse the mining companies for the cost of contemporaneous reclamation, as well as the costs for final reclamation of the coal mines. The reclamation costs are based on periodic site-specific studies that estimate the costs to be incurred in the future and are dependent upon numerous assumptions, including estimates of future reclamation costs at current price levels, inflation rates, and discount rates. PNM considers the contemporaneous reclamation costs part of the cost of its delivered coal costs. See Note 16 for a discussion of reclamation costs. Environmental Costs The normal operations of the Company involve activities and substances that expose the Company to potential liabilities under laws and regulations protecting the environment. Liabilities under these laws and regulations can be material and may be imposed without regard to fault, or may be imposed for past acts, even though the past acts may have been lawful at the time they occurred. The Company records its environmental liabilities when site assessments or remedial actions are probable and a range of reasonably likely cleanup costs can be estimated. The Company reviews its sites and measures the liability by assessing a range of reasonably likely costs for each identified site using currently available information and the probable level of involvement and financial condition of other potentially responsible parties. These estimates are based on assumptions regarding the costs for site investigations, remediation, operations and maintenance, monitoring, and site closure. The ultimate cost to clean up the Company’s identified sites may vary from its recorded liability due to numerous uncertainties inherent in the estimation process. Amounts recorded for environmental expense in the years ended December 31, 2023, 2022, and 2021, as well as the amounts of environmental liabilities at December 31, 2023 and 2022, were insignificant. Pension and Other Postretirement Benefits See Note 11 for a discussion of pension and postretirement benefits expense, including a discussion of the actuarial assumptions. Stock-Based Compensation See Note 12 for a discussion of stock-based compensation expense. Income Taxes Income taxes are recognized using the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax basis. All deferred taxes are reflected as non-current on the Consolidated Balance Sheets. Current NMPRC, FERC, and PUCT approved rates include the tax effects of the majority of these differences. Rate-regulated enterprises are required to record deferred income taxes for temporary differences accorded flow-through treatment at the direction of a regulatory commission. The resulting deferred tax assets and liabilities are recorded based on the expected cash flow to be reflected in future rates. Because the NMPRC, FERC, and the PUCT have consistently permitted the recovery of tax effects previously flowed-through earnings, the Company has established regulatory assets and liabilities offsetting such deferred tax assets and liabilities. The Company recognizes only the impact of tax positions that, based on their merits, are more likely than not to be sustained upon an IRS audit. The Company defers investment tax credits and amortizes them over the estimated useful lives of the assets. See Note 18 for additional information, including a discussion of the impacts of the Tax Act. The Company makes an estimate of its anticipated effective tax rate for the year as of the end of each quarterly period within its fiscal year. In interim periods, income tax expense is calculated by applying the anticipated annual effective tax rate to year-to-date earnings before taxes. Certain unusual or infrequently occurring items, as well as adjustments due to enactment of new tax laws, have been excluded from the estimated annual effective tax rate calculation. Lease Commitments See Note 8 for a discussion of lease commitments. New Accounting Pronouncements Information concerning recently issued accounting pronouncements that have not yet 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 2022-03 - Fair Value Measurement (Topic 820): Fair Value Measurements of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the FASB issued ASU 2022-03 clarifying that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the security and, therefore, is not considered in measuring fair value. The amendment also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. Disclosure requirements from the amendment include disclosure of the fair value of equity securities subject to contractual sale restrictions that are reflected in the balance sheet; the nature and remaining duration of the restriction(s); and the circumstances that could cause a lapse in the restriction(s). ASU 2022-03 is effective for the Company beginning January 1, 2024 with early adoption for both interim and annual periods being permitted. ASU 2022-03 is to be applied prospectively with any adjustments recognized in earnings and disclosed on the date of adoption. The Company does not expect ASU 2022-03 to have any impact on earnings as there are currently no investments that are subject to contractual restrictions on the Consolidated Balance Sheets. Disclosure updates for investments held in the pension and other benefit plan portfolios are not expected to be material. Accounting Standards Update 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07 enhancing disclosures about significant segment expenses. Disclosure requirements of this update include disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss (collectively referred to as the “significant expense principle”); an amount for other segment items by reportable segment and a description of its composition; the title and position of the CODM and an explanation of how the CODM uses the reported measures in assessing segment performance and deciding how to allocate resources; and that a single reportable segment provides all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. The amendment also clarifies that in addition to the measure most consistent with the measurement principles under GAAP, reporting of additional measures of a segment’s profit or loss used by the CODM in assessing segment performance and determining allocation of resources is allowed. ASU 2023-07 is effective for the Company beginning January 1, 2024 and interim periods beginning January 1, 2025 with early adoption being permitted. ASU 2023-07 is to be applied retrospectively to all prior periods presented in the financial statements. Accounting Standards Update 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 enhancing the transparency and decision usefulness of income tax disclosures. Disclosure requirements of this update include (on an annual basis) the disclosure of specific categories in the rate reconciliation and the inclusion of additional information for reconciling items that meet a quantitative threshold (if the effect of the reconciling item is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income by the applicable statutory rate). The amendment also requires the disclosure (on an annual basis) of information about income taxes paid (net of refunds) including, the disaggregation by federal, state, and foreign taxes as well as by individual jurisdiction. Additional requirements include the disclosure of income (loss) from continuing operations before income tax expense (benefit) disaggregated between foreign and domestic as well as income tax expense (benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for the Company beginning January 1, 2025 with early adoption being permitted. ASU 2023-09 is to be applied on a prospective basis with retrospective application permitted.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2023
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, which includes the asset optimization of PNM’s jurisdictional capacity as well as providing transmission services to third parties. FERC has jurisdiction over wholesale power and transmission rates. PNM includes the results of ETBC I upon its formation in 2023. TNMP TNMP is an electric utility providing services in Texas under the TECA. TNMP’s operations are subject to traditional rate regulation by the PUCT. TNMP provides transmission and distribution services at regulated rates to various REPs that, in turn, provide retail electric service to consumers within TNMP’s service area. TNMP also provides transmission services at regulated rates to other utilities that interconnect with TNMP’s facilities. Corporate and Other The Corporate and Other segment includes PNMR holding company activities, primarily related to corporate level debt and PNMR Services Company. The activities of PNMR Development and the equity method investment in NMRD are also included in Corporate and Other. Eliminations of intercompany transactions are reflected in the Corporate and Other segment. PNMR SEGMENT INFORMATION The following tables present summarized financial information for PNMR by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP. 2023 PNM TNMP Corporate PNMR Consolidated (In thousands) Electric operating revenues $ 1,403,948 $ 535,250 $ — $ 1,939,198 Cost of energy 663,614 138,647 — 802,261 Utility margin 740,334 396,603 — 1,136,937 Other operating expenses 479,525 133,443 (26,874) 586,094 Depreciation and amortization 177,633 113,142 28,728 319,503 Operating income (loss) 83,176 150,018 (1,854) 231,340 Interest income 21,355 — 608 21,963 Other income (deductions) 20,003 8,368 (790) 27,581 Interest charges (86,574) (46,152) (57,629) (190,355) Segment earnings (loss) before income taxes 37,960 112,234 (59,665) 90,529 Income taxes (benefit) (16,758) 17,297 (16,889) (16,350) Segment earnings (loss) 54,718 94,937 (42,776) 106,879 Valencia non-controlling interest (18,533) — — (18,533) Subsidiary preferred stock dividends (528) — — (528) Segment earnings (loss) attributable to PNMR $ 35,657 $ 94,937 $ (42,776) $ 87,818 At December 31, 2023: Total Assets $ 6,813,065 $ 3,145,031 $ 294,509 $ 10,252,605 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 2022 PNM TNMP Corporate PNMR Consolidated (In thousands) Electric operating revenues $ 1,766,825 $ 482,730 $ — $ 2,249,555 Cost of energy 864,013 123,928 — 987,941 Utility margin 902,812 358,802 — 1,261,614 Other operating expenses 460,513 124,519 (22,031) 563,001 Depreciation and amortization 180,812 98,316 25,725 304,853 Operating income (loss) 261,487 135,967 (3,694) 393,760 Interest income 14,816 — 1,279 16,095 Other income (deductions) (77,012) 8,653 (2,278) (70,637) Interest charges (61,073) (37,192) (29,643) (127,908) Segment earnings (loss) before income taxes 138,218 107,428 (34,336) 211,310 Income taxes (benefit) 19,198 15,161 (8,229) 26,130 Segment earnings (loss) 119,020 92,267 (26,107) 185,180 Valencia non-controlling interest (15,122) — — (15,122) Subsidiary preferred stock dividends (528) — — (528) Segment earnings (loss) attributable to PNMR $ 103,370 $ 92,267 $ (26,107) $ 169,530 At December 31, 2022: Total Assets $ 6,272,166 $ 2,746,601 $ 238,610 $ 9,257,377 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 2021 PNM TNMP Corporate PNMR Consolidated (In thousands) Electric operating revenues $ 1,362,020 $ 417,853 $ — $ 1,779,873 Cost of energy 531,786 113,067 — 644,853 Utility margin 830,234 304,786 — 1,135,020 Other operating expenses 438,372 114,228 (9,840) 542,760 Depreciation and amortization 170,365 90,440 23,302 284,107 Operating income (loss) 221,497 100,118 (13,462) 308,153 Interest income (loss) 14,605 — 57 14,662 Other income (deductions) 13,809 5,408 (726) 18,491 Interest charges (51,360) (33,735) (11,782) (96,877) Segment earnings (loss) before income taxes 198,551 71,791 (25,913) 244,429 Income taxes (benefit) 26,992 7,912 (2,322) 32,582 Segment earnings (loss) 171,559 63,879 (23,591) 211,847 Valencia non-controlling interest (15,490) — — (15,490) Subsidiary preferred stock dividends (528) — — (528) Segment earnings (loss) attributable to PNMR $ 155,541 $ 63,879 $ (23,591) $ 195,829 At December 31, 2021: Total Assets $ 6,060,133 $ 2,364,772 $ 241,980 $ 8,666,885 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 Non-GAAP Financial Measures 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 consumers through TNMP’s transmission cost recovery factor. Utility margin is not a financial measure required to be presented and is considered a non-GAAP measure. PNM and TNMP do not intend for utility margin to represent any financial measure as defined by GAAP; however, the calculation of utility margin, as presented, most closely compares to gross margin as defined by GAAP. Reconciliations between utility margin and gross margin are presented below. PNM TNMP Corporate and Other PNMR Consolidated (In thousands) 2023 Gross margin $ 409,366 $ 246,465 $ — $ 655,831 Energy production costs 91,610 — — 91,610 Transmission and distribution costs 61,725 36,996 — 98,721 Depreciation and amortization 177,633 113,142 — 290,775 1 Utility margin $ 740,334 $ 396,603 $ — $ 1,136,937 2022 Gross margin $ 516,375 $ 224,080 $ — $ 740,455 Energy production costs 147,347 — — 147,347 Transmission and distribution costs 58,278 36,406 — 94,684 Depreciation and amortization 180,812 98,316 — 279,128 1 Utility margin $ 902,812 $ 358,802 $ — $ 1,261,614 2021 Gross margin $ 466,092 $ 182,857 $ — $ 648,949 Energy production costs 143,931 — — 143,931 Transmission and distribution costs 49,846 31,489 — 81,335 Depreciation and amortization 170,365 90,440 — 260,805 1 Utility margin $ 830,234 $ 304,786 $ — $ 1,135,020 1 Corporate and Other depreciation and amortization represents corporate level activities that are billed at cost and reflected as general and administrative expenses at PNM and TNMP and therefore are not a component of gross margin or utility margin. See Note 1. Major Customers PNM’s participation in EIM, operated by CAISO, accounted for approximately 15%, 24%, and 11% of electric operating revenues during the years ended December 31, 2023, 2022, and 2021. These revenues are passed on to customers under PNM’s FPPAC with no impact to net earnings. Two REPs during the years ended December 31, 2023 and 2022 and three REPs during the years ended December 31, 2021 accounted for more than 10% of the electric operating revenues of TNMP as follows: Year Ended December 31, 2023 2022 2021 REP A 25 % 27 % 23 % REP B 19 20 19 REP C N/A N/A 10

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) AOCI reports a measure for accumulated changes in equity that result from transactions and other economic events other than transactions with shareholders. Information regarding AOCI is as follows: Accumulated Other Comprehensive Income (Loss) PNM PNMR Unrealized Gains on Available-for-Sale Securities Pension Total Fair Value Adjustment for Cash Flow Hedges Total (In thousands) Balance at December 31, 2020 $ 20,403 $ (98,914) $ (78,511) $ (672) $ (79,183) Amounts reclassified from AOCI (pre-tax) (9,765) 8,348 (1,417) (903) (2,320) Income tax impact of amounts reclassified 2,480 (2,120) 360 229 589 Other OCI changes (pre-tax) (1,881) 12,111 10,230 1,804 12,034 Income tax impact of other OCI changes 478 (3,076) (2,598) (458) (3,056) Net after-tax change (8,688) 15,263 6,575 672 7,247 Balance at December 31, 2021 11,715 (83,651) (71,936) — (71,936) Amounts reclassified from AOCI (pre-tax) (3,827) 7,104 3,277 (1,176) 2,101 Income tax impact of amounts reclassified 972 (1,804) (832) 299 (533) Other OCI changes (pre-tax) (1,928) (4,565) (6,493) 12,285 5,792 Income tax impact of other OCI changes 490 1,159 1,649 (3,121) (1,472) Net after-tax change (4,293) 1,894 (2,399) 8,287 5,888 Balance at December 31, 2022 7,422 (81,757) (74,335) 8,287 (66,048) Amounts reclassified from AOCI (pre-tax) (7,199) 4,776 (2,423) 9,287 6,864 Income tax impact of amounts reclassified 1,828 (1,212) 616 (2,359) (1,743) Other OCI changes (pre-tax) 11,529 1,389 12,918 (15,483) (2,565) Income tax impact of other OCI changes (2,928) (353) (3,281) 3,933 652 Net after-tax change 3,230 4,600 7,830 (4,622) 3,208 Balance at December 31, 2023 $ 10,652 $ (77,157) $ (66,505) $ 3,665 $ (62,840) The 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 Consolidated Statements of Earnings.

Electric Operating Revenues

Electric Operating Revenues	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Electric Operating Revenues	Electric Operating Revenues 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, adjustments to the allowance for credit losses are made as necessary and amounts that are deemed uncollectible are written off. In addition to the allowance for credit losses on trade receivables, the Company has evaluated other receivables for potential credit related losses. These balances include potential exposures for other non-retail utility services. In the years ended December 31, 2023 and 2022, there were no estimated credit losses related to these transactions. Revenue Recognition Retail electric operating revenues are recorded in the period of energy delivery, which includes estimated amounts for service rendered but unbilled at the end of each accounting period. The determination of the energy sales billed to individual retail customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading and the corresponding unbilled revenue are estimated. Unbilled electric revenue is estimated based on daily generation volumes, estimated customer usage by class, line losses, historical trends and experience, applicable customer rates or by using AMS data where available. Amounts billed are generally due within the next month. The Company does not incur incremental costs to obtain contracts for its energy services. PNM’s wholesale electricity sales are recorded as electric operating revenues and wholesale electricity purchases are recorded as costs of energy sold. Derivative contracts that are subject to unplanned netting are recorded net in earnings. A “book-out” is the planned or unplanned netting of off-setting purchase and sale transactions. A book-out is a transmission mechanism to reduce congestion on the transmission system or administrative burden. For accounting purposes, a book-out is the recording of net revenues upon the settlement of a derivative contract. Unrealized gains and losses on derivative contracts that are not designated for hedge accounting are classified as economic hedges. Economic hedges are defined as derivative instruments, including long-term power and fuel supply agreements, used to hedge generation assets and purchased power costs. Changes in the fair value of economic hedges are reflected in results of operations, with changes related to economic hedges on sales included in operating revenues and changes related to economic hedges on purchases included in cost of energy sold. See Note 9. The Company has collaborative arrangements related to its interest in SJGS, Four Corners, PVNGS, and Luna. The Company has determined that during the years ended December 31, 2023, 2022, and 2021 none of the joint owners in its collaborative arrangements were customers under Topic 606. The Company will continue to evaluate transactions between collaborative arrangement participants in future periods under the revenue recognition standard. PNM and TNMP recognize revenue as they satisfy performance obligations, which typically occurs as the customer or end-user consumes the electric service provided. Electric services are typically for a bundle of services that are distinct and transferred to the end-user in one performance obligation measured by KWh or KW. Electric operating revenues are recorded in the period of energy delivery, including estimated unbilled amounts. The Company has elected to exclude all sales and similar taxes from revenue. Revenue from contracts with customers is recorded based upon the total authorized tariff or market price at the time electric service is rendered, including amounts billed under arrangements qualifying as an Alternative Revenue Program (“ARP”). ARP arrangements are agreements between PNM or TNMP and its regulator that allow PNM or TNMP to adjust future rates in response to past activities or completed events, if certain criteria are met. ARP revenues are required to be reported separately from contracts with customers. ARP revenues in a given period include the recognition of “originating” ARP revenues (i.e. when the regulator-specific conditions are met) in the period, offset by the reversal of ARP revenues when billed to customers. Sources of Revenue Additional information about the nature of revenues is provided below. Additional information about matters affecting PNM’s and TNMP’s regulated revenues is provided in Note 17. Revenue from Contracts with Customers PNM NMPRC Regulated Retail Electric Service – PNM provides electric generation, transmission, and distribution service to its rate-regulated customers in New Mexico. PNM’s retail electric service territory covers a large area of north central New Mexico, including the cities of Albuquerque, Rio Rancho, and Santa Fe, and certain areas of southern New Mexico. Customer rates for retail electric service are set by the NMPRC and revenue is recognized as energy is delivered to the customer. PNM invoices customers on a monthly basis for electric service and generally collects billed amounts within one month. Transmission Service to Third Parties – PNM owns transmission lines that are interconnected with other utilities in New Mexico, Texas, Arizona, Colorado, and Utah. Transmission customers receive service for the transmission of energy owned by the customer utilizing PNM’s transmission facilities. Customers generally receive transmission services, which are regulated by FERC, from PNM through PNM’s Open Access Transmission Tariff (“OATT”) or a specific contract. Customers are billed based on capacity and energy components on a monthly basis. In December 2021, PNM completed the purchase of the Western Spirit Line and services under related transmission agreements were initiated using an incremental rate, approved by FERC, that are separate from the formula rate mechanism. Wholesale Energy Sales – PNM engages in activities to optimize its existing jurisdictional assets and long-term power agreements through spot market, hour-ahead, day-ahead, week-ahead, month-ahead, and other sales of excess generation not required to fulfill retail load and contractual commitments. PNM began participating in the EIM in 2021. The EIM is a real-time wholesale energy trading market operated by the CAISO that enables participating electric utilities to buy and sell energy. The NMPRC granted PNM authority to seek recovery of costs associated with joining the EIM, which have been included in the 2024 Rate Change and to pass the benefits of participating in EIM to customers through the FPPAC. PNM’s participation in EIM has significantly increased Electric operating revenues which are passed on to customers under PNM’s FPPAC with no impact to net earnings. Beginning on January 1, 2018, PNM acquired a 65 MW interest in SJGS Unit 4, which was held as merchant plant as ordered by the NMPRC. PNM sold power from 36 MW of this capacity to a third party at a fixed price that was recorded as revenue from contracts with customers. PNM was obligated to deliver power under this arrangement only when SJGS Unit 4 was operating. In May 2022, PNM executed a new agreement to sell 50 MW of that capacity to a third party for the period from July 1, 2022 through September 30, 2022 on a system-contingent basis. TNMP PUCT Regulated Retail Electric Service – TNMP provides transmission and distribution services in Texas under the provisions of TECA and the Texas Public Utility Regulatory Act. TNMP is subject to traditional cost-of-service regulation with respect to rates and service under the jurisdiction of the PUCT and certain municipalities. TNMP’s transmission and distribution activities are solely within ERCOT and not subject to traditional rate regulation by FERC. TNMP provides transmission and distribution services at regulated rates to various REPs that, in turn, provide retail electric service to consumers within TNMP’s service territory. Revenue is recognized as energy is delivered to the consumer. TNMP invoices REPs on a monthly basis and is generally paid within a month. TCOS – TNMP is a transmission service provider that is allowed to recover its TCOS through a network transmission rate that is approved by the PUCT. TCOS customers are other utilities that receive service for the transmission of energy owned by the customer utilizing TNMP’s transmission facilities. Alternative Revenue Programs The Company defers certain costs and records certain liabilities pursuant to the rate actions of the NMPRC, PUCT, and FERC. ARP revenues, which are discussed above, include recovery or refund provisions under PNM’s renewable energy rider and true-ups to PNM’s formula transmission rates; transmission cost recovery factor, and the impacts of the PUCT’s January 25, 2018 order regarding the change in the federal corporate income tax rate; and the energy efficiency incentive bonus at both PNM and TNMP. Regulatory assets and liabilities are recognized for the difference between ARP revenues and amounts billed under those programs. Regulatory assets and liabilities are amortized into earnings as amounts are billed. TNMP’s 2018 Rate Case integrated AMS costs into base rates beginning January 1, 2019. These costs are being amortized into earnings as alternative revenues over a period of five years. Other Electric Operating Revenues Other electric operating revenues consist primarily of PNM’s economic hedges that meet the definition of a derivative, and are therefore not considered revenue from contracts with customers. Derivative revenues include gains and losses representing changes in fair value (Note 9) and settlements from sales of electricity under forward sales contracts. Disaggregation of Revenues A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below. The table also reflects ARP revenues and other revenues. PNM TNMP PNMR Consolidated Year Ended December 31, 2023 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 425,448 $ 190,953 $ 616,401 Commercial 391,964 155,254 547,218 Industrial 90,084 45,508 135,592 Public authority 21,018 6,777 27,795 Economy energy service 34,340 — 34,340 Transmission 159,475 135,831 295,306 Wholesale energy sales 248,801 — 248,801 Miscellaneous 5,676 3,739 9,415 Total revenues from contracts with customers 1,376,806 1 538,062 1,914,868 1 Alternative revenue programs 9,419 (2,812) 6,607 Other electric operating revenues 17,723 — 17,723 Total Electric Operating Revenues $ 1,403,948 $ 535,250 $ 1,939,198 1 Included in revenue from contracts with customers at PNM and PNMR is a $128.7 million reduction associated with the SJGS abandonment settlement and a $38.4 million reduction associated with PVNGS leased capacity as a result of the NMPRC final order in the 2024 Rate Change. PNM TNMP PNMR Consolidated Year Ended December 31, 2022 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 484,699 $ 187,951 $ 672,650 Commercial 422,163 154,059 576,222 Industrial 85,102 36,919 122,021 Public authority 21,330 6,379 27,709 Economy energy service 45,009 — 45,009 Transmission 149,421 113,782 263,203 Wholesale energy sales 534,196 — 534,196 Miscellaneous 5,390 3,817 9,207 Total revenues from contracts with customers 1,747,310 502,907 2,250,217 Alternative revenue programs 692 (20,177) (19,485) Other electric operating revenues 18,823 — 18,823 Total Electric Operating Revenues $ 1,766,825 $ 482,730 $ 2,249,555 PNM TNMP PNMR Consolidated Year Ended December 31, 2021 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 484,720 $ 158,796 $ 643,516 Commercial 419,251 125,536 544,787 Industrial 88,479 29,089 117,568 Public authority 22,720 6,142 28,862 Economy energy service 35,220 — 35,220 Transmission 87,880 94,152 182,032 Wholesale energy sales 184,132 — 184,132 Miscellaneous 4,770 3,794 8,564 Total revenues from contracts with customers 1,327,172 417,509 1,744,681 Alternative revenue programs (4,108) 344 (3,764) Other electric operating revenues 38,956 — 38,956 Total Electric Operating Revenues $ 1,362,020 $ 417,853 $ 1,779,873 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 Consolidated Balance Sheets, net of allowance for credit losses, includes $93.6 million and $151.4 million at December 31, 2023 and 2022 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). Upon the completion of the Western Spirit Line, PNM entered into a TSA with Pattern Wind under an incremental tariff rate approved by FERC. The terms of the agreement provide for a financing component that benefits the customer. As such, the revenue that PNM recognizes will be in excess of the consideration received at the beginning of the service term resulting in a contract asset. The balance of the contract asset was $22.1 million at December 31, 2023 and $11.9 million at December 31, 2022, and is included in Other deferred charges on the Consolidated Balance Sheets. Contract liabilities arise when consideration is received in advance from a customer before satisfying the performance obligations. Therefore, revenue is deferred and not recognized until the obligation is satisfied. Under its OATT, PNM accepts upfront consideration for capacity reservations requested by transmission customers, which requires PNM to defer the customer’s transmission capacity rights for a specific period of time. PNM recognizes the revenue of these capacity reservations over the period it defers the customer’s capacity rights. Other utilities pay PNM and TNMP in advance for the joint-use of their utility poles. These revenues are recognized over the period of time specified in the joint-use contract, typically for one calendar year. Deferred revenues on these arrangements are recorded as contract liabilities. PNMR’s, PNM’s, and TNMP’s contract liabilities and related revenues are not material for any of the periods presented. The Company has no other arrangements with remaining performance obligations to which a portion of the transaction price would be required to be allocated.

Earnings and Dividends Per Shar

Earnings and Dividends Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings and Dividends Per Share	Earnings and Dividends Per Share Dual presentation of basic and diluted earnings per share has been presented in the Consolidated Statements of Earnings of PNMR. Information regarding the computation of earnings per share and dividends per share is as follows: Year Ended December 31, 2023 2022 2021 (In thousands, except per share amounts) Net Earnings Attributable to PNMR $ 87,818 $ 169,530 $ 195,829 Average Number of Common Shares: Outstanding during year 86,038 85,835 85,835 Vested awards of restricted stock 258 287 235 Average Shares – Basic 86,296 86,122 86,070 Dilutive Effect of Common Stock Equivalents: PNMR 2022 ATM Program 38 — — Stock options and restricted stock 35 47 41 Average Shares – Diluted 86,369 86,169 86,111 Net Earnings Attributable to PNMR Per Share of Common Stock: Basic $ 1.02 $ 1.97 $ 2.28 Diluted $ 1.02 $ 1.97 $ 2.27 Dividends Declared per Common Share $ 1.49 $ 1.41 $ 1.33

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock and Equity Contributions On December 15, 2023 PNMR physically settled all shares under the PNMR 2022 ATM Program by issuing 4.4 million shares to the forward purchasers, aggregating net proceeds of $198.2 million, including $1.0 million for equity issuance costs. Following this settlement, no shares of PNMR’s common stock remain subject to future settlement under the PNMR 2022 ATM Program. PNMR, PNM, and TNMP did not issue any common stock during the years ended December 31, 2022 and 2021. PNMR funded zero, zero, and $53.0 million of cash equity contributions to PNM in 2023, 2022, and 2021, respectively. PNMR also funded $40.9 million, $68.0 million, and $52.0 million of cash equity contributions to TNMP in 2023, 2022, and 2021, respectively. Dividends on Common Stock The declaration of common dividends by PNMR is dependent upon a number of factors, including the ability of PNMR’s subsidiaries to pay dividends. PNMR’s primary sources of dividends are its operating subsidiaries. PNM did not declare or pay any cash dividends to PNMR in 2023. However, PNM declared and paid cash dividends to PNMR of $153.5 million, and $60.0 million in 2022 and 2021, respectively. TNMP did not declare or pay any cash dividends to PNMR in 2023, 2022, or 2021. The NMPRC has placed certain restrictions on the ability of PNM to pay dividends to PNMR, including the restriction that PNM cannot pay dividends that cause its debt rating to fall below investment grade. The NMPRC provisions allow PNM to pay dividends, with at least 15 days prior notice, from current earnings, which is determined on a rolling four quarter basis, or from equity contributions previously made by PNMR. The Federal Power Act also imposes certain restrictions on dividends by public utilities. Debt-to-capitalization ratio requirements, as discussed in Note 7, remain at less than or equal to 65% for PNM and TNMP and less than or equal to 70% for PNMR. These debt-to-capitalization ratio requirements could limit the amounts of dividends that could be paid. PNM also has other financial covenants that limit the transfer of assets, through dividends or other means, including a requirement to obtain the approval of certain financial counterparties to transfer more than five percent of PNM’s assets. As of December 31, 2023, none of the numerical tests would restrict the payment of dividends from the retained earnings of PNM, and the 65% debt-to-capitalization covenant would restrict the payment of dividends by TNMP to $339.5 million. Similarly, the 70% debt-to-capitalization covenant would restrict the payment of dividends by PNMR to $321.9 million. In addition, the ability of PNMR to declare dividends is dependent upon the extent to which cash flows will support dividends, the availability of retained earnings, financial circumstances and performance, current and future regulatory decisions, Congressional and legislative acts, and economic conditions. Conditions imposed by the NMPRC or PUCT, future growth plans and related capital requirements, and business considerations may also affect PNMR’s ability to pay dividends. Preferred Stock PNM’s cumulative preferred shares outstanding bear dividends at 4.58% per annum. PNM preferred stock does not have a mandatory redemption requirement, but may be redeemed, at PNM’s option, at 102% of the stated value plus accrued dividends. The holders of the PNM preferred stock are entitled to payment before the holders of common stock in the event of any liquidation or dissolution or distribution of assets of PNM. In addition, PNM’s preferred stock is not entitled to a sinking fund and cannot be converted into any other class of stock of PNM. PNMR and TNMP have no preferred stock outstanding. The authorized shares of PNMR and TNMP preferred stock are 10 million shares and 1 million shares, respectively.

Financing

Financing	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Financing	Financing The Company’s financing strategy includes both short-term and long-term borrowings. The Company utilizes short-term revolving credit facilities, as well as cash flows from operations, to provide funds for both construction and operating expenditures. Depending on market and other conditions, the Company will periodically sell long-term debt or enter into term loan arrangements and use the proceeds to reduce borrowings under the revolving credit facilities or refinance other debt. Each of the Company’s revolving credit facilities, term loans, and other debt agreements contain a single financial covenant that requires the maintenance of a debt-to-capitalization ratio. For the PNMR 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, term loans, and other debt agreements 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 informational financing filing and short-term financing plan with the NMPRC. Financing Activities PNMR At December 31, 2020, PNMR had $300.0 million aggregate principal amount of 3.25% SUNs outstanding (the “PNMR 2018 SUNs”), which were set to mature on March 9, 2021. On March 9, 2021, PNMR utilized $220.0 million of capacity under the PNMR 2020 Delayed-Draw Term Loan as well as $80.0 million in borrowings under the PNMR Revolving Credit Facility to repay the PNMR 2018 SUNs. At December 31, 2020, PNMR had $150.0 million outstanding under the PNMR 2019 Term Loan, $150.0 million outstanding under the PNMR 2020 Term Loan, $300.0 million outstanding under the PNMR 2020 Delayed-Draw Term Loan, and $65.0 million outstanding under the PNMR Development Term Loan. On May 18, 2021, each of these outstanding amounts were repaid with proceeds from the PNMR 2021 Delayed-Draw Term Loan discussed below. On May 18, 2021, PNMR entered into the PNMR 2021 Delayed-Draw Term Loan, among PNMR, the lenders party thereto, and Wells Fargo Bank, N.A., as administrative agent. Initially, PNMR drew $850.0 million to repay and terminate existing indebtedness, including the $150.0 million PNMR 2019 Term Loan, the $300.0 million PNMR 2020 Delayed-Draw Term Loan, the $150.0 million PNMR 2020 Term Loan, the $65.0 million PNMR Development Term Loan, and $40.0 million in borrowings under the PNMR Development Revolving Credit Facility. Additionally, PNMR repaid $92.1 million in borrowings under the PNMR Revolving Credit Facility. On December 2, 2021, PNMR drew an additional $50.0 million and used the proceeds for other general corporate purposes. On January 24, 2022, PNMR drew the remaining $100.0 million available under the PNMR 2021 Delayed-Draw Term Loan and used the proceeds to pay down the PNMR Revolving Credit Facility. On May 20, 2022, PNMR amended and restated the PNMR 2021 Delayed-Draw Term Loan, extending its maturity to May 18, 2025. As discussed below on June 30, 2023, $500.0 million under the PNMR 2021 Delayed Draw Term Loan was prepaid, without penalty, with proceeds from the PNMR 2023 Term Loan. Draws on the PNMR 2021 Delayed-Draw Term Loan bear interest at a variable rate, which was 6.43% at December 31, 2023. On March 2, 2022, PNMR filed a shelf registration that provides for the issuance of various types of debt and equity securities. The PNMR shelf registration statement expires in March 2025. On November 10, 2022, PNMR entered into a distribution agreement with BofA Securities, Inc., MUFG Securities Americas Inc. and Wells Fargo Securities, LLC, as sales agents and Bank of America, N.A., MUFG Securities EMEA plc and Wells Fargo Bank, N.A., as forward purchasers, pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $200.0 million of its common stock, no par value, through the sales agents (the “PNMR 2022 ATM Program”). Sales of the shares made pursuant to the distribution agreement may be made in “at the market offerings” as defined in Rule 415 of the Securities Act. PNMR did not initially receive any proceeds upon the execution of this agreement. Throughout 2023, PNMR entered into forward sale agreements with the forward purchasers listed below, for the sale of shares of PNMR common stock. On December 15, 2023, PNMR physically settled the forward purchases under the PNMR 2022 ATM Program and used the proceeds to repay borrowings under the PNMR Revolving Credit Facility and for other corporate purposes. Gross cash proceeds shown below were reduced by $1.0 million in issuance costs resulting in net cash proceeds of $198.2 million. Forward completion Initial forward price Shares Settlement price Settlement amount (in thousands) March 15, 2023 $ 48.49 504,452 $ 49.00 $ 24,720 March 20, 2023 48.30 528,082 48.78 25,758 May 30, 2023 47.56 244,639 47.99 11,741 June 30, 2023 44.87 804,477 45.07 36,257 September 26, 2023 44.03 2,283,860 44.11 100,734 4,365,510 $ 199,210 On June 30, 2023, PNMR entered into a $500.0 million term loan agreement (the “PNMR 2023 Term Loan”) among PNMR, the lenders party thereto, and Wells Fargo Bank, N.A., as administrative agent. The PNMR 2023 Term Loan matures on June 30, 2026 and bears interest at a variable rate, which was 6.83% at December 31, 2023. The proceeds were used to prepay an equal amount of the PNMR 2021 Delayed Draw Term Loan, without penalty. PNM At December 31, 2020, PNM had a $40.0 million outstanding under the PNM 2019 $40.0 million Term Loan. On June 18, 2021, the PNM 2019 $40.0 million Term Loan was repaid using proceeds from the PNM 2021 Term Loan discussed below. At December 31, 2020, PNM had $100.3 million outstanding under the PNM Floating Rate PCRBs. On October 1, 2021, PNM converted the PNM Floating Rate PCRBs to a fixed rate period and successfully remarketed them to new investors (the “PNM 2021 Fixed Rate PCRBs”). The PNM 2021 Fixed Rate PCRBs now bear interest at 0.875% and are subject to mandatory tender on October 1, 2026. At December 31, 2020, PNM had $146.0 million of outstanding PCRBs with a final maturity of April 1, 2033. These PCRBs were subject to mandatory tender on October 1, 2021, and were successfully remarketed to new investors on that date. The $146.0 million PCRBs bear interest at a fixed rate of 2.15% until their final maturity. On June 18, 2021, PNM entered into a $75.0 million term loan agreement (the “PNM 2021 Term Loan”) between PNM and Bank of America, N.A., as lender. The PNM 2021 Term Loan was used to repay the PNM 2019 $40.0 million Term Loan and for other corporate purposes. On August 5, 2022, the PNM 2021 Term Loan was prepaid without penalty with proceeds from the PNM 2022 Delayed-Draw Term Loan discussed below. On July 14, 2021, PNM entered into an agreement (the “PNM 2021 Note Purchase Agreement”) with institutional investors for the sale and issuance of $160.0 million aggregate principal amount of SUNs (the “PNM 2021 SUNs”) offered in private placement transactions. On July 14, 2021, PNM issued $80.0 million of the PNM 2021 SUNs at 2.59%, due July 15, 2033, and another $80.0 million at 3.14%, due July 15, 2041. Proceeds from the PNM 2021 SUNs were used to repay the total amount of the $160.0 million of PNM’s 5.35% SUNs, at par, earlier than their scheduled maturity of October 1, 2021. The PNM 2021 Note Purchase Agreement includes the customary covenants discussed above. In the event of a change of control, PNM will be required to offer to prepay the PNM 2021 SUNs at par. PNM has the right to redeem any or all of the PNM 2021 SUNs prior to their maturities, subject to payment of a customary make-whole premium. On September 23, 2021, PNM entered into an agreement (the “PNM September 2021 Note Purchase Agreement”) with institutional investors for the sale and issuance of $150.0 million aggregate principal amount of SUNs (the “PNM September 2021 SUNs”) offered in private placement transactions. On December 2, 2021, PNM issued $50.0 million of the PNM September 2021 SUNs at 2.29%, due December 30, 2031, and another $100.0 million at 2.97%, due December 30, 2041. Proceeds from the PNM September 2021 SUNs were used for funding of capital expenditures, including the purchase of the Western Spirit Line, repayment of existing indebtedness, and for general corporate purposes. The PNM September 2021 Note Purchase Agreement includes the customary covenants discussed above. In the event of a change of control, PNM will be required to offer to prepay the PNM September 2021 SUNs at par. PNM has the right to redeem any or all of the PNM September 2021 SUNs prior to their maturities, subject to payment of a customary make-whole premium. At December 31, 2021, PNM had $104.5 million PCRBs outstanding with a mandatory remarketing date of June 1, 2022, consisting of $36.0 million at 1.05% issued by the Maricopa County, Arizona Pollution Control Corporation with a final maturity of January 2038; $37.0 million at 2.125% issued by the City of Farmington, New Mexico with a final maturity of June 2040; $11.5 million at 1.20% issued by the City of Farmington, New Mexico with a final maturity of June 2040; and $20.0 million at 2.45% issued by the City of Farmington, New Mexico with a final maturity of September 2042. On June 1, 2022, PNM remarketed to new investors the $36.0 million and $37.0 million series in the tax-exempt market at 3.00% with a mandatory remarketing date of June 1, 2024. PNM purchased and redeemed the remaining two series of PCRBs, totaling $31.5 million, on June 1, 2022. On August 5, 2022, PNM entered into a $225.0 million delayed-draw term loan agreement (the “PNM 2022 Delayed-Draw Term Loan”), among PNM, the lender parties thereto, and Royal Bank of Canada, as administrative agent. PNM initially drew $180.0 million to prepay, without penalty, the $75.0 million PNM 2021 Term Loan ahead of its December 2022 maturity and for other corporate purposes. On September 30, 2022, PNM drew the remaining $45.0 million and used the proceeds for general corporate purposes. On November 15, 2023, upon receipts of funds from the sale of energy transition property to ETBC I discussed below, PNM prepaid the $225.0 million outstanding under the PNM 2022 Delayed-Draw Term Loan, without penalty. At December 31, 2022, PNM had $130.0 million of 1.10% PCRBs outstanding with a mandatory remarketing date of June 1, 2023, issued by the City of Farmington, New Mexico with a final maturity of June 2040. On June 1, 2023, PNM remarketed the $130.0 million to new investors at 3.90% with a mandatory tender date of June 1, 2028. At December 31, 2022, PNM had $55.0 million aggregate principal amount of its 3.15% SUNs outstanding due May 2023. On May 15, 2023, PNM repaid the $55.0 million 3.15% SUNs. On April 28, 2023, PNM entered into an agreement (the “PNM 2023 Note Purchase Agreement”) with institutional investors for the sale and issuance of $200.0 million aggregate principal amount of two series of SUNs (the “PNM 2023 SUNs”) offered in private placement transactions. The PNM 2023 SUNs were issued on April 28, 2023. PNM issued $150.0 million of the PNM 2023 SUNs at 5.51%, due April 28, 2035, and another $50.0 million at 5.92%, due April 28, 2053. Proceeds from the PNM 2023 SUNs were used to repay borrowings under the PNM Revolving Credit Facility and the PNM New Mexico Credit Facility, for funding of capital expenditures, and for general corporate purposes. The PNM 2023 Note Purchase Agreement includes the customary covenants discussed above. In the event of a change of control, PNM will be required to offer to prepay the PNM 2023 SUNs at par. PNM has the right to redeem any or all of the PNM 2023 SUNs prior to their maturities, subject to payment of a customary make-whole premium. ETBC I On November 15, 2023, ETBC I issued $343.2 million aggregate principal amount of its senior secured energy transition bonds, Series A (“Securitized Bonds”) in two tranches. The first tranche of $175.0 million aggregate principal amount was issued at an interest rate of 5.64% with an expected final payment due in August 2040. The second tranche of $168.2 million aggregate principal amount was issued at an interest rate of 6.03% with an expected final payment due in August 2048. Each tranche is subject to fixed, scheduled, semi-annual payments of principal and interest beginning on August 15, 2024 with $2.5 million included as Current installments of long-term debt on the Consolidated Balance Sheets at December 31, 2023. The Securitized Bonds were offered pursuant to a prospectus dated November 7, 2023 and are governed by an indenture between ETBC I and U.S. Bank Trust Company, National Association, as indenture trustee dated as of November 15, 2023. ETBC I used the proceeds from the issuance of the Securitized Bonds to purchase energy transition property (Note 16) from PNM. See Note 10. TNMP On July 14, 2021, TNMP entered into an agreement (the “TNMP 2021 Bond Purchase Agreement”) with institutional investors for the sale of $65.0 million aggregate principal amount of TNMP first mortgage bonds (the “TNMP 2021 Bonds”) offered in private placement transactions. On August 16, 2021, TNMP issued all $65.0 million of the TNMP 2021 Bonds at 2.44% with a maturity of August 15, 2035, and used the proceeds to repay existing debt and for other corporate purposes. The TNMP 2021 Bonds are subject to continuing compliance with the representations, warranties and covenants set forth in the supplemental indenture governing the TNMP 2021 Bonds. The terms of the supplemental indenture governing the TNMP 2021 Bonds include the customary covenants discussed above. In the event of a change of control, TNMP will be required to offer to prepay the TNMP 2021 Bonds at par. TNMP has the right to redeem any or all of the TNMP 2021 Bonds prior to their maturity, subject to payment of a customary make-whole premium. On April 27, 2022, TNMP entered into an agreement (the “TNMP 2022 Bond Purchase Agreement”) with institutional investors for the sale of $160.0 million aggregate principal amount of two series of TNMP first mortgage bonds (the “TNMP 2022 Bonds”) offered in private placement transactions. TNMP issued the first series of $65.0 million of the TNMP 2022 Bonds on May 12, 2022, at a 4.13% interest rate, due May 12, 2052, and the second series of $95.0 million of the TNMP 2022 Bonds on July 28, 2022, at a 3.81% interest rate, due July 28, 2032. The proceeds were used to repay borrowings under the TNMP Revolving Credit Facility and for other corporate purposes. The TNMP 2022 Bonds are subject to continuing compliance with the representations, warranties and covenants set forth in the supplemental indenture governing the TNMP 2022 Bonds. The terms of the supplemental indentures governing the TNMP 2022 Bonds include the customary covenants discussed above. In the event of a change of control, TNMP will be required to offer to prepay the TNMP 2022 Bonds at par. TNMP has the right to redeem any or all of the TNMP 2022 Bonds prior to their maturity, subject to payment of a customary make-whole premium. On April 28, 2023, TNMP entered into an agreement (the “TNMP 2023 Bond Purchase Agreement”) with institutional investors for the sale of $185.0 million aggregate principal amount of two series of TNMP first mortgage bonds (the “TNMP 2023 Bonds”) offered in private placement transactions. TNMP issued the first series of $130.0 million on April 28, 2023, at a 5.01% interest rate, due April 28, 2033. The second series of $55.0 million was issued on July 28, 2023, at a 5.47% interest rate, due July 28, 2053. The proceeds were used to repay borrowings under the TNMP Revolving Credit Facility, for funding of capital expenditures, and for other corporate purposes. The TNMP 2023 Bonds are subject to continuing compliance with the representations, warranties and covenants set forth in the supplemental indentures governing the TNMP 2023 Bonds. The terms of the supplemental indentures governing the TNMP 2023 Bonds include the customary covenants discussed above. In the event of a change of control, TNMP will be required to offer to prepay the TNMP 2023 Bonds at par. TNMP has the right to redeem any or all of the TNMP 2023 Bonds prior to their maturity, subject to payment of a customary make-whole premium. Interest Rate Hedging Activities PNMR has entered into hedging agreements that establish a fixed rate for the indicated amount of variable rate debt, above which a customary spread is applied, which is subject to change if there is a change in PNMR’s credit rating. During the years ended December 31, 2022 and 2023, PNMR’s hedging agreements were as follows: Variable Rate Established Effective Date Maturity Date Debt Hedged Fixed Rate (In millions) (Percent) March 17, 2023 September 30, 2023 $ 150.0 4.57 % October 31, 2022 December 31, 2023 100.0 4.65 October 31, 2022 December 31, 2023 100.0 4.66 September 30, 2022 December 31, 2023 100.0 4.17 September 30, 2022 December 31, 2023 100.0 4.18 May 20, 2022 December 31, 2023 100.0 2.52 May 2, 2022 December 31, 2023 150.0 2.65 May 2, 2022 December 31, 2023 200.0 2.65 January 1, 2024 December 31, 2024 100.0 3.32 January 1, 2024 December 31, 2024 100.0 3.32 January 1, 2024 December 31, 2024 100.0 3.38 January 1, 2024 December 31, 2024 150.0 3.62 January 1, 2024 December 31, 2024 150.0 3.57 January 1, 2025 December 31, 2025 100.0 4.18 January 1, 2025 December 31, 2025 100.0 4.18 January 1, 2025 December 31, 2025 100.0 3.99 These hedge agreements are accounted for as cash flow hedges. The fair value of the active hedge agreements is presented as a gain of $7.2 million included in Other current assets and a loss of $2.3 million included in Other deferred credits on the Consolidated Balance Sheets at December 31, 2023. At December 31, 2022, the fair value of the active hedge agreements was $11.1 million that was included in Other current assets on the Consolidated Balance Sheets. Fair values are determined using Level 2 inputs under GAAP, including using forward SOFR curves under the mid-market convention to discount cash flows over the remaining term of the agreements. Borrowing Arrangements Between PNMR and its Subsidiaries PNMR has intercompany loan agreements with its subsidiaries. Individual subsidiary loan agreements vary in amount up to $150.0 million and have either reciprocal or non-reciprocal terms. Interest charged to the subsidiaries is equivalent to interest paid by PNMR on its short-term borrowings or the money-market interest rate if PNMR does not have any short-term borrowings outstanding. All balances outstanding under intercompany loan agreements are eliminated upon consolidation. See Note 1. PNM and TNMP had no borrowings from PNMR at December 31, 2023 and 2022. PNMR Development had $2.3 million and zero in short-term borrowings outstanding from PNMR at December 31, 2023 and 2022. PNMR had zero and $5.3 million in short-term borrowings outstanding from PNMR Development at December 31, 2023 and 2022. 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. On May 20, 2022, both PNMR and PNM extended the facilities to October 31, 2024, with two one-year extension options that, if exercised, would extend the maturity through October 2026, subject to approval by a majority of the lenders. On January 26, 2023, PNMR and PNM exercised one of the one-year extension options in their respective agreements, extending their maturities through October 2025; provided that, effective November 1, 2024, the capacity of the PNMR Revolving Credit Facility will adjust to $285.0 million and the PNM Revolving Credit Facility will adjust to $380.0 million because one lender in each facility did not agree to the one-year extension through October 2025. On December 8, 2023, PNMR and PNM exercised the second one-year extension options in their respective agreements, extending their maturities through October 2026. Also on May 20, 2022, the $40.0 million PNM New Mexico Credit Facility was extended to May 20, 2026. On March 11, 2022, the TNMP Revolving Credit Facility, with a capacity of $75.0 million and secured by $75.0 million aggregate principal amount of TNMP first mortgage bonds, was amended to extend the maturity to September 23, 2024, with two one-year extension options that, if exercised, would extend the maturity to September 23, 2026, subject to approval by a majority of the lenders. The amended TNMP Revolving Credit Facility also contained an accordion feature that would allow TNMP to increase the size of the revolver from $75.0 million to $100.0 million, subject to certain conditions. On May 13, 2022, TNMP exercised the accordion feature and increased the capacity of the TNMP Revolving Credit Facility to $100.0 million, secured by $100.0 million aggregate principal amount of TNMP first mortgage bonds. On January 26, 2023, TNMP exercised one of the one-year extension options on its credit facility, which extended the maturity to September 23, 2025 and on December 8, 2023 the second extension option was exercised which extended the maturity to September 23, 2026. Variable interest rates under the PNMR, PNM, and TNMP revolving credit facilities are based on SOFR. Gross borrowings and (repayments) associated with the Revolving Credit Facilities consist of: December 31, 2023 2022 2021 Borrowings Repayments Borrowings Repayments Borrowings Repayments PNM: (In thousands) PNM Revolving Credit Facility $ 1,064,300 $ (1,102,700) $ 604,000 $ (472,400) $ 216,600 $ (209,200) PNM New Mexico Credit Facility 70,000 (80,000) 86,900 (40,000) 40,000 (50,000) 1,134,300 (1,182,700) 690,900 (512,400) 256,600 (259,200) TNMP Revolving Credit Facility 407,600 (389,200) 480,500 (444,200) 233,400 (233,000) PNMR: PNMR Revolving Credit Facility 837,200 (777,300) 612,000 (657,500) 719,600 (676,700) PNMR Development Revolving Credit Facility — — — — 30,000 (40,000) 837,200 (777,300) 612,000 (657,500) 749,600 (716,700) $ 2,379,100 $ (2,349,200) $ 1,783,400 $ (1,614,100) $ 1,239,600 $ (1,208,900) Short-term debt outstanding consists of: December 31, Short-term Debt 2023 2022 (In thousands) PNM: PNM Revolving Credit Facility $ 107,500 $ 145,900 PNM New Mexico Credit Facility 30,000 40,000 137,500 185,900 TNMP Revolving Credit Facility 55,100 36,700 PNMR: PNMR Revolving Credit Facility 69,300 9,400 $ 261,900 $ 232,000 In addition to the above borrowings, PNMR, PNM, and TNMP had letters of credit outstanding of $3.1 million, zero, and zero at December 31, 2023, that reduce the available capacity under their respective revolving credit facilities. PNMR also has $30.3 million of letters of credit outstanding under the WFB LOC Facility. At December 31, 2023, interest rates on outstanding borrowings were 6.69% for the PNM Revolving Credit Facility, 6.71% for the PNM New Mexico Credit Facility, 6.32% for the TNMP Revolving Credit Facility, and 6.96% for the PNMR Revolving Credit Facility. Long-Term Debt Information concerning long-term debt outstanding and unamortized (premiums), discounts, and debt issuance costs is as follows: December 31, 2023 December 31, 2022 Principal Unamortized Discounts, (Premiums), and Issuance Costs, net Principal Unamortized Discounts, (Premiums), and Issuance Costs, net (In thousands) PNM Debt ETBC I - Senior Secured Energy Transition Bonds Series A-1, 5.64% $ 175,000 $ 1,093 $ — $ — Series A-2, 6.03% 168,200 1,057 — — Senior Unsecured Notes, Pollution Control Revenue Bonds: 2.15% due April 2033 146,000 824 146,000 915 3.00% due June 2040, mandatory tender - June 1, 2024 37,000 88 37,000 296 0.875% mandatory tender - October 1, 2026 100,345 403 100,345 550 3.00% due January 2038, mandatory tender - June 1, 2024 36,000 87 36,000 288 1.10% due June 2040, mandatory tender - June 1, 2023 — — 130,000 178 1.15% due June 2040, mandatory tender - June 1, 2024 125,000 132 125,000 383 3.90% due June 2040, mandatory tender - June 1, 2028 130,000 1,029 — — December 31, 2023 December 31, 2022 Principal Unamortized Discounts, (Premiums), and Issuance Costs, net Principal Unamortized Discounts, (Premiums), and Issuance Costs, net (In thousands) PNM Debt (Continued) Senior Unsecured Notes: 3.15% due May 2023 — — 55,000 29 3.45% due May 2025 104,000 143 104,000 248 3.85% due August 2025 250,000 477 250,000 775 3.68% due May 2028 88,000 271 88,000 333 3.78% due August 2028 15,000 48 15,000 59 3.93% due May 2033 38,000 167 38,000 185 4.22% due May 2038 45,000 228 45,000 243 4.50% due May 2048 20,000 114 20,000 119 4.60% due August 2048 85,000 490 85,000 510 3.21% due April 2030 150,000 1,011 150,000 1,171 3.57% due April 2039 50,000 426 50,000 454 2.59% due July 2033 80,000 366 80,000 405 3.14% due July 2041 80,000 404 80,000 427 2.29% due December 2031 50,000 235 50,000 264 2.97% due December 2041 100,000 528 100,000 557 5.51% due April 2035 150,000 854 — — 5.92% due April 2053 50,000 290 — — PNM 2022 $225.0 Million Term Loan due February 2024 — — 225,000 56 2,272,545 10,765 2,009,345 8,445 Less current maturities 200,529 307 185,000 207 2,072,016 10,458 1,824,345 8,238 TNMP Debt First Mortgage Bonds: 6.95% due April 2043 93,198 (13,771) 93,198 (14,488) 4.03% due July 2024 80,000 53 80,000 158 3.53% due February 2026 60,000 174 60,000 256 3.22% due August 2027 60,000 209 60,000 266 3.85% due June 2028 60,000 281 60,000 344 3.79% due March 2034 75,000 385 75,000 422 3.92% due March 2039 75,000 429 75,000 457 4.06% due March 2044 75,000 456 75,000 479 3.60% due July 2029 80,000 330 80,000 391 2.73% due April 2030 85,000 530 85,000 616 3.36% due April 2050 25,000 218 25,000 226 2.93% due July 2035 25,000 191 25,000 208 3.36% due July 2050 50,000 441 50,000 457 2.44% due August 2035 65,000 418 65,000 454 4.13% due May 2052 65,000 424 65,000 439 3.81% due July 2032 95,000 572 95,000 638 5.01% due April 2033 130,000 682 — — 5.47% due July 2053 55,000 296 — — 1,253,198 (7,682) 1,068,198 (8,677) Less current maturities 80,000 53 — — 1,173,198 (7,735) 1,068,198 (8,677) December 31, 2023 December 31, 2022 Principal Unamortized Discounts, (Premiums), and Issuance Costs, net Principal Unamortized Discounts, (Premiums), and Issuance Costs, net (In thousands) PNMR Debt PNMR 2021 Delayed-Draw Term Loan due May 2025 500,000 114 1,000,000 388 PNMR 2023 Term Loan due June 2026 500,000 735 — — 1,000,000 849 1,000,000 388 Less current maturities — — — — 1,000,000 849 1,000,000 388 Total Consolidated PNMR Debt 4,525,743 3,932 4,077,543 156 Less current maturities 280,529 360 185,000 207 $ 4,245,214 $ 3,572 $ 3,892,543 $ (51) Reflecting mandatory tender dates, long-term debt maturities as of December 31, 2023, are follows: PNMR PNM TNMP PNMR Consolidated (In thousands) 2024 $ — $ 200,529 $ 80,000 $ 280,529 2025 500,000 360,907 — 860,907 2026 500,000 107,648 60,000 667,648 2027 — 7,721 60,000 67,721 2028 — 241,162 60,000 301,162 Thereafter — 1,354,578 993,198 2,347,776 Total $ 1,000,000 $ 2,272,545 $ 1,253,198 $ 4,525,743

Lease Commitments

Lease Commitments	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lease Commitments	Lease Commitments The Company enters into various lease agreements to meet its business needs and to satisfy the needs of its customers. The Company accounts for contracts that convey the use and control of identified assets for a period of time as leases. The Company classifies leases as operating or financing by evaluating the terms of the lease agreement. Agreements under which the Company is likely to utilize substantially all of the economic value or life of the asset or that the Company is likely to own at the end of the lease term, either through purchase or transfer of ownership, are classified as financing leases. Leases not meeting these criteria are accounted for as operating leases. Agreements under which the Company is a lessor are insignificant. PNMR, PNM, and TNMP determine present value for their leases using their incremental borrowing rates at the commencement date of the lease or, when readily available, the rate implicit in the agreement. The Company leases office buildings, vehicles, battery storage facilities, and other equipment. In addition, PNM had lease interests in PVNGS and certain rights-of-way agreements that were or are classified as leases. All of the Company’s leases with terms in excess of one year are recorded on the Consolidated Balance Sheets 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 Consolidated Statements of Earnings. PVNGS In 1985 and 1986, PNM entered into leases for its interest in PVNGS Unit 1 and 2. The leases initially were scheduled to expire in January 2015 for four Unit 1 leases and January 2016 for 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 expired in January 2023 and the one Unit 2 lease expired in January 2024. The annual lease payments during the renewal periods aggregated $0.8 million on the PVNGS Unit 2 lease that terminated in January 2024. PNM will cease depreciation and as authorized by the NMPRC create a regulatory asset for the associated remaining undepreciated investments. On April 5, 2021, PNM and SRP entered into an Asset Purchase and Sale Agreement, pursuant to which PNM agreed to sell to SRP certain PNM-owned assets and nuclear fuel necessary to the ongoing operation and maintenance of leased capacity in PVNGS Unit 1 and Unit 2. In January 2023, the Unit 1 leases expired, and PNM closed on the associated sale to SRP, receiving payments of $33.7 million, of which $28.4 million was recorded as a reduction to Net utility plant on the Condensed Consolidated Balance Sheets and is presented as cash flows from investing activities on the Condensed Consolidated Statement of Cash Flows. In addition, $5.3 million was recorded as a reduction to materials, supplies, and fuel stock on the Condensed Consolidated Balance Sheets and is presented as cash flows from operating activities on the Condensed Consolidated Statement of Cash Flows. In January 2024, the Unit 2 leases expired, and PNM closed on the associated sale to SRP, receiving payments of $3.5 million, of which $3.0 million was related to net utility plant and $0.5 million was related to materials and supplies. See Notes 16 and 17 for information on other PVNGS matters including NMPRC authorization to create regulatory assets for the associated remaining undepreciated investments and the PVNGS Leased Interest Abandonment Application. 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 2023 payment for the amount due under the Navajo Nation right-of-way lease was $8.3 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 Consolidated Balance Sheets and recognizes amortization expense associated with these agreements in the Consolidated Statement of Earnings over their term. As of December 31, 2023 and 2022, the unamortized balance of these rights-of-ways was $56.2 million and $54.6 million. During the years ended December 31, 2023, 2022, and 2021, PNM recognized amortization expense associated with these agreements of $3.5 million, $3.8 million, and $3.7 million. 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 December 31, 2023, residual value guarantees on fleet vehicle and equipment leases are $0.8 million, $1.0 million, and $1.8 million for PNM, TNMP, and PNMR Consolidated. Battery Storage Agreements The Company has entered into various battery storage agreements and, in the third quarter of 2023, two battery storage facilities with an aggregate capacity of 170 MW began commercial operation. The agreements are for 20-year terms and have fixed payments over the life of the agreements. The Company has accounted for the agreements as operating leases and initially recorded lease liabilities with corresponding right-of-use assets of $138.0 million. In addition, the Company has elected to separate lease components from non-lease components for battery storage agreements and accordingly, does not include non-lease components in the measurement of the lease liability or right-of-use asset. The non-lease components, currently not included in the measurement of the lease liability or the corresponding right-of-use asset, comprise of 25.5% of the value of the agreements. Information related to the Company’s operating leases recorded on the Consolidated Balance Sheets is presented below: December 31, 2023 December 31, 2022 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 180,370 $ 1,814 $ 182,201 $ 52,556 $ 3,426 $ 55,982 Current portion of operating lease liabilities 11,371 895 12,267 17,239 1,543 18,781 Long-term portion of operating lease liabilities 166,191 809 167,000 39,633 1,703 41,336 As discussed above, the Company classifies its fleet vehicle and equipment leases and its office equipment leases commencing on or after January 1, 2019, as financing leases. Information related to the Company’s financing leases recorded on the Consolidated Balance Sheets is presented below: December 31, 2023 December 31, 2022 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 25,425 $ 24,487 $ 49,981 $ 19,324 $ 20,084 $ 39,738 Accumulated depreciation (11,984) (11,869) (23,905) (7,726) (8,202) (16,189) Non-utility property, net $ 13,441 $ 12,618 $ 26,076 $ 11,598 $ 11,882 $ 23,549 Other current liabilities $ 4,146 $ 4,616 $ 8,776 $ 3,441 $ 3,867 $ 7,363 Other deferred credits 9,300 8,023 17,326 8,079 8,028 16,123 Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities is presented below: December 31, 2023 December 31, 2022 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated Weighted average remaining lease term (years): Operating leases 16.79 1.65 16.65 6.74 2.16 6.48 Financing leases 3.81 3.08 3.45 3.99 3.39 3.68 Weighted average discount rate: Operating leases 5.61 % 4.16 % 5.60 % 4.01 % 3.94 % 4.00 % Financing leases 4.54 4.63 4.58 3.36 3.53 3.44 Information for the components of lease expense is as follows: Year Ended December 31, 2023 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: Battery storage leases $ 4,351 $ — $ 4,351 Other operating leases 11,127 1,479 12,606 Amounts capitalized (374) (1,298) (1,672) Total operating lease expense 15,104 181 15,285 Financing lease cost: Amortization of right-of-use assets 4,566 4,634 9,253 Interest on lease liabilities 562 497 1,060 Amounts capitalized (3,190) (4,250) (7,440) Total financing lease expense 1,938 881 2,873 Variable lease expense 1,342 — 1,342 Short-term lease expense 675 29 782 Total lease expense for the period $ 19,059 $ 1,091 $ 20,282 Year Ended December 31, 2022 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost $ 26,764 $ 2,020 $ 28,835 Amounts capitalized (690) (1,728) (2,417) Total operating lease expense 26,074 292 26,418 Financing lease cost: Amortization of right-of-use assets 3,175 3,279 6,529 Interest on lease liabilities 327 330 659 Amounts capitalized (2,264) (3,208) (5,471) Total financing lease expense 1,238 401 1,717 Variable lease expense 890 — 890 Short-term lease expense (1) 3,058 5 3,109 Total lease expense for the period $ 31,260 $ 698 $ 32,134 (1) Includes expense of $2.7 million for the twelve months ended December 31, 2022 for rental of temporary cooling towers associated with the SJGS Unit 1 outage. These amounts are partially offset with insurance reimbursements of $2.7 million for the twelve months ended December 31, 2022. Supplemental cash flow information related to the Company’s leases is as follows: Year Ended December 31, 2023 Year Ended December 31, 2022 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 $ 21,575 $ 110 $ 21,685 $ 25,687 $ 246 $ 25,984 Operating cash flows from financing leases 183 73 256 96 43 141 Financing cash flows from financing leases 1,671 802 2,527 1,123 499 1,711 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 138,204 $ 6 $ 138,210 $ 2,924 $ 179 $ 3,103 Financing leases 6,421 5,407 11,828 4,205 4,061 8,266 Capitalized lease costs are reflected as investing activities on the Company’s Consolidated Statements of Cash Flows for the twelve months ended December 31, 2023 and 2022. Future expected lease payments are shown below: As of December 31, 2023 PNM TNMP PNMR Consolidated Operating Operating Financing Battery Storage Other Financing Operating Financing Battery Storage Other (In thousands) 2024 $ 4,649 $ 11,786 $ 8,046 $ 5,083 $ 945 $ 9,746 $ 11,786 $ 8,991 2025 3,605 11,786 7,087 3,991 770 7,598 11,786 7,857 2026 3,089 11,786 7,025 2,781 76 5,870 11,786 7,101 2027 1,859 11,786 7,029 1,381 — 3,240 11,786 7,029 2028 889 11,786 7,032 310 — 1,199 11,786 7,032 Later years 614 172,254 10,587 37 — 651 172,254 10,587 Total minimum lease payments 14,705 231,184 46,806 13,583 1,791 28,304 231,184 48,597 Less: Imputed interest 1,259 94,563 5,865 944 87 2,202 94,563 5,951 Lease liabilities $ 13,446 $ 136,621 $ 40,941 $ 12,639 $ 1,704 $ 26,102 $ 136,621 $ 42,646 The above table includes $12.6 million, $12.3 million, and $24.9 million for PNM, TNMP, and PNMR at December 31, 2023 for expected future payments on fleet vehicle and equipment leases that could be avoided if the leased assets were returned and the lessor is able to recover estimated market value for the equipment from third parties. The Company’s contractual commitments for leases that have not yet commenced are insignificant. At December 31, 2023, the Company has various lease arrangements that have been executed but have not yet commenced, which are primarily related to battery storage agreements. The Company currently expects lease commencement dates in 2024, with lease terms expiring in 2044, and will recognize lease assets and liabilities upon lease commencement. The expected total fixed consideration to be paid for these arrangements, which includes non-lease payments, is approximately $961.0 million over the 20-year terms of the agreements.
Lease Commitments	Lease Commitments The Company enters into various lease agreements to meet its business needs and to satisfy the needs of its customers. The Company accounts for contracts that convey the use and control of identified assets for a period of time as leases. The Company classifies leases as operating or financing by evaluating the terms of the lease agreement. Agreements under which the Company is likely to utilize substantially all of the economic value or life of the asset or that the Company is likely to own at the end of the lease term, either through purchase or transfer of ownership, are classified as financing leases. Leases not meeting these criteria are accounted for as operating leases. Agreements under which the Company is a lessor are insignificant. PNMR, PNM, and TNMP determine present value for their leases using their incremental borrowing rates at the commencement date of the lease or, when readily available, the rate implicit in the agreement. The Company leases office buildings, vehicles, battery storage facilities, and other equipment. In addition, PNM had lease interests in PVNGS and certain rights-of-way agreements that were or are classified as leases. All of the Company’s leases with terms in excess of one year are recorded on the Consolidated Balance Sheets 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 Consolidated Statements of Earnings. PVNGS In 1985 and 1986, PNM entered into leases for its interest in PVNGS Unit 1 and 2. The leases initially were scheduled to expire in January 2015 for four Unit 1 leases and January 2016 for 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 expired in January 2023 and the one Unit 2 lease expired in January 2024. The annual lease payments during the renewal periods aggregated $0.8 million on the PVNGS Unit 2 lease that terminated in January 2024. PNM will cease depreciation and as authorized by the NMPRC create a regulatory asset for the associated remaining undepreciated investments. On April 5, 2021, PNM and SRP entered into an Asset Purchase and Sale Agreement, pursuant to which PNM agreed to sell to SRP certain PNM-owned assets and nuclear fuel necessary to the ongoing operation and maintenance of leased capacity in PVNGS Unit 1 and Unit 2. In January 2023, the Unit 1 leases expired, and PNM closed on the associated sale to SRP, receiving payments of $33.7 million, of which $28.4 million was recorded as a reduction to Net utility plant on the Condensed Consolidated Balance Sheets and is presented as cash flows from investing activities on the Condensed Consolidated Statement of Cash Flows. In addition, $5.3 million was recorded as a reduction to materials, supplies, and fuel stock on the Condensed Consolidated Balance Sheets and is presented as cash flows from operating activities on the Condensed Consolidated Statement of Cash Flows. In January 2024, the Unit 2 leases expired, and PNM closed on the associated sale to SRP, receiving payments of $3.5 million, of which $3.0 million was related to net utility plant and $0.5 million was related to materials and supplies. See Notes 16 and 17 for information on other PVNGS matters including NMPRC authorization to create regulatory assets for the associated remaining undepreciated investments and the PVNGS Leased Interest Abandonment Application. 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 2023 payment for the amount due under the Navajo Nation right-of-way lease was $8.3 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 Consolidated Balance Sheets and recognizes amortization expense associated with these agreements in the Consolidated Statement of Earnings over their term. As of December 31, 2023 and 2022, the unamortized balance of these rights-of-ways was $56.2 million and $54.6 million. During the years ended December 31, 2023, 2022, and 2021, PNM recognized amortization expense associated with these agreements of $3.5 million, $3.8 million, and $3.7 million. 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 December 31, 2023, residual value guarantees on fleet vehicle and equipment leases are $0.8 million, $1.0 million, and $1.8 million for PNM, TNMP, and PNMR Consolidated. Battery Storage Agreements The Company has entered into various battery storage agreements and, in the third quarter of 2023, two battery storage facilities with an aggregate capacity of 170 MW began commercial operation. The agreements are for 20-year terms and have fixed payments over the life of the agreements. The Company has accounted for the agreements as operating leases and initially recorded lease liabilities with corresponding right-of-use assets of $138.0 million. In addition, the Company has elected to separate lease components from non-lease components for battery storage agreements and accordingly, does not include non-lease components in the measurement of the lease liability or right-of-use asset. The non-lease components, currently not included in the measurement of the lease liability or the corresponding right-of-use asset, comprise of 25.5% of the value of the agreements. Information related to the Company’s operating leases recorded on the Consolidated Balance Sheets is presented below: December 31, 2023 December 31, 2022 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 180,370 $ 1,814 $ 182,201 $ 52,556 $ 3,426 $ 55,982 Current portion of operating lease liabilities 11,371 895 12,267 17,239 1,543 18,781 Long-term portion of operating lease liabilities 166,191 809 167,000 39,633 1,703 41,336 As discussed above, the Company classifies its fleet vehicle and equipment leases and its office equipment leases commencing on or after January 1, 2019, as financing leases. Information related to the Company’s financing leases recorded on the Consolidated Balance Sheets is presented below: December 31, 2023 December 31, 2022 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 25,425 $ 24,487 $ 49,981 $ 19,324 $ 20,084 $ 39,738 Accumulated depreciation (11,984) (11,869) (23,905) (7,726) (8,202) (16,189) Non-utility property, net $ 13,441 $ 12,618 $ 26,076 $ 11,598 $ 11,882 $ 23,549 Other current liabilities $ 4,146 $ 4,616 $ 8,776 $ 3,441 $ 3,867 $ 7,363 Other deferred credits 9,300 8,023 17,326 8,079 8,028 16,123 Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities is presented below: December 31, 2023 December 31, 2022 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated Weighted average remaining lease term (years): Operating leases 16.79 1.65 16.65 6.74 2.16 6.48 Financing leases 3.81 3.08 3.45 3.99 3.39 3.68 Weighted average discount rate: Operating leases 5.61 % 4.16 % 5.60 % 4.01 % 3.94 % 4.00 % Financing leases 4.54 4.63 4.58 3.36 3.53 3.44 Information for the components of lease expense is as follows: Year Ended December 31, 2023 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: Battery storage leases $ 4,351 $ — $ 4,351 Other operating leases 11,127 1,479 12,606 Amounts capitalized (374) (1,298) (1,672) Total operating lease expense 15,104 181 15,285 Financing lease cost: Amortization of right-of-use assets 4,566 4,634 9,253 Interest on lease liabilities 562 497 1,060 Amounts capitalized (3,190) (4,250) (7,440) Total financing lease expense 1,938 881 2,873 Variable lease expense 1,342 — 1,342 Short-term lease expense 675 29 782 Total lease expense for the period $ 19,059 $ 1,091 $ 20,282 Year Ended December 31, 2022 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost $ 26,764 $ 2,020 $ 28,835 Amounts capitalized (690) (1,728) (2,417) Total operating lease expense 26,074 292 26,418 Financing lease cost: Amortization of right-of-use assets 3,175 3,279 6,529 Interest on lease liabilities 327 330 659 Amounts capitalized (2,264) (3,208) (5,471) Total financing lease expense 1,238 401 1,717 Variable lease expense 890 — 890 Short-term lease expense (1) 3,058 5 3,109 Total lease expense for the period $ 31,260 $ 698 $ 32,134 (1) Includes expense of $2.7 million for the twelve months ended December 31, 2022 for rental of temporary cooling towers associated with the SJGS Unit 1 outage. These amounts are partially offset with insurance reimbursements of $2.7 million for the twelve months ended December 31, 2022. Supplemental cash flow information related to the Company’s leases is as follows: Year Ended December 31, 2023 Year Ended December 31, 2022 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 $ 21,575 $ 110 $ 21,685 $ 25,687 $ 246 $ 25,984 Operating cash flows from financing leases 183 73 256 96 43 141 Financing cash flows from financing leases 1,671 802 2,527 1,123 499 1,711 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 138,204 $ 6 $ 138,210 $ 2,924 $ 179 $ 3,103 Financing leases 6,421 5,407 11,828 4,205 4,061 8,266 Capitalized lease costs are reflected as investing activities on the Company’s Consolidated Statements of Cash Flows for the twelve months ended December 31, 2023 and 2022. Future expected lease payments are shown below: As of December 31, 2023 PNM TNMP PNMR Consolidated Operating Operating Financing Battery Storage Other Financing Operating Financing Battery Storage Other (In thousands) 2024 $ 4,649 $ 11,786 $ 8,046 $ 5,083 $ 945 $ 9,746 $ 11,786 $ 8,991 2025 3,605 11,786 7,087 3,991 770 7,598 11,786 7,857 2026 3,089 11,786 7,025 2,781 76 5,870 11,786 7,101 2027 1,859 11,786 7,029 1,381 — 3,240 11,786 7,029 2028 889 11,786 7,032 310 — 1,199 11,786 7,032 Later years 614 172,254 10,587 37 — 651 172,254 10,587 Total minimum lease payments 14,705 231,184 46,806 13,583 1,791 28,304 231,184 48,597 Less: Imputed interest 1,259 94,563 5,865 944 87 2,202 94,563 5,951 Lease liabilities $ 13,446 $ 136,621 $ 40,941 $ 12,639 $ 1,704 $ 26,102 $ 136,621 $ 42,646 The above table includes $12.6 million, $12.3 million, and $24.9 million for PNM, TNMP, and PNMR at December 31, 2023 for expected future payments on fleet vehicle and equipment leases that could be avoided if the leased assets were returned and the lessor is able to recover estimated market value for the equipment from third parties. The Company’s contractual commitments for leases that have not yet commenced are insignificant. At December 31, 2023, the Company has various lease arrangements that have been executed but have not yet commenced, which are primarily related to battery storage agreements. The Company currently expects lease commencement dates in 2024, with lease terms expiring in 2044, and will recognize lease assets and liabilities upon lease commencement. The expected total fixed consideration to be paid for these arrangements, which includes non-lease payments, is approximately $961.0 million over the 20-year terms of the agreements.

Fair Value of Derivative and Ot

Fair Value of Derivative and Other Financial Instruments	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Derivative and Other Financial Instruments	Fair Value of Derivative and Other Financial Instruments Fair value is defined 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. In 2021, PNM entered into three agreements to purchase power from third parties at a fixed price in order to ensure that customer demand during the 2022 summer peak load period was met. Two of the agreements, the purchase of 85 MW from June through September 2022 and the purchase of 40 MW for the full year of 2022, were not considered derivatives because there were no notional amounts due to the unit-contingent nature of the agreements. The third agreement for the purchase of 150 MW firm power in June and September 2022 met the definition of an economic hedge described below and was accounted for accordingly. PNM entered into several agreements to purchase power from third parties in order to ensure that customer demand during the 2023 summer peak load was met. Agreements for purchases totaling 85 MW from June 1, 2023 through September 30, 2023 were not considered derivatives because there was either no notional amount due to their unit-contingent nature or qualified for a normal purchase, normal sale scope exception. Agreements totaling 375 MW were accounted for as derivative agreements and are considered economic hedges. For additional information related to 2023 summer peak resource adequacy, see Note 17. PNM was exposed to market risk for its 65 MW interest in SJGS Unit 4, which was held as merchant plant as ordered by the NMPRC from January 1, 2018 until September 30, 2022. PNM entered into agreements to sell power from 36 MW of that capacity to a third party at a fixed price for the period January 1, 2018 through June 30, 2022, subject to certain conditions. Under these agreements, PNM was obligated to deliver 36 MW of power only when SJGS Unit 4 was operating. In May 2022, PNM executed a new agreement to sell 50 MW of that capacity to a third party for the period from July 1, 2022 through September 30, 2022 on a system-contingent basis. These agreements were not considered derivatives because there was no notional amount due to the unit-contingent nature of the transactions. PNM and Tri-State had a hazard sharing agreement that expired in May 2022. Under this agreement, each party sold the other party 100 MW of capacity and energy from a designated generation resource on a unit contingent basis, subject to certain performance guarantees. The agreement was accounted for as a commodity derivative. In May 2022, PNM and Tri-State entered into another hazard sharing agreement that existed on a unit contingent basis through September 30, 2022, however this agreement did not include a performance guarantee. As a result, this agreement was not considered a derivative. Both the purchases and sales are made at the same market index price. This agreement served to reduce the magnitude of each party’s single largest generating hazard and assist in enhancing the reliability and efficiency of their respective operations. PNM passed 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 years ended December 31, 2023, 2022, and 2021, PNM was not hedging its exposure to the variability in future cash flows from commodity derivatives through designated cash flow 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 also uses such instruments under an NMPRC approved hedging plan to manage fuel and purchased power costs related to customers covered by its FPPAC. Changes in the fair value of instruments covered by its FPPAC are recorded as regulatory assets and liabilities. 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 Consolidated Balance Sheets: Economic Hedges December 31, 2023 2022 (In thousands) Other current assets $ 826 $ 9,780 Other current liabilities — (19,209) Net $ 826 $ (9,429) Certain of PNM’s commodity derivative instruments in the above table are subject to master netting agreements whereby assets and liabilities could be offset in the settlement process. PNM does not offset fair value and cash collateral for derivative instruments under master netting arrangements and the above table reflects the gross amounts of fair value assets and liabilities for commodity derivatives. Included in the table above are equal amounts of current assets and current liabilities aggregating zero at December 31, 2022 resulting from PNM’s hazard sharing arrangements with Tri-State that ended May 2022. The hazard sharing arrangements were net-settled upon delivery. As discussed above, PNM’s most recent hazard sharing agreement with Tri-State was not considered a derivative. As discussed above, PNM has NMPRC-approved guidelines for hedging arrangements to manage fuel and purchased power costs related to customers covered by its FPPAC. The table above includes $0.8 million in current assets and zero of current liabilities related to these arrangements at December 31, 2023 and $9.8 million in current assets and $19.2 million of current liabilities at December 31, 2022 with changes in fair value recorded as regulatory assets and regulatory liabilities. See Note 13. At December 31, 2023 and 2022, PNM had no amounts recognized for the legal right to reclaim cash collateral. However, amounts posted as cash collateral under margin arrangements were $0.2 million at December 31, 2023 and $10.5 million at December 31, 2022. These amounts are included in other current assets on the Consolidated Balance Sheets. At December 31, 2023 and December 31, 2022, obligations to return cash collateral were $0.2 million, which is included in other current liabilities on the Consolidated Balance Sheets. The changes in the fair value of commodity derivative instruments that are considered economic hedges had no impact on PNM’s net earnings during the years ended December 31, 2023 and 2022. Commodity derivatives also had no impact on OCI for the periods presented. Commodity contract volume positions are presented in MMBTU for gas related contracts and in MWh for power related contracts. The table below presents PNM’s net buy (sell) volume positions: Economic Hedges MMBTU MWh December 31, 2023 — (15,360) December 31, 2022 — 432,200 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. The table below presents information about PNM’s contingent requirement to provide collateral under certain commodity contracts having an objectively determinable collateral position, that are in net liability positions, and that are not fully collateralized with cash. Contractual liability represents those commodity derivative contracts recorded at fair value on the balance sheet, determined on an individual contract basis without offsetting amounts for individual contracts that are in an asset position and could be offset under master netting agreements with the same counterparty. Cash collateral posted under these contracts does not reflect letters of credit under the Company’s revolving credit facilities that may have been issued as collateral. Net exposure is the net contractual liability for all contracts, including those designated as normal purchase and normal sale, offset by existing collateral and by any offsets available under master netting agreements, including both assets and liability positions. Contingent Feature - Credit Rating Contractual Liability Existing Cash Collateral Net Exposure (In thousands) December 31, 2023 $ — $ — $ — December 31, 2022 $ 15,288 $ — $ 13,087 Non-Derivative Financial Instruments The carrying amounts reflected on the Consolidated Balance Sheets approximate fair value for cash, receivables, and payables due to the short period of maturity. Investment securities are carried at fair value. Investment securities consist of PNM assets held in the NDT for its share of decommissioning costs of PVNGS, a trust for PNM’s share of decommissioning costs at SJGS, and trusts for PNM’s share of final reclamation costs related to the coal mines serving SJGS and Four Corners. See Note 16. At December 31, 2023 and 2022, the fair value of investment securities included $361.0 million and $325.3 million for the NDT, $12.3 million and $14.7 million for the SJGS decommissioning trust, and $71.1 million and $77.5 million for the coal mine reclamation trusts. 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. 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 Consolidated Statements of Earnings related to investment securities in the NDT and reclamation trusts are presented in the following table: Year ended December 31, 2023 2022 2021 (In thousands) Equity securities: Net gains (losses) from equity securities sold $ 1,086 $ (6,940) $ 8,738 Net gains (losses) from equity securities still held 14,152 (38,025) (442) Total net gains (losses) on equity securities 15,238 (44,965) 8,296 Available-for-sale debt securities: Net gains (losses) on debt securities 4,008 (33,392) 8,554 Net gains (losses) on investment securities $ 19,246 $ (78,357) $ 16,850 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 $19.1 million, $(25.8) million, and $0.7 million for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, 2023 2022 2021 (In thousands) Proceeds from sales $ 574,199 $ 526,448 $ 459,867 Gross realized gains $ 18,618 $ 22,071 $ 39,408 Gross realized (losses) $ (32,649) $ (36,623) $ (22,815) At December 31, 2023, the available-for-sale debt securities held by PNM, had the following final maturities: Fair Value (In thousands) Within 1 year $ 40,573 After 1 year through 5 years 55,423 After 5 years through 10 years 51,825 After 10 years through 15 years 16,400 After 15 years through 20 years 9,775 After 20 years 36,828 $ 210,824 Fair Value Disclosures The Company determines the fair values of its derivative and other financial instruments based on the hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are 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 December 31, 2023 and 2022. Management of the Company independently verifies the information provided by pricing services. Items recorded at fair value by PNM on the Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale securities. GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Unrealized Gains (In thousands) December 31, 2023 Cash and cash equivalents $ 93,873 $ 93,873 $ — Equity securities: Corporate stocks, common 77,422 77,422 — Corporate stocks, preferred 4,323 504 3,819 Mutual funds and other 57,966 57,966 — Available-for-sale debt securities: U.S. government 35,113 34,522 591 $ 2,055 International government 8,735 — 8,735 104 Municipals 53,436 — 53,436 2,872 Corporate and other 113,540 — 113,540 9,285 $ 444,408 $ 264,287 $ 180,121 $ 14,316 December 31, 2022 Cash and cash equivalents $ 66,843 $ 66,843 $ — Equity securities: Corporate stocks, common 40,103 40,103 — Corporate stocks, preferred 5,191 790 4,401 Mutual funds and other 66,359 66,359 — Available-for-sale debt securities: U.S. government 45,905 45,645 260 $ 1,334 International government 9,762 — 9,762 1,117 Municipals 43,136 — 43,136 1,062 Corporate and other 140,177 — 140,177 6,473 $ 417,476 $ 219,740 $ 197,736 $ 9,986 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 Consolidated Balance Sheets are presented below: Carrying Fair Value December 31, 2023 (In thousands) PNMR $ 4,521,811 $ 4,260,509 PNM $ 2,261,780 $ 2,107,588 TNMP $ 1,260,880 $ 1,152,922 December 31, 2022 PNMR $ 4,077,387 $ 3,726,195 PNM $ 2,000,900 $ 1,789,186 TNMP $ 1,076,875 $ 937,009 The carrying amount and fair value of the Company’s other investments presented on the Consolidated Balance Sheets are not material and not shown in the above table. Investments Held by Employee Benefit Plans As discussed in Note 11, PNM and TNMP have trusts that hold investment assets for their pension and other postretirement benefit plans. The fair value of the assets held by the trusts impacts the determination of the funded status of each plan, but the assets are not reflected on the Company’s Consolidated Balance Sheets. Both the PNM Pension Plan and the TNMP Pension Plan hold units of participation in the PNM Resources, Inc. Master Trust (the “PNMR Master Trust”), which was established for the investment of assets of the pension plans. The PNM Pension Plan’s investment allocation targets in 2023 consist of 35% equities, 15% alternative investments (both of which are considered return generating), and 50% fixed income. The TNMP Pension Plan’s investment allocation targets in 2023 consist of 16% equities, 14% alternative investments (both of which are considered return generating), and 70% fixed income. GAAP provides a practical expedient that allows the net asset value per share to be used as fair value for investments in certain entities that do not have readily determinable fair values and are considered to be investment companies. Fair values for alternative investments held by the PNMR Master Trust and PNM OPEB Plan are valued using this practical expedient. Investments for which fair value is measured using that practical expedient are not required to be categorized within the fair value hierarchy. Level 2 and Level 3 fair values are provided by fund managers utilizing a pricing service. For level 2 fair values, the pricing provider predominately uses the market approach using bid side market value based upon a hierarchy of information for specific securities or securities with similar characteristics. Fair values of Level 2 investments in mutual funds are equal to net asset value as of year-end. Fair value prices for Level 2 corporate term loans predominately use the market approach which uses bid side market values based upon hierarchy information for specific securities or securities with similar characteristics. Alternative investments include private equity funds, hedge funds, real estate funds, and a private collective investment trust. The private equity funds are not voluntarily redeemable. These investments are realized through periodic distributions occurring over a 10 to 15 years term after the initial investment. The real estate funds and hedge funds may be voluntarily redeemed but are subject to redemption provisions that may result in the funds not being redeemable in the near term. The private collective investment trust is a non-unitized fund that does not publish daily prices. Audited financial statements are received for each fund and are reviewed by the Company annually. The valuation of alternative investments requires significant judgment by the pricing provider due to the absence of quoted market values, changes in market conditions, and the long-term nature of the assets. The significant unobservable inputs include estimates of liquidation value, current operating performance, and future expectations of performance. Neither of the employee benefit plans nor the PNMR Master Trust have any Level 3 investments as of December 31, 2023 or 2022. The fair values of investments held by the employee benefit plans are as follows: GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets Significant December 31, 2023 (In thousands) PNM Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 342,296 $ 136,474 $ 205,822 Uncategorized investments 65,421 Total Master Trust Investments $ 407,717 TNMP Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 35,870 $ 12,192 $ 23,678 Uncategorized investments 5,258 Total Master Trust Investments $ 41,128 PNM OPEB Plan Cash and cash equivalents $ 2,419 $ 2,419 $ — Equity securities: Mutual funds 47,674 43,703 3,971 Investments categorized within fair value hierarchy $ 50,093 $ 46,122 $ 3,971 Uncategorized investments 23,290 $ 73,383 TNMP OPEB Plan Cash and cash equivalents $ 162 $ 162 $ — Equity securities: Mutual funds 8,241 7,806 435 Investments categorized within fair value hierarchy $ 8,403 $ 7,968 $ 435 December 31, 2022 PNM Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 342,183 $ 143,911 $ 198,272 Uncategorized investments 67,787 Total Master Trust Investments $ 409,970 TNMP Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 38,617 $ 13,556 $ 25,061 Uncategorized investments 5,433 Total Master Trust Investments $ 44,050 PNM OPEB Plan Cash and cash equivalents $ 1,703 $ 1,703 $ — Equity securities: Mutual funds 69,001 42,068 26,933 Investments categorized within fair value hierarchy $ 70,704 $ 43,771 $ 26,933 TNMP OPEB Plan Cash and cash equivalents $ 149 $ 149 $ — Equity securities: Mutual funds 8,573 8,018 555 Investments categorized within fair value hierarchy $ 8,722 $ 8,167 $ 555 The fair values of investments in the PNMR Master Trust are as follows: GAAP Fair Value Hierarchy Total Quoted Prices Significant December 31, 2023 (In thousands) PNMR Master Trust Cash and cash equivalents $ 13,995 $ 13,995 $ — Equity securities: Corporate stocks, common 27,167 27,167 — Corporate stocks, preferred 741 741 — Mutual funds and other 159,281 49,219 110,062 Fixed income securities: U.S. government 61,684 57,544 4,140 International government 4,713 — 4,713 Municipals 5,071 — 5,071 Corporate and other 105,514 — 105,514 Total investments categorized within fair value hierarchy 378,166 $ 148,666 $ 229,500 Uncategorized investments: Private equity funds 5,617 Hedge funds 35,137 Real estate funds 29,925 $ 448,845 December 31, 2022 PNMR Master Trust Cash and cash equivalents $ 17,106 $ 17,106 $ — Equity securities: Corporate stocks, common 53,661 53,661 — Corporate stocks, preferred 639 639 — Mutual funds and other 135,200 27,412 107,788 Fixed income securities: U.S. government 62,637 58,649 3,988 International government 3,318 — 3,318 Municipals 4,922 — 4,922 Corporate and other 103,317 — 103,317 Total investments categorized within fair value hierarchy 380,800 $ 157,467 $ 223,333 Uncategorized investments: Private equity funds 6,691 Hedge funds 33,258 Real estate funds 33,271 $ 454,020

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2023
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities How an enterprise evaluates and accounts for its involvement with variable interest entities, focuses 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”). This evaluation requires continual reassessment of the primary beneficiary of a VIE. Valencia PNM has a PPA to purchase all of the electric capacity and energy from Valencia, a 155 MW natural gas-fired power plant near Belen, New Mexico, through May 2028. A third party built, owns, and operates the facility while PNM is the sole purchaser of the electricity generated. PNM is obligated to pay fixed operation and maintenance and capacity charges in addition to variable operation and maintenance charges under this PPA. For the years ended December 31, 2023, 2022, and 2021, PNM paid $20.3 million, $19.5 million, and $19.8 million for fixed charges and $5.2 million, $1.9 million, and $1.9 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 since PNM has the power to direct the activities that most significantly impact the economic performance of Valencia and will absorb the majority of the variability in the cash flows of the plant. As the primary beneficiary, PNM consolidates Valencia in its financial statements. Accordingly, the assets, liabilities, operating expenses, and cash flows of Valencia are included in the Consolidated Financial Statements of PNM although PNM has no legal ownership interest or voting control of the VIE. The assets and liabilities of Valencia are set forth below and are not shown separately on the Consolidated Balance Sheets. The owner’s equity and net income of Valencia are considered attributable to non-controlling interest. Summarized financial information for Valencia is as follows: Results of Operations Year Ended December 31 2023 2022 2021 (In thousands) Operating revenues $ 25,421 $ 21,403 $ 21,624 Operating expenses 6,896 6,281 6,134 Other Misc (Income)/Expense (8) — — Earnings attributable to non-controlling interest $ 18,533 $ 15,122 $ 15,490 Financial Position December 31, 2023 2022 (In thousands) Current assets $ 3,422 $ 3,429 Net property, plant and equipment 47,253 50,094 Total assets 50,675 53,523 Current liabilities 717 529 Owners’ equity – non-controlling interest $ 49,958 $ 52,994 Westmoreland San Juan Mining, LLC As discussed in the subheading Coal Supply in Note 16, PNM purchased coal for SJGS under the SJGS CSA. PNM and Westmoreland also entered into agreements under which CCR disposal and mine reclamation services for SJGS would be provided. 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 SJCC including obligations to PNM under the SJGS CSA and to PNMR under letter of credit support agreements. See Note 16. PNMR issued $30.3 million in letters of credit to facilitate the issuance of reclamation bonds required in order for SJCC to mine coal to be supplied to SJGS. As discussed above, WSJ LLC assumed the rights and obligations of SJCC, including obligations to PNMR for the letters of credit. The letters of credit support results in PNMR having a variable interest in WSJ LLC since PNMR is subject to possible loss in the event performance by PNMR is required under the letters of credit support. PNMR considers the possibility of loss under the letters of credit support to be remote since the purpose of posting the bonds is to provide assurance that WSJ LLC performs the required reclamation of the mine site in accordance with applicable regulations and the reclamation services agreement provides WSJ LLC the ability to recover the cost of reclamation. Additionally, much of the mine reclamation activities are being performed after the SJGS CSA expired on September 30, 2022. As discussed in Note 16, each of the SJGS participants has established and actively fund trusts to meet future reclamation obligations. WSJ LLC is considered a VIE. PNMR’s analysis of its arrangements with WSJ LLC concluded that WSJ LLC had the ability to direct its mining operations and reclamation services, which are the factors that most significantly impact the economic performance of WSJ LLC. Other than PNM being able to ensure that coal was supplied in adequate quantities and of sufficient quality to provide the fuel necessary to operate SJGS in a normal manner and monitoring of reclamation activities, the mining operations and reclamation services were solely under the control of WSJ LLC, including developing mining and reclamation plans, hiring of personnel, and incurring operating and maintenance expenses. Neither PNMR nor PNM had any ability to direct or influence the mining operation or reclamation activities. PNM’s involvement through the SJGS CSA and the reclamation services agreement is a protective right rather than a participating right and WSJ LLC still has the power to direct the activities that most significantly impact the economic performance of WSJ LLC. The SJGS CSA required WSJ LLC to deliver coal to fuel SJGS in exchange for payment of a set price per ton, which escalated over time for inflation. The reclamation services agreement requires WSJ LLC to perform reclamation services at a base price per activity, which escalates over time for inflation. If WSJ LLC had been able to mine or perform reclamation services more efficiently than anticipated, its economic performance would improve. Conversely, if WSJ LLC had not been able to mine or does not perform reclamation services as efficiently as anticipated, its economic performance would be negatively impacted. Accordingly, PNMR believes WSJ LLC is the primary beneficiary and, therefore, WSJ LLC is not consolidated by either PNMR or PNM. The amounts outstanding under the letters of credit support continue to be PNMR’s maximum exposure to loss from the VIE at December 31, 2023. ETBC I In April 2020, the NMPRC issued a financing order approving the securitization of certain costs related to the retirement of SJGS. The financing order also authorized PNM to form ETBC I. ETBC I is a wholly-owned, special purpose, subsidiary of PNM that was formed in August 2023 for the limited purpose of purchasing, owning, and administering energy transition property, issuing Securitized Bonds, and performing related activities. On November 15, 2023, ETBC I issued Securitized Bonds and used the proceeds to purchase energy transition property from PNM. The energy transition property purchased includes the right to impose, bill, collect, and adjust a non-bypassable energy transition charge from all PNM retail customers until the Securitized Bonds are paid in full and all allowed financing costs have been recovered. The Securitized bonds are secured by the energy transition property and cash collections from the energy transition charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to PNM. PNM acts as the servicer of the energy transition property on behalf of ETBC I and is responsible for metering, calculating, billing, and collecting the Energy Transition Charges. On behalf of ETBC I, PNM is required to remit all collections of the Energy Transition Charges to the trustee for the Securitized Bonds. PNM has the power to direct the activities that most significantly impact the economic performance of ETBC I and will absorb the majority of the variability in the cash flows of the entity. As the primary beneficiary, PNM consolidates ETBC I in its financial statements. Accordingly, the assets, liabilities, operating expenses, and cash flows of ETBC I are included in the Consolidated Financial Statements of PNM. The following tables summarize the impact of ETBC I on PNM’s Consolidated Balance Sheets: December 31, 2023 (In thousands) Regulatory Assets - Current 2,724 Restricted Cash (included in Other Deferred Charges) 1,728 Securitized Cost (included in Deferred Regulatory Assets) 340,629 Current Installments of Long-Term Debt 2,529 Accrued Interest 2,502 Long-Term Debt 338,521

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits PNMR and its subsidiaries maintain qualified defined benefit pension plans, postretirement benefit plans providing medical and dental benefits, and executive retirement programs (collectively, the “PNM Plans” and “TNMP Plans”). PNMR maintains the legal obligation for the benefits owed to participants under these plans. The periodic costs or income of the PNM Plans and TNMP Plans are included in regulated rates to the extent attributable to regulated operations. PNM and TNMP receive a regulated return on the amounts funded for pension and OPEB plans in excess of the periodic cost or income to the extent included in retail rates (a “prepaid pension asset”). Participants in the PNM Plans include eligible employees and retirees of PNMR and PNM. Participants in the TNMP Plans include eligible employees and retirees of TNMP. The PNM pension plan was frozen at the end of 1997 with regard to new participants, salary levels, and benefits. Through December 31, 2007, additional credited service could be accrued under the PNM pension plan up to a limit determined by age and service. The TNMP pension plan was frozen at December 31, 2005 with regard to new participants, salary levels, and benefits. A plan sponsor is required to (a) recognize in its statement of financial position an asset for a plan’s overfunded status or a liability for a plan’s underfunded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year; and (c) recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. Unrecognized prior service costs and unrecognized gains or losses are required to be recorded in AOCI and subsequently amortized. To the extent the amortization of these items will ultimately be recovered or returned through future rates, PNM and TNMP record the costs as a regulatory asset or regulatory liability. The amortization of these incurred costs is included as pension and postretirement benefit periodic cost or income in subsequent years. The Company maintains trust funds for the pension and OPEB plans from which benefits are paid to eligible employees and retirees. The Company’s funding policy is to make contributions to the trusts, as determined by an independent actuary, that comply with minimum guidelines of the Employee Retirement Income Security Act and the IRC. Information concerning the fair value of investments is contained in Note 9. The Company has in place a policy that defines the investment objectives, establishes performance goals of asset managers, and provides procedures for the manner in which investments are to be reviewed. The plans implement investment strategies to achieve the following objectives: • Implement investment strategies commensurate with the risk that the Corporate Investment Committee deems appropriate to meet the obligations of the pension plans and OPEB plans, minimize the volatility of expense, and account for contingencies • Transition asset mix over the long-term to a higher proportion of high-quality fixed income investments as the plans’ funded statuses improve Management is responsible for the determination of the asset target mix and the expected rate of return. The target asset allocations are determined based on consultations with external investment advisors. The expected long-term rate of return on pension and postretirement plan assets is calculated on the market-related value of assets. Actual gains and losses on pension and OPEB plan assets are recognized in the market-related value of assets equally over a period of not more than five years, which reduces year-to-year volatility. For the PNM Plans and TNMP Plans, the market-related value of assets is equal to the prior year’s market-related value of assets adjusted for contributions, benefit payments and investment gains and losses that are within a corridor of plus or minus 4.0% around the expected return on market value. Gains and losses that are outside the corridor are amortized over five years. Pension Plans For defined benefit pension plans, including the executive retirement plans, the PBO represents the actuarial present value of all benefits attributed by the pension benefit formula to employee service rendered prior to that date using assumptions regarding future compensation levels. The ABO represents the PBO without considering future compensation levels. Since the pension plans are frozen, the PBO and ABO are equal. The following table presents information about the PBO, fair value of plan assets, and funded status of the plans: PNM TNMP Year Ended December 31, Year Ended December 31, 2023 2022 2023 2022 (In thousands) PBO at beginning of year $ 433,645 $ 584,061 $ 43,961 $ 59,609 Service cost — — — — Interest cost 23,653 16,857 2,402 1,720 Actuarial (gain) loss 4,290 (118,552) 1,261 (11,711) Benefits paid (42,931) (48,721) (5,042) (3,403) Settlements — — — (2,254) PBO at end of year 418,657 433,645 42,582 43,961 Fair value of plan assets at beginning of year 410,463 576,707 43,447 62,942 Actual return on plan assets 39,679 (117,523) 2,948 (13,838) Employer contributions — — — — Benefits paid (42,931) (48,721) (5,042) (3,403) Settlements — — — (2,254) Fair value of plan assets at end of year 407,211 410,463 41,353 43,447 Funded status – asset (liability) for pension benefits $ (11,446) $ (23,182) $ (1,229) $ (514) Actuarial (gain) loss results from changes in: PNM TNMP Year Ended December 31, Year Ended December 31, 2023 2022 2023 2022 (in thousands) Discount rates $ 8,806 $ (111,478) $ 969 $ (11,697) Demographic experience (gain) loss (1,777) (7,074) 538 (742) Mortality rate (2,739) — (239) — Other assumptions and experience — — (7) 728 $ 4,290 $ (118,552) $ 1,261 $ (11,711) The following table presents pre-tax information about net actuarial (gain) loss in AOCI as of December 31, 2023. PNM TNMP (In thousands) Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year $ 110,345 $ — Experience (gain) loss (6,193) 1,005 Regulatory asset (liability) adjustment 4,629 (1,005) Amortization recognized in net periodic benefit (income) (4,713) — Amounts in AOCI not yet recognized in net periodic benefit cost at end of year $ 104,068 $ — The following table presents the components of net periodic benefit cost (income): Year Ended December 31, 2023 2022 2021 (In thousands) PNM Service cost $ — $ — $ — Interest cost 23,653 16,857 16,143 Expected return on plan assets (29,196) (28,563) (28,531) Amortization of net loss 10,583 15,794 18,166 Amortization of prior service cost — — — Net periodic benefit cost $ 5,040 $ 4,088 $ 5,778 TNMP Service cost $ — $ — $ — Interest cost 2,402 1,720 1,741 Expected return on plan assets (2,697) (2,472) (3,181) Amortization of net loss 439 932 1,247 Amortization of prior service cost — — — Settlement loss — 1,033 746 Net periodic benefit cost $ 144 $ 1,213 $ 553 The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost (income). Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost (income) would be affected. Year Ended December 31, PNM 2023 2022 2021 Discount rate for determining December 31 PBO 5.46 % 5.74 % 3.00 % Discount rate for determining net periodic benefit cost 5.74 3.00 2.66 Expected return on plan assets 6.30 5.50 5.50 Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 PBO 5.47 % 5.75 % 3.01 % Discount rate for determining net periodic benefit cost 5.75 3.01 2.69 Expected return on plan assets 5.50 4.40 5.50 Rate of compensation increase N/A N/A N/A The assumed discount rate for determining the PBO was determined based on a review of long-term high-grade bonds and management’s expectations. The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the PBO. Factors that are considered include, but are not limited to, historic returns on plan assets, current market information on long-term returns (e.g., long-term bond rates) and current and target asset allocations between asset categories. If all other factors were to remain unchanged, a 1% decrease in the expected long-term rate of return would cause PNM’s and TNMP’s 2024 net periodic benefit cost to increase $4.5 million and $0.5 million (analogous changes would result from a 1% increase). The actual rate of return for the PNM and TNMP pension plans was 10.20% and 7.22% for the year ended December 31, 2023. The Company’s long-term pension investment strategy is to invest in assets whose interest rate sensitivity is correlated with the pension liability. The Company uses an investment strategy, known as Liability Driven Investing, that increases the liability matching investments as the funded status of the pension plans improve. The Company’s investment allocation targets consist of 35% equities, 15% alternative investments (both of which are considered return generating), and 50% liability matching securities that are primarily bonds and other fixed income investments. Equity investments are primarily in domestic securities that include large-, mid-, and small-capitalization companies. The pension plans have a 13% targeted allocation to equities of companies domiciled primarily in developed countries outside of the U.S. The equity investments category includes active and passive managed domestic equity securities that are benchmarked against a variety of style indices. Fixed income investments are primarily corporate bonds of companies from diversified industries and government securities. Alternative investments include investments in hedge funds, real estate funds, and private equity funds. The private equity funds are structured as multi-manager multi-strategy fund of funds to achieve a diversified position in these asset classes. The hedge funds use multi-strategies that pursue various absolute return strategies such as relative value, merger arbitrage, event driven equities, and structured credit. The real estate investments are commingled real estate portfolios that invest in a diversified portfolio of assets including commercial property, infrastructure, storage facilities and multi-family housing. See Note 9 for fair value information concerning assets held by the pension plans. The following pension benefit payments are expected to be paid: PNM TNMP (In thousands) 2024 $ 41,797 $ 4,219 2025 40,901 4,183 2026 39,447 4,169 2027 38,563 3,982 2028 37,245 3,897 2029 - 2033 167,079 16,789 Based on current law, funding requirements, and estimates of portfolio performance, the Company does not expect to make any cash contributions to the pension plans in 2024 through 2027. PNM does not expect to make any cash contribution in 2028. TNMP expects to make a cash contribution of $0.2 million in 2028. The funding assumptions were developed using discount a rate of 5.47%. Actual amounts to be funded in the future will be dependent on the actuarial assumptions at that time, including the appropriate discount rates. PNM and TNMP may make additional contributions at their discretion. Other Postretirement Benefit Plans For postretirement benefit plans, the APBO is the actuarial present value of all future benefits attributed under the terms of the postretirement benefit plan to employee service rendered to date. The following table presents information about the APBO, the fair value of plan assets, and the funded status of the plans: PNM TNMP Year Ended December 31, Year Ended December 31, 2023 2022 2023 2022 (In thousands) APBO at beginning of year $ 49,950 $ 66,984 $ 7,705 $ 10,570 Service cost — 10 21 38 Interest cost 2,703 1,914 425 307 Participant contributions 1,592 1,431 359 219 Actuarial (gain) (1,608) (14,829) (282) (2,788) Benefits paid (6,420) (6,396) (897) (641) Curtailment loss — 836 — — APBO at end of year 46,217 49,950 7,331 7,705 Fair value of plan assets at beginning of year 70,301 95,805 8,718 12,593 Actual return on plan assets 7,762 (23,156) 173 (3,453) Employer contributions 157 2,617 — — Participant contributions 1,592 1,431 359 219 Benefits paid (6,420) (6,396) (897) (641) Fair value of plan assets at end of year 73,392 70,301 8,353 8,718 Funded status – asset $ 27,175 $ 20,351 $ 1,022 $ 1,013 As of December 31, 2023, the fair value of plan assets exceeds the APBO for both PNM’s and TNMP’s OPEB Plans and the resulting net asset is presented in other deferred charges on the Consolidated Balance Sheets. Actuarial (gain) loss results from changes in: PNM TNMP Year Ended December 31, Year Ended December 31, 2023 2022 2023 2022 (in thousands) Discount rates $ 868 $ (11,876) $ 174 $ (2,469) Claims, contributions, and demographic experience (2,171) (2,985) (423) (319) Assumed participation rate — — — — Mortality rate (305) — (33) — Dental trend assumption — 32 — — $ (1,608) $ (14,829) $ (282) $ (2,788) In the year ended December 31, 2023, actuarial gains of $4.4 million were recorded as adjustments to regulatory assets for the PNM OPEB plan. For the TNMP OPEB plan, actuarial losses of less than $0.1 million were recorded as adjustments to regulatory liabilities. The following table presents the components of net periodic benefit cost (income): Year Ended December 31, 2023 2022 2021 (In thousands) PNM Service cost $ — $ 10 $ 23 Interest cost 2,703 1,914 1,907 Expected return on plan assets (4,969) (4,351) (4,167) Amortization of net loss — — — Curtailment loss $ — $ 836 $ — Net periodic benefit (income) $ (2,266) $ (1,591) $ (2,237) TNMP Service cost $ 21 $ 38 $ 45 Interest cost 425 307 308 Expected return on plan assets (481) (418) (407) Amortization of net (gain) (760) (520) (322) Net periodic benefit (income) $ (795) $ (593) $ (376) The following significant weighted-average assumptions were used to determine the APBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the APBO and net periodic benefit cost would be affected. Year Ended December 31, PNM 2023 2022 2021 Discount rate for determining December 31 APBO 5.48 % 5.75 % 2.99 % Discount rate for determining net periodic benefit cost 5.75 2.99 2.65 Expected return on plan assets 5.90 4.75 4.75 Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 APBO 5.48 % 5.75 % 2.99 % Discount rate for determining net periodic benefit cost 5.75 2.99 2.65 Expected return on plan assets 4.70 3.80 3.80 Rate of compensation increase N/A N/A N/A The assumed discount rate for determining the APBO was determined based on a review of long-term high-grade bonds and management’s expectations. The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the APBO. Factors that are considered include, but are not limited to, historic returns on plan assets, current market information on long-term returns (e.g., long-term bond rates), and current and target asset allocations between asset categories. If all other factors were to remain unchanged, a 1% decrease in the expected long-term rate of return would cause PNM’s and TNMP’s 2024 net periodic benefit cost to increase $0.8 million and $0.1 million (analogous changes would result from a 1% increase). The actual rate of return for the PNM and TNMP OPEB plans was 11.4% and 2.0% for the year ended December 31, 2023. The following table shows the assumed health care cost trend rates for the PNM OPEB plan: PNM December 31, 2023 2022 Health care cost trend rate assumed for next year 6.00 % 6.25 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.75 4.75 Year that the rate reaches the ultimate trend rate 2029 2029 TNMP’s exposure to cost increases in the OPEB plan is minimized by a provision that limits TNMP’s share of costs under the plan. Costs of the plan in excess of the limit, which was reached at the end of 2001, are wholly borne by the participants. As a result, a one-percentage-point change in assumed health care cost trend rates would have no effect on either the net periodic expense or the year-end APBO. Effective January 1, 2018, the PNM OPEB plan was amended to limit the annual increase in the Company’s costs to 5%. Increases in excess of the limit are born by the PNM OPEB plan participants. The Company’s OPEB plans invest in a portfolio that is diversified by asset class and style strategies. The OPEB plans generally use the same pension fixed income and equity investment managers and utilize the same overall investment strategy as described above for the pension plans, except there is no allocation to alternative investments. The OPEB plans have a target asset allocation of 30% equities and 70% fixed income. See Note 9 for fair value information concerning assets held by the other postretirement benefit plans. The following OPEB payments, which reflect expected future service and are net of participant contributions, are expected to be paid: PNM TNMP (In thousands) 2024 $ 5,305 $ 611 2025 4,948 612 2026 4,710 620 2027 4,438 609 2028 4,213 603 2029 - 2033 17,817 2,745 PNM and TNMP made no cash contributions to the OPEB trusts in 2023 or 2022 and PNM and TNMP does not expect to make cash contributions to the OPEB trusts in 2024-2028. However, a portion of the disbursements attributable to the OPEB trust are paid by PNM and are therefore considered to be contributions to the PNM OPEB plan. Payments by PNM on behalf of the PNM OPEB plan are expected to be $0.2 million in 2024 and $10.1 million in 2025-2028. Executive Retirement Programs For the executive retirement programs, the following table presents information about the PBO and funded status of the plans: PNM TNMP Year Ended December 31, Year Ended December 31, 2023 2022 2023 2022 (In thousands) PBO at beginning of year $ 10,042 $ 12,612 $ 344 $ 406 Service cost — — — — Interest cost 540 362 18 11 Actuarial (gain) loss 411 (1,628) 13 (2) Benefits paid (1,279) (1,304) (59) (71) PBO at end of year – funded status 9,714 10,042 316 344 Less current liability 1,210 1,217 64 66 Non-current liability $ 8,504 $ 8,825 $ 252 $ 278 The following table presents pre-tax information about net actuarial loss in AOCI as of December 31, 2023. December 31, 2023 PNM TNMP (In thousands) Amount in AOCI not yet recognized in net periodic benefit cost at beginning of year $ 995 $ — Experience (gain) 411 13 Regulatory asset adjustment (238) (13) Amortization recognized in net periodic benefit (income) (64) — Amount in AOCI not yet recognized in net periodic benefit cost at end of year $ 1,104 $ — The following table presents the components of net periodic benefit cost: Year Ended December 31, 2023 2022 2021 (In thousands) PNM Service cost $ — $ — $ — Interest cost 540 362 363 Amortization of net loss 152 327 395 Amortization of prior service cost — — — Net periodic benefit cost $ 692 $ 689 $ 758 TNMP Service cost $ — $ — $ — Interest cost 18 11 17 Amortization of net loss — — 33 Amortization of prior service cost — — — Net periodic benefit cost $ 18 $ 11 $ 50 The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost would be affected. Year Ended December 31, PNM 2023 2022 2021 Discount rate for determining December 31 PBO 5.45 % 5.73 % 3.02 % Discount rate for determining net periodic benefit cost 5.73 3.02 2.68 Long-term rate of return on plan assets N/A N/A N/A Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 PBO 5.47 % 5.75 % 3.01 % Discount rate for determining net periodic benefit cost 5.75 3.01 2.69 Long-term rate of return on plan assets N/A N/A N/A Rate of compensation increase N/A N/A N/A The assumed discount rate for determining the PBO was determined based on a review of long-term high-grade bonds and management’s expectations. The impacts of changes in assumptions or experience were not significant. Disbursements under the executive retirement program, funded by PNM and TNMP, which are considered to be contributions to the plan were $1.3 million and $0.1 million in the year ended December 31, 2023 and $1.3 million and $0.1 million for the year ended December 31, 2022. The following executive retirement plan payments, which reflect expected future service, are expected: PNM TNMP (In thousands) 2024 $ 1,243 $ 66 2025 1,193 58 2026 1,136 51 2027 1,073 44 2028 1,006 37 2029 - 2033 3,987 104 Other Retirement Plans PNMR sponsors a 401(k) defined contribution plan for eligible employees, including those of its subsidiaries. PNMR’s contributions to the 401(k) plan consist of a discretionary matching contribution equal to 75% of the first 6% of eligible compensation contributed by the employee on a before-tax basis. PNMR also makes a non-matching contribution ranging from 3% to 10% of eligible compensation based on the eligible employee’s age. PNMR also provides executive deferred compensation benefits through an unfunded, non-qualified plan. The purpose of this plan is to permit certain key employees of PNMR who participate in the 401(k) defined contribution plan to defer compensation and receive credits without reference to the certain limitations on contributions. A summary of expenses for these other retirement plans is as follows: Year Ended December 31, 2023 2022 2021 (In thousands) PNMR 401(k) plan $ 16,118 $ 15,844 $ 16,648 Non-qualified plan $ 1,197 $ (1,027) $ 3,594 PNM 401(k) plan $ 10,839 $ 11,067 $ 11,826 Non-qualified plan $ 825 $ (721) $ 2,622 TNMP 401(k) plan $ 5,279 $ 4,776 $ 4,823 Non-qualified plan $ 372 $ (305) $ 972

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
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. Certain restricted stock awards are subject to achieving performance or market targets. Other awards of restricted stock are only subject to time vesting requirements. Restricted stock awarded under the PEP for performance periods ending after 2023 no longer have market targets. Performance Equity Plan The PEP provides for the granting of non-qualified stock options, restricted stock rights, performance shares, performance units, and stock appreciation rights to officers, key employees, and non-employee members of the Board. Restricted stock under the PEP refers to awards of stock subject to vesting, performance, or market conditions rather than to shares with contractual post-vesting restrictions. Generally, the awards vest ratably over three years from the grant date of the award. However, awards with performance or market conditions vest upon satisfaction of those conditions. In addition, plan provisions provide that upon retirement, participants become 100% vested in certain stock awards. The vesting period for awards of restricted stock to non-employee members of the Board is one year. The total number of shares of PNMR common stock subject to all awards under the 2014 PEP, as approved by PNMR’s shareholders in May 2014, may not exceed 13.5 million shares, subject to adjustment and certain share counting rules set forth in the PEP. This current share pool is charged five shares for each share subject to restricted stock or other full value award. In May 2023, PNMR’s shareholders approved the 2023 PEP which set the maximum number of shares subject to all awards to be 2.5 million shares. The 2023 PEP is charged a single share for each award. Source of Shares The source of shares for exercised stock options and vested restricted stock is currently shares acquired on the open market by an independent agent, rather than newly issued shares. Accounting for Stock Awards The stock-based compensation expense related to restricted stock awards without performance or market conditions to participants that are retirement eligible on the grant date is recognized immediately at the grant date and is not amortized. Compensation expense for other such awards is amortized to compensation expense over the shorter of the requisite vesting period or the period until the participant becomes retirement eligible. Compensation expense for performance-based shares is recognized ratably over the performance period as required service is provided and is adjusted periodically to reflect the level of achievement expected to be attained. Compensation expense related to market-based shares is recognized ratably over the measurement period, regardless of the actual level of achievement, provided the employees meet their service requirements. Total compensation expense for stock-based payment arrangements recognized by PNMR for the years ended December 31, 2023, 2022, and 2021 was $7.2 million, $7.9 million, and $9.4 million. Stock compensation expense of $4.8 million, $5.3 million, and $6.4 million was charged to PNM and $2.4 million, $2.6 million, and $3.0 million was charged to TNMP. At December 31, 2023, PNMR had unrecognized compensation expense related to stock awards of $5.3 million, which is expected to be recognized over an average of 1.91 years. PNMR receives a tax deduction for the value of restricted stock at the vesting date. To the extent the tax deduction exceeds the Company’s cumulative expense related to a stock award, an excess tax benefit is recorded. When the cumulative expense exceeds the tax deduction, a tax deficiency is recorded. All excess tax benefits and deficiencies are recorded to tax expense and classified as operating cash flows when used to reduce taxes payable. Year Ended December 31, Excess Tax Benefits (Deficiencies) 2023 2022 2021 (In thousands) PNM $ 185 $ (65) $ 564 TNMP 76 (26) 224 PNMR 261 (91) 788 TNMP used excess tax benefits to reduce income taxes payable and the benefit was reflected in cash flows from operating activities. The benefit of excess tax benefits at PNM and PNMR will be reflected in operating cash flows when they reduce income taxes payable. The grant date fair value for restricted stock and stock awards with Company internal performance targets is determined based on the market price of PNMR common stock on the date of the agreements reduced by the present value of future dividends that will not be received prior to vesting. The grant date fair value is applied to the total number of shares that are anticipated to vest, although the number of performance shares that ultimately vest cannot be determined until after the performance periods end. The grant date fair value of stock awards with market targets is determined using Monte Carlo simulation models, which provide grant date fair values that include an expectation of the number of shares to vest at the end of the measurement period. The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value: Year Ended December 31, Restricted Shares and Performance-Based Shares 2023 2022 2021 Expected quarterly dividends per share $ 0.3675 $ 0.3475 $ 0.3275 Risk-free interest rate 4.46 % 1.46 % 0.32 % Market-Based Shares (1) Dividend yield N/A N/A 2.76 % Expected volatility N/A N/A 33.69 % Risk-free interest rate N/A N/A 0.29 % (1) Restricted stock expected to be awarded under the PEP for performance periods ending after 2023 no longer have market targets. The following table summarizes activity in restricted stock awards including performance-based and market-based shares: Restricted Stock Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2022 182,446 $ 42.09 Granted 230,141 41.98 Released (197,765) 43.98 Forfeited (2,742) 42.89 Outstanding at December 31, 2023 212,080 $ 40.33 PNMR’s current stock-based compensation program provides for performance targets through 2025 and market targets through 2023. Included as granted and released in the table above are 100,991 previously awarded shares that were earned for the 2020 - 2022 performance measurement period and ratified by the Board in February 2023 (based upon achieving targets at above “target”, below “maximum” levels). Excluded from the above table are 80,492 previously awarded shares that were earned for the 2021 - 2023 performance measurement period and ratified by the Board in February 2024 (based upon achieving targets at above “target”, below “maximum” levels). Also excluded from the table above are 140,882 and 139,242 shares for the three-year performance periods ending in 2024 and 2025 that will be awarded if all performance criteria are achieved at maximum levels and all executives remain eligible. On December 5, 2023, the Company entered into a retention agreements with its Chairman and Chief Executive Officer and its Senior Vice President and General Counsel under which they would be awarded a total of 26,766 and 8,922 respectively of restricted stock rights if they remained employed through the award’s vesting date which is the earliest of 24 months from the grant date, the closing of the Merger, or six months following the termination of the Merger. As of December 31, 2023, upon the notice from Avangrid regarding the termination of the Merger Agreement, these awards will vest on June 30, 2024. The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares, and stock options: Year Ended December 31, Restricted Stock 2023 2022 2021 Weighted-average grant date fair value $ 41.98 $ 41.04 $ 43.48 Total fair value of restricted shares that vested (in thousands) $ 8,698 $ 7,368 $ 8,617

Regulatory Assets and Liabiliti

Regulatory Assets and Liabilities	12 Months Ended
	Dec. 31, 2023
Regulated Operations [Abstract]
Regulatory Assets and Liabilities	Regulatory Assets and Liabilities The operations of PNM and TNMP are regulated by the NMPRC, PUCT, and FERC and the provisions of GAAP for rate-regulated enterprises are applied to its regulated operations. Regulatory assets represent probable future recovery of previously incurred costs that will be collected from customers through the ratemaking process. Regulatory liabilities represent probable future reductions in revenues associated with amounts that are to be credited to customers through the ratemaking process. Regulatory assets and liabilities reflected in the Consolidated Balance Sheets are presented below. PNM TNMP December 31, December 31, 2023 2022 2023 2022 Assets: (In thousands) Current: FPPAC $ 65,251 $ 8,904 $ — $ — NMPRC hedging plan — 9,429 — — Energy efficiency costs — — 50 1,932 Renewable energy rider 5,021 — — — SJGS Energy Transition Property 2,724 — — — 72,996 18,333 50 1,932 Non-Current: SJGS Energy Transition Property $ 340,629 $ 343,238 $ — $ — SJGS - non-ETA 122,246 129,285 — — PVNGS leased interest 80,777 — — — EIM 18,731 13,102 — — TEP 2,644 — — — Loss on reacquired debt 13,806 15,323 25,019 26,317 Pension and OPEB 172,508 187,182 21,854 21,558 Deferred income taxes 71,359 67,621 8,882 9,193 AMS surcharge — — — 6,254 AMS retirement and other costs — — 12,343 12,591 Deferred COVID-19 costs 5,664 5,664 — 1,053 Other 10,363 2,526 7,556 5,779 838,727 763,941 75,654 82,745 Total regulatory assets $ 911,723 $ 782,274 $ 75,704 $ 84,677 Liabilities: Current: SJGS rate refunds $ (113,372) $ — $ — $ — PVNGS rate refunds (19,194) — — — Renewable energy rider, including excess return — (5,076) — — Energy efficiency costs (1,454) (2,837) — — Transmission cost recovery factor — — (5,159) (9,089) NMPRC hedging plan (826) — — — (134,846) (7,913) (5,159) (9,089) Non-Current: Cost of removal (247,627) (238,903) (117,759) (97,030) Deferred income taxes (281,588) (301,493) (83,459) (94,994) Renewable energy tax benefits (14,463) (15,610) — — PVNGS rate refunds (19,194) — — — Pension and OPEB — — (3,644) (4,518) COVID-19 cost savings (900) (900) — — Other (1,249) (83) (1,434) (1,671) (565,021) (556,989) (206,296) (198,213) Total regulatory liabilities $ (699,867) $ (564,902) $ (211,455) $ (207,302) The Company’s regulatory assets and regulatory liabilities are reflected in rates charged to customers or have been addressed in a regulatory proceeding. The Company does not receive or pay a rate of return on the following regulatory assets and regulatory liabilities (and their remaining amortization periods): SJGS Energy Transition Property (over the life of the securitized bonds); portions of PVNGS Leased Interest (through 2044); SJGS rate refunds (through 2024); PVNGS rate refunds (through 2025); deferred income taxes (over the remaining life of the taxable item, up to the remaining life of utility plant); pension and OPEB costs (through 2039). The Company is permitted, under rate regulation, to accrue and record a regulatory liability for the estimated cost of removal and salvage associated with certain of its assets through depreciation expense. Actuarial losses and prior service costs for pension plans are required to be recorded in AOCI; however, to the extent authorized for recovery through the regulatory process these amounts are recorded as regulatory assets or liabilities. Based on prior regulatory approvals, the amortization of these amounts will be included in the Company’s rates. Based on a current evaluation of the various factors and conditions that are expected to impact future cost recovery, the Company believes that future recovery of its regulatory assets is probable.

Construction Program and Jointl

Construction Program and Jointly-Owned Electric Generating Plants	12 Months Ended
	Dec. 31, 2023
Construction Program and Jointly-Owned Electric Generating Plants [Abstract]
Construction Program and Jointly-Owned Electric Generating Plants	Construction Program and Jointly-Owned Electric Generating Plants PNM is a participant in jointly-owned power plant projects. The participation agreement for SJGS expired on September 30, 2022. The primary operating or participation agreements for the other joint projects expire in July 2041 for Four Corners, December 2046 for Luna, and November 2047 for PVNGS. PNM’s expenditures for additions to utility plant were $565.1 million in 2023, including expenditures on jointly-owned projects. TNMP does not participate in the ownership or operation of any generating plants, but incurred expenditures for additions to utility plant of $464.4 million during 2023. On a consolidated basis, PNMR’s expenditures for additions to utility plant were $1,075.8 million in 2023. Joint Projects Under the agreements for the jointly-owned projects, PNM has an undivided interest in each asset and liability of the project and records its pro-rata share of each item in the corresponding asset and liability account on PNM’s Consolidated Balance Sheets. Likewise, PNM records its pro-rata share of each item of operating and maintenance expenses for its jointly-owned plants within the corresponding operating expense account in its Consolidated Statements of Earnings. PNM is responsible for financing its share of the capital and operating costs of the joint projects. At December 31, 2023, PNM’s interests and investments in jointly-owned generating facilities are: Station (Type) Plant in Accumulated Depreciation (1) Construction Composite (In thousands) PVNGS (Nuclear) $ 800,338 $ 403,531 $ 25,380 7.56 % Four Corners Units 4 and 5 (Coal) $ 282,875 $ 102,520 $ 7,710 13.00 Luna (Gas) $ 85,516 $ 34,893 $ 2,826 33.33 (1) Includes cost of removal. Palo Verde Nuclear Generating Station PNM is a participant in the three units of PVNGS with APS (the operating agent), SRP, EPE, SCE, SCPPA, and The Department of Water and Power of the City of Los Angeles. PNM previously had a 10.2% undivided interest in PVNGS, with portions of its interests in Units 1 and 2 held under leases. In January 2023, leased capacity of 104 MW in PVNGS Unit 1 expired and the rights to the capacity were acquired by SRP from the lessors subsequently, reducing PNM’s interest in PVNGS to 7.6% at December 31, 2023. In January 2024, the leased capacity of 10 MW in PVNGS Unit 2 expired and the rights were also acquired by SRP, further reducing PNM’s interest in PVNGS to 7.3%. See Note 8 for additional information concerning the PVNGS leases. Four Corners Power Plant PNM is a participant in two units of Four Corners with APS (the operating agent), an affiliate of APS, SRP, and Tucson. PNM has a 13.0% undivided interest in Units 4 and 5 of Four Corners. The Four Corners plant site is located on land within the Navajo Nation and is subject to an easement from the federal government. APS, on behalf of the Four Corners participants, negotiated amendments to an existing agreement with the Navajo Nation, which extends the owners’ right to operate the plant on the site to July 2041. See Notes 16 and 17 for additional information about Four Corners. Luna Energy Facility Luna is a combined-cycle power plant near Deming, New Mexico. Luna is owned equally by PNM, Tucson, and Samchully Power & Utilities 1, LLC. The operation and maintenance of the facility has been contracted to North American Energy Services by PNM.

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations AROs are recorded based on studies to estimate the amount and timing of future ARO expenditures and reflect underlying assumptions, such as discount rates, estimates of the future costs for decommissioning, and the timing of the removal activities to be performed. Approximately 72% of PNM’s total ARO liabilities are related to nuclear decommissioning of PVNGS. PNM is responsible for all decommissioning obligations related to its entire interest in PVNGS, including portions under lease both during and after termination of the leases. Studies of the decommissioning costs of PVNGS, SJGS, Four Corners, and other facilities are performed periodically and revisions to the ARO liabilities are recorded. Changes in the assumptions underlying the calculations may also require revisions to the estimated AROs when identified. A reconciliation of the ARO liabilities is as follows: PNMR PNM TNMP (In thousands) Liability at December 31, 2020 $ 183,421 $ 182,718 $ 703 Liabilities incurred 1,781 1,781 — Liabilities settled (142) (142) — Accretion expense 9,308 9,248 60 Revisions to estimated cash flows (1) 39,778 39,778 — Liability at December 31, 2021 234,146 233,383 763 Liabilities incurred — — — Liabilities settled — — — Accretion expense 10,767 10,702 65 Revisions to estimated cash flows (2) (21,536) (21,536) — Liability at December 31, 2022 223,377 222,549 828 Liabilities incurred — — — Liabilities settled (3,482) (3,482) — Accretion expense 10,218 10,148 70 Revisions to estimated cash flows (3) 15,418 15,418 — Liability at December 31, 2023 $ 245,531 $ 244,633 $ 898 (1) Reflects an increase of $39.8 million for the remediation ordinance in San Juan County requiring the full demolition of SJGS. (2) Reflects a decrease of $21.5 million related to an updated SJGS decommissioning study. (3)

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Overview There are various claims and lawsuits pending against the Company. In addition, the Company is subject to federal, state, and local environmental laws and regulations and periodically participates in the investigation and remediation of various sites. In addition, the Company periodically enters into financial commitments in connection with its business operations. Also, the Company is involved in various legal and regulatory proceedings in the normal course of its business. See Note 17. It is not possible at this time for the Company to determine fully the effect of all litigation and other legal and regulatory proceedings on its financial position, results of operations, or cash flows. With respect to some of the items listed below, the Company has determined that a loss is not probable or that, to the extent probable, cannot be reasonably estimated. In some cases, the Company is not able to predict with any degree of certainty the range of possible loss that could be incurred. The Company assesses legal and regulatory matters based on current information and makes judgments concerning their potential outcome, giving due consideration to the nature of the claim, the amount and nature of any damages sought, and the probability of success. Such judgments are made with the understanding that the outcome of any litigation, investigation, or other legal proceeding is inherently uncertain. The Company records liabilities for matters where it is probable a loss has been incurred and the amount of loss is reasonably estimatable. 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, or commitments will have a material effect on its financial condition, results of operations, or cash flows. Commitments and Contingencies Related to the Environment PVNGS Decommissioning Funding The costs of decommissioning a nuclear power plant are substantial. PNM is responsible for all decommissioning obligations related to its entire interest in PVNGS, including portions under leases both during and after termination of the leases. PNM has a program for funding its share of decommissioning costs for PVNGS, including portions previously held under leases. The nuclear decommissioning funding program is invested in equities and fixed income instruments in qualified and non-qualified trusts. PNM funded $1.3 million for each of the years ended December 31, 2023, 2022 and 2021 into the qualified trust funds. The fair value of the trusts at December 31, 2023 and 2022 was $361.0 million and $325.3 million. See Note 17 for additional discussion of PNM’s PVNGS Lease Abandonment Application. 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 established a process for the payment of claims for costs incurred through December 31, 2019. APS has accepted the DOE’s extensions of the settlement agreement for recovery of costs incurred through December 31, 2025. 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. PNM estimates that it will incur approximately $55.6 million (in 2023 dollars) for its share of the costs related to the on-site interim storage of spent nuclear fuel at PVNGS for the remaining term of the operating licenses. PNM accrues these costs as a component of fuel expense as the nuclear fuel is consumed. At December 31, 2023 and 2022, PNM had a liability for interim storage costs of $11.0 million and $12.0 million, which is included in other deferred credits. PVNGS has sufficient capacity at its on-site Independent Spent Fuel Storage Installation (“ISFSI”) to store all of the nuclear fuel that will be irradiated during the initial operating license period, which ends in December 2027. Additionally, PVNGS has sufficient capacity at its on-site ISFSI to store a portion of the fuel that will be irradiated during the period of extended operation, which ends in November 2047. If uncertainties regarding the U.S. government’s obligation to accept and store spent fuel are not favorably resolved, APS will evaluate alternative storage solutions that may obviate the need to expand the ISFSI to accommodate all of the fuel that will be irradiated during the period of extended operation. The Energy Transition Act In 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. The ETA requires utilities operating in New Mexico to have renewable portfolios equal to 40% by 2025, 50% by 2030, 80% by 2040, and 100% zero-carbon energy by 2045. The ETA also allows for the recovery of undepreciated investments and decommissioning costs related to qualifying EGUs that the NMPRC has required be removed from retail jurisdictional rates, provided replacement resources to be included in retail rates have lower or zero-carbon emissions. The ETA requires the NMPRC to review and approve utilities’ annual renewable portfolio plans to ensure compliance with the RPS. The ETA also directs the New Mexico Environmental Improvement Board to adopt standards of performance that limit CO 2 emissions to no more than 1,100 lbs per MWh beginning January 1, 2023 for new or existing coal-fired EGUs with original installed capacities exceeding 300 MW. The ETA provides for a transition from fossil-fuel generation resources to renewable and other carbon-free resources through certain provisions relating to the abandonment of coal-fired generating facilities. These provisions include the use of energy transition bonds, which are designed to be highly rated bonds that can be issued to finance certain costs of abandoning coal-fired facilities that are retired prior to January 1, 2023 for facilities operated by a “qualifying utility,” or prior to January 1, 2032 for facilities that are not operated by a qualifying utility. The amount of energy transition bonds that can be issued to recover abandonment costs is limited to the lesser of $375.0 million or 150% of the undepreciated investment of the facility as of the abandonment date. Proceeds provided by energy transition bonds must be used only for purposes related to providing utility service to customers and to pay energy transition costs (as defined by the ETA). These costs may include plant decommissioning and coal mine reclamation costs, provided those costs have not previously been recovered from customers or disallowed by the NMPRC or by a court order. Proceeds from energy transition bonds may also be used to fund severances for employees of the retired facility and related coal mine and to promote economic development, education and job training in areas impacted by the retirement of the coal-fired facilities. Energy transition bonds must be issued under a NMPRC approved financing order, are secured by “energy transition property,” are non-recourse to the issuing utility, and are repaid by a non-bypassable charge paid by all customers of the issuing utility. These customer charges are subject to an adjustment mechanism designed to provide for timely and complete payment of principal and interest due under the energy transition bonds. The ETA also provides that utilities must obtain NMPRC approval of competitively procured replacement resources that shall be evaluated based on their cost, economic development opportunity, ability to provide jobs with comparable pay and benefits to those lost upon retirement of the facility and that do not exceed emissions thresholds specified in the ETA. In determining whether to approve replacement resources, the NMPRC must give preference to resources with the least environmental impacts, those with higher ratios of capital costs to fuel costs, and those located in the school district of the abandoned facility. The ETA also provides for the procurement of energy storage facilities and gives utilities discretion to maintain, control, and operate these systems to ensure reliable and efficient service. The ETA has had and will have a significant impact on PNM’s future generation portfolio, including PNM’s retirement of SJGS in 2022 and the exit of Four Corners (subject to regulatory approval). PNM cannot predict the full impact of the ETA or the outcome of its pending and potential future generating resource abandonment and replacement resource filings with the NMPRC. See additional discussion in Note 17 of PNM’s SJGS and Four Corners Abandonment Applications. The Clean Air Act Regional Haze Pursuant to the CAA, 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. 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. In 2017, EPA published revisions to the regional haze rule in the Federal Register that delayed the due date for the next cycle of SIPs from 2019 to 2021 and altered the planning process that states must employ in determining whether to impose “reasonable progress” emission reduction measures. EPA’s new rule was challenged by numerous parties, but the litigation was held in abeyance after EPA granted various petitions for reconsideration. In 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. In 2019, EPA finalized the draft guidance that was previously released as a companion to the regional haze rule revisions, and EPA clarified that guidance in a memorandum issued in 2021. SIPs for the second planning period were due in July 2021, which deadline NMED was unable to meet. NMED is currently preparing its SIP for the second compliance period and has notified PNM that it will not be required to submit a regional haze four-factor analysis for SJGS since PNM retired its share of SJGS in 2022. On August 30, 2022, EPA published in the Federal Register an official “Finding of Failure to Submit” for states, including New Mexico, that have not yet submitted a round 2 regional haze SIP. This action by EPA starts a 2-year clock for it to issue a Federal Implementation Plan (FIP). NMED’s current timeline indicates the proposed SIP will be submitted to EPA by Summer 2024. Carbon Dioxide Emissions In 2015, EPA established standards to limit CO 2 emissions from power plants, including (1) Carbon Pollution Standards for new, modified, and reconstructed power plants; and (2) the Clean Power Plan for existing power plants. Multiple states, utilities, and trade groups challenged both the Carbon Pollution Standards for new sources and the Clean Power Plan for existing sources in separate cases. Challengers successfully petitioned the US Supreme Court for a stay of the Clean Power Plan. However, before the DC Circuit could issue an opinion regarding either the Carbon Pollution Standards or the Clean Power Plan, the Trump Administration asked that the case be held in abeyance while the rules were reevaluated, which was granted. In 2019, EPA repealed the Clean Power Plan, promulgated the ACE Rule, and revised the implementing regulations for all emission guidelines. EPA set the 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 of an individual facility. 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 ACE Rule. The ACE Rule was also challenged, and on January 19, 2021, the DC Circuit issued an opinion in American Lung Association and American Public Health Association v. EPA, et al., vacating the ACE Rule. While the DC Circuit rejected the ACE Rule, it did not reinstate the Clean Power Plan. Rather, the DC Circuit granted an EPA motion asking the court to withhold issuance of the mandate with respect to the repeal of the Clean Power Plan until EPA responds to the court’s remand in a new rulemaking action. Numerous parties sought review by the US Supreme Court, and on June 30, 2022, the Court held that the “generation shifting” approach in the Clean Power Plan exceeded the powers granted to EPA by Congress, though the Court did not address the related issue of whether Section 111 of the CAA only authorizes EPA to require measures that can be implemented entirely within the fence line at an individual source. Of broader significance in administrative law, the Court’s opinion expressly invoked the “major question” doctrine, which requires rules involving issues of “vast economic or political significance” to be supported by clear statutory authorization. In cases where there is no clear statement of authority, courts need not defer to the agency’s statutory interpretation on “major questions.” The decision sets legal precedent for future rulemakings by EPA and other federal regulatory agencies whereby the agencies’ authority may be limited based upon similar reasoning. The litigation over the Carbon Pollution Standards remains held in abeyance but could be reactivated by the parties upon a determination by the court that reconsideration of the rule has concluded. On May 23, 2023, EPA published in the Federal Register proposed regulatory actions under CAA sections 111(b) and (d) to replace the Clean Power Plan and the ACE Rule. The proposed regulations cover: (1) New natural gas-based EGUs under section 111(b); (2) Existing large and frequently operated natural gas-based EGUs under section 111(d); and (3) Existing coal-based EGUs under section 111(d). Standards of performance for existing coal EGUs will be based on two technologies depending on retirement date: carbon capture and storage/sequestration (“CCS”) or co-firing gas in lieu of coal. For gas-based EGUs, the standards will be based on CCS or the use of green hydrogen in lieu of natural gas. States will be required to develop SIPs to EPA that provide for the establishment, implementation and enforcement of these standards as they apply to existing sources. States may take into account remaining useful life and other factors when establishing the standards. EPA is proposing that existing coal units must start complying with their gas co-firing or CCS based standards of performance on January 1, 2030, unless they commit to retirement before 2032 (or retirement by 2035 if they also commit to a 20% annual operating limit). Existing combustion turbine units must start complying with their hydrogen or CCS based standards of performance on January 1, 2032, or January 1, 2035, depending on their subcategory, which is based on the control technology selected. The package also includes a proposed repeal of the ACE rule and revisions to the standard for modified and reconstructed units, along with a notice of public rulemaking seeking data and information about setting standards for existing smaller natural gas-based generators. Comments on the rule were due to EPA by August 8, 2023. PNM filed company-specific comments and continues to review the proposed rule and its potential impacts on the company’s fossil generation resources. EPA has indicated it plans to promulgate a final rule by Spring 2024. On January 27, 2021, President Biden signed an extensive Executive Order aimed at addressing climate change concerns domestically and internationally. The order is intended to build on the initial climate-related actions the Biden Administration took on January 20, 2021. It addresses a wide range of issues, including establishing climate change concerns as an essential element of U.S. foreign and security policy, identifying a process to determine the U.S. INDC under the Paris Agreement, and establishing a Special Presidential Envoy for Climate that will sit on the National Security Council. On April 22, 2021, at the Earth Day Summit, as part of the U.S.’s re-entry into the Paris Agreement, President Biden unveiled the goal to cut U.S. emissions by 50% - 52% from 2005 levels by 2030, nearly double the GHG emissions reduction target set by the Obama Administration. The 2030 goal joins President Biden’s other climate goals which include a carbon pollution-free power sector by 2035 and a net-zero emissions economy by no later than 2050. PNM’s review of the GHG emission reductions standards that may occur as a result of legislation or regulation under the Biden Administration and in response to the court’s ruling on the ACE Rule is ongoing. 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. NO X Standard – In 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. The State of New Mexico has attained the current NOx NAAQS standards. SO 2 Standard – In 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 99 th percentile of daily maximum 1-hour SO 2 concentrations. On March 26, 2021, EPA published in the Federal Register the initial air quality designations for all remaining areas not yet designated under the 2010 SO 2 Primary NAAQS. All areas of New Mexico have been designated attainment/unclassifiable through four rounds of designations by EPA. Ozone Standard – In 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. EPA finalized its decision to retain the ozone NAAQS in a notice published on December 31, 2020 making it immediately effective. In response to lawsuits brought by states and environmental groups, on October 29, 2021, EPA filed a motion in the DC Circuit indicating it will reconsider the 2020 ozone NAAQS. On August 21, 2023, EPA announced an entirely new review of the ozone standard that will incorporate the work to date on the reconsideration, likely indicating a delay in the schedule for a decision on whether the standard should be revised. On January 3, 2024, EPA filed in the DC Circuit an unopposed motion for voluntary remand, without vacatur, of EPA’s final rule retaining the current ozone NAAQS. The filing was made in the consolidated cases challenging the 2020 ozone NAAQS rule. During 2017 and 2018, EPA released rules establishing area designations for ozone. In those rules, San Juan County, New Mexico, where Four Corners is 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 Generating Station is located in Doña Ana County, it is not located within the small area designated as non-attainment for the 2015 ozone standard. The rule became effective May 8, 2018. 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. NMED has submitted the required elements for the Sunland Park Ozone Non-attainment Area SIP. This includes a transportation conformity demonstration, a 2017 baseline emissions inventory and emissions statement, and an amendment to the state’s Non-attainment Permitting rules at 20.2.79 New Mexico Administrative Code to conform to EPA’s SIP Requirements Rule for 2015 Q3 NAAQS (i.e., “implementation rule”). The SIP elements had staggered deadlines and were done in three submissions: (1) the transportation conformity demonstration was completed by the El Paso Metropolitan Planning Organization on behalf of New Mexico in 2019, which is responsible for transportation planning in that area, and the submission received concurrence from EPA and the Federal Highway Administration; (2) the emissions inventory and statement SIP was submitted to EPA in September 2020; and (3) the Non-attainment New Source Review SIP was submitted to EPA on August 10, 2021. On October 15, 2021, EPA proposed to approve New Mexico’s SIP to meet the emissions inventory and statement requirements of the CAA for the Sunland Park Ozone Non-Attainment Area. PNM does not believe there will be material impacts to its facilities because 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. With respect to EPA’s reconsideration of the 2020 decision to retain the 2015 ozone standards, EPA is statutorily obligated to complete its review of the ozone standards by December 2025. PNM cannot predict the outcome of this matter. In 2019, EPA issued findings that several states, including New Mexico, had failed to submit interstate transport SIPs for the 2015 8-hour ozone NAAQS, triggering an obligation for EPA to issue a federal implementation plan within two years. In response, NMED submitted a Good Neighbor SIP on July 27, 2021 that demonstrates that there are no significant contributions from New Mexico to downwind problems in meeting the federal ozone standard. Nevertheless, when EPA failed to approve the SIP or issue a FIP within two years of the finding of failure to submit, multiple parties filed a deadline suit against EPA, resulting in a consent decree requiring EPA to issue a FIP or approve a SIP for New Mexico by a deadline of no later than June 1, 2024, which was later extended to August 30, 2024. On March 15, 2023, EPA Administrator Regan signed a final action imposing a FIP on multiple states but did not include a FIP for New Mexico because EPA had not proposed a FIP for the state because the most up to date modeling available at proposal confirmed the state did not contribute to downwind ozone nonattainment or maintenance areas. However, the updated modeling EPA used in the final rule indicated that New Mexico may be significantly contributing to one or more non-attainment or maintenance areas. In light of that modeling result, on February 16, 2024, EPA proposed to impose a FIP on New Mexico to address the newly identified contribution. If finalized as proposed, the FIP would require specified fossil fuel-fired generating resources to participate in an ozone-season NOx emission allowance trading program that will limit total NOx emissions from all affected units within the state of New Mexico. PM Standard – On January 30, 2020, EPA published in the Federal Register a notice announcing the availability of a final Policy Assessment for the Review of the NAAQS for Particulate Matter (the “PA”). The 2020 final PA was prepared as part of the review of the primary and secondary PM NAAQS. In the 2020 final PA, EPA recommended lowering the primary annual PM 2.5 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 2020 final PA and EPA published a notice of that final action on December 18, 2020, making it immediately effective. On January 14, 2021, several states and New York City filed a petition for review in the DC Circuit, challenging EPA’s final rule retaining the current primary and secondary PM NAAQS and a similar lawsuit was filed by the Center for Biological Diversity in the DC Circuit. On June 10, 2021, EPA announced that it will reconsider the previous administration’s December 2020 decision to retain the current primary and secondary PM NAAQS and on October 8, 2021, EPA announced the release of a new draft PA stating that available scientific evidence and technical information indicate that the current standards may not be adequate to protect public health and welfare, as required by the CAA. On June 1, 2022, EPA issued a new final PA that likewise indicates current standards may not be adequate and that available scientific evidence could support lowering the standards. On January 27, 2023, EPA published, in the Federal Register, a proposal to lower the annual fine PM standard to between 9-10 µg/m3 but retain the rest of its PM standards, including the current daily fine particulate matter standard, the daily coarse particulate matter standard, and the secondary PM standards. EPA issued a prepublication of the final rule on February 7, 2024, lowering the fine PM standard to 9 ug/m 3 . Although the lower standard is expected to result in new nonattainment areas throughout the country and could prompt additional PM control requirements, PNM cannot predict the impacts of the outcome of future rulemaking. 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 Four Corners, seven options for meeting Best Technology Available (“BTA”) standards for reducing impingement. 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. In 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. 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. Several environmental groups filed a petition for review with EPA’s Environmental Appeals Board (“EAB”) 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 ELG, existing-source regulations governing cooling-water intake structures, and effluent limits for surface seepage and subsurface discharges from coal-ash disposal facilities. 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 EAB. EAB thereafter dismissed the environmental groups’ appeal. EPA issued an updated NPDES permit in 2019. The permit was once again appealed to the EAB and was stayed before the effective date. Oral argument was heard on September 3, 2020. The EAB issued an order denying the petition for review on September 30, 2020. The denial was based on the EAB’s determination that the petitioners had failed to demonstrate that review of the permit was warranted on any of the grounds presented in the petition. Thereafter, the Regional Administrator of the EPA signed a notice of final permit decision, and the NPDES permit was issued on November 9, 2020. The permit became effective December 1, 2020 and will expire on November 30, 2025. On January 22, 2021, the environmental groups filed a petition for review of the EAB’s decision with the U.S. Court of Appeals for the Ninth Circuit. The September 2019 permit remains in effect pending this appeal. On March 21, 2022, EPA provided notice in the Federal Register of a proposed settlement agreement with the environmental groups. The parties subsequently executed the settlement agreement as of May 2, 2022. Under the settlement, the associated case was administratively closed through September 6, 2023, during which time a third-party consultant spent 12 months sampling discharges from Four Corners and EPA spent three months completing an analysis. On December 1, 2023, EPA issued a modification, effective December 31, 2023, to the NPDES permit issued on November 9, 2020. The modification applies to permit elements related to effluent discharge. PNM cannot predict whether the analysis under the settlement agreement will result in changes to the NPDES permit but does not anticipate that it will have a material impact on PNM’s financial position, results of operations, or cash flows. Effluent Limitation Guidelines In 2013, EPA published proposed revised wastewater ELG establishing technology-based wastewater discharge limitations for fossil fuel-fired electric power plants. EPA

Regulatory and Rate Matters

Regulatory and Rate Matters	12 Months Ended
	Dec. 31, 2023
Regulated Operations [Abstract]
Regulatory and Rate Matters	Regulatory and Rate Matters The Company is involved in various regulatory matters, some of which contain contingencies that are subject to the same uncertainties as those described in Note 16. PNMR Merger Regulatory Proceedings On October 20, 2020, PNMR, Avangrid and Merger Sub entered into the Merger Agreement pursuant to which Merger Sub would have merged with and into PNMR, with PNMR surviving the Merger as a wholly-owned subsidiary of Avangrid. The Merger Agreement provided that it may be terminated by each of PNMR and Avangrid if the Effective Time shall not have occurred by December 31, 2023 End Date. On December 31, 2023, Avangrid informed PNMR that it was terminating the Merger Agreement effective as of December 31, 2023. PNM New Mexico General Rate Case 2024 Rate Change On December 5, 2022, PNM filed an application with the NMPRC for a general increase in retail electric rates. The requested change primarily reflects investments in transmission and distribution infrastructure, largely offset by cost reductions resulting from PNM’s transition to lower-cost, clean generation resources. Key aspects of PNM’s request: • Recovery on total rate base of $2.7 billion, based on a calendar year 2024 FTY. • An increase of $63.8 million in retail non-fuel revenues • ROE of 10.25% • Rate adjustments to resolve revenue deficiencies, including: ◦ Needed investments in transmission, distribution, and generation facilities for six years of operations, covering 2019 through 2024. In particular, PNM is focused on expanding and improving its aging infrastructure to provide the underlying infrastructure crucial to a successful energy transition and to support distribution generation. ◦ Cost reductions from closing SJGS and the expiration of 114 MW leased PVNGS capacity. ◦ Lower-cost replacements for SJGS and PVNGS using renewable energy purchases and battery storage systems. Some of these costs will be reflected in PNM’s requested base rates, while energy purchases will flow through PNM’s FPPAC. ◦ Updated depreciation rates, including new terminal dates, for natural gas plants to align with the Company’s 2040 carbon-free portfolio goal. ◦ Proposed customer-oriented services, such as fee-free payment options, and increased payment location options to address the needs of customers. ◦ Increasing operating costs reflecting six years of inflation, including the impacts of today’s current high inflation and the expenses that come with providing quality electric service to customers. Distribution maintenance increases also are necessary to enhance vegetation management programs to protect lines and support wildfire mitigation efforts. PNM has endeavored to keep operating costs below inflationary levels. ◦ Increased energy sales and customer loads since PNM’s last filing help cover the increased cost of doing business as PNM continues the energy transition. ◦ Overall cost of capital based on PNM’s actual regulatory capital structure of 52% equity / 48% debt, reflecting the increase in the ROE that shareholders require to fund new investments in PNM’s system, which is partially offset by lower cost of debt. • Proposed ratemaking treatment of PVNGS Leased Interest and testimony supporting the prudence of PNM’s decisions to renew the five leases and repurchase 64.1 MW of PVNGS Unit 2 capacity regarding PVNGS; see PVNGS Lease Abandonment Application below. • Proposed return of the unamortized unprotected portion of excess deferred federal income taxes to customers over a five-year period, beginning when rates from the case go into effect. • TOD pilot proposal with the objective of incentivizing customers, through price signals, to use energy during the day when renewable generation is abundant. The NMPRC suspended PNM’s advice notice in the case for the statutory suspension period, through January 4, 2024 and hearings were held from September 5, 2023 through September 22, 2023. On December 8, 2023, the hearing examiners in the case issued a RD. The RD proposed an increase in non-fuel revenues of $6.1 million compared to the $63.8 million increase requested by PNM. Major components of the difference in the increase in non-fuel revenues proposed in the RD, included: • A ROE of 9.26% compared to the 10.25% requested by PNM. • Finding of prudency regarding PNM’s decision to remain in Four Corners and a remedy for the prudency to be a disallowance to PNM’s total Four Corners net book value by $84.8 million. • Approval of $51.3 million of PNM’s requested $96.3 million regulatory asset for PVNGS undepreciated investments, but disallowance of a return on the remaining $45.0 million or any CWIP associated with it. • Recommended capital structure of 49.61% equity, 50.10% debt, and 0.29% preferred stock. The RD recommended that the NMPRC approve a regulatory liability associated with the leased capacity at PVNGS after the Unit 1 lease expired on January 15, 2023, but disallowed associated carrying costs, to be returned to customers over 5 years. The RD also recommended deferring a decision on future PVNGS decommissioning costs. In addition, the RD recommended continuation of PNM’s FPPAC and certain aspects of PNM’s proposals regarding rate design, but would not approve certain other rate design proposals or PNM’s request for a TOD pilot program. The RD proposed approving PNM’s proposals for revised depreciation rates, except for PNM’s request for accelerated depreciation of gas plants. The RD proposed approving PNM’s requested regulatory assets and liabilities, including deferred costs related to COVID-19. PNM disagreed with many of the key conclusions reached by the hearing examiners in the RD and filed exceptions to defend its prudent utility investments. Other parties also filed exceptions to the RD. On January 3, 2024, the NMPRC issued a final order authorizing PNM to implement an increase in non-fuel base rates of $15.3 million, effective for service beginning January 15, 2024. The order largely adopted the RD, but with modifications that included: • Requiring that the $38.4 million regulatory liability associated with leased capacity at PVNGS after the Unit 1 lease expired on January 15, 2023, be returned to ratepayers over two years through a separate rate rider. • The approval of accelerated depreciation of PNM’s gas plants with service lives and depreciable lives extending beyond January 1, 2045, which would include PNM’s La Luz and Luna generating stations. • The approval of PNM’s TOD pilot program, with a requirement to make annual compliance filings and to adjust certain rate schedules. • Ordered PNM to update the remedy associated with Four Corners, resulting in a disallowance of $81.0 million to PNM’s total Four Corners net book value. GAAP requires a loss be recognized when it is probable that a loss has been incurred and the amount of loss can be reasonably estimated. As of December 31, 2023, PNM evaluated the outcome of the NMPRC final order in the 2024 Rate Change and recorded a regulatory disallowance of $55.5 million on the Consolidated Statement of Earnings and a corresponding reduction to Utility Plant, after accounting for previous impairments, to reflect the remedy adopted in the Final Order for Four Corners prudency determination. In addition, PNM recorded a reduction to electric operating revenues of $38.4 million with a corresponding current regulatory liability of $19.2 million and a deferred regulatory liability of $19.2 million for the PVNGS rate refunds that will be returned to customers over a two-year period. PNM also recorded a regulatory disallowance of $8.2 million on the Consolidated Statement of Earnings and a corresponding reduction to Utility Plant for the disallowance of CWIP from PVNGS. Renewable Energy Portfolio Standard As discussed in Note 16, the ETA amends the REA including removal of 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 Reasonable Cost Threshold (“RCT”) for the procurement of renewable resources to prevent excessive costs being added to rates. The ETA sets a RCT of $60 per MWh, adjusted for inflation, using an average annual levelized resource cost basis. PNM makes renewable procurements consistent with the NMPRC approved plans and recovers certain renewable procurement costs from customers through the renewable energy rider billed on a KWh basis. Included in PNM’s approved procurement plans are the following renewable energy resources: • 158 MW of PNM-owned solar-PV facilities • A PPA through 2044 for the output of New Mexico Wind, having a current aggregate capacity of 200 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 II • A PPA through 2042 for the output of the Lightning Dock Geothermal facility with a current capacity of 11 MW • Solar distributed generation, aggregating 281.6 MW at December 31, 2023, owned by customers or third parties from whom PNM purchases any net excess output and RECs The NMPRC has authorized PNM to recover certain renewable procurement costs through a rate rider billed on a per KWh basis. In its 2023 renewable energy procurement plan, which became effective on January 1, 2023, PNM proposed to collect $61.0 million for the year. On June 1, 2023, PNM filed its renewable energy procurement plan for 2024 which proposes to collect $59.0 million for the year. PNM is not proposing any new resource procurements, and the plan states that existing projects are anticipated to exceed the applicable RPS standards of 2024. On November 17, 2023, the NMPRC issued a final order adopting all of PNM’s requests. The 2024 renewable energy procurement plan became effective on January 1, 2024. The following sets forth PNM’s revenues recorded for the renewable energy rider: Year Ended Annual Revenues (In millions) 2021 $61.7 2022 60.3 2023 56.9 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 slightly exceeded this limitation in 2022 and accordingly, recorded a current regulatory liability on the Consolidated Balance Sheets and a reduction to electric operating revenues in the Consolidated Statement of Earnings as of and for the period ending December 31, 2022. On March 31, 2023, PNM filed an affidavit that provides documentation that PNM’s ROE for 2022 was 10.173%, exceeding a 10.075% return (9.575% allowed ROE plus 0.5%). PNM began refunding the excess to customers effective May 1, 2023. PNM does not expect to exceed the limitation in 2023. 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 does not exceed seventy-five thousand dollars. 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 sought approval of an annual base incentive of 7.1% of the portfolio budget if PNM were to achieve energy savings of at least 80 GWh in a year. The proposed incentive would increase if PNM was able to achieve savings greater than 94 GWh in a year. On October 28, 2020, the NMPRC issued an order adopting the recommended decision in its entirety. On April 17, 2023, PNM filed an application for energy efficiency and load management programs to be offered in 2024, 2025, and 2026 (the “2024 Plan”). The 2024 Plan proposes to continue ten existing energy efficiency programs with modification and a total annual budget of $34.5 million in 2024, $35.4 million in 2025, and $36.5 million in 2026. The application also sought approval of an annual base incentive of 7.1% of the portfolio budget and a sliding scale that provides additional incentive for additional energy saved as a percentage of program cost, up to the maximum allowed by the energy efficiency rule which for PNM is 8.82%. Hearings were held on October 18, 2023. On November 22, 2023, PNM filed a proposed recommended decision with the NMPRC, with edits from WRA, CCAE, and the NMAG representing a neutral position, excluding contested issues. Briefs were filed on December 29, 2023 and response briefs were filed on January 12, 2024. On January 26, 2024, the hearing examiners in the case issued a RD. The RD largely approves PNM’s 2024 Plan but with modifications that include the pursuit of demand response resources, additional analysis in future filings, adjustments to certain energy efficiency programs, and modification of the incentive sliding scale cap to reflect a new maximum. PNM is unable to predict the outcome of this matter. 2020 Decoupling Petition As discussed above, the legislature amended the EUEA to, among other things, include a decoupling mechanism for disincentives. On May 28, 2020, PNM filed a petition for approval of a rate adjustment mechanism that would decouple the rates of its residential and small power rate classes. Decoupling is a rate design principle that severs the link between the recovery of fixed costs of the utility through volumetric charges. On July 13, 2020, NEE, ABCWUA, the City of Albuquerque, and Bernalillo County filed motions to dismiss the petition on the grounds that approving PNM’s proposed rate adjustment mechanism outside of a general rate case would result in retroactive ratemaking and piecemeal ratemaking. The motions to dismiss also alleged that PNM’s proposed rate adjustment mechanism is inconsistent with the EUEA. On October 2, 2020, PNM requested an order to vacate the public hearing, scheduled to begin October 13, 2020, and staying the proceeding until the NMPRC decides whether to entertain a petition to issue a declaratory order resolving the issues raised in the motions to dismiss. On October 7, 2020, the hearing examiner approved PNM’s request to stay the proceeding and vacate the public hearing and required PNM to file a petition for declaratory order by October 30, 2020. On October 30, 2020, PNM filed a petition for declaratory order asking the NMPRC to issue an order finding that full revenue decoupling is authorized by the EUEA. On November 4, 2020, ABCWUA and Bernalillo County jointly filed a competing petition asking the NMPRC to issue a declaratory order on the EUEA’s requirements related to disincentives. On March 17, 2021, the NMPRC issued an order granting the petitions for declaratory order, commencing a declaratory order proceeding to address the petitions and appointing a hearing examiner to preside over the declaratory order proceeding. On January 14, 2022, the hearing examiner issued a recommended decision recommending the NMPRC find that the EUEA does not mandate the NMPRC to authorize or approve a full decoupling mechanism, defining full decoupling as limited to energy efficiency and load management measures and programs. The recommended decision also states that a utility may request approval of a rate adjustment mechanism to remove regulatory disincentives to energy efficiency and load management measures and programs through a stand-alone petition, as part of the utility’s triennial energy efficiency application or a general rate case and that PNM is not otherwise precluded from petitioning for a rate adjustment mechanism prior to its next general rate case. Finally, the recommended decision stated that the EUEA does not permit the NMPRC to reduce a utility’s ROE based on approval of a disincentive removal mechanism founded on removing regulatory disincentives to energy efficiency and load management measures and programs. The recommended decision does not specifically prohibit a downward adjustment to a utility’s capital structure, based on approval of a disincentive removal mechanism. On April 27, 2022, the NMPRC issued an order adopting the recommended decision in its entirety. On May 24, 2022, PNM filed a notice of appeal with the NM Supreme Court. The NM Supreme Court held oral arguments on November 13, 2023. 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 three years of that period. On September 14, 2022, the NMPRC adopted revisions to the IRP Rule. The new rule revamps and modernizes the planning process to accommodate increased stakeholder involvement. The IRP Rule establishes a collaborative facilitated process for a utility and stakeholders to agree on a statement of need for potential new or additional resources, as well as an action plan to guide procurement or development of resources to meet the stated need. A most-cost-effective portfolio of resources shall be derived from the statement of need analysis. The statement of need and action plan must be accepted before the utility begins the resource solicitation process pursuant to the IRP Rule. Following acceptance of the statement of need and action plan, a utility will provide the NMPRC and intervenors drafts of the request for proposals (“RFP”) and a timeline for issuing, receiving, evaluating, and ranking bids. The NMPRC will then appoint an Independent Monitor (“IM”) to oversee the RFP process, which allows for parties and the IM to comment on the RFP consistency with the IRP, after which the utility issues the RFP. Within 120 days of receiving bids the utility shall provide the IM with results including pricing and non-price evaluation criteria, ranking of bids, chosen portfolio and alternatives that also meet the needs; the IM then rules on the fairness of the RFP execution. Acceptance of the statement of need and action plan will not constitute a finding of prudency or pre-approval of costs associated with the additional resources. Following the RFP and IM processes, the utility may apply for approvals, and any costs incurred to implement the action plan will be considered in a general rate case and/or resource acquisition proceeding. On October 14, 2022, PNM and other investor-owned utilities filed motions for rehearing with the NMPRC. On October 26, 2022, the NMPRC issued an order partially granting and partially denying certain aspects of PNM’s and the other investor-owned utilities’ motions for rehearing. On November 2, 2022, the NMPRC adopted an amended IRP Rule. On December 2, 2022, PNM filed an appeal with the NM Supreme Court. Two other investor-owned utilities also separately filed appeals at the NM Supreme Court. On January 3, 2023, PNM and the two other investor-owned utilities filed statements of issues with the NM Supreme Court. Among other things, the investor-owned utilities question whether the IRP Rule exceeds the NMPRC authority by imposing unauthorized requirements on utilities and extending NMPRC jurisdiction through over-broad interpretation of the statutes and state that the IRP Rule is contrary to law in its provisions for NMPRC regulation of a utility’s resource procurement decision-making. On June 5, 2023, PNM and the other two investor-owned utilities filed their Joint Brief in Chief and request for oral arguments at the NM Supreme Court. On November 22, 2023, the NM Supreme Court scheduled oral arguments for May 13, 2024. PNM cannot predict the outcome of this matter. 2023 IRP In the second quarter of 2022, PNM initiated its 2023 IRP process which covers the 20-year planning period from 2023 through 2042. Consistent with past IRPs, PNM received public input from interested parties as part of this process. On December 15, 2023, PNM filed its 2023 IRP with a continued focus on a carbon-free energy system by 2040. The plan highlights the need for the significant sustained addition of resources over the next two decades, replacing retiring or expiring capacity, meeting concurrent load growth, while reducing the carbon intensity of PNM’s portfolio. Public comments were filed on January 30, 2024, with NMPRC action due by April 15, 2024. PNM cannot predict the outcome of this matter. Abandonment Applications made under the ETA As discussed in Note 16, the ETA provides for a transition from fossil-fueled generating resources to renewable and carbon-free resources by allowing utilities to issue energy transition bonds related to the retirement of certain coal-fired generating facilities, to qualified investors. SJGS Abandonment Application In 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 coal supply and participation agreements end in 2022, for approval of replacement resources, and for the issuance of 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, 2022, an estimated $28.6 million for plant decommissioning and coal mine reclamation costs, $9.6 million in upfront financing costs, and $20.0 million for job training and severance costs for affected employees. Proceeds from the Securitized Bonds would also be used to fund $19.8 million for economic development in the Four Corners area. At December 31, 2022, PNM had deferred regulatory assets of $37.2 million on PNMR’s and PNM’s Consolidated Balance Sheets for job training and severance, payments to promote economic development, and other upfront financing costs. 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. In 2020, the NMPRC approved PNM’s proposed abandonment of SJGS, subject to approval of replacement resources, and approved PNM’s proposed financing order to issue Securitized Bonds up to $361 million and establish a rate rider to collect non-bypassable customer charges for repayment of the bonds, subject to semi-annual adjustments (the “Energy Transition Charge”). The NMPRC authorized 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. The NMPRC also granted PNM 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 September 29, 2022, SJGS was removed from service and as a result, PNM made the following adjustments reflected on the Consolidated Balance Sheets as of December 31, 2022: Net Increase (decrease) (In thousands) Current Assets: Inventory $ (6,430) Utility Plant: Net utility plant (382,798) Deferred Charges and Other Assets: Regulatory assets - ETA (1) 289,381 Regulatory assets - Non-ETA (2) 22,593 Deferred Credits and Other Liabilities: Regulatory liabilities (3) (77,254) $ — (1) To be recovered through the Energy Transition Charge, which includes undepreciated investments of $274.9 million and plant decommissioning of $14.5 million, previously reflected in Net utility plant. (2) Authorized to be recorded as 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, which includes obsolete inventory of $6.4 million and plant decommissioning of $16.2 million, previously reflected in Net utility plant. (3) Includes cost of removal and accelerated depreciation of SNCRs. On February 28, 2022, WRA and CCAE filed a joint motion for order to show cause and enforce financing order and supporting brief, which requested that the NMPRC order PNM to show cause why its rates should not be reduced at the time SJGS was abandoned even if the issuance of Securitized Bonds occurs at a later date. On June 17, 2022, the hearing examiners issued a recommended decision requesting the NMPRC issue an order that would require PNM to: • Revise its rates to remove all of the costs of SJGS Unit 1 by issuing rate refunds of $21.1 million on an annual basis, to customers by July 1, 2022 • Revise its rates again, to remove all costs of SJGS Unit 1, Unit 4, and common facilities by increasing the rate refunds to $98.3 million on an annual basis, by October 1, 2022 • Transfer payments due and owing to the Indian Affairs Fund, Economic Development Assistance Fund, and the Displaced Workers Assistance Fund within 30 days of the abandonment of SJGS Unit 1 • Include (in its next rate case application) an explanation and defense of the prudence in the timing of the issuance of Securitized Bonds beyond the abandonment dates and what actions were taken to protect customers from interest rate increases occurring as well as the continued marketability of the Securitized Bonds issued On June 29, 2022, the NMPRC issued its final order adopting and approving the recommended decision in its entirety with certain additions. The additions to the final order include requirements for PNM file a report, no later than October 15, 2022, that contains a record of all its costs incurred in the show cause proceeding so that the prudence of those costs will be known and be subject to review in PNM’s future rate case and that the prudency review shall include a compliance filing to enable a review of the prudence of PNM’s decision to delay bond issuance beyond the dates of the SJGS abandonment. On June 30, 2022, PNM filed a Notice of Appeal and an Emergency Motion for Partial Interim Stay of the NMPRC’s Final Order with the NM Supreme Court. Subsequently, on July 25, 2022, PNM filed another emergency motion seeking an immediate and ongoing stay from the NM Supreme Court for the pendency of the appeal. In the interim, PNM began issuing rate refunds effective July 31, 2022, and PNM made payments totaling $19.8 million to the Indian Affairs Fund, Economic Development Assistance Fund, and the Displaced Workers Assistance Fund. On September 2, 2022, the NM Supreme Court issued an order granting PNM’s July 25, 2022 motion for partial stay and as a result PNM suspended issuing rate refunds. On October 14, 2022, PNM made its required compliance filing under the NMPRC’s June 29, 2022 final order. On November 15, 2022, PNM filed a supplemental compliance filing to its October 14, 2022 compliance filing. On May 22, 2023, PNM filed its Brief in Chief with the NM Supreme Court requesting the final order be vacated, and remanded back to the NMPRC, to properly apply the ETA and financing order to issue Securitized Bonds. On August 18, 2023, PNM, along with the intervening parties in the pending appeal of the matter addressing customer bill credits and resolution of the remaining steps involved in the SJGS retirement under the ETA, filed an Unopposed Joint Motion for Abeyance and Remand to Implement Settlement and Request for Expedited Order at the NM Supreme Court. In the motion, the parties asked the NM Supreme Court to hold the appeal in abeyance and remand the matter to the NMPRC to allow the NMPRC to consider and take formal action on a unanimous proposed settlement on remand. Under the terms of the unanimous settlement, PNM would provide $115.0 million in rate refunds to customers over a one-year period, resolving all disputes raised in the matter addressing customer bill refunds involved in the SJGS retirement before the NMPRC, including removal of SJGS ratemaking and prudence issues in the 2024 Rate Change. Regarding the 2024 Rate Change, PNM agreed to withdraw its request for regulatory assets associated with prefunding of ETA state administered funds and legal costs associated with this matter. On September 14, 2023, the NM Supreme Court issued an order granting the unopposed motion and remanded the matter to the NMPRC. On September 21, 2023, the NMPRC approved the unanimous settlement agreement. PNM began issuing rate refunds on customer bills on October 21, 2023. On November 15, 2023, ETBC I issued $343.2 million of Securitized Bonds at a weighted average interest rates of 5.64% and 6.03%. Under the terms of the settlement agreement approved by the NMPRC, PNM agreed that customers would be protected from rising interest rates if the weighted average interest rate on the Securitized Bonds exceeded 5.5%. As a result, on December 15, 2023, PNM began issuing rate refunds in the amount of $13.7 million related to the net present value in interest rates in excess of 5.5% on the Securitized Bonds. As a result of the NMPRC’s September 21, 2023 order approving the unanimous settlement, PNM recorded a $128.7 million reduction to electric operating revenues in the Consolidated Statement of Earnings and a corresponding current regulatory liability on the Consolidated Balance Sheets as of and for the year ended December 31, 2023. In addition, PNM recorded a regulatory disallowance of $3.3 million on the Consolidated Statement of Earnings and a corresponding decrease to deferred regulatory assets on the Consolidated Balance Sheets as of and for the year ended December 31, 2023, to reflect PNM’s agreement to withdraw its request for regulatory assets associated with prefunding of ETA state administered funds and legal costs associated with this matter. Four Corners Abandonment Application In 2020, PNM entered into the Four Corners Purchase and Sale Agreement with NTEC, pursuant to which PNM agreed to sell its 13% ownership interest (other than certain transmission assets) in Four Corners to NTEC. The sale is contingent upon NMPRC approval. In connection with the sale, PNM would make payments of $75.0 million to NTEC for relief from its obligations under the coal supply agreement for Four Corners after December 31, 2024. Pursuant to the Four Corners Purchase and Sale Agreement, PNM would retain its current plant decommissioning and coal mine reclamation obligations. PNM made an initial payment to NTEC of $15.0 million in November 2020, subject to refund with interest upon termination of the Four Corners Purchase and Sale Agreement prior to closing. Under the terms of the Four Corners Purchase and Sale Agreement, upon receipt of the NMPRC approval, PNM was expected to make a final payment of $60.0 million. On January 8, 2021, PNM filed the Four Corners Abandonment Application, which sought NMPRC approval to exit PNM’s share of Four Corners as of December 31, 2024, and issuance of approximately $300 million of Securitized Bonds as provided by the ETA. PNM’s request for the issuance of Securitized Bonds included approximately $272 million of forecasted undepreciated investments in Four Corners at December 31, 2024, $4.6 million for plant decommissioning costs, $7.3 million in upfront financing costs, and $16.5 million for economic development in the Four Corners area. On March 15, 2021, PNM filed an amended application and supplemental testimony for the approv

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Federal Income Tax Reform In 2017, comprehensive changes in U.S. federal income taxes were enacted through legislation commonly known as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act made many significant modifications to the tax laws, including reducing the federal corporate income tax rate from 35% to 21% effective January 1, 2018. The Tax Act also eliminated federal bonus depreciation for utilities, limited interest deductibility for non-utility businesses and limited the deductibility of officer compensation. During 2020, the IRS issued final regulations related to certain officer compensation and, in January 2021, issued final regulations on interest deductibility that provide a 10% “de minimis” exception that allows entities with predominantly regulated activities to fully deduct interest expenses. As a result of the change in the federal income tax rate, the Company re-measured and adjusted its deferred tax assets and liabilities as of December 31, 2017. The portion of that adjustment not related to PNM’s and TNMP’s regulated activities was recorded as a reduction in net deferred tax assets and an increase in income tax expense. The portion related to PNM’s and TNMP’s regulated activities was recorded as a reduction in net deferred tax liabilities and an increase in regulatory liabilities. Beginning February 2018, PNM’s NM 2016 Rate Case reflected the reduction in the federal and state corporate income tax rates, including amortization of excess deferred federal and state income taxes. In accordance with the order in that case and amortization requirements of the tax laws, 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 remaining balance of the unprotected portion of excess deferred federal income taxes, which was being returned to customers over a period of approximately twenty-three years, will be returned over a five-year period when new rates go into effect from the 2024 Rate Change. Excess deferred state income taxes were returned to customers over a three-year period, which concluded in the first quarter of 2021. The approved settlement in the TNMP 2018 Rate Case includes a reduction in customer rates to reflect the impacts of the Tax Act beginning on January 1, 2019. PNMR, PNM, and TNMP amortized federal excess deferred income taxes of $23.0 million, $14.3 million, and $8.7 million in 2023. PNMR PNMR’s income taxes (benefits) consist of the following components: Year Ended December 31, 2023 2022 2021 (In thousands) Current federal income tax $ — $ — $ — Current state income tax (benefit) (2,841) 1,597 1,835 Deferred federal income tax (benefit) (11,503) 18,413 20,679 Deferred state income tax (benefit) (825) 7,302 11,315 Amortization of accumulated investment tax credits (1,181) (1,182) (1,247) Total income taxes (benefits) $ (16,350) $ 26,130 $ 32,582 PNMR’s provision for income taxes (benefits) differed from the federal income tax computed at the statutory rate for each of the years shown. The differences are attributable to the following factors: Year Ended December 31, 2023 2022 2021 (In thousands) Federal income tax at statutory rates $ 19,011 $ 44,375 $ 51,330 Amortization of accumulated investment tax credits (1,181) (1,182) (1,247) Amortization of excess deferred income tax (22,859) (23,599) (24,484) Flow-through of depreciation items 1,281 2,795 798 (Earnings) attributable to non-controlling interest in Valencia (3,892) (3,176) (3,253) State income tax (benefit), net of federal (benefit) (2,239) 6,826 9,660 Allowance for equity funds used during construction (3,145) (2,898) (2,776) Allocation of tax (benefit) related to stock compensation awards (261) 91 (788) Non-deductible compensation 1,659 1,125 899 Non-deductible merger related costs (1,959) 74 848 R&D credit (2,050) (1,320) (1,530) Other (715) 3,019 3,125 Total income taxes (benefits) $ (16,350) $ 26,130 $ 32,582 Effective tax rate 18.06 % 12.37 % 13.33 % The components of PNMR’s net accumulated deferred income tax liability were: December 31, 2023 2022 (In thousands) Deferred tax assets: Net operating loss $ 16,833 $ 85,382 Regulatory liabilities related to income taxes 90,461 98,371 Federal tax credit carryforwards 124,510 122,557 Regulatory disallowances 42,330 28,037 Regulatory liability SJGS retirement credits 28,797 — Other 35,492 33,849 Total deferred tax assets 338,423 368,196 Deferred tax liabilities: Depreciation and plant related (738,078) (801,022) Investment tax credit (95,046) (96,227) Regulatory assets related to income taxes (80,643) (77,013) Pension (41,141) (40,651) Regulatory asset for shutdown of SJGS Units 2 and 3 (22,454) (24,048) Regulatory asset SJGS energy transition property (86,521) (69,828) Regulatory asset PVNGS investment (20,503) — PVNGS trusts (41,767) (26,084) Other (57,550) (56,154) Total deferred tax liabilities (1,183,703) (1,191,027) Net accumulated deferred income tax liabilities $ (845,280) $ (822,831) The following table reconciles the change in PNMR’s net accumulated deferred income tax liability to the deferred income tax (benefit) included in the Consolidated Statement of Earnings: Year Ended December 31, 2023 (In thousands) Net change in deferred income tax liability per above table $ 22,449 Change in tax effects of income tax related regulatory assets and liabilities (11,791) Amortization of excess deferred income tax (22,859) Tax effect of mark-to-market adjustments 474 Tax effect of excess pension liability (1,566) Adjustment for uncertain income tax positions (17) Reclassification of unrecognized tax benefits 17 Other (216) Deferred income tax (benefit) $ (13,509) PNM PNM’s income taxes (benefits) consist of the following components: Year Ended December 31, 2023 2022 2021 (In thousands) Current federal income tax (benefit) $ 9,518 $ (13,533) $ — Current state income tax (benefit) (4,304) 3,244 (128) Deferred federal income tax (benefit) (22,951) 25,298 18,774 Deferred state income tax 1,150 4,361 8,583 Amortization of accumulated investment tax credits (171) (172) (237) Total income taxes (benefits) $ (16,758) $ 19,198 $ 26,992 PNM’s provision for income taxes (benefits) differed from the federal income tax computed at the statutory rate for each of the years shown. The differences are attributable to the following factors: Year Ended December 31, 2023 2022 2021 (In thousands) Federal income tax at statutory rates $ 7,972 $ 29,026 $ 41,696 Amortization of accumulated investment tax credits (171) (172) (237) Amortization of excess deferred income tax (14,252) (14,421) (15,158) Flow-through of depreciation items 1,114 2,641 689 (Earnings) attributable to non-controlling interest in Valencia (3,892) (3,176) (3,253) State income tax (benefit), net of federal (benefit) (2,216) 5,694 7,609 Allowance for equity funds used during construction (2,065) (1,958) (2,080) Allocation of tax (benefit) related to stock compensation awards (185) 65 (563) Non-deductible compensation 1,015 701 547 Non-deductible merger costs (33) 10 22 R&D credit (2,000) (1,300) (1,500) Other (2,045) 2,088 (780) Total income taxes (benefits) $ (16,758) $ 19,198 $ 26,992 Effective tax rate (44.15) % 13.89 % 13.59 % The components of PNM’s net accumulated deferred income tax liability were: December 31, 2023 2022 (In thousands) Deferred tax assets: Net operating loss $ — $ 54,681 Regulatory liabilities related to income taxes 71,546 76,744 Federal tax credit carryforwards 80,586 84,902 Regulatory disallowance 42,330 28,037 Regulatory liability SJGS retirement credits 28,797 — Other 35,993 33,079 Total deferred tax assets 259,252 277,443 Deferred tax liabilities: Depreciation and plant related (545,815) (620,814) Investment tax credit (73,844) (74,015) Regulatory assets related to income taxes (71,742) (67,912) Pension (36,483) (36,048) Regulatory asset for shutdown of SJGS Units 2 and 3 (22,454) (24,048) Regulatory asset SJGS energy transition property (86,521) (69,828) Regulatory asset PVNGS investment (20,503) — PVNGS Trusts (41,767) (26,084) Other (44,160) (40,734) Total deferred tax liabilities (943,289) (959,483) Net accumulated deferred income tax liabilities $ (684,037) $ (682,040) The following table reconciles the change in PNM’s net accumulated deferred income tax liability to the deferred income tax (benefit) included in the Consolidated Statement of Earnings: Year Ended December 31, 2023 (In thousands) Net change in deferred income tax liability per above table $ 1,997 Change in tax effects of income tax related regulatory assets and liabilities (9,391) Amortization of excess deferred income tax (14,252) Tax effect of mark-to-market adjustments (1,099) Tax effect of excess pension liability (1,566) Adjustment for uncertain income tax positions (55) Reclassification of unrecognized tax benefits 2,394 Deferred income tax (benefit) $ (21,972) TNMP TNMP’s income taxes consist of the following components: Year Ended December 31, 2023 2022 2021 (In thousands) Current federal income tax $ 11,354 $ 17,055 $ 5,770 Current state income tax 3,055 2,662 2,395 Deferred federal income tax (benefit) 2,917 (4,527) (224) Deferred state income tax (benefit) (29) (29) (29) Total income taxes $ 17,297 $ 15,161 $ 7,912 TNMP’s provision for income taxes differed from the federal income tax computed at the statutory rate for each of the periods shown. The differences are attributable to the following factors: Year Ended December 31, 2023 2022 2021 (In thousands) Federal income tax at statutory rates $ 23,569 $ 22,560 $ 15,076 Amortization of excess deferred income tax (8,607) (9,177) (9,326) State income tax, net of federal (benefit) 2,414 2,103 1,763 Allocation of tax (benefit) related to stock compensation awards (77) 26 (224) Non-deductible compensation 642 422 351 Transaction costs 3 1 (4) Other (647) (774) 276 Total income taxes $ 17,297 $ 15,161 $ 7,912 Effective tax rate 15.41 % 14.11 % 11.02 % The components of TNMP’s net accumulated deferred income tax liability were: December 31, 2023 2022 (In thousands) Deferred tax assets: Regulatory liabilities related to income taxes $ 18,915 $ 21,627 Other 5,534 5,353 Total deferred tax assets 24,449 26,980 Deferred tax liabilities: Depreciation and plant related (179,483) (166,230) Regulatory assets related to income taxes (8,901) (9,213) Loss on reacquired debt (5,254) (5,527) Pension (4,659) (4,603) AMS (2,613) (3,989) Other (2,287) (2,055) Total deferred tax liabilities (203,197) (191,617) Net accumulated deferred income tax liabilities $ (178,748) $ (164,637) The following table reconciles the change in TNMP’s net accumulated deferred income tax liability to the deferred income tax included in the Consolidated Statement of Earnings: Year Ended December 31, 2023 (In thousands) Net change in deferred income tax liability per above table $ 14,111 Change in tax effects of income tax related regulatory assets and liabilities (2,400) Amortization of excess deferred income tax (8,607) Other (216) Deferred income tax $ 2,888 Other Disclosures The Company is required to recognize only the impact of tax positions that, based on their technical merits, are more likely than not to be sustained upon an audit by the taxing authority. A reconciliation of unrecognized tax benefits is as follows: PNMR PNM TNMP (In thousands) Balance at December 31, 2020 $ 13,152 $ 10,230 $ 119 Additions based on tax positions related to 2021 305 295 11 Additions for tax positions of prior years 257 246 11 Balance at December 31, 2021 13,714 10,771 141 Additions based on tax positions related to 2022 1,444 1,437 7 Additions (reductions) for tax positions of prior years (4) (7) 3 Balance at December 31, 2022 15,154 12,201 151 Additions (reductions) based on tax positions related to 2023 (277) (294) 17 Additions for tax positions of prior years 259 239 20 Balance at December 31, 2023 $ 15,136 $ 12,146 $ 188 Included in the balance of unrecognized tax benefits at December 31, 2023 are $14.6 million, $11.6 million, and $0.2 million that, if recognized, would affect the effective tax rate for PNMR, PNM, and TNMP. The Company does not anticipate that any unrecognized tax expenses or unrecognized tax benefits will be reduced or settled in 2024. PNMR, PNM, and TNMP had no estimated interest income or expense related to income taxes for the years ended December 31, 2023, 2022, and 2021. There was no accumulated accrued interest receivable or payable related to income taxes as of December 31, 2023 and 2022. The Company files a federal consolidated and several consolidated and separate state income tax returns. The tax years prior to 2020 are closed to examination by either federal or state taxing authorities other than Arizona. The tax years prior to 2019 are closed to examination by Arizona taxing authorities. Other tax years are open to examination by federal and state taxing authorities and net operating loss carryforwards are open to examination for the years in which the carryforwards are utilized. At December 31, 2023, the Company has $120.2 million of federal net operating loss carryforwards that expire beginning in 2035 and $126.6 million of federal tax credit carryforwards that expire beginning in 2024. State net operating losses expire beginning in 2037 and vary from federal due to differences between state and federal tax law. In 2008, fifty percent bonus tax depreciation was enacted as a temporary two-year stimulus measure as part of the Economic Stimulus Act of 2008. Bonus tax depreciation in various forms has been extended since that time, including by the Protecting Americans from Tax Hikes Act of 2015. The 2015 act extended and phased-out bonus tax depreciation through 2019. As discussed above, the Tax Act eliminated bonus depreciation for utilities effective September 28, 2017. However, in 2020 the IRS issued regulations interpreting Tax Act amendments to depreciation provisions of the IRC which allowed the Company to claim a bonus depreciation deduction on certain construction projects placed in service after the third quarter of 2017. As a result of the net operating loss carryforwards for income tax purposes created by bonus depreciation, certain tax carryforwards were not expected to be utilized before their expiration. In addition, as a result of Tax Act changes to the deductibility of officer compensation, certain deferred tax benefits related to compensation are not expected to be realized. The Company has impaired the deferred tax assets for tax carryforwards which are not expected to be utilized and for compensation that is not expected to be deductible. The Company earns investment tax credits for construction or purchase of eligible property. The Company uses the deferral method of accounting for these investment tax credits. Impairments of tax attributes after reflecting the expiration of carryforwards under applicable tax laws, net of federal tax benefit, for 2021 through 2023 are as follows: PNMR PNM TNMP (In thousands) December 31, 2023: Federal tax credit carryforwards $ 839 $ (427) $ — Compensation expense $ 387 $ 246 $ 140 December 31, 2022: Federal tax credit carryforwards $ 187 $ 427 $ — Compensation expense $ 199 $ 140 $ 59 December 31, 2021: Federal tax credit carryforwards $ 1,029 $ — $ — Compensation expense $ 119 $ 84 $ 35 The tax effect of compensation that is not expected to be deductible and impairments of unexpired tax credits are reflected as a valuation allowance against deferred tax assets. The reserve balances, after reflecting expiration of carryforwards under applicable tax laws, at December 31, 2023 and 2022 are as follows: PNMR PNM TNMP (In thousands) December 31, 2023: Federal tax credit carryforwards $ 2,055 $ — $ — Compensation expense $ 1,112 $ 729 $ 381 December 31, 2022: Federal tax credit carryforwards $ 1,216 $ 427 $ — Compensation expense $ 725 $ 483 $ 241

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2023
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. The Company evaluates 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. 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, the entity is required to perform the second step of the impairment analysis, determining the amount of goodwill impairment to be recorded. The amount is calculated by comparing the implied fair value of the goodwill to its carrying amount. This exercise 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, 2021, PNMR performed a qualitative analysis 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 and qualitative analyses through April 1, 2020, as well as the quantitative analysis performed for TNMP at April 1, 2020. Based on an evaluation of these and other factors, the Company determined it was not more likely than not that the April 1, 2021 carrying values of PNM and TNMP exceeded their fair value. For its annual evaluations performed as of April 1, 2022, PNMR performed a qualitative analysis 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 and the previous qualitative analyses through April 1, 2021 performed for PNM, as well as the April 1, 2020 quantitative analysis and the previous qualitative analyses performed for TNMP. This analysis considered Company specific events such as the Merger, potential impacts of legal and regulatory matters discussed in Notes 16 and 17, including potential outcomes in PNM’s 2024 Rate Change, PNM’s San Juan Abandonment Application, PNM’s Four Corners Abandonment Application, PNM’s PVNGS Leased Interest Abandonment Application and other potential impacts of changes in PNM’s resource needs based on PNM’s 2020 IRP. Based on an evaluation of these and other factors, the Company determined it was not more likely than not that the April 1, 2022 carrying values of PNM and TNMP exceeded their fair value. Since the April 1, 2022 annual evaluation, there have been no events or indications that the fair values of the reporting units with recorded goodwill have decreased below their carrying values. For its annual evaluations performed as of April 1, 2023, PNMR performed a qualitative analysis 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 and the previous qualitative analyses through April 1, 2022 performed for PNM, as well as the April 1, 2021 quantitative analysis and the previous qualitative analyses performed for TNMP. This analysis considered Company specific events such as the Merger, potential impacts of legal and regulatory matters discussed in Notes 16 and 17, including potential outcomes in PNM’s 2024 Rate Change, PNM’s San Juan Abandonment Application, PNM’s Four Corners Abandonment Application, PNM’s PVNGS Leased Interest Abandonment Application and other potential impacts of changes in PNM’s resource needs based on PNM’s 2020 IRP. Based on an evaluation of these and other factors, the Company determined it was not more likely than not that the April 1, 2023 carrying values of PNM and TNMP exceeded their fair value. Since the April 1, 2023 annual evaluation, the Company has considered the effects of the Merger termination and the outcome of PNM’s 2024 Rate Change and there is no indication that the fair values of the reporting units with recorded goodwill have decreased below their carrying values.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions PNMR, PNM, TNMP, and NMRD are considered related parties, as is PNMR Services Company, a wholly-owned subsidiary of PNMR that provides corporate services to PNMR and its subsidiaries in accordance with shared services agreements. These services are billed at cost on a monthly basis to the business units. In addition, PNMR provides construction and operations and maintenance services to NMRD, a 50% owned subsidiary of PNMR Development (Note 21), and PNM purchases renewable energy from certain NMRD-owned facilities at a fixed price per MWh of energy produced. PNM also provides interconnection services to PNMR Development and NMRD. PNMR files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PNMR and each of its affiliated companies. These agreements provide that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PNMR. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PNMR to the extent that PNMR is able to utilize those benefits. See Note 7 for information on intercompany borrowing arrangements. The table below summarizes the nature and amount of related party transactions of PNMR, PNM and TNMP: Year Ended December 31, 2023 2022 2021 (In thousands) Services billings: PNMR to PNM $ 124,321 $ 115,415 $ 107,747 PNMR to TNMP 47,470 42,293 41,798 PNM to TNMP 349 411 404 TNMP to PNMR 141 141 141 PNMR to NMRD 333 308 221 Renewable energy purchases: PNM from NMRD 12,717 11,795 11,879 Interconnection and facility study billings: PNM to NMRD — — 225 NMRD to PNM — — 1,276 Interest billings: PNMR to PNM 23 13 31 PNM to PNMR 582 249 144 PNMR to TNMP 129 166 — Income tax sharing payments: PNMR to PNM 5,338 — 19,492 PNM to PNMR — 11,602 — TNMP to PNMR 15,749 8,341 12,842

Equity Method Investment

Equity Method Investment	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investment In September 2017, PNMR Development and AEP OnSite Partners created NMRD to pursue the acquisition, development, and ownership of renewable energy generation projects, primarily in the state of New Mexico. PNMR Development and AEP OnSite Partners each have a 50% ownership interest in NMRD. At December 31, 2023, NMRD’s renewable energy capacity in operation is 185.1 MW, which includes 180 MW of solar-PV facilities to supply energy to the Meta data center located within PNM’s service territory, 1.9 MW to supply energy to Columbus Electric Cooperative located in southwest New Mexico, 2.0 MW to supply energy to the Central New Mexico Electric Cooperative, and 1.2 MW of solar-PV facilities to supply energy to the City of Rio Rancho, New Mexico. On December 22, 2023, PNMR Development and AEP Onsite reached agreement with Exus New Mexico, LLC, a subsidiary of Exus North America Holdings, LLC, for the sale of NMRD and its subsidiaries for approximately $230 million, subject to adjustment to reflect the actual amounts of certain components of working capital at closing, pursuant to a Membership Interest Purchase Agreement, dated December 22, 2023 (“MIPA”). Closing occurred on February 27, 2024, with PNMR Development receiving $117.0 million upon settlement. PNMR Development does not expect a material impact to Net Earnings as a result of the transaction. As previously disclosed, PNMR Development expects to use the net proceeds from the sale of NMRD to reduce the future external capital needs at PNMR and support continued investments in regulated rate base at PNMR’s utilities. PNMR Development will provide certain services to NMRD for a transitional period following closing. PNMR accounted for its investment in NMRD using the equity method of accounting because PNMR’s ownership interest results in significant influence, but not control, over NMRD and its operations. PNMR recorded as income its percentage share of earnings or loss of NMRD and carried its investment at cost, adjusted for its share of undistributed earnings or losses. During 2023, 2022, and 2021 PNMR Development and AEP OnSite Partners each made cash contributions of $26.3 million, zero and zero to NMRD. In February 2021, NMRD paid both PNMR Development and AEP OnSite Partners a dividend of $3.0 million. PNMR Development’s cumulative equity in earnings of NMRD as of March 31, 2021 was $2.4 million and is presented as cash flows from operating activities on the Consolidated Statement of Cash Flows for the year ending December 31, 2021. The portion of the dividend in excess of PNMR Development’s cumulative equity earnings of NMRD amounting to $0.6 million is presented as cash flows from investing activities. PNMR presented its share of net earnings from NMRD in other income on the Consolidated Statements of Earnings. Summarized financial information for NMRD is as follows: December 31, 2023 2022 2021 (In thousands) Operating revenues $ 13,629 $ 12,505 $ 12,738 Operating expenses 8,228 9,591 9,733 Net earnings $ 5,401 $ 2,914 $ 3,005 Financial Position December 31, 2023 2022 (In thousands) Current assets $ 2,589 $ 8,357 Net property, plant, and equipment 235,791 169,440 Non-current assets 1,849 9,631 Total assets 240,229 187,428 Current liabilities 730 5,822 Non-current liabilities 358 366 Owners’ equity $ 239,141 $ 181,240

Schedule I - Condensed Financia

Schedule I - Condensed Financial Information of Parent Company	12 Months Ended
	Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Schedule I - Condensed Financial Information of Parent Company	SCHEDULE I PNM RESOURCES, INC. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF EARNINGS Year ended December 31, 2023 2022 2021 (In thousands) Operating Revenues $ — $ — $ — Operating Expenses 4,972 6,199 15,044 Operating (loss) (4,972) (6,199) (15,044) Other Income and Deductions: Equity in earnings of subsidiaries 133,628 197,860 221,004 Other income 2,245 663 362 Net other income and (deductions) 135,873 198,523 221,366 Interest Charges 58,934 30,430 11,986 Earnings Before Income Taxes 71,967 161,894 194,336 Income Tax (Benefit) (15,851) (7,636) (1,493) Net Earnings $ 87,818 $ 169,530 $ 195,829 SCHEDULE I PNM RESOURCES, INC. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF CASH FLOWS Year Ended December 31, 2023 2022 2021 (In thousands) Cash Flows From Operating Activities: Net Cash Flows From Operating Activities $ (31,368) $ (10,261) $ (28,514) Cash Flows From Investing Activities: Utility plant additions 1,138 1,136 543 Investments in subsidiaries (85,500) (70,200) (178,071) Cash dividends from subsidiaries — 153,500 60,000 Net cash flows from investing activities (84,362) 84,436 (117,528) Cash Flows From Financing Activities: Short-term borrowings (repayments) -affiliate, net (5,300) (700) 6,400 Revolving credit facility borrowings (repayments), net 59,900 (45,500) 42,900 Long-term borrowings 500,000 100,000 1,120,000 Repayment of long-term debt (500,000) — (900,000) Issuance of common stock 198,177 — — Awards of common stock (9,646) (7,980) (10,130) Dividends paid (126,177) (119,311) (112,444) Other, net (1,221) (686) (673) Net cash flows from financing activities 115,733 (74,177) 146,053 Change in Cash and Cash Equivalents 3 (2) 11 Cash and Cash Equivalents at Beginning of Period 61 63 52 Cash and Cash Equivalents at End of Period $ 64 $ 61 $ 63 Supplemental Cash Flow Disclosures: Interest paid, net of amounts capitalized $ 47,122 $ 29,904 $ 13,425 Income taxes paid (refunded), net $ 350 $ (2,500) $ — SCHEDULE I PNM RESOURCES, INC. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY BALANCE SHEETS December 31, 2023 2022 (In thousands) Assets Cash and cash equivalents $ 64 $ 61 Intercompany receivables 55,575 55,304 Derivative instruments 7,172 11,108 Income taxes receivable 8,266 1,298 Other current assets 133 83 Total current assets 71,210 67,854 Property, plant and equipment, net of accumulated depreciation of $18,810 and $17,721 20,374 21,513 Investment in subsidiaries 3,345,400 3,118,442 Other long-term assets 44,628 45,501 Total long-term assets 3,410,402 3,185,456 $ 3,481,612 $ 3,253,310 Liabilities and Stockholders’ Equity Short-term debt 69,300 9,400 Short-term debt-affiliate 9,219 14,519 Accrued interest and taxes 14,650 3,302 Dividends declared 34,953 31,544 Other current liabilities 184 197 Total current liabilities 128,306 58,962 Long-term debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs 999,151 999,612 Other long-term liabilities 5,062 2,804 Total liabilities 1,132,519 1,061,378 Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 90,200,384 and 85,834,874 shares) 1,624,823 1,429,102 Accumulated other comprehensive income (loss), net of income taxes (62,840) (66,048) Retained earnings 787,110 828,878 Total common stockholders’ equity 2,349,093 2,191,932 $ 3,481,612 $ 3,253,310 See Notes 7, 8, 11, and 16 for information regarding commitments, contingencies, and maturities of long-term debt.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II PNM RESOURCES, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Additions Deductions Description Balance at Charged to Charged to Write-offs and other Balance at (In thousands) Allowance for credit losses, year ended December 31: 2021 $ 8,333 $ 4,663 $ 826 $ 6,557 $ 7,265 2022 $ 7,265 $ 3,758 $ — $ 6,098 $ 4,925 2023 $ 4,925 $ 3,585 $ — $ 5,122 $ 3,388 SCHEDULE II PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC. VALUATION AND QUALIFYING ACCOUNTS Additions Deductions Description Balance at Charged to Charged to Write-offs and other Balance at (In thousands) Allowance for credit losses, year ended December 31: 2021 $ 8,333 $ 4,597 $ 826 $ 6,491 $ 7,265 2022 $ 7,265 $ 3,758 $ — $ 6,098 $ 4,925 2023 $ 4,925 $ 3,549 $ — $ 5,086 $ 3,388 SCHEDULE II TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC. VALUATION AND QUALIFYING ACCOUNTS Additions Deductions Description Balance at Charged to Charged to Write-offs and other Balance at (In thousands) Allowance for credit losses, year ended December 31: 2021 $ — $ 66 $ — $ 66 $ — 2022 $ — $ — $ — $ — $ — 2023 $ — $ 36 $ — $ 36 $ —

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of the Business and S_2

Summary of the Business and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Financial Statement Preparation and Presentation	Financial Statement Preparation and Presentation The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could ultimately differ from those estimated. The Notes to Consolidated Financial Statements include disclosures for PNMR, PNM, and TNMP. This report uses the term “Company” when discussing matters of common applicability to PNMR, PNM, and TNMP. Discussions regarding only PNMR, PNM, or TNMP are so indicated. 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 accordingly.
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements of each of PNMR, PNM, and TNMP include their accounts and those of subsidiaries in which that entity owns a majority voting interest. PNM also consolidates Valencia (Note 10). PNM owns undivided interests in jointly-owned power plants and records its pro-rata share of the assets, liabilities, and expenses for those plants. The agreements for the jointly-owned plants provide that if an owner were to default on its payment obligations, the non-defaulting owners would be responsible for their proportionate share of the obligations of the defaulting owner. In exchange, the non-defaulting owners would be entitled to their proportionate share of the generating capacity of the defaulting owner. There have been no such payment defaults under any of the agreements for the jointly-owned plants.
Accounting for the Effects of Certain Types of Regulation	Accounting for the Effects of Certain Types of Regulation The Company maintains its accounting records in accordance with the uniform system of accounts prescribed by FERC and adopted by the NMPRC and PUCT. Certain of the Company’s operations are regulated by the NMPRC, PUCT, and FERC and the provisions of GAAP for rate-regulated enterprises are applied to the regulated operations. Regulators may assign costs to accounting periods that differ from accounting methods applied by non-regulated utilities. When it is probable that regulators will permit recovery of costs through future rates, costs are deferred as regulatory assets that otherwise would be expensed. Likewise, regulatory liabilities are recognized when it is probable that regulators will require refunds through future rates or when revenue is collected for expenditures that have not yet been incurred. GAAP also provides for the recognition of revenue and regulatory assets and liabilities associated with “alternative revenue programs” authorized by regulators. Such programs allow the utility to adjust future rates in response to past activities or completed events, if certain criteria are met. Regulatory assets and liabilities are amortized into earnings over the authorized recovery period. Accordingly, the Company has deferred certain costs and recorded certain liabilities pursuant to the rate actions of the NMPRC, PUCT, and FERC. Information on regulatory assets and regulatory liabilities is contained in Note 13. In some circumstances, regulators allow a requested increase in rates to be implemented, subject to refund, before the regulatory process has been completed and a decision rendered by the regulator. When this occurs, the Company assesses the possible outcomes of the rate proceeding. The Company records a provision for refund to the extent the amounts being collected, subject to refund, exceed the amount the Company determines is probable of ultimately being allowed by the regulator.
Cash and Restricted Cash	Cash and Restricted Cash Investments in highly liquid investments with original maturities of three months or less at the date of purchase are considered cash and cash equivalents. Cash deposits received and held for a period of time that are restricted to a specific purpose, under the terms of their effective agreements, are considered restricted cash. PNM and PNMR have restricted cash balances related to Securitized Bonds issued by ETBC I. Restricted cash amounts are included in Other deferred charges on the Consolidated Balance Sheets as of December 31, 2023. See Note 10. At December 31, 2023 there was no restricted cash for TNMP. At December 31, 2022 and 2021 there was no restricted cash for PNMR, PNM, and TNMP.
Utility Plant	Utility Plant Utility plant is stated at original cost and includes capitalized payroll-related costs such as taxes, pension, other fringe benefits, administrative costs, and AFUDC, where authorized by rate regulation, or capitalized interest. Repairs, including major maintenance activities, and minor replacements of property are expensed when incurred, except as required by regulators for ratemaking purposes. Major replacements are charged to utility plant. Gains, losses, and costs to remove resulting from retirements or other dispositions of regulated property in the normal course of business are credited or charged to accumulated depreciation. PNM and TNMP may receive reimbursements, referred to as CIAC, from customers to pay for all or part of certain construction projects to the extent the project does not benefit regulated customers in general. PNM and TNMP account for these reimbursements as offsets to utility plant additions based on the requirements of the NMPRC, FERC, and PUCT. Due to the PUCT’s regulatory treatment of CIAC reimbursements, TNMP also receives a financing component that is recognized as other income on the Consolidated Statements of Earnings. Under the NMPRC regulatory treatment, PNM typically does not receive a financing component.
Depreciation and Amortization	Depreciation and Amortization
Allowance for Funds Used During Construction	Allowance for Funds Used During Construction As provided by the FERC uniform systems of accounts, AFUDC is charged to regulated utility plant for construction projects. This allowance is designed to enable a utility to capitalize financing costs during periods of construction of property subject to rate regulation. It represents the cost of borrowed funds (allowance for borrowed funds used during construction or “debt AFUDC”) and a return on other funds (allowance for equity funds used during construction or “equity AFUDC”). The debt AFUDC is recorded in interest charges and the equity AFUDC is recorded in other income on the Consolidated Statements of Earnings.
Materials, Supplies, and Fuel Stock	Materials, Supplies, and Fuel Stock
Investments	Investments PNM holds investment securities in the NDT for the purpose of funding its share of the decommissioning costs of PVNGS, a trust for PNM’s share of decommissioning costs at SJGS, and trusts for PNM’s share of final reclamation costs related to the coal mines that served SJGS and continue to serve Four Corners (Note 16). Investments (both equity and available-for-sale debt securities) are measured at fair value on a quarterly basis with changes in fair value for equity securities recognized in earnings for that period. Since third party investment managers have sole discretion over the purchase and sale of the securities (under general guidelines and targets provided by management), PNM records an impairment, as a realized loss, for any available-for-sale debt security that has a fair value which is less than cost at the end of each quarter. For the years ended December 31, 2023, 2022 and 2021, PNM recorded impairment losses on the available-for-sale debt securities of $(19.1) million, $25.8 million and $(0.7) million. No gains or losses are deferred as regulatory assets or liabilities. See Notes 3 and 9. All investments are held in PNM’s name and are in the custody of major financial institutions. The specific identification method is used to determine the cost of securities disposed of, with realized gains and losses reflected in other income and deductions. As discussed above, PNM immediately records an impairment loss 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. All gains and losses resulting from sales and changes in the fair value of equity securities are recognized immediately in earnings.
Equity Method Investment	Equity Method Investment
Goodwill	Goodwill
Asset Impairment	Asset Impairment Tangible long-lived assets and right-of-use assets associated with leases are evaluated in relation to the estimated future undiscounted cash flows to assess recoverability when events and circumstances indicate that the assets might be impaired.
Amortization of Debt Acquisition Costs	Amortization of Debt Acquisition Costs Discount, premium, and expense related to the issuance of long-term debt are amortized over the lives of the respective issues. Gains and losses incurred upon the early retirement of long-term debt are recognized in other income or other deductions, except for amounts recoverable through NMPRC, FERC, or PUCT regulation, which are recorded as regulatory assets or liabilities and amortized over the lives of the respective issues. Unamortized premium, discount, and expense related to long-term debt are reflected as part of the related liability on the Consolidated Balance Sheets.
Derivatives	Derivatives The Company records derivative instruments, including energy contracts, on the balance sheet as either an asset or liability measured at their fair value. Changes in the derivatives’ fair value are recognized in earnings unless specific hedge accounting criteria are met. PNM also records certain commodity derivative transactions recoverable through NMPRC regulation as regulatory assets or liabilities. See Note 9. Accounting for Derivatives Under derivative accounting and related rules for energy contracts, PNM accounts for its various instruments for the purchase and sale of energy, which meet the definition of a derivative, based on PNM’s intent. During the years ended December 31, 2023, 2022, and 2021, PNM was not hedging its exposure to the variability in future cash flows from commodity derivatives through designated cash flow 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 also uses such instruments under an NMPRC approved hedging plan to manage fuel and purchased power costs related to customers covered by its FPPAC. Changes in the fair value of instruments covered by its FPPAC are recorded as regulatory assets and liabilities. PNM has no trading transactions.
Decommissioning and Reclamation Costs	Decommissioning and Reclamation Costs PNM is only required to recognize and measure decommissioning liabilities for tangible long-lived assets for which a legal obligation exists. Nuclear decommissioning costs and related accruals are based on periodic site-specific estimates of the costs for removing all radioactive and other structures at PVNGS and are dependent upon numerous assumptions, including estimates of future decommissioning costs at current price levels, inflation rates, and discount rates. PNM’s accruals for PVNGS Units 1, 2, and 3, including portions previously held under leases, have been made based on such estimates, the guidelines of the NRC, and the PVNGS license periods. PNM records its share of the SJGS decommissioning obligation as an ARO on its Consolidated Balance Sheets. Studies on the decommissioning costs of SJGS are performed periodically and revisions to the ARO liability are recorded. See Note 16.
Environmental Costs	Environmental Costs The normal operations of the Company involve activities and substances that expose the Company to potential liabilities under laws and regulations protecting the environment. Liabilities under these laws and regulations can be material and may be imposed without regard to fault, or may be imposed for past acts, even though the past acts may have been lawful at the time they occurred.
Income Taxes	Income Taxes Income taxes are recognized using the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax basis. All deferred taxes are reflected as non-current on the Consolidated Balance Sheets. Current NMPRC, FERC, and PUCT approved rates include the tax effects of the majority of these differences. Rate-regulated enterprises are required to record deferred income taxes for temporary differences accorded flow-through treatment at the direction of a regulatory commission. The resulting deferred tax assets and liabilities are recorded based on the expected cash flow to be reflected in future rates. Because the NMPRC, FERC, and the PUCT have consistently permitted the recovery of tax effects previously flowed-through earnings, the Company has established regulatory assets and liabilities offsetting such deferred tax assets and liabilities. The Company recognizes only the impact of tax positions that, based on their merits, are more likely than not to be sustained upon an IRS audit. The Company defers investment tax credits and amortizes them over the estimated useful lives of the assets. See Note 18 for additional information, including a discussion of the impacts of the Tax Act. The Company makes an estimate of its anticipated effective tax rate for the year as of the end of each quarterly period within its fiscal year. In interim periods, income tax expense is calculated by applying the anticipated annual effective tax rate to year-to-date earnings before taxes. Certain unusual or infrequently occurring items, as well as adjustments due to enactment of new tax laws, have been excluded from the estimated annual effective tax rate calculation.
New Accounting Pronouncements	New Accounting Pronouncements Information concerning recently issued accounting pronouncements that have not yet 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 2022-03 - Fair Value Measurement (Topic 820): Fair Value Measurements of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the FASB issued ASU 2022-03 clarifying that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the security and, therefore, is not considered in measuring fair value. The amendment also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. Disclosure requirements from the amendment include disclosure of the fair value of equity securities subject to contractual sale restrictions that are reflected in the balance sheet; the nature and remaining duration of the restriction(s); and the circumstances that could cause a lapse in the restriction(s). ASU 2022-03 is effective for the Company beginning January 1, 2024 with early adoption for both interim and annual periods being permitted. ASU 2022-03 is to be applied prospectively with any adjustments recognized in earnings and disclosed on the date of adoption. The Company does not expect ASU 2022-03 to have any impact on earnings as there are currently no investments that are subject to contractual restrictions on the Consolidated Balance Sheets. Disclosure updates for investments held in the pension and other benefit plan portfolios are not expected to be material.
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, which includes the asset optimization of PNM’s jurisdictional capacity as well as providing transmission services to third parties. FERC has jurisdiction over wholesale power and transmission rates. PNM includes the results of ETBC I upon its formation in 2023. TNMP TNMP is an electric utility providing services in Texas under the TECA. TNMP’s operations are subject to traditional rate regulation by the PUCT. TNMP provides transmission and distribution services at regulated rates to various REPs that, in turn, provide retail electric service to consumers within TNMP’s service area. TNMP also provides transmission services at regulated rates to other utilities that interconnect with TNMP’s facilities. Corporate and Other The Corporate and Other segment includes PNMR holding company activities, primarily related to corporate level debt and PNMR Services Company. The activities of PNMR Development and the equity method investment in NMRD are also included in Corporate and Other. Eliminations of intercompany transactions are reflected in the Corporate and Other segment.
Revenue Recognition	Retail electric operating revenues are recorded in the period of energy delivery, which includes estimated amounts for service rendered but unbilled at the end of each accounting period. The determination of the energy sales billed to individual retail customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to customers since the date of the last meter reading and the corresponding unbilled revenue are estimated. Unbilled electric revenue is estimated based on daily generation volumes, estimated customer usage by class, line losses, historical trends and experience, applicable customer rates or by using AMS data where available. Amounts billed are generally due within the next month. The Company does not incur incremental costs to obtain contracts for its energy services. PNM’s wholesale electricity sales are recorded as electric operating revenues and wholesale electricity purchases are recorded as costs of energy sold. Derivative contracts that are subject to unplanned netting are recorded net in earnings. A “book-out” is the planned or unplanned netting of off-setting purchase and sale transactions. A book-out is a transmission mechanism to reduce congestion on the transmission system or administrative burden. For accounting purposes, a book-out is the recording of net revenues upon the settlement of a derivative contract. Unrealized gains and losses on derivative contracts that are not designated for hedge accounting are classified as economic hedges. Economic hedges are defined as derivative instruments, including long-term power and fuel supply agreements, used to hedge generation assets and purchased power costs. Changes in the fair value of economic hedges are reflected in results of operations, with changes related to economic hedges on sales included in operating revenues and changes related to economic hedges on purchases included in cost of energy sold. See Note 9. The Company has collaborative arrangements related to its interest in SJGS, Four Corners, PVNGS, and Luna. The Company has determined that during the years ended December 31, 2023, 2022, and 2021 none of the joint owners in its collaborative arrangements were customers under Topic 606. The Company will continue to evaluate transactions between collaborative arrangement participants in future periods under the revenue recognition standard. PNM and TNMP recognize revenue as they satisfy performance obligations, which typically occurs as the customer or end-user consumes the electric service provided. Electric services are typically for a bundle of services that are distinct and transferred to the end-user in one performance obligation measured by KWh or KW. Electric operating revenues are recorded in the period of energy delivery, including estimated unbilled amounts. The Company has elected to exclude all sales and similar taxes from revenue. Revenue from contracts with customers is recorded based upon the total authorized tariff or market price at the time electric service is rendered, including amounts billed under arrangements qualifying as an Alternative Revenue Program (“ARP”). ARP arrangements are agreements between PNM or TNMP and its regulator that allow PNM or TNMP to adjust future rates in response to past activities or completed events, if certain criteria are met. ARP revenues are required to be reported separately from contracts with customers. ARP revenues in a given period include the recognition of “originating” ARP revenues (i.e. when the regulator-specific conditions are met) in the period, offset by the reversal of ARP revenues when billed to customers. Sources of Revenue Additional information about the nature of revenues is provided below. Additional information about matters affecting PNM’s and TNMP’s regulated revenues is provided in Note 17. Revenue from Contracts with Customers PNM NMPRC Regulated Retail Electric Service – PNM provides electric generation, transmission, and distribution service to its rate-regulated customers in New Mexico. PNM’s retail electric service territory covers a large area of north central New Mexico, including the cities of Albuquerque, Rio Rancho, and Santa Fe, and certain areas of southern New Mexico. Customer rates for retail electric service are set by the NMPRC and revenue is recognized as energy is delivered to the customer. PNM invoices customers on a monthly basis for electric service and generally collects billed amounts within one month. Transmission Service to Third Parties – PNM owns transmission lines that are interconnected with other utilities in New Mexico, Texas, Arizona, Colorado, and Utah. Transmission customers receive service for the transmission of energy owned by the customer utilizing PNM’s transmission facilities. Customers generally receive transmission services, which are regulated by FERC, from PNM through PNM’s Open Access Transmission Tariff (“OATT”) or a specific contract. Customers are billed based on capacity and energy components on a monthly basis. In December 2021, PNM completed the purchase of the Western Spirit Line and services under related transmission agreements were initiated using an incremental rate, approved by FERC, that are separate from the formula rate mechanism. Wholesale Energy Sales – PNM engages in activities to optimize its existing jurisdictional assets and long-term power agreements through spot market, hour-ahead, day-ahead, week-ahead, month-ahead, and other sales of excess generation not required to fulfill retail load and contractual commitments. PNM began participating in the EIM in 2021. The EIM is a real-time wholesale energy trading market operated by the CAISO that enables participating electric utilities to buy and sell energy. The NMPRC granted PNM authority to seek recovery of costs associated with joining the EIM, which have been included in the 2024 Rate Change and to pass the benefits of participating in EIM to customers through the FPPAC. PNM’s participation in EIM has significantly increased Electric operating revenues which are passed on to customers under PNM’s FPPAC with no impact to net earnings. Beginning on January 1, 2018, PNM acquired a 65 MW interest in SJGS Unit 4, which was held as merchant plant as ordered by the NMPRC. PNM sold power from 36 MW of this capacity to a third party at a fixed price that was recorded as revenue from contracts with customers. PNM was obligated to deliver power under this arrangement only when SJGS Unit 4 was operating. In May 2022, PNM executed a new agreement to sell 50 MW of that capacity to a third party for the period from July 1, 2022 through September 30, 2022 on a system-contingent basis. TNMP PUCT Regulated Retail Electric Service – TNMP provides transmission and distribution services in Texas under the provisions of TECA and the Texas Public Utility Regulatory Act. TNMP is subject to traditional cost-of-service regulation with respect to rates and service under the jurisdiction of the PUCT and certain municipalities. TNMP’s transmission and distribution activities are solely within ERCOT and not subject to traditional rate regulation by FERC. TNMP provides transmission and distribution services at regulated rates to various REPs that, in turn, provide retail electric service to consumers within TNMP’s service territory. Revenue is recognized as energy is delivered to the consumer. TNMP invoices REPs on a monthly basis and is generally paid within a month. TCOS – TNMP is a transmission service provider that is allowed to recover its TCOS through a network transmission rate that is approved by the PUCT. TCOS customers are other utilities that receive service for the transmission of energy owned by the customer utilizing TNMP’s transmission facilities. Alternative Revenue Programs The Company defers certain costs and records certain liabilities pursuant to the rate actions of the NMPRC, PUCT, and FERC. ARP revenues, which are discussed above, include recovery or refund provisions under PNM’s renewable energy rider and true-ups to PNM’s formula transmission rates; transmission cost recovery factor, and the impacts of the PUCT’s January 25, 2018 order regarding the change in the federal corporate income tax rate; and the energy efficiency incentive bonus at both PNM and TNMP. Regulatory assets and liabilities are recognized for the difference between ARP revenues and amounts billed under those programs. Regulatory assets and liabilities are amortized into earnings as amounts are billed. TNMP’s 2018 Rate Case integrated AMS costs into base rates beginning January 1, 2019. These costs are being amortized into earnings as alternative revenues over a period of five years. Other Electric Operating Revenues Other electric operating revenues consist primarily of PNM’s economic hedges that meet the definition of a derivative, and are therefore not considered revenue from contracts with customers. Derivative revenues include gains and losses representing changes in fair value (Note 9) and settlements from sales of electricity under forward sales contracts.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses
Fair Value of Derivatives	The Company determines the fair values of its derivative and other financial instruments based on the hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are 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
Variable Interest Entities	How an enterprise evaluates and accounts for its involvement with variable interest entities, focuses 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”). This evaluation requires continual reassessment of the primary beneficiary of a VIE.
Pension and Other Postretirement Benefits	PNMR and its subsidiaries maintain qualified defined benefit pension plans, postretirement benefit plans providing medical and dental benefits, and executive retirement programs (collectively, the “PNM Plans” and “TNMP Plans”). PNMR maintains the legal obligation for the benefits owed to participants under these plans. The periodic costs or income of the PNM Plans and TNMP Plans are included in regulated rates to the extent attributable to regulated operations. PNM and TNMP receive a regulated return on the amounts funded for pension and OPEB plans in excess of the periodic cost or income to the extent included in retail rates (a “prepaid pension asset”). Participants in the PNM Plans include eligible employees and retirees of PNMR and PNM. Participants in the TNMP Plans include eligible employees and retirees of TNMP. The PNM pension plan was frozen at the end of 1997 with regard to new participants, salary levels, and benefits. Through December 31, 2007, additional credited service could be accrued under the PNM pension plan up to a limit determined by age and service. The TNMP pension plan was frozen at December 31, 2005 with regard to new participants, salary levels, and benefits. A plan sponsor is required to (a) recognize in its statement of financial position an asset for a plan’s overfunded status or a liability for a plan’s underfunded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year; and (c) recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. Unrecognized prior service costs and unrecognized gains or losses are required to be recorded in AOCI and subsequently amortized. To the extent the amortization of these items will ultimately be recovered or returned through future rates, PNM and TNMP record the costs as a regulatory asset or regulatory liability. The amortization of these incurred costs is included as pension and postretirement benefit periodic cost or income in subsequent years. The Company maintains trust funds for the pension and OPEB plans from which benefits are paid to eligible employees and retirees. The Company’s funding policy is to make contributions to the trusts, as determined by an independent actuary, that comply with minimum guidelines of the Employee Retirement Income Security Act and the IRC. Information concerning the fair value of investments is contained in Note 9. The Company has in place a policy that defines the investment objectives, establishes performance goals of asset managers, and provides procedures for the manner in which investments are to be reviewed. The plans implement investment strategies to achieve the following objectives: • Implement investment strategies commensurate with the risk that the Corporate Investment Committee deems appropriate to meet the obligations of the pension plans and OPEB plans, minimize the volatility of expense, and account for contingencies • Transition asset mix over the long-term to a higher proportion of high-quality fixed income investments as the plans’ funded statuses improve
Commitments and Contingencies	There are various claims and lawsuits pending against the Company. In addition, the Company is subject to federal, state, and local environmental laws and regulations and periodically participates in the investigation and remediation of various sites. In addition, the Company periodically enters into financial commitments in connection with its business operations. Also, the Company is involved in various legal and regulatory proceedings in the normal course of its business. See Note 17. It is not possible at this time for the Company to determine fully the effect of all litigation and other legal and regulatory proceedings on its financial position, results of operations, or cash flows. With respect to some of the items listed below, the Company has determined that a loss is not probable or that, to the extent probable, cannot be reasonably estimated. In some cases, the Company is not able to predict with any degree of certainty the range of possible loss that could be incurred. The Company assesses legal and regulatory matters based on current information and makes judgments concerning their potential outcome, giving due consideration to the nature of the claim, the amount and nature of any damages sought, and the probability of success. Such judgments are made with the understanding that the outcome of any litigation, investigation, or other legal proceeding is inherently uncertain. The Company records liabilities for matters where it is probable a loss has been incurred and the amount of loss is reasonably estimatable. 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, or commitments will have a material effect on its financial condition, results of operations, or cash flows.

Summary of the Business and S_3

Summary of the Business and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Average Rates Used Allocated Between Depreciation Expense and Construction Expense Projects Based on Use of Equipment	Average straight-line rates used were as follows: Year ended December 31, 2023 2022 2021 PNM Electric plant 2.67 % 2.55 % 2.48 % Common, intangible, and general plant 7.64 7.83 7.91 TNMP 3.77 3.72 3.88 Depreciation on electric, common, intangible, and general plant is as follows: Year ended December 31, 2023 2022 2021 (In thousands) PNM $ 158,956 $ 163,162 $ 153,165 TNMP 110,675 96,131 87,900
Schedule of Inventory	Inventories consisted of the following at December 31: PNMR PNM TNMP 2023 2022 2023 2022 2023 2022 (In thousands) Fuel Oil $ 896 $ 985 $ 896 $ 985 $ — $ — Materials and supplies 97,138 65,748 80,676 54,905 16,462 10,843 $ 98,034 $ 66,733 $ 81,572 $ 55,890 $ 16,462 $ 10,843

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Summary of Segments	The following tables present summarized financial information for PNMR by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP. 2023 PNM TNMP Corporate PNMR Consolidated (In thousands) Electric operating revenues $ 1,403,948 $ 535,250 $ — $ 1,939,198 Cost of energy 663,614 138,647 — 802,261 Utility margin 740,334 396,603 — 1,136,937 Other operating expenses 479,525 133,443 (26,874) 586,094 Depreciation and amortization 177,633 113,142 28,728 319,503 Operating income (loss) 83,176 150,018 (1,854) 231,340 Interest income 21,355 — 608 21,963 Other income (deductions) 20,003 8,368 (790) 27,581 Interest charges (86,574) (46,152) (57,629) (190,355) Segment earnings (loss) before income taxes 37,960 112,234 (59,665) 90,529 Income taxes (benefit) (16,758) 17,297 (16,889) (16,350) Segment earnings (loss) 54,718 94,937 (42,776) 106,879 Valencia non-controlling interest (18,533) — — (18,533) Subsidiary preferred stock dividends (528) — — (528) Segment earnings (loss) attributable to PNMR $ 35,657 $ 94,937 $ (42,776) $ 87,818 At December 31, 2023: Total Assets $ 6,813,065 $ 3,145,031 $ 294,509 $ 10,252,605 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 2022 PNM TNMP Corporate PNMR Consolidated (In thousands) Electric operating revenues $ 1,766,825 $ 482,730 $ — $ 2,249,555 Cost of energy 864,013 123,928 — 987,941 Utility margin 902,812 358,802 — 1,261,614 Other operating expenses 460,513 124,519 (22,031) 563,001 Depreciation and amortization 180,812 98,316 25,725 304,853 Operating income (loss) 261,487 135,967 (3,694) 393,760 Interest income 14,816 — 1,279 16,095 Other income (deductions) (77,012) 8,653 (2,278) (70,637) Interest charges (61,073) (37,192) (29,643) (127,908) Segment earnings (loss) before income taxes 138,218 107,428 (34,336) 211,310 Income taxes (benefit) 19,198 15,161 (8,229) 26,130 Segment earnings (loss) 119,020 92,267 (26,107) 185,180 Valencia non-controlling interest (15,122) — — (15,122) Subsidiary preferred stock dividends (528) — — (528) Segment earnings (loss) attributable to PNMR $ 103,370 $ 92,267 $ (26,107) $ 169,530 At December 31, 2022: Total Assets $ 6,272,166 $ 2,746,601 $ 238,610 $ 9,257,377 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 2021 PNM TNMP Corporate PNMR Consolidated (In thousands) Electric operating revenues $ 1,362,020 $ 417,853 $ — $ 1,779,873 Cost of energy 531,786 113,067 — 644,853 Utility margin 830,234 304,786 — 1,135,020 Other operating expenses 438,372 114,228 (9,840) 542,760 Depreciation and amortization 170,365 90,440 23,302 284,107 Operating income (loss) 221,497 100,118 (13,462) 308,153 Interest income (loss) 14,605 — 57 14,662 Other income (deductions) 13,809 5,408 (726) 18,491 Interest charges (51,360) (33,735) (11,782) (96,877) Segment earnings (loss) before income taxes 198,551 71,791 (25,913) 244,429 Income taxes (benefit) 26,992 7,912 (2,322) 32,582 Segment earnings (loss) 171,559 63,879 (23,591) 211,847 Valencia non-controlling interest (15,490) — — (15,490) Subsidiary preferred stock dividends (528) — — (528) Segment earnings (loss) attributable to PNMR $ 155,541 $ 63,879 $ (23,591) $ 195,829 At December 31, 2021: Total Assets $ 6,060,133 $ 2,364,772 $ 241,980 $ 8,666,885 Goodwill $ 51,632 $ 226,665 $ — $ 278,297
Public Utilities General Disclosures	Reconciliations between utility margin and gross margin are presented below. PNM TNMP Corporate and Other PNMR Consolidated (In thousands) 2023 Gross margin $ 409,366 $ 246,465 $ — $ 655,831 Energy production costs 91,610 — — 91,610 Transmission and distribution costs 61,725 36,996 — 98,721 Depreciation and amortization 177,633 113,142 — 290,775 1 Utility margin $ 740,334 $ 396,603 $ — $ 1,136,937 2022 Gross margin $ 516,375 $ 224,080 $ — $ 740,455 Energy production costs 147,347 — — 147,347 Transmission and distribution costs 58,278 36,406 — 94,684 Depreciation and amortization 180,812 98,316 — 279,128 1 Utility margin $ 902,812 $ 358,802 $ — $ 1,261,614 2021 Gross margin $ 466,092 $ 182,857 $ — $ 648,949 Energy production costs 143,931 — — 143,931 Transmission and distribution costs 49,846 31,489 — 81,335 Depreciation and amortization 170,365 90,440 — 260,805 1 Utility margin $ 830,234 $ 304,786 $ — $ 1,135,020 1 Corporate and Other depreciation and amortization represents corporate level activities that are billed at cost and reflected as general and administrative expenses at PNM and TNMP and therefore are not a component of gross margin or utility margin. See Note 1.
Schedule of Major Customers	Two REPs during the years ended December 31, 2023 and 2022 and three REPs during the years ended December 31, 2021 accounted for more than 10% of the electric operating revenues of TNMP as follows: Year Ended December 31, 2023 2022 2021 REP A 25 % 27 % 23 % REP B 19 20 19 REP C N/A N/A 10

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassification out of Accumulated Other Comprehensive Income	Information regarding AOCI is as follows: Accumulated Other Comprehensive Income (Loss) PNM PNMR Unrealized Gains on Available-for-Sale Securities Pension Total Fair Value Adjustment for Cash Flow Hedges Total (In thousands) Balance at December 31, 2020 $ 20,403 $ (98,914) $ (78,511) $ (672) $ (79,183) Amounts reclassified from AOCI (pre-tax) (9,765) 8,348 (1,417) (903) (2,320) Income tax impact of amounts reclassified 2,480 (2,120) 360 229 589 Other OCI changes (pre-tax) (1,881) 12,111 10,230 1,804 12,034 Income tax impact of other OCI changes 478 (3,076) (2,598) (458) (3,056) Net after-tax change (8,688) 15,263 6,575 672 7,247 Balance at December 31, 2021 11,715 (83,651) (71,936) — (71,936) Amounts reclassified from AOCI (pre-tax) (3,827) 7,104 3,277 (1,176) 2,101 Income tax impact of amounts reclassified 972 (1,804) (832) 299 (533) Other OCI changes (pre-tax) (1,928) (4,565) (6,493) 12,285 5,792 Income tax impact of other OCI changes 490 1,159 1,649 (3,121) (1,472) Net after-tax change (4,293) 1,894 (2,399) 8,287 5,888 Balance at December 31, 2022 7,422 (81,757) (74,335) 8,287 (66,048) Amounts reclassified from AOCI (pre-tax) (7,199) 4,776 (2,423) 9,287 6,864 Income tax impact of amounts reclassified 1,828 (1,212) 616 (2,359) (1,743) Other OCI changes (pre-tax) 11,529 1,389 12,918 (15,483) (2,565) Income tax impact of other OCI changes (2,928) (353) (3,281) 3,933 652 Net after-tax change 3,230 4,600 7,830 (4,622) 3,208 Balance at December 31, 2023 $ 10,652 $ (77,157) $ (66,505) $ 3,665 $ (62,840) The following table presents pre-tax information about net actuarial (gain) loss in AOCI as of December 31, 2023. PNM TNMP (In thousands) Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year $ 110,345 $ — Experience (gain) loss (6,193) 1,005 Regulatory asset (liability) adjustment 4,629 (1,005) Amortization recognized in net periodic benefit (income) (4,713) — Amounts in AOCI not yet recognized in net periodic benefit cost at end of year $ 104,068 $ — The following table presents pre-tax information about net actuarial loss in AOCI as of December 31, 2023. December 31, 2023 PNM TNMP (In thousands) Amount in AOCI not yet recognized in net periodic benefit cost at beginning of year $ 995 $ — Experience (gain) 411 13 Regulatory asset adjustment (238) (13) Amortization recognized in net periodic benefit (income) (64) — Amount in AOCI not yet recognized in net periodic benefit cost at end of year $ 1,104 $ —

Electric Operating Revenues (Ta

Electric Operating Revenues (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below. The table also reflects ARP revenues and other revenues. PNM TNMP PNMR Consolidated Year Ended December 31, 2023 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 425,448 $ 190,953 $ 616,401 Commercial 391,964 155,254 547,218 Industrial 90,084 45,508 135,592 Public authority 21,018 6,777 27,795 Economy energy service 34,340 — 34,340 Transmission 159,475 135,831 295,306 Wholesale energy sales 248,801 — 248,801 Miscellaneous 5,676 3,739 9,415 Total revenues from contracts with customers 1,376,806 1 538,062 1,914,868 1 Alternative revenue programs 9,419 (2,812) 6,607 Other electric operating revenues 17,723 — 17,723 Total Electric Operating Revenues $ 1,403,948 $ 535,250 $ 1,939,198 1 Included in revenue from contracts with customers at PNM and PNMR is a $128.7 million reduction associated with the SJGS abandonment settlement and a $38.4 million reduction associated with PVNGS leased capacity as a result of the NMPRC final order in the 2024 Rate Change. PNM TNMP PNMR Consolidated Year Ended December 31, 2022 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 484,699 $ 187,951 $ 672,650 Commercial 422,163 154,059 576,222 Industrial 85,102 36,919 122,021 Public authority 21,330 6,379 27,709 Economy energy service 45,009 — 45,009 Transmission 149,421 113,782 263,203 Wholesale energy sales 534,196 — 534,196 Miscellaneous 5,390 3,817 9,207 Total revenues from contracts with customers 1,747,310 502,907 2,250,217 Alternative revenue programs 692 (20,177) (19,485) Other electric operating revenues 18,823 — 18,823 Total Electric Operating Revenues $ 1,766,825 $ 482,730 $ 2,249,555 PNM TNMP PNMR Consolidated Year Ended December 31, 2021 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 484,720 $ 158,796 $ 643,516 Commercial 419,251 125,536 544,787 Industrial 88,479 29,089 117,568 Public authority 22,720 6,142 28,862 Economy energy service 35,220 — 35,220 Transmission 87,880 94,152 182,032 Wholesale energy sales 184,132 — 184,132 Miscellaneous 4,770 3,794 8,564 Total revenues from contracts with customers 1,327,172 417,509 1,744,681 Alternative revenue programs (4,108) 344 (3,764) Other electric operating revenues 38,956 — 38,956 Total Electric Operating Revenues $ 1,362,020 $ 417,853 $ 1,779,873

Earnings and Dividends Per Sh_2

Earnings and Dividends Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Computation of Earnings per Share and Dividends per Share	Information regarding the computation of earnings per share and dividends per share is as follows: Year Ended December 31, 2023 2022 2021 (In thousands, except per share amounts) Net Earnings Attributable to PNMR $ 87,818 $ 169,530 $ 195,829 Average Number of Common Shares: Outstanding during year 86,038 85,835 85,835 Vested awards of restricted stock 258 287 235 Average Shares – Basic 86,296 86,122 86,070 Dilutive Effect of Common Stock Equivalents: PNMR 2022 ATM Program 38 — — Stock options and restricted stock 35 47 41 Average Shares – Diluted 86,369 86,169 86,111 Net Earnings Attributable to PNMR Per Share of Common Stock: Basic $ 1.02 $ 1.97 $ 2.28 Diluted $ 1.02 $ 1.97 $ 2.27 Dividends Declared per Common Share $ 1.49 $ 1.41 $ 1.33

Financing (Tables)

Financing (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Forward Contracts Indexed to Issuer's Equity	Throughout 2023, PNMR entered into forward sale agreements with the forward purchasers listed below, for the sale of shares of PNMR common stock. On December 15, 2023, PNMR physically settled the forward purchases under the PNMR 2022 ATM Program and used the proceeds to repay borrowings under the PNMR Revolving Credit Facility and for other corporate purposes. Gross cash proceeds shown below were reduced by $1.0 million in issuance costs resulting in net cash proceeds of $198.2 million. Forward completion Initial forward price Shares Settlement price Settlement amount (in thousands) March 15, 2023 $ 48.49 504,452 $ 49.00 $ 24,720 March 20, 2023 48.30 528,082 48.78 25,758 May 30, 2023 47.56 244,639 47.99 11,741 June 30, 2023 44.87 804,477 45.07 36,257 September 26, 2023 44.03 2,283,860 44.11 100,734 4,365,510 $ 199,210
Schedule of Short-term Debt	Gross borrowings and (repayments) associated with the Revolving Credit Facilities consist of: December 31, 2023 2022 2021 Borrowings Repayments Borrowings Repayments Borrowings Repayments PNM: (In thousands) PNM Revolving Credit Facility $ 1,064,300 $ (1,102,700) $ 604,000 $ (472,400) $ 216,600 $ (209,200) PNM New Mexico Credit Facility 70,000 (80,000) 86,900 (40,000) 40,000 (50,000) 1,134,300 (1,182,700) 690,900 (512,400) 256,600 (259,200) TNMP Revolving Credit Facility 407,600 (389,200) 480,500 (444,200) 233,400 (233,000) PNMR: PNMR Revolving Credit Facility 837,200 (777,300) 612,000 (657,500) 719,600 (676,700) PNMR Development Revolving Credit Facility — — — — 30,000 (40,000) 837,200 (777,300) 612,000 (657,500) 749,600 (716,700) $ 2,379,100 $ (2,349,200) $ 1,783,400 $ (1,614,100) $ 1,239,600 $ (1,208,900) Short-term debt outstanding consists of: December 31, Short-term Debt 2023 2022 (In thousands) PNM: PNM Revolving Credit Facility $ 107,500 $ 145,900 PNM New Mexico Credit Facility 30,000 40,000 137,500 185,900 TNMP Revolving Credit Facility 55,100 36,700 PNMR: PNMR Revolving Credit Facility 69,300 9,400 $ 261,900 $ 232,000
Schedule of Long-term Debt Instruments	Information concerning long-term debt outstanding and unamortized (premiums), discounts, and debt issuance costs is as follows: December 31, 2023 December 31, 2022 Principal Unamortized Discounts, (Premiums), and Issuance Costs, net Principal Unamortized Discounts, (Premiums), and Issuance Costs, net (In thousands) PNM Debt ETBC I - Senior Secured Energy Transition Bonds Series A-1, 5.64% $ 175,000 $ 1,093 $ — $ — Series A-2, 6.03% 168,200 1,057 — — Senior Unsecured Notes, Pollution Control Revenue Bonds: 2.15% due April 2033 146,000 824 146,000 915 3.00% due June 2040, mandatory tender - June 1, 2024 37,000 88 37,000 296 0.875% mandatory tender - October 1, 2026 100,345 403 100,345 550 3.00% due January 2038, mandatory tender - June 1, 2024 36,000 87 36,000 288 1.10% due June 2040, mandatory tender - June 1, 2023 — — 130,000 178 1.15% due June 2040, mandatory tender - June 1, 2024 125,000 132 125,000 383 3.90% due June 2040, mandatory tender - June 1, 2028 130,000 1,029 — — December 31, 2023 December 31, 2022 Principal Unamortized Discounts, (Premiums), and Issuance Costs, net Principal Unamortized Discounts, (Premiums), and Issuance Costs, net (In thousands) PNM Debt (Continued) Senior Unsecured Notes: 3.15% due May 2023 — — 55,000 29 3.45% due May 2025 104,000 143 104,000 248 3.85% due August 2025 250,000 477 250,000 775 3.68% due May 2028 88,000 271 88,000 333 3.78% due August 2028 15,000 48 15,000 59 3.93% due May 2033 38,000 167 38,000 185 4.22% due May 2038 45,000 228 45,000 243 4.50% due May 2048 20,000 114 20,000 119 4.60% due August 2048 85,000 490 85,000 510 3.21% due April 2030 150,000 1,011 150,000 1,171 3.57% due April 2039 50,000 426 50,000 454 2.59% due July 2033 80,000 366 80,000 405 3.14% due July 2041 80,000 404 80,000 427 2.29% due December 2031 50,000 235 50,000 264 2.97% due December 2041 100,000 528 100,000 557 5.51% due April 2035 150,000 854 — — 5.92% due April 2053 50,000 290 — — PNM 2022 $225.0 Million Term Loan due February 2024 — — 225,000 56 2,272,545 10,765 2,009,345 8,445 Less current maturities 200,529 307 185,000 207 2,072,016 10,458 1,824,345 8,238 TNMP Debt First Mortgage Bonds: 6.95% due April 2043 93,198 (13,771) 93,198 (14,488) 4.03% due July 2024 80,000 53 80,000 158 3.53% due February 2026 60,000 174 60,000 256 3.22% due August 2027 60,000 209 60,000 266 3.85% due June 2028 60,000 281 60,000 344 3.79% due March 2034 75,000 385 75,000 422 3.92% due March 2039 75,000 429 75,000 457 4.06% due March 2044 75,000 456 75,000 479 3.60% due July 2029 80,000 330 80,000 391 2.73% due April 2030 85,000 530 85,000 616 3.36% due April 2050 25,000 218 25,000 226 2.93% due July 2035 25,000 191 25,000 208 3.36% due July 2050 50,000 441 50,000 457 2.44% due August 2035 65,000 418 65,000 454 4.13% due May 2052 65,000 424 65,000 439 3.81% due July 2032 95,000 572 95,000 638 5.01% due April 2033 130,000 682 — — 5.47% due July 2053 55,000 296 — — 1,253,198 (7,682) 1,068,198 (8,677) Less current maturities 80,000 53 — — 1,173,198 (7,735) 1,068,198 (8,677) December 31, 2023 December 31, 2022 Principal Unamortized Discounts, (Premiums), and Issuance Costs, net Principal Unamortized Discounts, (Premiums), and Issuance Costs, net (In thousands) PNMR Debt PNMR 2021 Delayed-Draw Term Loan due May 2025 500,000 114 1,000,000 388 PNMR 2023 Term Loan due June 2026 500,000 735 — — 1,000,000 849 1,000,000 388 Less current maturities — — — — 1,000,000 849 1,000,000 388 Total Consolidated PNMR Debt 4,525,743 3,932 4,077,543 156 Less current maturities 280,529 360 185,000 207 $ 4,245,214 $ 3,572 $ 3,892,543 $ (51)
Schedule of Maturities of Long-term Debt	Reflecting mandatory tender dates, long-term debt maturities as of December 31, 2023, are follows: PNMR PNM TNMP PNMR Consolidated (In thousands) 2024 $ — $ 200,529 $ 80,000 $ 280,529 2025 500,000 360,907 — 860,907 2026 500,000 107,648 60,000 667,648 2027 — 7,721 60,000 67,721 2028 — 241,162 60,000 301,162 Thereafter — 1,354,578 993,198 2,347,776 Total $ 1,000,000 $ 2,272,545 $ 1,253,198 $ 4,525,743
Schedule of Derivative Liabilities at Fair Value	PNMR has entered into hedging agreements that establish a fixed rate for the indicated amount of variable rate debt, above which a customary spread is applied, which is subject to change if there is a change in PNMR’s credit rating. During the years ended December 31, 2022 and 2023, PNMR’s hedging agreements were as follows: Variable Rate Established Effective Date Maturity Date Debt Hedged Fixed Rate (In millions) (Percent) March 17, 2023 September 30, 2023 $ 150.0 4.57 % October 31, 2022 December 31, 2023 100.0 4.65 October 31, 2022 December 31, 2023 100.0 4.66 September 30, 2022 December 31, 2023 100.0 4.17 September 30, 2022 December 31, 2023 100.0 4.18 May 20, 2022 December 31, 2023 100.0 2.52 May 2, 2022 December 31, 2023 150.0 2.65 May 2, 2022 December 31, 2023 200.0 2.65 January 1, 2024 December 31, 2024 100.0 3.32 January 1, 2024 December 31, 2024 100.0 3.32 January 1, 2024 December 31, 2024 100.0 3.38 January 1, 2024 December 31, 2024 150.0 3.62 January 1, 2024 December 31, 2024 150.0 3.57 January 1, 2025 December 31, 2025 100.0 4.18 January 1, 2025 December 31, 2025 100.0 4.18 January 1, 2025 December 31, 2025 100.0 3.99

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Assets and Liabilities, Lessee	Information related to the Company’s operating leases recorded on the Consolidated Balance Sheets is presented below: December 31, 2023 December 31, 2022 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Operating leases: Operating lease assets, net of amortization $ 180,370 $ 1,814 $ 182,201 $ 52,556 $ 3,426 $ 55,982 Current portion of operating lease liabilities 11,371 895 12,267 17,239 1,543 18,781 Long-term portion of operating lease liabilities 166,191 809 167,000 39,633 1,703 41,336 As discussed above, the Company classifies its fleet vehicle and equipment leases and its office equipment leases commencing on or after January 1, 2019, as financing leases. Information related to the Company’s financing leases recorded on the Consolidated Balance Sheets is presented below: December 31, 2023 December 31, 2022 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated (In thousands) Financing leases: Non-utility property $ 25,425 $ 24,487 $ 49,981 $ 19,324 $ 20,084 $ 39,738 Accumulated depreciation (11,984) (11,869) (23,905) (7,726) (8,202) (16,189) Non-utility property, net $ 13,441 $ 12,618 $ 26,076 $ 11,598 $ 11,882 $ 23,549 Other current liabilities $ 4,146 $ 4,616 $ 8,776 $ 3,441 $ 3,867 $ 7,363 Other deferred credits 9,300 8,023 17,326 8,079 8,028 16,123
Lease, Cost	Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities is presented below: December 31, 2023 December 31, 2022 PNM TNMP PNMR Consolidated PNM TNMP PNMR Consolidated Weighted average remaining lease term (years): Operating leases 16.79 1.65 16.65 6.74 2.16 6.48 Financing leases 3.81 3.08 3.45 3.99 3.39 3.68 Weighted average discount rate: Operating leases 5.61 % 4.16 % 5.60 % 4.01 % 3.94 % 4.00 % Financing leases 4.54 4.63 4.58 3.36 3.53 3.44 Information for the components of lease expense is as follows: Year Ended December 31, 2023 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost: Battery storage leases $ 4,351 $ — $ 4,351 Other operating leases 11,127 1,479 12,606 Amounts capitalized (374) (1,298) (1,672) Total operating lease expense 15,104 181 15,285 Financing lease cost: Amortization of right-of-use assets 4,566 4,634 9,253 Interest on lease liabilities 562 497 1,060 Amounts capitalized (3,190) (4,250) (7,440) Total financing lease expense 1,938 881 2,873 Variable lease expense 1,342 — 1,342 Short-term lease expense 675 29 782 Total lease expense for the period $ 19,059 $ 1,091 $ 20,282 Year Ended December 31, 2022 PNM TNMP PNMR Consolidated (In thousands) Operating lease cost $ 26,764 $ 2,020 $ 28,835 Amounts capitalized (690) (1,728) (2,417) Total operating lease expense 26,074 292 26,418 Financing lease cost: Amortization of right-of-use assets 3,175 3,279 6,529 Interest on lease liabilities 327 330 659 Amounts capitalized (2,264) (3,208) (5,471) Total financing lease expense 1,238 401 1,717 Variable lease expense 890 — 890 Short-term lease expense (1) 3,058 5 3,109 Total lease expense for the period $ 31,260 $ 698 $ 32,134 (1) Includes expense of $2.7 million for the twelve months ended December 31, 2022 for rental of temporary cooling towers associated with the SJGS Unit 1 outage. These amounts are partially offset with insurance reimbursements of $2.7 million for the twelve months ended December 31, 2022. Supplemental cash flow information related to the Company’s leases is as follows: Year Ended December 31, 2023 Year Ended December 31, 2022 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 $ 21,575 $ 110 $ 21,685 $ 25,687 $ 246 $ 25,984 Operating cash flows from financing leases 183 73 256 96 43 141 Financing cash flows from financing leases 1,671 802 2,527 1,123 499 1,711 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 138,204 $ 6 $ 138,210 $ 2,924 $ 179 $ 3,103 Financing leases 6,421 5,407 11,828 4,205 4,061 8,266
Finance Lease, Liability, Maturity	Future expected lease payments are shown below: As of December 31, 2023 PNM TNMP PNMR Consolidated Operating Operating Financing Battery Storage Other Financing Operating Financing Battery Storage Other (In thousands) 2024 $ 4,649 $ 11,786 $ 8,046 $ 5,083 $ 945 $ 9,746 $ 11,786 $ 8,991 2025 3,605 11,786 7,087 3,991 770 7,598 11,786 7,857 2026 3,089 11,786 7,025 2,781 76 5,870 11,786 7,101 2027 1,859 11,786 7,029 1,381 — 3,240 11,786 7,029 2028 889 11,786 7,032 310 — 1,199 11,786 7,032 Later years 614 172,254 10,587 37 — 651 172,254 10,587 Total minimum lease payments 14,705 231,184 46,806 13,583 1,791 28,304 231,184 48,597 Less: Imputed interest 1,259 94,563 5,865 944 87 2,202 94,563 5,951 Lease liabilities $ 13,446 $ 136,621 $ 40,941 $ 12,639 $ 1,704 $ 26,102 $ 136,621 $ 42,646
Lessee, Operating Lease, Liability, Maturity	Future expected lease payments are shown below: As of December 31, 2023 PNM TNMP PNMR Consolidated Operating Operating Financing Battery Storage Other Financing Operating Financing Battery Storage Other (In thousands) 2024 $ 4,649 $ 11,786 $ 8,046 $ 5,083 $ 945 $ 9,746 $ 11,786 $ 8,991 2025 3,605 11,786 7,087 3,991 770 7,598 11,786 7,857 2026 3,089 11,786 7,025 2,781 76 5,870 11,786 7,101 2027 1,859 11,786 7,029 1,381 — 3,240 11,786 7,029 2028 889 11,786 7,032 310 — 1,199 11,786 7,032 Later years 614 172,254 10,587 37 — 651 172,254 10,587 Total minimum lease payments 14,705 231,184 46,806 13,583 1,791 28,304 231,184 48,597 Less: Imputed interest 1,259 94,563 5,865 944 87 2,202 94,563 5,951 Lease liabilities $ 13,446 $ 136,621 $ 40,941 $ 12,639 $ 1,704 $ 26,102 $ 136,621 $ 42,646

Fair Value of Derivative and _2

Fair Value of Derivative and Other Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Commodity Derivatives	PNM’s commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges and considered Level 2 fair value measurements, are presented in the following line items on the Consolidated Balance Sheets: Economic Hedges December 31, 2023 2022 (In thousands) Other current assets $ 826 $ 9,780 Other current liabilities — (19,209) Net $ 826 $ (9,429)
Schedule of Commodity Contract Volume Positions	The table below presents PNM’s net buy (sell) volume positions: Economic Hedges MMBTU MWh December 31, 2023 — (15,360) December 31, 2022 — 432,200
Schedule Of Contingent Requirement For Commodity Contracts	The table below presents information about PNM’s contingent requirement to provide collateral under certain commodity contracts having an objectively determinable collateral position, that are in net liability positions, and that are not fully collateralized with cash. Contractual liability represents those commodity derivative contracts recorded at fair value on the balance sheet, determined on an individual contract basis without offsetting amounts for individual contracts that are in an asset position and could be offset under master netting agreements with the same counterparty. Cash collateral posted under these contracts does not reflect letters of credit under the Company’s revolving credit facilities that may have been issued as collateral. Net exposure is the net contractual liability for all contracts, including those designated as normal purchase and normal sale, offset by existing collateral and by any offsets available under master netting agreements, including both assets and liability positions. Contingent Feature - Credit Rating Contractual Liability Existing Cash Collateral Net Exposure (In thousands) December 31, 2023 $ — $ — $ — December 31, 2022 $ 15,288 $ — $ 13,087
Schedule of Realized Gain (Loss)	Gains and losses recognized on the Consolidated Statements of Earnings related to investment securities in the NDT and reclamation trusts are presented in the following table: Year ended December 31, 2023 2022 2021 (In thousands) Equity securities: Net gains (losses) from equity securities sold $ 1,086 $ (6,940) $ 8,738 Net gains (losses) from equity securities still held 14,152 (38,025) (442) Total net gains (losses) on equity securities 15,238 (44,965) 8,296 Available-for-sale debt securities: Net gains (losses) on debt securities 4,008 (33,392) 8,554 Net gains (losses) on investment securities $ 19,246 $ (78,357) $ 16,850 Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $19.1 million, $(25.8) million, and $0.7 million for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, 2023 2022 2021 (In thousands) Proceeds from sales $ 574,199 $ 526,448 $ 459,867 Gross realized gains $ 18,618 $ 22,071 $ 39,408 Gross realized (losses) $ (32,649) $ (36,623) $ (22,815)
Investments Classified by Contractual Maturity Date	At December 31, 2023, the available-for-sale debt securities held by PNM, had the following final maturities: Fair Value (In thousands) Within 1 year $ 40,573 After 1 year through 5 years 55,423 After 5 years through 10 years 51,825 After 10 years through 15 years 16,400 After 15 years through 20 years 9,775 After 20 years 36,828 $ 210,824
Schedule of Instruments Presented by Level of Hierarchy	Items recorded at fair value by PNM on the Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale securities. GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Unrealized Gains (In thousands) December 31, 2023 Cash and cash equivalents $ 93,873 $ 93,873 $ — Equity securities: Corporate stocks, common 77,422 77,422 — Corporate stocks, preferred 4,323 504 3,819 Mutual funds and other 57,966 57,966 — Available-for-sale debt securities: U.S. government 35,113 34,522 591 $ 2,055 International government 8,735 — 8,735 104 Municipals 53,436 — 53,436 2,872 Corporate and other 113,540 — 113,540 9,285 $ 444,408 $ 264,287 $ 180,121 $ 14,316 December 31, 2022 Cash and cash equivalents $ 66,843 $ 66,843 $ — Equity securities: Corporate stocks, common 40,103 40,103 — Corporate stocks, preferred 5,191 790 4,401 Mutual funds and other 66,359 66,359 — Available-for-sale debt securities: U.S. government 45,905 45,645 260 $ 1,334 International government 9,762 — 9,762 1,117 Municipals 43,136 — 43,136 1,062 Corporate and other 140,177 — 140,177 6,473 $ 417,476 $ 219,740 $ 197,736 $ 9,986
Summary of Carrying Amounts and Fair Value of Instruments	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 Consolidated Balance Sheets are presented below: Carrying Fair Value December 31, 2023 (In thousands) PNMR $ 4,521,811 $ 4,260,509 PNM $ 2,261,780 $ 2,107,588 TNMP $ 1,260,880 $ 1,152,922 December 31, 2022 PNMR $ 4,077,387 $ 3,726,195 PNM $ 2,000,900 $ 1,789,186 TNMP $ 1,076,875 $ 937,009
Schedule of Investments Held by the Employee Benefit Plans	The fair values of investments held by the employee benefit plans are as follows: GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets Significant December 31, 2023 (In thousands) PNM Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 342,296 $ 136,474 $ 205,822 Uncategorized investments 65,421 Total Master Trust Investments $ 407,717 TNMP Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 35,870 $ 12,192 $ 23,678 Uncategorized investments 5,258 Total Master Trust Investments $ 41,128 PNM OPEB Plan Cash and cash equivalents $ 2,419 $ 2,419 $ — Equity securities: Mutual funds 47,674 43,703 3,971 Investments categorized within fair value hierarchy $ 50,093 $ 46,122 $ 3,971 Uncategorized investments 23,290 $ 73,383 TNMP OPEB Plan Cash and cash equivalents $ 162 $ 162 $ — Equity securities: Mutual funds 8,241 7,806 435 Investments categorized within fair value hierarchy $ 8,403 $ 7,968 $ 435 December 31, 2022 PNM Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 342,183 $ 143,911 $ 198,272 Uncategorized investments 67,787 Total Master Trust Investments $ 409,970 TNMP Pension Plan Participation in PNMR Master Trust Investments: Investments categorized within fair value hierarchy $ 38,617 $ 13,556 $ 25,061 Uncategorized investments 5,433 Total Master Trust Investments $ 44,050 PNM OPEB Plan Cash and cash equivalents $ 1,703 $ 1,703 $ — Equity securities: Mutual funds 69,001 42,068 26,933 Investments categorized within fair value hierarchy $ 70,704 $ 43,771 $ 26,933 TNMP OPEB Plan Cash and cash equivalents $ 149 $ 149 $ — Equity securities: Mutual funds 8,573 8,018 555 Investments categorized within fair value hierarchy $ 8,722 $ 8,167 $ 555 The fair values of investments in the PNMR Master Trust are as follows: GAAP Fair Value Hierarchy Total Quoted Prices Significant December 31, 2023 (In thousands) PNMR Master Trust Cash and cash equivalents $ 13,995 $ 13,995 $ — Equity securities: Corporate stocks, common 27,167 27,167 — Corporate stocks, preferred 741 741 — Mutual funds and other 159,281 49,219 110,062 Fixed income securities: U.S. government 61,684 57,544 4,140 International government 4,713 — 4,713 Municipals 5,071 — 5,071 Corporate and other 105,514 — 105,514 Total investments categorized within fair value hierarchy 378,166 $ 148,666 $ 229,500 Uncategorized investments: Private equity funds 5,617 Hedge funds 35,137 Real estate funds 29,925 $ 448,845 December 31, 2022 PNMR Master Trust Cash and cash equivalents $ 17,106 $ 17,106 $ — Equity securities: Corporate stocks, common 53,661 53,661 — Corporate stocks, preferred 639 639 — Mutual funds and other 135,200 27,412 107,788 Fixed income securities: U.S. government 62,637 58,649 3,988 International government 3,318 — 3,318 Municipals 4,922 — 4,922 Corporate and other 103,317 — 103,317 Total investments categorized within fair value hierarchy 380,800 $ 157,467 $ 223,333 Uncategorized investments: Private equity funds 6,691 Hedge funds 33,258 Real estate funds 33,271 $ 454,020

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2023
Variable Interest Entities [Abstract]
Summarized Financial Information for Noncontrolling Interest	Summarized financial information for Valencia is as follows: Results of Operations Year Ended December 31 2023 2022 2021 (In thousands) Operating revenues $ 25,421 $ 21,403 $ 21,624 Operating expenses 6,896 6,281 6,134 Other Misc (Income)/Expense (8) — — Earnings attributable to non-controlling interest $ 18,533 $ 15,122 $ 15,490 Financial Position December 31, 2023 2022 (In thousands) Current assets $ 3,422 $ 3,429 Net property, plant and equipment 47,253 50,094 Total assets 50,675 53,523 Current liabilities 717 529 Owners’ equity – non-controlling interest $ 49,958 $ 52,994 The following tables summarize the impact of ETBC I on PNM’s Consolidated Balance Sheets: December 31, 2023 (In thousands) Regulatory Assets - Current 2,724 Restricted Cash (included in Other Deferred Charges) 1,728 Securitized Cost (included in Deferred Regulatory Assets) 340,629 Current Installments of Long-Term Debt 2,529 Accrued Interest 2,502 Long-Term Debt 338,521

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Schedule of Defined Benefit Plans Disclosures	The following table presents information about the PBO, fair value of plan assets, and funded status of the plans: PNM TNMP Year Ended December 31, Year Ended December 31, 2023 2022 2023 2022 (In thousands) PBO at beginning of year $ 433,645 $ 584,061 $ 43,961 $ 59,609 Service cost — — — — Interest cost 23,653 16,857 2,402 1,720 Actuarial (gain) loss 4,290 (118,552) 1,261 (11,711) Benefits paid (42,931) (48,721) (5,042) (3,403) Settlements — — — (2,254) PBO at end of year 418,657 433,645 42,582 43,961 Fair value of plan assets at beginning of year 410,463 576,707 43,447 62,942 Actual return on plan assets 39,679 (117,523) 2,948 (13,838) Employer contributions — — — — Benefits paid (42,931) (48,721) (5,042) (3,403) Settlements — — — (2,254) Fair value of plan assets at end of year 407,211 410,463 41,353 43,447 Funded status – asset (liability) for pension benefits $ (11,446) $ (23,182) $ (1,229) $ (514) PNM TNMP Year Ended December 31, Year Ended December 31, 2023 2022 2023 2022 (In thousands) APBO at beginning of year $ 49,950 $ 66,984 $ 7,705 $ 10,570 Service cost — 10 21 38 Interest cost 2,703 1,914 425 307 Participant contributions 1,592 1,431 359 219 Actuarial (gain) (1,608) (14,829) (282) (2,788) Benefits paid (6,420) (6,396) (897) (641) Curtailment loss — 836 — — APBO at end of year 46,217 49,950 7,331 7,705 Fair value of plan assets at beginning of year 70,301 95,805 8,718 12,593 Actual return on plan assets 7,762 (23,156) 173 (3,453) Employer contributions 157 2,617 — — Participant contributions 1,592 1,431 359 219 Benefits paid (6,420) (6,396) (897) (641) Fair value of plan assets at end of year 73,392 70,301 8,353 8,718 Funded status – asset $ 27,175 $ 20,351 $ 1,022 $ 1,013
Schedule of Assumptions Used	Actuarial (gain) loss results from changes in: PNM TNMP Year Ended December 31, Year Ended December 31, 2023 2022 2023 2022 (in thousands) Discount rates $ 8,806 $ (111,478) $ 969 $ (11,697) Demographic experience (gain) loss (1,777) (7,074) 538 (742) Mortality rate (2,739) — (239) — Other assumptions and experience — — (7) 728 $ 4,290 $ (118,552) $ 1,261 $ (11,711) The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost (income). Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost (income) would be affected. Year Ended December 31, PNM 2023 2022 2021 Discount rate for determining December 31 PBO 5.46 % 5.74 % 3.00 % Discount rate for determining net periodic benefit cost 5.74 3.00 2.66 Expected return on plan assets 6.30 5.50 5.50 Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 PBO 5.47 % 5.75 % 3.01 % Discount rate for determining net periodic benefit cost 5.75 3.01 2.69 Expected return on plan assets 5.50 4.40 5.50 Rate of compensation increase N/A N/A N/A Actuarial (gain) loss results from changes in: PNM TNMP Year Ended December 31, Year Ended December 31, 2023 2022 2023 2022 (in thousands) Discount rates $ 868 $ (11,876) $ 174 $ (2,469) Claims, contributions, and demographic experience (2,171) (2,985) (423) (319) Assumed participation rate — — — — Mortality rate (305) — (33) — Dental trend assumption — 32 — — $ (1,608) $ (14,829) $ (282) $ (2,788) The following significant weighted-average assumptions were used to determine the APBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the APBO and net periodic benefit cost would be affected. Year Ended December 31, PNM 2023 2022 2021 Discount rate for determining December 31 APBO 5.48 % 5.75 % 2.99 % Discount rate for determining net periodic benefit cost 5.75 2.99 2.65 Expected return on plan assets 5.90 4.75 4.75 Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 APBO 5.48 % 5.75 % 2.99 % Discount rate for determining net periodic benefit cost 5.75 2.99 2.65 Expected return on plan assets 4.70 3.80 3.80 Rate of compensation increase N/A N/A N/A The following significant weighted-average assumptions were used to determine the PBO and net periodic benefit cost. Should actual experience differ from actuarial assumptions, the PBO and net periodic benefit cost would be affected. Year Ended December 31, PNM 2023 2022 2021 Discount rate for determining December 31 PBO 5.45 % 5.73 % 3.02 % Discount rate for determining net periodic benefit cost 5.73 3.02 2.68 Long-term rate of return on plan assets N/A N/A N/A Rate of compensation increase N/A N/A N/A TNMP Discount rate for determining December 31 PBO 5.47 % 5.75 % 3.01 % Discount rate for determining net periodic benefit cost 5.75 3.01 2.69 Long-term rate of return on plan assets N/A N/A N/A Rate of compensation increase N/A N/A N/A
Reclassification out of Accumulated Other Comprehensive Income	Information regarding AOCI is as follows: Accumulated Other Comprehensive Income (Loss) PNM PNMR Unrealized Gains on Available-for-Sale Securities Pension Total Fair Value Adjustment for Cash Flow Hedges Total (In thousands) Balance at December 31, 2020 $ 20,403 $ (98,914) $ (78,511) $ (672) $ (79,183) Amounts reclassified from AOCI (pre-tax) (9,765) 8,348 (1,417) (903) (2,320) Income tax impact of amounts reclassified 2,480 (2,120) 360 229 589 Other OCI changes (pre-tax) (1,881) 12,111 10,230 1,804 12,034 Income tax impact of other OCI changes 478 (3,076) (2,598) (458) (3,056) Net after-tax change (8,688) 15,263 6,575 672 7,247 Balance at December 31, 2021 11,715 (83,651) (71,936) — (71,936) Amounts reclassified from AOCI (pre-tax) (3,827) 7,104 3,277 (1,176) 2,101 Income tax impact of amounts reclassified 972 (1,804) (832) 299 (533) Other OCI changes (pre-tax) (1,928) (4,565) (6,493) 12,285 5,792 Income tax impact of other OCI changes 490 1,159 1,649 (3,121) (1,472) Net after-tax change (4,293) 1,894 (2,399) 8,287 5,888 Balance at December 31, 2022 7,422 (81,757) (74,335) 8,287 (66,048) Amounts reclassified from AOCI (pre-tax) (7,199) 4,776 (2,423) 9,287 6,864 Income tax impact of amounts reclassified 1,828 (1,212) 616 (2,359) (1,743) Other OCI changes (pre-tax) 11,529 1,389 12,918 (15,483) (2,565) Income tax impact of other OCI changes (2,928) (353) (3,281) 3,933 652 Net after-tax change 3,230 4,600 7,830 (4,622) 3,208 Balance at December 31, 2023 $ 10,652 $ (77,157) $ (66,505) $ 3,665 $ (62,840) The following table presents pre-tax information about net actuarial (gain) loss in AOCI as of December 31, 2023. PNM TNMP (In thousands) Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year $ 110,345 $ — Experience (gain) loss (6,193) 1,005 Regulatory asset (liability) adjustment 4,629 (1,005) Amortization recognized in net periodic benefit (income) (4,713) — Amounts in AOCI not yet recognized in net periodic benefit cost at end of year $ 104,068 $ — The following table presents pre-tax information about net actuarial loss in AOCI as of December 31, 2023. December 31, 2023 PNM TNMP (In thousands) Amount in AOCI not yet recognized in net periodic benefit cost at beginning of year $ 995 $ — Experience (gain) 411 13 Regulatory asset adjustment (238) (13) Amortization recognized in net periodic benefit (income) (64) — Amount in AOCI not yet recognized in net periodic benefit cost at end of year $ 1,104 $ —
Schedule of Net Benefit Costs	The following table presents the components of net periodic benefit cost (income): Year Ended December 31, 2023 2022 2021 (In thousands) PNM Service cost $ — $ — $ — Interest cost 23,653 16,857 16,143 Expected return on plan assets (29,196) (28,563) (28,531) Amortization of net loss 10,583 15,794 18,166 Amortization of prior service cost — — — Net periodic benefit cost $ 5,040 $ 4,088 $ 5,778 TNMP Service cost $ — $ — $ — Interest cost 2,402 1,720 1,741 Expected return on plan assets (2,697) (2,472) (3,181) Amortization of net loss 439 932 1,247 Amortization of prior service cost — — — Settlement loss — 1,033 746 Net periodic benefit cost $ 144 $ 1,213 $ 553 The following table presents the components of net periodic benefit cost (income): Year Ended December 31, 2023 2022 2021 (In thousands) PNM Service cost $ — $ 10 $ 23 Interest cost 2,703 1,914 1,907 Expected return on plan assets (4,969) (4,351) (4,167) Amortization of net loss — — — Curtailment loss $ — $ 836 $ — Net periodic benefit (income) $ (2,266) $ (1,591) $ (2,237) TNMP Service cost $ 21 $ 38 $ 45 Interest cost 425 307 308 Expected return on plan assets (481) (418) (407) Amortization of net (gain) (760) (520) (322) Net periodic benefit (income) $ (795) $ (593) $ (376) The following table presents the components of net periodic benefit cost: Year Ended December 31, 2023 2022 2021 (In thousands) PNM Service cost $ — $ — $ — Interest cost 540 362 363 Amortization of net loss 152 327 395 Amortization of prior service cost — — — Net periodic benefit cost $ 692 $ 689 $ 758 TNMP Service cost $ — $ — $ — Interest cost 18 11 17 Amortization of net loss — — 33 Amortization of prior service cost — — — Net periodic benefit cost $ 18 $ 11 $ 50
Schedule of Expected Benefit Payments	The following pension benefit payments are expected to be paid: PNM TNMP (In thousands) 2024 $ 41,797 $ 4,219 2025 40,901 4,183 2026 39,447 4,169 2027 38,563 3,982 2028 37,245 3,897 2029 - 2033 167,079 16,789 PNM TNMP (In thousands) 2024 $ 5,305 $ 611 2025 4,948 612 2026 4,710 620 2027 4,438 609 2028 4,213 603 2029 - 2033 17,817 2,745 The following executive retirement plan payments, which reflect expected future service, are expected: PNM TNMP (In thousands) 2024 $ 1,243 $ 66 2025 1,193 58 2026 1,136 51 2027 1,073 44 2028 1,006 37 2029 - 2033 3,987 104
Schedule of Health Care Cost Trend Rates	The following table shows the assumed health care cost trend rates for the PNM OPEB plan: PNM December 31, 2023 2022 Health care cost trend rate assumed for next year 6.00 % 6.25 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.75 4.75 Year that the rate reaches the ultimate trend rate 2029 2029
Schedule of Net Funded Status	For the executive retirement programs, the following table presents information about the PBO and funded status of the plans: PNM TNMP Year Ended December 31, Year Ended December 31, 2023 2022 2023 2022 (In thousands) PBO at beginning of year $ 10,042 $ 12,612 $ 344 $ 406 Service cost — — — — Interest cost 540 362 18 11 Actuarial (gain) loss 411 (1,628) 13 (2) Benefits paid (1,279) (1,304) (59) (71) PBO at end of year – funded status 9,714 10,042 316 344 Less current liability 1,210 1,217 64 66 Non-current liability $ 8,504 $ 8,825 $ 252 $ 278
Summary of Expenses for Other Retirement Plans	A summary of expenses for these other retirement plans is as follows: Year Ended December 31, 2023 2022 2021 (In thousands) PNMR 401(k) plan $ 16,118 $ 15,844 $ 16,648 Non-qualified plan $ 1,197 $ (1,027) $ 3,594 PNM 401(k) plan $ 10,839 $ 11,067 $ 11,826 Non-qualified plan $ 825 $ (721) $ 2,622 TNMP 401(k) plan $ 5,279 $ 4,776 $ 4,823 Non-qualified plan $ 372 $ (305) $ 972

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Cash Proceeds Received and Tax Benefit from Share-based Payment Awards	All excess tax benefits and deficiencies are recorded to tax expense and classified as operating cash flows when used to reduce taxes payable. Year Ended December 31, Excess Tax Benefits (Deficiencies) 2023 2022 2021 (In thousands) PNM $ 185 $ (65) $ 564 TNMP 76 (26) 224 PNMR 261 (91) 788
Summary of Awards	The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value: Year Ended December 31, Restricted Shares and Performance-Based Shares 2023 2022 2021 Expected quarterly dividends per share $ 0.3675 $ 0.3475 $ 0.3275 Risk-free interest rate 4.46 % 1.46 % 0.32 % Market-Based Shares (1) Dividend yield N/A N/A 2.76 % Expected volatility N/A N/A 33.69 % Risk-free interest rate N/A N/A 0.29 % (1) Restricted stock expected to be awarded under the PEP for performance periods ending after 2023 no longer have market targets. The following table summarizes activity in restricted stock awards including performance-based and market-based shares: Restricted Stock Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2022 182,446 $ 42.09 Granted 230,141 41.98 Released (197,765) 43.98 Forfeited (2,742) 42.89 Outstanding at December 31, 2023 212,080 $ 40.33 The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares, and stock options: Year Ended December 31, Restricted Stock 2023 2022 2021 Weighted-average grant date fair value $ 41.98 $ 41.04 $ 43.48 Total fair value of restricted shares that vested (in thousands) $ 8,698 $ 7,368 $ 8,617

Regulatory Assets and Liabili_2

Regulatory Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Regulated Operations [Abstract]
Schedule of Regulatory Assets and Liabilities	Regulatory assets and liabilities reflected in the Consolidated Balance Sheets are presented below. PNM TNMP December 31, December 31, 2023 2022 2023 2022 Assets: (In thousands) Current: FPPAC $ 65,251 $ 8,904 $ — $ — NMPRC hedging plan — 9,429 — — Energy efficiency costs — — 50 1,932 Renewable energy rider 5,021 — — — SJGS Energy Transition Property 2,724 — — — 72,996 18,333 50 1,932 Non-Current: SJGS Energy Transition Property $ 340,629 $ 343,238 $ — $ — SJGS - non-ETA 122,246 129,285 — — PVNGS leased interest 80,777 — — — EIM 18,731 13,102 — — TEP 2,644 — — — Loss on reacquired debt 13,806 15,323 25,019 26,317 Pension and OPEB 172,508 187,182 21,854 21,558 Deferred income taxes 71,359 67,621 8,882 9,193 AMS surcharge — — — 6,254 AMS retirement and other costs — — 12,343 12,591 Deferred COVID-19 costs 5,664 5,664 — 1,053 Other 10,363 2,526 7,556 5,779 838,727 763,941 75,654 82,745 Total regulatory assets $ 911,723 $ 782,274 $ 75,704 $ 84,677 Liabilities: Current: SJGS rate refunds $ (113,372) $ — $ — $ — PVNGS rate refunds (19,194) — — — Renewable energy rider, including excess return — (5,076) — — Energy efficiency costs (1,454) (2,837) — — Transmission cost recovery factor — — (5,159) (9,089) NMPRC hedging plan (826) — — — (134,846) (7,913) (5,159) (9,089) Non-Current: Cost of removal (247,627) (238,903) (117,759) (97,030) Deferred income taxes (281,588) (301,493) (83,459) (94,994) Renewable energy tax benefits (14,463) (15,610) — — PVNGS rate refunds (19,194) — — — Pension and OPEB — — (3,644) (4,518) COVID-19 cost savings (900) (900) — — Other (1,249) (83) (1,434) (1,671) (565,021) (556,989) (206,296) (198,213) Total regulatory liabilities $ (699,867) $ (564,902) $ (211,455) $ (207,302)

Construction Program and Join_2

Construction Program and Jointly-Owned Electric Generating Plants (Tables)	12 Months Ended
	Dec. 31, 2023
Construction Program and Jointly-Owned Electric Generating Plants [Abstract]
Summary of Interests and Investments in Jointly-Owned Generating Facilities	At December 31, 2023, PNM’s interests and investments in jointly-owned generating facilities are: Station (Type) Plant in Accumulated Depreciation (1) Construction Composite (In thousands) PVNGS (Nuclear) $ 800,338 $ 403,531 $ 25,380 7.56 % Four Corners Units 4 and 5 (Coal) $ 282,875 $ 102,520 $ 7,710 13.00 Luna (Gas) $ 85,516 $ 34,893 $ 2,826 33.33 (1) Includes cost of removal.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Reconciliation of Asset Retirement Obligations	A reconciliation of the ARO liabilities is as follows: PNMR PNM TNMP (In thousands) Liability at December 31, 2020 $ 183,421 $ 182,718 $ 703 Liabilities incurred 1,781 1,781 — Liabilities settled (142) (142) — Accretion expense 9,308 9,248 60 Revisions to estimated cash flows (1) 39,778 39,778 — Liability at December 31, 2021 234,146 233,383 763 Liabilities incurred — — — Liabilities settled — — — Accretion expense 10,767 10,702 65 Revisions to estimated cash flows (2) (21,536) (21,536) — Liability at December 31, 2022 223,377 222,549 828 Liabilities incurred — — — Liabilities settled (3,482) (3,482) — Accretion expense 10,218 10,148 70 Revisions to estimated cash flows (3) 15,418 15,418 — Liability at December 31, 2023 $ 245,531 $ 244,633 $ 898 (1) Reflects an increase of $39.8 million for the remediation ordinance in San Juan County requiring the full demolition of SJGS. (2) Reflects a decrease of $21.5 million related to an updated SJGS decommissioning study. (3)

Regulatory and Rate Matters - R

Regulatory and Rate Matters - Regulatory and Rate Matters (Tables)	12 Months Ended
	Dec. 31, 2023
Regulated Operations [Abstract]
Schedule Of Renewable Energy Rider	The following sets forth PNM’s revenues recorded for the renewable energy rider: Year Ended Annual Revenues (In millions) 2021 $61.7 2022 60.3 2023 56.9
Schedule of Rate Increases for Transmission Costs	The following sets forth TNMP’s EECRF increases: Effective Date Aggregate Collection Amount Performance Bonus (In millions) March 1, 2021 $ 5.9 $ 1.0 March 1, 2022 7.2 2.3 March 1, 2023 7.3 1.9 Effective Date Approved Increase in Rate Base Annual Increase in Revenue (In millions) March 12, 2021 $ 112.6 $ 14.1 September 20, 2021 41.2 6.3 March 25, 2022 95.6 14.2 September 22, 2022 36.0 5.3 May 12, 2023 150.5 19.4 September 6, 2023 21.4 4.2 Effective Date Approved Increase in Rate Base Annual Increase in Revenue (In millions) September 1, 2021 $ 104.5 $ 13.5 September 1, 2022 95.7 6.8 September 1, 2023 157.0 14.5
Public Utilities, Property, Plant And Equipment, Plant Abandonment, Amortization of Present Value of Regulated Asset For Plant Abandonment	On September 29, 2022, SJGS was removed from service and as a result, PNM made the following adjustments reflected on the Consolidated Balance Sheets as of December 31, 2022: Net Increase (decrease) (In thousands) Current Assets: Inventory $ (6,430) Utility Plant: Net utility plant (382,798) Deferred Charges and Other Assets: Regulatory assets - ETA (1) 289,381 Regulatory assets - Non-ETA (2) 22,593 Deferred Credits and Other Liabilities: Regulatory liabilities (3) (77,254) $ — (1) To be recovered through the Energy Transition Charge, which includes undepreciated investments of $274.9 million and plant decommissioning of $14.5 million, previously reflected in Net utility plant. (2) Authorized to be recorded as 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, which includes obsolete inventory of $6.4 million and plant decommissioning of $16.2 million, previously reflected in Net utility plant. (3) Includes cost of removal and accelerated depreciation of SNCRs.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	PNMR’s income taxes (benefits) consist of the following components: Year Ended December 31, 2023 2022 2021 (In thousands) Current federal income tax $ — $ — $ — Current state income tax (benefit) (2,841) 1,597 1,835 Deferred federal income tax (benefit) (11,503) 18,413 20,679 Deferred state income tax (benefit) (825) 7,302 11,315 Amortization of accumulated investment tax credits (1,181) (1,182) (1,247) Total income taxes (benefits) $ (16,350) $ 26,130 $ 32,582 PNM’s income taxes (benefits) consist of the following components: Year Ended December 31, 2023 2022 2021 (In thousands) Current federal income tax (benefit) $ 9,518 $ (13,533) $ — Current state income tax (benefit) (4,304) 3,244 (128) Deferred federal income tax (benefit) (22,951) 25,298 18,774 Deferred state income tax 1,150 4,361 8,583 Amortization of accumulated investment tax credits (171) (172) (237) Total income taxes (benefits) $ (16,758) $ 19,198 $ 26,992 TNMP’s income taxes consist of the following components: Year Ended December 31, 2023 2022 2021 (In thousands) Current federal income tax $ 11,354 $ 17,055 $ 5,770 Current state income tax 3,055 2,662 2,395 Deferred federal income tax (benefit) 2,917 (4,527) (224) Deferred state income tax (benefit) (29) (29) (29) Total income taxes $ 17,297 $ 15,161 $ 7,912
Schedule of Effective Income Tax Rate Reconciliation	PNMR’s provision for income taxes (benefits) differed from the federal income tax computed at the statutory rate for each of the years shown. The differences are attributable to the following factors: Year Ended December 31, 2023 2022 2021 (In thousands) Federal income tax at statutory rates $ 19,011 $ 44,375 $ 51,330 Amortization of accumulated investment tax credits (1,181) (1,182) (1,247) Amortization of excess deferred income tax (22,859) (23,599) (24,484) Flow-through of depreciation items 1,281 2,795 798 (Earnings) attributable to non-controlling interest in Valencia (3,892) (3,176) (3,253) State income tax (benefit), net of federal (benefit) (2,239) 6,826 9,660 Allowance for equity funds used during construction (3,145) (2,898) (2,776) Allocation of tax (benefit) related to stock compensation awards (261) 91 (788) Non-deductible compensation 1,659 1,125 899 Non-deductible merger related costs (1,959) 74 848 R&D credit (2,050) (1,320) (1,530) Other (715) 3,019 3,125 Total income taxes (benefits) $ (16,350) $ 26,130 $ 32,582 Effective tax rate 18.06 % 12.37 % 13.33 % Year Ended December 31, 2023 2022 2021 (In thousands) Federal income tax at statutory rates $ 7,972 $ 29,026 $ 41,696 Amortization of accumulated investment tax credits (171) (172) (237) Amortization of excess deferred income tax (14,252) (14,421) (15,158) Flow-through of depreciation items 1,114 2,641 689 (Earnings) attributable to non-controlling interest in Valencia (3,892) (3,176) (3,253) State income tax (benefit), net of federal (benefit) (2,216) 5,694 7,609 Allowance for equity funds used during construction (2,065) (1,958) (2,080) Allocation of tax (benefit) related to stock compensation awards (185) 65 (563) Non-deductible compensation 1,015 701 547 Non-deductible merger costs (33) 10 22 R&D credit (2,000) (1,300) (1,500) Other (2,045) 2,088 (780) Total income taxes (benefits) $ (16,758) $ 19,198 $ 26,992 Effective tax rate (44.15) % 13.89 % 13.59 % Year Ended December 31, 2023 2022 2021 (In thousands) Federal income tax at statutory rates $ 23,569 $ 22,560 $ 15,076 Amortization of excess deferred income tax (8,607) (9,177) (9,326) State income tax, net of federal (benefit) 2,414 2,103 1,763 Allocation of tax (benefit) related to stock compensation awards (77) 26 (224) Non-deductible compensation 642 422 351 Transaction costs 3 1 (4) Other (647) (774) 276 Total income taxes $ 17,297 $ 15,161 $ 7,912 Effective tax rate 15.41 % 14.11 % 11.02 %
Components of Deferred Tax Assets and Liabilities	The components of PNMR’s net accumulated deferred income tax liability were: December 31, 2023 2022 (In thousands) Deferred tax assets: Net operating loss $ 16,833 $ 85,382 Regulatory liabilities related to income taxes 90,461 98,371 Federal tax credit carryforwards 124,510 122,557 Regulatory disallowances 42,330 28,037 Regulatory liability SJGS retirement credits 28,797 — Other 35,492 33,849 Total deferred tax assets 338,423 368,196 Deferred tax liabilities: Depreciation and plant related (738,078) (801,022) Investment tax credit (95,046) (96,227) Regulatory assets related to income taxes (80,643) (77,013) Pension (41,141) (40,651) Regulatory asset for shutdown of SJGS Units 2 and 3 (22,454) (24,048) Regulatory asset SJGS energy transition property (86,521) (69,828) Regulatory asset PVNGS investment (20,503) — PVNGS trusts (41,767) (26,084) Other (57,550) (56,154) Total deferred tax liabilities (1,183,703) (1,191,027) Net accumulated deferred income tax liabilities $ (845,280) $ (822,831) The components of PNM’s net accumulated deferred income tax liability were: December 31, 2023 2022 (In thousands) Deferred tax assets: Net operating loss $ — $ 54,681 Regulatory liabilities related to income taxes 71,546 76,744 Federal tax credit carryforwards 80,586 84,902 Regulatory disallowance 42,330 28,037 Regulatory liability SJGS retirement credits 28,797 — Other 35,993 33,079 Total deferred tax assets 259,252 277,443 Deferred tax liabilities: Depreciation and plant related (545,815) (620,814) Investment tax credit (73,844) (74,015) Regulatory assets related to income taxes (71,742) (67,912) Pension (36,483) (36,048) Regulatory asset for shutdown of SJGS Units 2 and 3 (22,454) (24,048) Regulatory asset SJGS energy transition property (86,521) (69,828) Regulatory asset PVNGS investment (20,503) — PVNGS Trusts (41,767) (26,084) Other (44,160) (40,734) Total deferred tax liabilities (943,289) (959,483) Net accumulated deferred income tax liabilities $ (684,037) $ (682,040) The components of TNMP’s net accumulated deferred income tax liability were: December 31, 2023 2022 (In thousands) Deferred tax assets: Regulatory liabilities related to income taxes $ 18,915 $ 21,627 Other 5,534 5,353 Total deferred tax assets 24,449 26,980 Deferred tax liabilities: Depreciation and plant related (179,483) (166,230) Regulatory assets related to income taxes (8,901) (9,213) Loss on reacquired debt (5,254) (5,527) Pension (4,659) (4,603) AMS (2,613) (3,989) Other (2,287) (2,055) Total deferred tax liabilities (203,197) (191,617) Net accumulated deferred income tax liabilities $ (178,748) $ (164,637)
Reconciliation of Accumulated Deferred Income Tax Liability to Deferred Income Tax Benefit	The following table reconciles the change in PNMR’s net accumulated deferred income tax liability to the deferred income tax (benefit) included in the Consolidated Statement of Earnings: Year Ended December 31, 2023 (In thousands) Net change in deferred income tax liability per above table $ 22,449 Change in tax effects of income tax related regulatory assets and liabilities (11,791) Amortization of excess deferred income tax (22,859) Tax effect of mark-to-market adjustments 474 Tax effect of excess pension liability (1,566) Adjustment for uncertain income tax positions (17) Reclassification of unrecognized tax benefits 17 Other (216) Deferred income tax (benefit) $ (13,509) The following table reconciles the change in PNM’s net accumulated deferred income tax liability to the deferred income tax (benefit) included in the Consolidated Statement of Earnings: Year Ended December 31, 2023 (In thousands) Net change in deferred income tax liability per above table $ 1,997 Change in tax effects of income tax related regulatory assets and liabilities (9,391) Amortization of excess deferred income tax (14,252) Tax effect of mark-to-market adjustments (1,099) Tax effect of excess pension liability (1,566) Adjustment for uncertain income tax positions (55) Reclassification of unrecognized tax benefits 2,394 Deferred income tax (benefit) $ (21,972) The following table reconciles the change in TNMP’s net accumulated deferred income tax liability to the deferred income tax included in the Consolidated Statement of Earnings: Year Ended December 31, 2023 (In thousands) Net change in deferred income tax liability per above table $ 14,111 Change in tax effects of income tax related regulatory assets and liabilities (2,400) Amortization of excess deferred income tax (8,607) Other (216) Deferred income tax $ 2,888
Reconciliation of Unrecognized Tax Benefits (Expenses)	A reconciliation of unrecognized tax benefits is as follows: PNMR PNM TNMP (In thousands) Balance at December 31, 2020 $ 13,152 $ 10,230 $ 119 Additions based on tax positions related to 2021 305 295 11 Additions for tax positions of prior years 257 246 11 Balance at December 31, 2021 13,714 10,771 141 Additions based on tax positions related to 2022 1,444 1,437 7 Additions (reductions) for tax positions of prior years (4) (7) 3 Balance at December 31, 2022 15,154 12,201 151 Additions (reductions) based on tax positions related to 2023 (277) (294) 17 Additions for tax positions of prior years 259 239 20 Balance at December 31, 2023 $ 15,136 $ 12,146 $ 188
Tax Carryforward, Impairments, net of Federal Tax Benefit	Impairments of tax attributes after reflecting the expiration of carryforwards under applicable tax laws, net of federal tax benefit, for 2021 through 2023 are as follows: PNMR PNM TNMP (In thousands) December 31, 2023: Federal tax credit carryforwards $ 839 $ (427) $ — Compensation expense $ 387 $ 246 $ 140 December 31, 2022: Federal tax credit carryforwards $ 187 $ 427 $ — Compensation expense $ 199 $ 140 $ 59 December 31, 2021: Federal tax credit carryforwards $ 1,029 $ — $ — Compensation expense $ 119 $ 84 $ 35
Summary of Tax Credit Carryforwards	The reserve balances, after reflecting expiration of carryforwards under applicable tax laws, at December 31, 2023 and 2022 are as follows: PNMR PNM TNMP (In thousands) December 31, 2023: Federal tax credit carryforwards $ 2,055 $ — $ — Compensation expense $ 1,112 $ 729 $ 381 December 31, 2022: Federal tax credit carryforwards $ 1,216 $ 427 $ — Compensation expense $ 725 $ 483 $ 241

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below summarizes the nature and amount of related party transactions of PNMR, PNM and TNMP: Year Ended December 31, 2023 2022 2021 (In thousands) Services billings: PNMR to PNM $ 124,321 $ 115,415 $ 107,747 PNMR to TNMP 47,470 42,293 41,798 PNM to TNMP 349 411 404 TNMP to PNMR 141 141 141 PNMR to NMRD 333 308 221 Renewable energy purchases: PNM from NMRD 12,717 11,795 11,879 Interconnection and facility study billings: PNM to NMRD — — 225 NMRD to PNM — — 1,276 Interest billings: PNMR to PNM 23 13 31 PNM to PNMR 582 249 144 PNMR to TNMP 129 166 — Income tax sharing payments: PNMR to PNM 5,338 — 19,492 PNM to PNMR — 11,602 — TNMP to PNMR 15,749 8,341 12,842

Equity Method Investment (Table

Equity Method Investment (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Marketable Securities	PNMR presented its share of net earnings from NMRD in other income on the Consolidated Statements of Earnings. Summarized financial information for NMRD is as follows: December 31, 2023 2022 2021 (In thousands) Operating revenues $ 13,629 $ 12,505 $ 12,738 Operating expenses 8,228 9,591 9,733 Net earnings $ 5,401 $ 2,914 $ 3,005 Financial Position December 31, 2023 2022 (In thousands) Current assets $ 2,589 $ 8,357 Net property, plant, and equipment 235,791 169,440 Non-current assets 1,849 9,631 Total assets 240,229 187,428 Current liabilities 730 5,822 Non-current liabilities 358 366 Owners’ equity $ 239,141 $ 181,240

Summary of the Business and S_4

Summary of the Business and Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) utility	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounting Policies Disclosures [Line Items]
Payment defaults	$ 0
Net gains (losses) on debt securities	$ 4,008,000	$ (33,392,000)	$ 8,554,000
PNMR
Accounting Policies Disclosures [Line Items]
Number of regulated utilities | utility	2
Restricted cash	$ 0	0
PNM
Accounting Policies Disclosures [Line Items]
Restricted cash	0	0
Allowance for funds used during construction, capitalized interest	$ 9,500,000	$ 3,700,000	$ 3,400,000
Allowance for funds used during construction, capitalized interest rate	2.99%	1.70%	1.70%
Allowance for equity funds used during construction	$ 9,800,000	$ 9,300,000	$ 9,900,000
Allowance for funds used during construction, capitalized cost of equity rate	3.24%	4.26%	4.94%
Net gains (losses) on debt securities	$ (19,100,000)	$ 25,800,000	$ (700,000)
TNMP
Accounting Policies Disclosures [Line Items]
Restricted cash	0	0
Allowance for funds used during construction, capitalized interest	$ 5,700,000	$ 3,400,000	$ 1,600,000
Allowance for funds used during construction, capitalized interest rate	3.49%	2.25%	1.80%
Allowance for equity funds used during construction	$ 5,100,000	$ 4,500,000	$ 3,300,000
Allowance for funds used during construction, capitalized cost of equity rate	3.17%	2.99%	3.67%

Summary of the Business and S_5

Summary of the Business and Significant Accounting Policies - Inventories/Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Public Utilities, Inventory [Line Items]
Inventory	$ 98,034	$ 66,733
Fuel Oil
Public Utilities, Inventory [Line Items]
Inventory	896	985
Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	97,138	65,748
PNM
Public Utilities, Inventory [Line Items]
Depreciation	158,956	163,162	$ 153,165
Inventory	81,572	55,890
PNM | Fuel Oil
Public Utilities, Inventory [Line Items]
Inventory	896	985
PNM | Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	$ 80,676	$ 54,905
PNM | Electric plant
Public Utilities, Inventory [Line Items]
Depreciation average rates used	2.67%	2.55%	2.48%
PNM | Common, intangible, and general plant
Public Utilities, Inventory [Line Items]
Depreciation average rates used	7.64%	7.83%	7.91%
TNMP
Public Utilities, Inventory [Line Items]
Depreciation average rates used	3.77%	3.72%	3.88%
Depreciation	$ 110,675	$ 96,131	$ 87,900
Inventory	16,462	10,843
TNMP | Fuel Oil
Public Utilities, Inventory [Line Items]
Inventory	0	0
TNMP | Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	$ 16,462	$ 10,843

Segment Information - Schedule

Segment Information - Schedule of Summarized Financial Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Electric Operating Revenues	$ 1,939,198	$ 2,249,555	$ 1,779,873
Utility margin	1,136,937	1,261,614	1,135,020
Other operating expenses	586,094	563,001	542,760
Depreciation and amortization	319,503	304,853	284,107
Operating income	231,340	393,760	308,153
Interest income	21,963	16,095	14,662
Other income (deductions)	27,581	(70,637)	18,491
Interest charges	(190,355)	(127,908)	(96,877)
Earnings before Income Taxes	90,529	211,310	244,429
Income taxes (benefit)	(16,350)	26,130	32,582
Net Earnings	106,879	185,180	211,847
Valencia non-controlling interest	(18,533)	(15,122)	(15,490)
Preferred Stock Dividends Requirements	(528)	(528)	(528)
Net Earnings Attributable to PNMR	87,818	169,530	195,829
Total Assets	10,252,605	9,257,377	8,666,885
Goodwill	$ 278,297	278,297	278,297
PNM
Segment Reporting Information [Line Items]
Number of operating segments | segment	1
Utility margin	$ 740,334	902,812	830,234
Other operating expenses	479,525	460,513	438,372
Depreciation and amortization	177,633	180,812	170,365
Operating income	83,176	261,487	221,497
Interest income	21,355	14,816	14,605
Other income (deductions)	20,003	(77,012)	13,809
Interest charges	(86,574)	(61,073)	(51,360)
Earnings before Income Taxes	37,960	138,218	198,551
Income taxes (benefit)	(16,758)	19,198	26,992
Net Earnings	54,718	119,020	171,559
Valencia non-controlling interest	(18,533)	(15,122)	(15,490)
Preferred Stock Dividends Requirements	(528)	(528)	(528)
Net Earnings Attributable to PNMR	35,657	103,370	155,541
Total Assets	6,813,065	6,272,166	6,060,133
Goodwill	$ 51,632	51,632	51,632
TNMP
Segment Reporting Information [Line Items]
Number of operating segments | segment	1
Utility margin	$ 396,603	358,802	304,786
Other operating expenses	133,443	124,519	114,228
Depreciation and amortization	113,142	98,316	90,440
Operating income	150,018	135,967	100,118
Interest income	0	0	0
Other income (deductions)	8,368	8,653	5,408
Interest charges	(46,152)	(37,192)	(33,735)
Earnings before Income Taxes	112,234	107,428	71,791
Income taxes (benefit)	17,297	15,161	7,912
Net Earnings	94,937	92,267	63,879
Valencia non-controlling interest	0	0	0
Preferred Stock Dividends Requirements	0	0	0
Net Earnings Attributable to PNMR	94,937	92,267	63,879
Total Assets	3,145,031	2,746,601	2,364,772
Goodwill	226,665	226,665	226,665
Corporate and Other
Segment Reporting Information [Line Items]
Utility margin	0	0	0
Other operating expenses	(26,874)	(22,031)	(9,840)
Depreciation and amortization	28,728	25,725	23,302
Operating income	(1,854)	(3,694)	(13,462)
Interest income	608	1,279	57
Other income (deductions)	(790)	(2,278)	(726)
Interest charges	(57,629)	(29,643)	(11,782)
Earnings before Income Taxes	(59,665)	(34,336)	(25,913)
Income taxes (benefit)	(16,889)	(8,229)	(2,322)
Net Earnings	(42,776)	(26,107)	(23,591)
Valencia non-controlling interest	0	0	0
Preferred Stock Dividends Requirements	0	0	0
Net Earnings Attributable to PNMR	(42,776)	(26,107)	(23,591)
Total Assets	294,509	238,610	241,980
Goodwill	0	0	0
Electricity
Segment Reporting Information [Line Items]
Electric Operating Revenues	1,939,198	2,249,555	1,779,873
Cost of energy	802,261	987,941	644,853
Utility margin	1,136,937	1,261,614	1,135,020
Electricity | PNM
Segment Reporting Information [Line Items]
Electric Operating Revenues	1,403,948	1,766,825	1,362,020
Cost of energy	663,614	864,013	531,786
Utility margin	740,334	902,812	830,234
Electricity | TNMP
Segment Reporting Information [Line Items]
Electric Operating Revenues	535,250	482,730	417,853
Cost of energy	138,647	123,928	113,067
Utility margin	396,603	358,802	304,786
Electricity | Corporate and Other
Segment Reporting Information [Line Items]
Electric Operating Revenues	0	0	0
Cost of energy	0	0	0
Utility margin	$ 0	$ 0	$ 0

Segment Information - Schedul_2

Segment Information - Schedule of Gross Margin (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Utility margin	$ 655,831	$ 740,455	$ 648,949
Transmission and distribution costs	98,721	94,684	81,335
Depreciation and amortization	290,775	279,128	260,805
Utility margin	1,136,937	1,261,614	1,135,020
Electricity, Generation
Segment Reporting Information [Line Items]
Energy production costs	91,610	147,347	143,931
PNM
Segment Reporting Information [Line Items]
Utility margin	409,366	516,375	466,092
Transmission and distribution costs	61,725	58,278	49,846
Depreciation and amortization	177,633	180,812	170,365
Utility margin	740,334	902,812	830,234
PNM | Electricity, Generation
Segment Reporting Information [Line Items]
Energy production costs	91,610	147,347	143,931
TNMP
Segment Reporting Information [Line Items]
Utility margin	246,465	224,080	182,857
Transmission and distribution costs	36,996	36,406	31,489
Depreciation and amortization	113,142	98,316	90,440
Utility margin	396,603	358,802	304,786
TNMP | Electricity, Generation
Segment Reporting Information [Line Items]
Energy production costs	0	0	0
Corporate and Other
Segment Reporting Information [Line Items]
Utility margin	0	0	0
Transmission and distribution costs	0	0	0
Depreciation and amortization	0	0	0
Utility margin	0	0	0
Corporate and Other | Electricity, Generation
Segment Reporting Information [Line Items]
Energy production costs	$ 0	$ 0	$ 0

Segment Information - Major Cus

Segment Information - Major Customers (Details) - Customer Concentration Risk - Electric operating revenues	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Customer One
Concentration Risk [Line Items]
Concentration risk	15%	24%	11%
TNMP | REP A
Concentration Risk [Line Items]
Concentration risk	25%	27%	23%
TNMP | REP B
Concentration Risk [Line Items]
Concentration risk	19%	20%	19%
TNMP | REP C
Concentration Risk [Line Items]
Concentration risk			10%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 2,244,926	$ 2,222,929	$ 2,108,474
Total Other Comprehensive Income	3,208	5,888	7,247
Ending Balance	2,399,051	2,244,926	2,222,929
PNM
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	1,960,324	2,015,264	1,863,752
Total Other Comprehensive Income	7,830	(2,399)	6,575
Ending Balance	2,000,775	1,960,324	2,015,264
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(66,048)	(71,936)	(79,183)
Amounts reclassified from AOCI (pre-tax)	6,864	2,101	(2,320)
Income tax impact of amounts reclassified	(1,743)	(533)	589
Other OCI changes (pre-tax)	(2,565)	5,792	12,034
Income tax impact of other OCI changes	652	(1,472)	(3,056)
Total Other Comprehensive Income	3,208	5,888	7,247
Ending Balance	(62,840)	(66,048)	(71,936)
Total | PNM
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(74,335)	(71,936)	(78,511)
Amounts reclassified from AOCI (pre-tax)	(2,423)	3,277	(1,417)
Income tax impact of amounts reclassified	616	(832)	360
Other OCI changes (pre-tax)	12,918	(6,493)	10,230
Income tax impact of other OCI changes	(3,281)	1,649	(2,598)
Total Other Comprehensive Income	7,830	(2,399)	6,575
Ending Balance	(66,505)	(74,335)	(71,936)
Unrealized Gains on Available-for-Sale Securities | PNM
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	7,422	11,715	20,403
Amounts reclassified from AOCI (pre-tax)	(7,199)	(3,827)	(9,765)
Income tax impact of amounts reclassified	1,828	972	2,480
Other OCI changes (pre-tax)	11,529	(1,928)	(1,881)
Income tax impact of other OCI changes	(2,928)	490	478
Total Other Comprehensive Income	3,230	(4,293)	(8,688)
Ending Balance	10,652	7,422	11,715
Pension Liability Adjustment | PNM
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(81,757)	(83,651)	(98,914)
Amounts reclassified from AOCI (pre-tax)	4,776	7,104	8,348
Income tax impact of amounts reclassified	(1,212)	(1,804)	(2,120)
Other OCI changes (pre-tax)	1,389	(4,565)	12,111
Income tax impact of other OCI changes	(353)	1,159	(3,076)
Total Other Comprehensive Income	4,600	1,894	15,263
Ending Balance	(77,157)	(81,757)	(83,651)
Fair Value Adjustment for Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	8,287	0	(672)
Amounts reclassified from AOCI (pre-tax)	9,287	(1,176)	(903)
Income tax impact of amounts reclassified	(2,359)	299	229
Other OCI changes (pre-tax)	(15,483)	12,285	1,804
Income tax impact of other OCI changes	3,933	(3,121)	(458)
Total Other Comprehensive Income	(4,622)	8,287	672
Ending Balance	$ 3,665	$ 8,287	$ 0

Electric Operating Revenues - N

Electric Operating Revenues - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) MW	Dec. 31, 2022 USD ($)	May 31, 2022 MW	Jan. 01, 2019	Jan. 01, 2018 MW
Contract with Customers, Asset and Liability [Roll Forward]
Capitalized contract cost, amortization period				5 years
Contract assets | $	$ 22.1	$ 11.9
PNM
Contract with Customers, Asset and Liability [Roll Forward]
Expected exposure to market risk (in megawatts) | MW	65				65
Power to be sold to third party (in megawatts) | MW	36		50		36
Contract with customers, net | $	$ 93.6	$ 151.4

Electric Operating Revenues - D

Electric Operating Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Contracts with customers	$ 1,914,868	$ 2,250,217	$ 1,744,681
Alternative revenue programs	6,607	(19,485)	(3,764)
Other electric operating revenue	17,723	18,823	38,956
Electric Operating Revenues	1,939,198	2,249,555	1,779,873
Electricity
Disaggregation of Revenue [Line Items]
Electric Operating Revenues	1,939,198	2,249,555	1,779,873
Transmission
Disaggregation of Revenue [Line Items]
Contracts with customers	295,306	263,203	182,032
Miscellaneous
Disaggregation of Revenue [Line Items]
Contracts with customers	9,415	9,207	8,564
Wholesale energy sales
Disaggregation of Revenue [Line Items]
Contracts with customers	248,801	534,196	184,132
PNM
Disaggregation of Revenue [Line Items]
Contracts with customers	1,376,806	1,747,310	1,327,172
Alternative revenue programs	9,419	692	(4,108)
Other electric operating revenue	17,723	18,823	38,956
Electric Operating Revenues	1,403,948	1,766,825	1,362,020
PNM | Transmission
Disaggregation of Revenue [Line Items]
Contracts with customers	159,475	149,421	87,880
PNM | Miscellaneous
Disaggregation of Revenue [Line Items]
Contracts with customers	5,676	5,390	4,770
PNM | Wholesale energy sales
Disaggregation of Revenue [Line Items]
Contracts with customers	248,801	534,196	184,132
TNMP
Disaggregation of Revenue [Line Items]
Contracts with customers	538,062	502,907	417,509
Alternative revenue programs	(2,812)	(20,177)	344
Other electric operating revenue	0	0	0
Electric Operating Revenues	535,250	482,730	417,853
TNMP | Transmission
Disaggregation of Revenue [Line Items]
Contracts with customers	135,831	113,782	94,152
TNMP | Miscellaneous
Disaggregation of Revenue [Line Items]
Contracts with customers	3,739	3,817	3,794
TNMP | Wholesale energy sales
Disaggregation of Revenue [Line Items]
Contracts with customers	0	0	0
Residential | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	616,401	672,650	643,516
Residential | PNM | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	425,448	484,699	484,720
Residential | TNMP | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	190,953	187,951	158,796
Commercial | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	547,218	576,222	544,787
Commercial | PNM | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	391,964	422,163	419,251
Commercial | TNMP | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	155,254	154,059	125,536
Industrial | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	135,592	122,021	117,568
Industrial | PNM | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	90,084	85,102	88,479
Industrial | TNMP | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	45,508	36,919	29,089
Public authority | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	27,795	27,709	28,862
Public authority | PNM | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	21,018	21,330	22,720
Public authority | TNMP | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	6,777	6,379	6,142
Economy energy service | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	34,340	45,009	35,220
Economy energy service | PNM | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	34,340	45,009	35,220
Economy energy service | TNMP | Electricity
Disaggregation of Revenue [Line Items]
Contracts with customers	$ 0	$ 0	$ 0

Earnings and Dividends Per Sh_3

Earnings and Dividends Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Earnings Attributable to PNMR	$ 87,818	$ 169,530	$ 195,829
Average Number of Common Shares:
Outstanding during year (in shares)	86,038	85,835	85,835
Vested awards of restricted stock (in shares)	258	287	235
Average Shares – Basic (in shares)	86,296	86,122	86,070
Dilutive Effect of Common Stock Equivalents:
PNMR 2020 Forward Equity Sale Agreements (in shares)	38	0	0
Stock options and restricted stock (in shares)	35	47	41
Average Shares – Diluted (in shares)	86,369	86,169	86,111
Net Earnings Attributable to PNMR Per Share of Common Stock:
Basic (in dollars per share)	$ 1.02	$ 1.97	$ 2.28
Diluted (in dollars per share)	1.02	1.97	2.27
Dividends Declared per Common Share (in dollars per share)	$ 1.49	$ 1.41	$ 1.33

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)		12 Months Ended
	Dec. 15, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Payment of dividends		$ 321,900,000
PNMR 2020 Forward Equity Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)	4,400,000
Sale of stock, consideration received on transaction	$ 198,200,000
Payments of stock issuance costs	$ 1,000,000
Line of Credit
Class of Stock [Line Items]
Debt-to-capital ratio (not more than)		70%
PNM
Class of Stock [Line Items]
Equity contribution from parent		$ 0	$ 0	$ 53,000,000
Requirement to obtain approval to transfer more than a percentage of PNM's assets		5%
Preferred stock, dividend rate		4.58%
Preferred stock, redemption percent		102%
Preferred stock outstanding (in shares)		115,293	115,293
Preferred stock, cumulative shares authorized (in shares)		10,000,000	10,000,000
PNM | Line of Credit
Class of Stock [Line Items]
Debt-to-capital ratio (not more than)		65%
PNM | Affiliated Entity
Class of Stock [Line Items]
Cash dividends paid to parent company by consolidated subsidiaries			$ 153,500,000	60,000,000
TNMP
Class of Stock [Line Items]
Equity contribution from parent		$ 40,900,000	$ 68,000,000	$ 52,000,000
Payment of dividends		$ 339,500,000
Preferred stock, cumulative shares authorized (in shares)		1,000,000
TNMP | Line of Credit
Class of Stock [Line Items]
Debt-to-capital ratio (not more than)		65%
PNMR and TNMP
Class of Stock [Line Items]
Preferred stock outstanding (in shares)		0

Financing - Financing Activitie

Financing - Financing Activities (Details)

3 Months Ended

12 Months Ended

Nov. 15, 2023 USD ($)

Jun. 30, 2023 USD ($)

May 15, 2023 USD ($)

Nov. 10, 2022 USD ($) $ / shares

Sep. 30, 2022 USD ($)

Aug. 05, 2022 USD ($)

Jan. 24, 2022 USD ($)

Dec. 02, 2021 USD ($)

Jul. 14, 2021 USD ($)

Jun. 18, 2021 USD ($)

May 18, 2021 USD ($)

Mar. 09, 2021 USD ($)

Jun. 30, 2023 USD ($)

Dec. 31, 2023 USD ($) $ / shares

Dec. 31, 2022 USD ($) $ / shares

Dec. 31, 2021 USD ($)

Jun. 01, 2023 USD ($)

Apr. 28, 2023 USD ($) bond debtInstrument

Jun. 01, 2022 USD ($) derivative

Apr. 27, 2022 USD ($) bond

Oct. 01, 2021 USD ($)

Aug. 16, 2021 USD ($)

Dec. 31, 2020 USD ($)

Dec. 22, 2020 USD ($)

Dec. 21, 2020 USD ($)

Debt Instrument [Line Items]

Common stock, no par value (in dollars per share) | $ / shares

$ 0

$ 0

Repayments of debt

$ 910,000,000

$ 179,500,000

$ 1,411,345,000

Current maturities of long-term debt

280,169,000

184,793,000

Other Current Assets

Debt Instrument [Line Items]

Cash flow hedge derivative instrument assets at fair value

7,200,000

11,100,000

Other Deferred Costs Net Including Deferred Finance Costs

Debt Instrument [Line Items]

Cash flow hedge derivative instrument assets at fair value

2,300,000

Cash Flow Hedge | Interest rate contract

Debt Instrument [Line Items]

Derivative asset, number of instruments held | derivative

2

PNMR 2022 ATM Program

Debt Instrument [Line Items]

Distribution agreement, sale of stock

$ 200,000,000

Common stock, no par value (in dollars per share) | $ / shares

$ 0

PNMR 2020 Delayed-Draw Term Loan

Debt Instrument [Line Items]

Term loans

$ 300,000,000

PNMR 2019 Term Loan

Debt Instrument [Line Items]

Term loans

$ 150,000,000

PNMR 2020 Term Loan

Debt Instrument [Line Items]

Term loans

$ 150,000,000

PNM 2021 Note Purchase Agreement

Debt Instrument [Line Items]

Aggregate principal amount

$ 160,000,000

PNMR 2021 Delayed-Draw Term Loan due May 2025

Debt Instrument [Line Items]

Repayments of debt

$ 500,000,000

Securitized Bonds

Debt Instrument [Line Items]

Current maturities of long-term debt

2,529,000

0

Maximum | Related Party

Debt Instrument [Line Items]

Notes payable

150,000,000

PNMR | Related Party

Debt Instrument [Line Items]

Notes payable

0

5,300,000

PNMR | PNMR 2018 SUNs

Debt Instrument [Line Items]

Repayments of debt

$ 80,000,000

PNMR | PNMR 2020 Delayed-Draw Term Loan

Debt Instrument [Line Items]

Financing capacity

$ 220,000,000

PNMR | PNMR 2021 Delayed-Draw Term Loan due May 2025

Debt Instrument [Line Items]

Term loans

$ 500,000,000

$ 1,000,000,000

PNM

Debt Instrument [Line Items]

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

18 months

Common stock, no par value (in dollars per share) | $ / shares

$ 0

$ 0

Repayments of debt

$ 410,000,000

$ 179,500,000

446,345,000

Current maturities of long-term debt

200,222,000

184,793,000

PNM | 5.51% due April 2035

Debt Instrument [Line Items]

Aggregate principal amount

$ 40,000,000

Repayments of debt

$ 40,000,000

PNM | Securitized Bonds

Debt Instrument [Line Items]

Current maturities of long-term debt

2,529,000

0

TNMP

Debt Instrument [Line Items]

Current maturities of long-term debt

79,947,000

0

PNM and TNMP | Related Party

Debt Instrument [Line Items]

Notes payable

0

0

PNMR Development | Related Party

Debt Instrument [Line Items]

Notes payable

$ 2,300,000

0

Line of Credit | PNMR 2021 Delayed-Draw Term Loan due May 2025 | Revolving Credit Facility

Debt Instrument [Line Items]

Proceeds from long-term lines of credit

$ 100,000,000

$ 50,000,000

$ 850,000,000

Interest rates on outstanding borrowings

6.43%

Line of Credit | PNMR Development Revolving Credit Facility | Revolving Credit Facility

Debt Instrument [Line Items]

Repayments of debt

40,000,000

Line of Credit | PNMR Revolving Credit Facility | Revolving Credit Facility

Debt Instrument [Line Items]

Repayments of debt

92,100,000

Line of Credit | PNM 2022 Delayed-Draw Term Loan | Revolving Credit Facility

Debt Instrument [Line Items]

Financing capacity

$ 225,000,000

Repayments of debt

$ 225,000,000

Proceeds from long-term lines of credit

$ 45,000,000

$ 180,000,000

Line of Credit | PNMR and PNMR Development

Debt Instrument [Line Items]

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

70%

Line of Credit | PNM and TNMP

Debt Instrument [Line Items]

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

65%

Bonds | PNMR 2020 Delayed-Draw Term Loan

Debt Instrument [Line Items]

Repayments of debt

300,000,000

Bonds | PNMR 2019 Term Loan

Debt Instrument [Line Items]

Repayments of debt

150,000,000

Bonds | PNMR 2020 Term Loan

Debt Instrument [Line Items]

Repayments of debt

150,000,000

Bonds | Pollution Control Revenue Bonds Due June 2020

Debt Instrument [Line Items]

Term loans

100,300,000

Bonds | PNM 2021 Fixed Rate PCRBs

Debt Instrument [Line Items]

Stated percentage

0.875%

Bonds | Pollution Control Revenue Bonds, Due 2033

Debt Instrument [Line Items]

Stated percentage

2.15%

Term loans

$ 146,000,000

146,000,000

Bonds | Pollution Control Revenue Bonds, 1.1%, Due 2040

Debt Instrument [Line Items]

Aggregate principal amount

$ 130,000,000

Stated percentage

1.10%

Bonds | Pollution Control Revenue Bonds, 3.90%, Due 2028

Debt Instrument [Line Items]

Aggregate principal amount

$ 130,000,000

Stated percentage

3.90%

Bonds | PNM | Pollution Control Revenue Bonds

Debt Instrument [Line Items]

Term loans

104,500,000

$ 31,500,000

Bonds | PNM | Pollution Control Revenue Bonds Due June 2038

Debt Instrument [Line Items]

Aggregate principal amount

$ 36,000,000

36,000,000

Stated percentage

1.05%

Bonds | PNM | Pollution Control Revenue Bonds Due June 2040, 1

Debt Instrument [Line Items]

Aggregate principal amount

$ 37,000,000

$ 37,000,000

Stated percentage

2.125%

Bonds | PNM | Pollution Control Revenue Bonds Due June 2040, 2

Debt Instrument [Line Items]

Aggregate principal amount

$ 11,500,000

Stated percentage

1.20%

Bonds | PNM | Pollution Control Revenue Bonds Due June 2042

Debt Instrument [Line Items]

Aggregate principal amount

$ 20,000,000

Stated percentage

2.45%

Bonds | PNM | Pollution Control Revenue Bonds Due June 2024

Debt Instrument [Line Items]

Stated percentage

3%

Bonds | TNMP | TNMP 2022 Bond Purchase Agreement

Debt Instrument [Line Items]

Aggregate principal amount

$ 160,000,000

Series of bond issuance | bond

2

Bonds | TNMP | TNMP 2022 Bond Purchase Agreement at 4.13% Due May 12, 2022

Debt Instrument [Line Items]

Aggregate principal amount

$ 65,000,000

Stated percentage

4.13%

Bonds | TNMP | TNMP 2022 Bond Purchase Agreement at 3.81% Due July 28, 2032

Debt Instrument [Line Items]

Aggregate principal amount

$ 95,000,000

Stated percentage

3.81%

Medium-term Notes | PNMR Development Term Loan

Debt Instrument [Line Items]

Repayments of debt

$ 65,000,000

Term loans

65,000,000

Secured Debt | PNM 2023 Term Loan

Debt Instrument [Line Items]

Aggregate principal amount

$ 500,000,000

$ 500,000,000

Variable rate

6.83%

Secured Debt | PNM | TNMP 2023 Bond Purchase Agreement

Debt Instrument [Line Items]

Series of bond issuance | bond

2

Secured Debt | TNMP | TNMP 2021 Bond Purchase Agreement

Debt Instrument [Line Items]

Aggregate principal amount

$ 65,000,000

$ 65,000,000

Stated percentage

2.44%

Secured Debt | TNMP | TNMP 2023 Bond Purchase Agreement

Debt Instrument [Line Items]

Aggregate principal amount

$ 185,000,000

Secured Debt | TNMP | TNMP 2023 Bond Purchase Agreement , 5.01%, Due April 28, 2033

Debt Instrument [Line Items]

Aggregate principal amount

$ 130,000,000

Stated percentage

5.01%

Secured Debt | TNMP | TNMP 2023 Bond Purchase Agreement At 5.47%, Due July 28, 2053

Debt Instrument [Line Items]

Aggregate principal amount

$ 55,000,000

Stated percentage

5.47%

Senior Notes | PNM 2020 SUNs

Debt Instrument [Line Items]

Stated percentage

5.35%

Repayments of debt

$ 160,000,000

Senior Notes | PNM 2021 SUNs At 2.59 Percent Due July 15, 2033

Debt Instrument [Line Items]

Aggregate principal amount

$ 80,000,000

Stated percentage

2.59%

Senior Notes | PNM 2021 SUNs At 3.14 Percent Due July 15, 2041

Debt Instrument [Line Items]

Aggregate principal amount

$ 80,000,000

Stated percentage

3.14%

Senior Notes | PNM September 2021 Note Purchase Agreement

Debt Instrument [Line Items]

Aggregate principal amount

$ 150,000,000

Senior Notes | 2.29% Senior Unsecured Notes Due December 30, 2031

Debt Instrument [Line Items]

Aggregate principal amount

$ 50,000,000

Stated percentage

2.29%

Senior Notes | 2.97% Senior Unsecured Notes Due December 30, 2041

Debt Instrument [Line Items]

Aggregate principal amount

$ 100,000,000

Stated percentage

2.97%

Notes Payable to Banks | PNM | 5.92% due April 2053

Debt Instrument [Line Items]

Aggregate principal amount

$ 75,000,000

Senior Unsecured Notes | PNM 3.15%, Senior Unsecured Notes, Due May 2023

Debt Instrument [Line Items]

Stated percentage

3.15%

Repayments of debt

$ 55,000,000

Senior Unsecured Notes | PNMR | PNMR 2018 SUNs

Debt Instrument [Line Items]

Aggregate principal amount

$ 300,000,000

Stated percentage

3.25%

Senior Unsecured Notes | PNM | PNM 3.15%, Senior Unsecured Notes, Due May 2023

Debt Instrument [Line Items]

Aggregate principal amount

$ 55,000,000

Stated percentage

3.15%

Senior Unsecured Notes | PNM | PNM 2023 Note Purchase Agreement

Debt Instrument [Line Items]

Aggregate principal amount

$ 200,000,000

Number of debt issuances | debtInstrument

2

Senior Unsecured Notes | PNM | PNM 2023 SUNs At 5.15% Due April 28, 2035

Debt Instrument [Line Items]

Aggregate principal amount

$ 150,000,000

Stated percentage

5.51%

Senior Unsecured Notes | PNM | PNM 2023 SUNs At 5.92% Due April 28, 2053

Debt Instrument [Line Items]

Aggregate principal amount

$ 50,000,000

Stated percentage

5.92%

Senior Secured Notes, Energy Transition Bonds | PNM | Securitized Bonds

Debt Instrument [Line Items]

Aggregate principal amount

343,200,000

Current maturities of long-term debt

$ 2,500,000

Senior Secured Notes, Energy Transition Bonds | PNM | Securitized Bonds, 5.64%

Debt Instrument [Line Items]

Aggregate principal amount

$ 175,000,000

Stated percentage

5.64%

Senior Secured Notes, Energy Transition Bonds | PNM | Securitized Bonds, 6.03%

Debt Instrument [Line Items]

Aggregate principal amount

$ 168,200,000

Stated percentage

6.03%

Financing - Schedule of Forward

Financing - Schedule of Forward Contracts (Details) - USD ($) $ / shares in Units, $ in Thousands						12 Months Ended
	Sep. 26, 2023	Jun. 30, 2023	May 30, 2023	Mar. 20, 2023	Mar. 15, 2023	Dec. 31, 2023
Forward Contract Indexed to Issuer's Equity [Line Items]
Forward contracts, net cash proceeds						$ 198,200
Forward contracts, issuance costs						$ 1,000
Shares						4,365,510
Settlement amount						$ 199,210
Bank of America
Forward Contract Indexed to Issuer's Equity [Line Items]
Initial forward price (in dollars per share)					$ 48.49
Shares					504,452
Settlement price (in dollars per share)					$ 49
Settlement amount					$ 24,720
Wells Fargo Bank
Forward Contract Indexed to Issuer's Equity [Line Items]
Initial forward price (in dollars per share)	$ 44.03			$ 48.30
Shares	2,283,860			528,082
Settlement price (in dollars per share)	$ 44.11			$ 48.78
Settlement amount	$ 100,734			$ 25,758
MUFG
Forward Contract Indexed to Issuer's Equity [Line Items]
Initial forward price (in dollars per share)		$ 44.87	$ 47.56
Shares		804,477	244,639
Settlement price (in dollars per share)		$ 45.07	$ 47.99
Settlement amount		$ 36,257	$ 11,741

Financing - Schedule of Hedging

Financing - Schedule of Hedging Arrangements (Details) - Designated as hedging instrument - Interest rate contract $ in Thousands	Dec. 31, 2023 USD ($)
Variable Rate Debt, 4.57%, Due September 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 150,000
Fixed interest rate	4.57%
Variable Rate Debt, 4.65%, Due December 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	4.65%
Variable Rate Debt, 4.66%, Due December 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	4.66%
Variable Rate Debt, 4.17% Due December 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	4.17%
Variable Rate Debt, 4.18%, Due December 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	4.18%
Variable Rate Debt, 2.52%, Due December 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	2.52%
Variable Rate Debt, 2.65% Due December 2023 (1)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 150,000
Fixed interest rate	2.65%
Variable Rate Debt, 2.65%, Due December 2023 (2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 200,000
Fixed interest rate	2.65%
Variable Rate Debt, 3.32%, Due December 2024 (1)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	3.32%
Variable Rate Debt, 3.32%, Due December 2024 (2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	3.32%
Variable Rate Debt, 3.38%, Due December 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	3.38%
Variable Rate Debt, 3.62%, Due December 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 150,000
Fixed interest rate	3.62%
Variable Rate Debt, 3.57%, Due December 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 150,000
Fixed interest rate	3.57%
Variable Rate Debt, 4.18%, Due December 2025 (1)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	4.18%
Variable Rate Debt, 4.18%, Due December 2025 (2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	4.18%
Variable Rate Debt, 3.99%, Due December 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 100,000
Fixed interest rate	3.99%

Financing - Short-term Debt and

Financing - Short-term Debt and Liquidity (Details)	Dec. 08, 2023	Jan. 26, 2023 USD ($) extension_option	May 20, 2022 USD ($) extension_option	Mar. 11, 2022 USD ($) extension_option	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 13, 2022 USD ($)	Mar. 10, 2022 USD ($)
Short-term Debt [Line Items]
Letters of credit outstanding					$ 3,100,000
JPMorgan Chase Bank, N.A.
Short-term Debt [Line Items]
Letters of credit outstanding					30,300,000
PNMR Revolving Credit Facility
Short-term Debt [Line Items]
Financing capacity		$ 285,000,000			$ 300,000,000
PNMR Revolving Credit Facility | PNM Resources
Short-term Debt [Line Items]
Interest rates on outstanding borrowings					6.96%
PNM Revolving Credit Facility | PNM Resources
Short-term Debt [Line Items]
Interest rates on outstanding borrowings					6.69%
TNMP Revolving Credit Facility | PNM Resources
Short-term Debt [Line Items]
Interest rates on outstanding borrowings					6.32%
PNM New Mexico Credit Facility | PNM Resources
Short-term Debt [Line Items]
Interest rates on outstanding borrowings					6.71%
PNM
Short-term Debt [Line Items]
Letters of credit outstanding					$ 0
PNM | Lines of credit
Short-term Debt [Line Items]
NMPRC approved credit facility			$ 40,000,000
PNM | PNM Revolving Credit Facility
Short-term Debt [Line Items]
Financing capacity		$ 380,000,000			400,000,000
TNMP
Short-term Debt [Line Items]
Letters of credit outstanding					$ 0
TNMP | TNMP Revolving Credit Facility
Short-term Debt [Line Items]
Financing capacity						$ 75,000,000
TNMP | TNMP Revolving Credit Facility | First Mortgage Bonds at 9.50% due 2019
Short-term Debt [Line Items]
Aggregate principal amount of bonds						$ 75,000,000
Revolving Credit Facility
Short-term Debt [Line Items]
Number of extensions | extension_option			2
Extension period	1 year	1 year	1 year
Extension exercised | extension_option		1
Revolving Credit Facility | TNMP
Short-term Debt [Line Items]
Financing capacity				$ 100,000,000			$ 100,000,000	$ 75,000,000
Number of extensions | extension_option				2
Extension period		1 year		1 year
Extension exercised | extension_option		1
Revolving Credit Facility | TNMP | First Mortgage Bonds at 9.50% due 2019
Short-term Debt [Line Items]
Collateral amount							$ 100,000,000

Financing - Schedule of Revolvi

Financing - Schedule of Revolving Credit Facility (Details) - Line of Credit - Revolving Credit Facility - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Borrowings	$ 2,379,100,000	$ 1,783,400,000	$ 1,239,600,000
Repayments	(2,349,200,000)	(1,614,100,000)	(1,208,900,000)
TNMP | TNMP Revolving Credit Facility
Short-term Debt [Line Items]
Borrowings	407,600,000	480,500,000	233,400,000
Repayments	(389,200,000)	(444,200,000)	(233,000,000)
PNMR
Short-term Debt [Line Items]
Borrowings	837,200,000	612,000,000	749,600,000
Repayments	(777,300,000)	(657,500,000)	(716,700,000)
PNMR | PNMR Revolving Credit Facility
Short-term Debt [Line Items]
Borrowings	837,200,000	612,000,000	719,600,000
Repayments	(777,300,000)	(657,500,000)	(676,700,000)
PNMR | PNMR Development Revolving Credit Facility
Short-term Debt [Line Items]
Borrowings	0	0	30,000,000
Repayments	0	0	(40,000,000)
PNM
Short-term Debt [Line Items]
Borrowings	1,134,300,000	690,900,000	256,600,000
Repayments	(1,182,700,000)	(512,400,000)	(259,200,000)
PNM | PNM Revolving Credit Facility
Short-term Debt [Line Items]
Borrowings	1,064,300,000	604,000,000	216,600,000
Repayments	(1,102,700,000)	(472,400,000)	(209,200,000)
PNM | PNM New Mexico Credit Facility
Short-term Debt [Line Items]
Borrowings	70,000,000	86,900,000	40,000,000
Repayments	$ (80,000,000)	$ (40,000,000)	$ (50,000,000)

Financing - Schedule of Short-T

Financing - Schedule of Short-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Short-term debt	$ 261,900	$ 232,000
PNM
Short-term Debt [Line Items]
Short-term debt	137,500	185,900
TNMP
Short-term Debt [Line Items]
Short-term debt	55,100	36,700
PNM Revolving Credit Facility | PNM
Short-term Debt [Line Items]
Short-term debt	107,500	145,900
PNM New Mexico Credit Facility | PNM
Short-term Debt [Line Items]
Short-term debt	30,000	40,000
TNMP Revolving Credit Facility | TNMP
Short-term Debt [Line Items]
Short-term debt	55,100	36,700
PNMR Revolving Credit Facility
Short-term Debt [Line Items]
Short-term debt	$ 69,300	$ 9,400

Financing - Long-term Debt (Det

Financing - Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 3,932	$ 156
Total	4,525,743	4,077,543
Principal, less current maturities	280,529	185,000
Unamortized Discounts, (Premiums), and Issuance Costs, net, Less current maturities	360	207
Long-term debt, excluding current maturities, gross	4,245,214	3,892,543
Unamortized Discounts, (Premiums), and Issuance Costs, net, excluding current maturities	3,572	(51)
PNM
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	10,765	8,445
Total	2,272,545	2,009,345
Principal, less current maturities	200,529	185,000
Unamortized Discounts, (Premiums), and Issuance Costs, net, Less current maturities	307	207
Long-term debt, excluding current maturities, gross	2,072,016	1,824,345
Unamortized Discounts, (Premiums), and Issuance Costs, net, excluding current maturities	10,458	8,238
PNM | Senior Secured Notes, Energy Transition Bonds | Series A-1, 5.64%
Debt Instrument [Line Items]
Secured long-term debt, noncurrent	175,000	0
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 1,093	0
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | Series A-1, 5.64%
Debt Instrument [Line Items]
Stated percentage	5.64%
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | Series A-2, 6.03%
Debt Instrument [Line Items]
Secured long-term debt, noncurrent	$ 168,200	0
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 1,057	0
Stated percentage	6.03%
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 2.15% due April 2033
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 146,000	146,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 824	915
Stated percentage	2.15%
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 3.00% due June 2040, mandatory tender - June 1, 2024
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 37,000	37,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 88	296
Stated percentage	3%
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 0.875% mandatory tender - October 1, 2026
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 100,345	100,345
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 403	550
Stated percentage	0.875%
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 3.00% due January 2038, mandatory tender - June 1, 2024
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 36,000	36,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 87	288
Stated percentage	3%
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 1.10% due June 2040, mandatory tender - June 1, 2023
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 0	130,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 0	178
Stated percentage	1.10%
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 1.15% due June 2040, mandatory tender - June 1, 2024
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 125,000	125,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 132	383
Stated percentage	1.15%
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 3.90% due June 2040, mandatory tender - June 1, 2028
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 130,000	0
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 1,029	0
Stated percentage	3.90%
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 2.59% due July 2033
Debt Instrument [Line Items]
Stated percentage	2.59%
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 3.14% due July 2041
Debt Instrument [Line Items]
Stated percentage	3.14%
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 2.29% due December 2031
Debt Instrument [Line Items]
Stated percentage	2.29%
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 2.97% due December 2041
Debt Instrument [Line Items]
Stated percentage	2.97%
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 5.51% due April 2035
Debt Instrument [Line Items]
Stated percentage	5.51%
PNM | Senior Unsecured Notes, Pollution Control Revenue Bonds: | 5.92% due April 2053
Debt Instrument [Line Items]
Stated percentage	5.92%
PNM | Senior Unsecured Notes: | 3.15% due May 2023
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 0	55,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 0	29
Stated percentage	3.15%
PNM | Senior Unsecured Notes: | 3.45% due May 2025
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 104,000	104,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 143	248
Stated percentage	3.45%
PNM | Senior Unsecured Notes: | 3.85% due August 2025
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 250,000	250,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 477	775
Stated percentage	3.85%
PNM | Senior Unsecured Notes: | 3.68% due May 2028
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 88,000	88,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 271	333
Stated percentage	3.68%
PNM | Senior Unsecured Notes: | 3.78% due August 2028
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 15,000	15,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 48	59
Stated percentage	3.78%
PNM | Senior Unsecured Notes: | 3.93% due May 2033
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 38,000	38,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 167	185
Stated percentage	3.93%
PNM | Senior Unsecured Notes: | 4.22% due May 2038
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 45,000	45,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 228	243
Stated percentage	4.22%
PNM | Senior Unsecured Notes: | 4.50% due May 2048
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 20,000	20,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 114	119
Stated percentage	4.50%
PNM | Senior Unsecured Notes: | 4.60% due August 2048
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 85,000	85,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 490	510
Stated percentage	4.60%
PNM | Senior Unsecured Notes: | 3.21% due April 2030
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 150,000	150,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 1,011	1,171
Stated percentage	3.21%
PNM | Senior Unsecured Notes: | 3.57% due April 2039
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 50,000	50,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 426	454
Stated percentage	3.57%
PNM | Senior Unsecured Notes: | 2.59% due July 2033
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 80,000	80,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	366	405
PNM | Senior Unsecured Notes: | 3.14% due July 2041
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	80,000	80,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	404	427
PNM | Senior Unsecured Notes: | 2.29% due December 2031
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	50,000	50,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	235	264
PNM | Senior Unsecured Notes: | 2.97% due December 2041
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	100,000	100,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	528	557
PNM | Senior Unsecured Notes: | 5.51% due April 2035
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	150,000	0
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	854	0
PNM | Senior Unsecured Notes: | 5.92% due April 2053
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	50,000	0
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	290	0
PNM | Senior Unsecured Notes: | PNM 2022 $225.0 Million Term Loan due February 2024
Debt Instrument [Line Items]
Term loans	0	225,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	0	56
TNMP
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	(7,682)	(8,677)
Total	1,253,198	1,068,198
Principal, less current maturities	80,000	0
Unamortized Discounts, (Premiums), and Issuance Costs, net, Less current maturities	53	0
Long-term debt, excluding current maturities, gross	1,173,198	1,068,198
Unamortized Discounts, (Premiums), and Issuance Costs, net, excluding current maturities	(7,735)	(8,677)
TNMP | First Mortgage Bonds: | 6.95% due April 2043
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	93,198	93,198
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ (13,771)	(14,488)
Stated percentage	6.95%
TNMP | First Mortgage Bonds: | 4.03% due July 2024
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 80,000	80,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 53	158
Stated percentage	4.03%
TNMP | First Mortgage Bonds: | 3.53% due February 2026
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 60,000	60,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 174	256
Stated percentage	3.53%
TNMP | First Mortgage Bonds: | 3.22% due August 2027
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 60,000	60,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 209	266
Stated percentage	3.22%
TNMP | First Mortgage Bonds: | 3.85% due June 2028
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 60,000	60,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 281	344
Stated percentage	3.85%
TNMP | First Mortgage Bonds: | 3.79% due March 2034
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 75,000	75,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 385	422
Stated percentage	3.79%
TNMP | First Mortgage Bonds: | 3.92% due March 2039
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 75,000	75,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 429	457
Stated percentage	3.92%
TNMP | First Mortgage Bonds: | 4.06% due March 2044
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 75,000	75,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 456	479
Stated percentage	4.06%
TNMP | First Mortgage Bonds: | 3.60% due July 2029
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 80,000	80,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 330	391
Stated percentage	3.60%
TNMP | First Mortgage Bonds: | 2.73% due April 2030
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 85,000	85,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 530	616
Stated percentage	2.73%
TNMP | First Mortgage Bonds: | 3.36% due April 2050
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 25,000	25,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 218	226
Stated percentage	3.36%
TNMP | First Mortgage Bonds: | 2.93% due July 2035
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 25,000	25,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 191	208
Stated percentage	2.93%
TNMP | First Mortgage Bonds: | 3.36% due July 2050
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 50,000	50,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 441	457
Stated percentage	3.36%
TNMP | First Mortgage Bonds: | 2.44% due August 2035
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 65,000	65,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 418	454
Stated percentage	2.44%
TNMP | First Mortgage Bonds: | 4.13% due May 2052
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 65,000	65,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 424	439
Stated percentage	4.13%
TNMP | First Mortgage Bonds: | 3.81% due July 2032
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 95,000	95,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 572	638
Stated percentage	3.81%
TNMP | First Mortgage Bonds: | 5.01% due April 2033
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 130,000	0
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 682	0
Stated percentage	5.01%
TNMP | First Mortgage Bonds: | 5.47% due July 2053
Debt Instrument [Line Items]
Unsecured long-term debt, noncurrent	$ 55,000	0
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 296	0
Stated percentage	5.47%
PNMR
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 849	388
Total	1,000,000	1,000,000
Principal, less current maturities	0	0
Unamortized Discounts, (Premiums), and Issuance Costs, net, Less current maturities	0	0
Long-term debt, excluding current maturities, gross	1,000,000	1,000,000
Unamortized Discounts, (Premiums), and Issuance Costs, net, excluding current maturities	849	388
PNMR | PNMR 2021 Delayed-Draw Term Loan due May 2025
Debt Instrument [Line Items]
Term loans	500,000	1,000,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	114	388
PNMR | PNMR 2023 Term Loan due June 2026
Debt Instrument [Line Items]
Term loans	500,000	0
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 735	$ 0

Financing - Long-term Debt Matu

Financing - Long-term Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Long-term Debt, by Maturity [Abstract]
2024	$ 280,529
2025	860,907
2026	667,648
2027	67,721
2028	301,162
Thereafter	2,347,776
Total	4,525,743	$ 4,077,543
PNMR
Long-term Debt, by Maturity [Abstract]
2024	0
2025	500,000
2026	500,000
2027	0
2028	0
Thereafter	0
Total	1,000,000	1,000,000
PNM
Long-term Debt, by Maturity [Abstract]
2024	200,529
2025	360,907
2026	107,648
2027	7,721
2028	241,162
Thereafter	1,354,578
Total	2,272,545	2,009,345
TNMP
Long-term Debt, by Maturity [Abstract]
2024	80,000
2025	0
2026	60,000
2027	60,000
2028	60,000
Thereafter	993,198
Total	$ 1,253,198	$ 1,068,198

Lease Commitments - Narrative (

Lease Commitments - Narrative (Details) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Oct. 25, 2023 batteryStorageAgreement

Sep. 29, 2022 USD ($)

Jan. 31, 2024 USD ($)

Jan. 31, 2023 USD ($)

Sep. 30, 2023 batteryStorageAgreement MW

Dec. 31, 2022 USD ($) batteryStorageAgreement

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Apr. 02, 2021 lease

Jan. 15, 2016 lease

Jan. 15, 2015 lease

Lessee, Lease, Description [Line Items]

Decrease in Inventories

$ 6,430

$ (31,301)

$ (8,528)

$ 1,356

Unamortized cost of prepaid right-of-way agreements

$ 54,600

56,200

54,600

Amortization of prepaid right-of-way agreements

3,500

3,800

3,700

Operating lease assets, net of amortization

$ 55,982

$ 182,201

55,982

Non-lease component, percent of lease liability

25.50%

Lessee, operating lease, unguaranteed residual value

$ 24,900

Lease not yet commenced, expected fixed consideration

$ 961,000

Lease not yet commenced, term

20 years

Materials, Supplies, and Fuel Stock

Lessee, Lease, Description [Line Items]

Decrease in Inventories

$ 5,300

PNM

Lessee, Lease, Description [Line Items]

Number of leases under which lease term was extended | lease

5

Decrease in Inventories

$ (25,681)

(4,804)

2,531

Number of battery storage agreements | batteryStorageAgreement

3

2

Operating lease assets, net of amortization

$ 52,556

180,370

52,556

Lessee, operating lease, unguaranteed residual value

12,600

TNMP

Lessee, Lease, Description [Line Items]

Decrease in Inventories

(5,620)

(3,723)

$ (1,175)

Operating lease assets, net of amortization

$ 3,426

1,814

$ 3,426

Lessee, operating lease, unguaranteed residual value

12,300

Palo Verde Nuclear Generating Station, Units 1 And 4 | PNM

Lessee, Lease, Description [Line Items]

Number of leases expiring | lease

4

Number of leases under which lease term was extended | lease

4

Palo Verde Nuclear Generating Station, Unit 2 | PNM

Lessee, Lease, Description [Line Items]

Number of leases expiring | lease

4

Number of leases under which lease term was extended | lease

1

Annual lease payments during renewal period

800

Navajo Nation | PNM

Lessee, Lease, Description [Line Items]

Right-of-way lease, annual payments

6,000

Right-of-way lease, payments

8,300

PNM Owned Assets

Lessee, Lease, Description [Line Items]

Proceeds from sale of assets

33,700

PNM Owned Assets | Subsequent Event

Lessee, Lease, Description [Line Items]

Proceeds from sale of assets

$ 3,500

Net Utility Plant

Lessee, Lease, Description [Line Items]

Proceeds from sale of assets

$ 28,400

Nuclear Fuel | Net Utility Plant | Subsequent Event

Lessee, Lease, Description [Line Items]

Proceeds from sale of assets

3,000

Nuclear Fuel | Materials and supplies | Subsequent Event

Lessee, Lease, Description [Line Items]

Proceeds from sale of assets

$ 500

Equipment

Lessee, Lease, Description [Line Items]

Operating lease, residual value of leased asset

1,800

Equipment | PNM

Lessee, Lease, Description [Line Items]

Operating lease, residual value of leased asset

800

Equipment | TNMP

Lessee, Lease, Description [Line Items]

Operating lease, residual value of leased asset

1,000

Battery Storage

Lessee, Lease, Description [Line Items]

Number of battery storage agreements | batteryStorageAgreement

2

Term of lease

20 years

Operating lease assets, net of amortization

$ 138,000

Battery Storage | PNM

Lessee, Lease, Description [Line Items]

Number of megawatts in battery storage facilities (in megawatts) | MW

170

Lease Commitments - Operating L

Lease Commitments - Operating Lease Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating leases:
Operating lease assets, net of amortization	$ 182,201	$ 55,982
Current portion of operating lease liabilities	12,267	18,781
Long-term portion of operating lease liabilities	167,000	41,336
PNM
Operating leases:
Operating lease assets, net of amortization	180,370	52,556
Current portion of operating lease liabilities	11,371	17,239
Long-term portion of operating lease liabilities	166,191	39,633
TNMP
Operating leases:
Operating lease assets, net of amortization	1,814	3,426
Current portion of operating lease liabilities	895	1,543
Long-term portion of operating lease liabilities	$ 809	$ 1,703

Lease Commitments - Finance Lea

Lease Commitments - Finance Lease Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing leases:
Non-utility property	$ 49,981	$ 39,738
Accumulated depreciation	(23,905)	(16,189)
Non-utility property, net	26,076	23,549
Other current liabilities	$ 8,776	$ 7,363
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Other deferred credits	$ 17,326	$ 16,123
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other deferred credits	Other deferred credits
PNM
Financing leases:
Non-utility property	$ 25,425	$ 19,324
Accumulated depreciation	(11,984)	(7,726)
Non-utility property, net	13,441	11,598
Other current liabilities	$ 4,146	$ 3,441
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Other deferred credits	$ 9,300	$ 8,079
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other deferred credits	Other deferred credits
TNMP
Financing leases:
Non-utility property	$ 24,487	$ 20,084
Accumulated depreciation	(11,869)	(8,202)
Non-utility property, net	12,618	11,882
Other current liabilities	$ 4,616	$ 3,867
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Other deferred credits	$ 8,023	$ 8,028
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other deferred credits	Other deferred credits

Lease Commitments - Schedule of

Lease Commitments - Schedule of Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Weighted average remaining lease term (years):
Operating leases	16 years 7 months 24 days	6 years 5 months 23 days
Financing leases	3 years 5 months 12 days	3 years 8 months 4 days
Weighted average discount rate:
Operating leases	5.60%	4%
Financing leases	4.58%	3.44%
PNM
Weighted average remaining lease term (years):
Operating leases	16 years 9 months 14 days	6 years 8 months 26 days
Financing leases	3 years 9 months 21 days	3 years 11 months 26 days
Weighted average discount rate:
Operating leases	5.61%	4.01%
Financing leases	4.54%	3.36%
TNMP
Weighted average remaining lease term (years):
Operating leases	1 year 7 months 24 days	2 years 1 month 28 days
Financing leases	3 years 29 days	3 years 4 months 20 days
Weighted average discount rate:
Operating leases	4.16%	3.94%
Financing leases	4.63%	3.53%

Lease Commitments - Components

Lease Commitments - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating lease cost:
Operating lease cost:		$ 28,835
Amounts capitalized	$ (1,672)	(2,417)
Other operating leases	15,285	26,418
Financing lease cost:
Amortization of right-of-use assets	9,253	6,529
Interest on lease liabilities	1,060	659
Amounts capitalized	(7,440)	(5,471)
Total financing lease expense	2,873	1,717
Variable lease expense	1,342	890
Short-term lease expense (1)	782	3,109
Total lease expense for the period	20,282	32,134
Cooling Towers
Financing lease cost:
Short-term lease expense (1)		2,700
Insurance settlements receivable		2,700
Battery storage leases
Operating lease cost:
Operating lease cost:	4,351
Other operating leases
Operating lease cost:
Operating lease cost:	12,606
PNM
Operating lease cost:
Operating lease cost:		26,764
Amounts capitalized	(374)	(690)
Other operating leases	15,104	26,074
Financing lease cost:
Amortization of right-of-use assets	4,566	3,175
Interest on lease liabilities	562	327
Amounts capitalized	(3,190)	(2,264)
Total financing lease expense	1,938	1,238
Variable lease expense	1,342	890
Short-term lease expense (1)	675	3,058
Total lease expense for the period	19,059	31,260
PNM | Battery storage leases
Operating lease cost:
Operating lease cost:	4,351
PNM | Other operating leases
Operating lease cost:
Operating lease cost:	11,127
TNMP
Operating lease cost:
Operating lease cost:		2,020
Amounts capitalized	(1,298)	(1,728)
Other operating leases	181	292
Financing lease cost:
Amortization of right-of-use assets	4,634	3,279
Interest on lease liabilities	497	330
Amounts capitalized	(4,250)	(3,208)
Total financing lease expense	881	401
Variable lease expense	0	0
Short-term lease expense (1)	29	5
Total lease expense for the period	1,091	$ 698
TNMP | Battery storage leases
Operating lease cost:
Operating lease cost:	0
TNMP | Other operating leases
Operating lease cost:
Operating lease cost:	$ 1,479

Lease Commitments - Schedule _2

Lease Commitments - Schedule of Supplemental Cash Flows Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 21,685	$ 25,984
Operating cash flows from financing leases	256	141
Financing cash flows from financing leases	2,527	1,711
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	138,210	3,103
Financing leases	11,828	8,266
PNM
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	21,575	25,687
Operating cash flows from financing leases	183	96
Financing cash flows from financing leases	1,671	1,123
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	138,204	2,924
Financing leases	6,421	4,205
TNMP
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	110	246
Operating cash flows from financing leases	73	43
Financing cash flows from financing leases	802	499
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	6	179
Financing leases	$ 5,407	$ 4,061

Lease Commitments - Schedule _3

Lease Commitments - Schedule of Future Expected Lease Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Financing
2024	$ 9,746
2025	7,598
2026	5,870
2027	3,240
2028	1,199
Later years	651
Total minimum lease payments	28,304
Less: Imputed interest	2,202
Lease liabilities	26,102
Battery Storage
Other
2024	11,786
2025	11,786
2026	11,786
2027	11,786
2028	11,786
Later years	172,254
Total minimum lease payments	231,184
Less: Imputed interest	94,563
Lease liabilities	136,621
Other
Other
2024	8,991
2025	7,857
2026	7,101
2027	7,029
2028	7,032
Later years	10,587
Total minimum lease payments	48,597
Less: Imputed interest	5,951
Lease liabilities	42,646
PNM
Financing
2024	4,649
2025	3,605
2026	3,089
2027	1,859
2028	889
Later years	614
Total minimum lease payments	14,705
Less: Imputed interest	1,259
Lease liabilities	13,446
PNM | Battery Storage
Other
2024	11,786
2025	11,786
2026	11,786
2027	11,786
2028	11,786
Later years	172,254
Total minimum lease payments	231,184
Less: Imputed interest	94,563
Lease liabilities	136,621
PNM | Other
Other
2024	8,046
2025	7,087
2026	7,025
2027	7,029
2028	7,032
Later years	10,587
Total minimum lease payments	46,806
Less: Imputed interest	5,865
Lease liabilities	40,941
TNMP
Financing
2024	5,083
2025	3,991
2026	2,781
2027	1,381
2028	310
Later years	37
Total minimum lease payments	13,583
Less: Imputed interest	944
Lease liabilities	12,639
Other
2024	945
2025	770
2026	76
2027	0
2028	0
Later years	0
Total minimum lease payments	1,791
Less: Imputed interest	87
Lease liabilities	$ 1,704

Fair Value of Derivative and _3

Fair Value of Derivative and Other Financial Instruments - Narrative (Details)		1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 17, 2023 MW	Jun. 30, 2022 MW	Dec. 31, 2023 USD ($) MW	Dec. 31, 2023 USD ($) MW	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) MW power_purchase_agreement	May 31, 2022 MW	Jan. 01, 2018 MW
Debt Securities, Available-for-sale [Line Items]
Contractual Liability			$ 0	$ 0	$ 15,288,000
Existing Cash Collateral			0	0	0
Net Exposure			$ 0	0	13,087,000
Available for sale securities realized impairment losses				$ 19,100,000	(25,800,000)	$ 700,000
Minimum
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets distribution period				10 years
Maximum
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets distribution period				15 years
Equity Securities | Pension Plan
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets			35%	35%
Alternative Investments | Pension Plan
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets			15%	15%
Fixed income | Pension Plan
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets			50%	50%
PNM
Debt Securities, Available-for-sale [Line Items]
Number of purchase power agreements | power_purchase_agreement						3
Number of purchase power agreement not considered derivatives | power_purchase_agreement						2
Expected exposure to market risk (in megawatts) | MW			65	65				65
Power to be sold to third party (in megawatts) | MW			36	36			50	36
Amounts recognized for the legal right to reclaim cash collateral			$ 0	$ 0	0
Amounts posted as cash collateral under margin arrangements			200,000	200,000	10,500,000
Obligations to return cash collateral					200,000
PNM | Commodity Contract | Designated as hedging instrument
Debt Securities, Available-for-sale [Line Items]
Derivative asset, fair value, gross liability			0	0
Derivative asset, fair value, gross asset			0	0
Other current assets			826,000	826,000	9,780,000
Current derivative liability			0	0	19,209,000
PNM | Fuel and purchased power costs | Commodity Contract | Designated as hedging instrument
Debt Securities, Available-for-sale [Line Items]
Other current assets			800,000	800,000	9,800,000
Current derivative liability			$ 0	$ 0	19,200,000
PNM | Portfolio One
Debt Securities, Available-for-sale [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	420	85				85
PNM | Portfolio Two
Debt Securities, Available-for-sale [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW			40	375		40
PNM | Portfolio Three
Debt Securities, Available-for-sale [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW						150
PNM | Tri-State
Debt Securities, Available-for-sale [Line Items]
Power to be sold to third party (in megawatts) | MW			100	100
TNMP | Equity Securities | Pension Plan
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets			16%	16%
TNMP | Alternative Investments | Pension Plan
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets			14%	14%
TNMP | Fixed income | Pension Plan
Debt Securities, Available-for-sale [Line Items]
Investment allocation targets			70%	70%
Measured on a recurring basis | PNM
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale			$ 444,408,000	$ 444,408,000	417,476,000
Nuclear Decommissioning Trust | Measured on a recurring basis | PNM
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale			361,000,000	361,000,000	325,300,000
Mine Reclamation Trust | Measured on a recurring basis | PNM
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale			71,100,000	71,100,000	77,500,000
SJGS Decommissioning Trust | Measured on a recurring basis | PNM
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale			$ 12,300,000	$ 12,300,000	$ 14,700,000

Fair Value of Derivative and _4

Fair Value of Derivative and Other Financial Instruments - Overview and Commodity Derivatives (Details) - PNM - Designated as hedging instrument - Commodity Contract - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Other current assets	$ 826	$ 9,780
Other current liabilities	0	(19,209)
Net	$ 826	$ (9,429)

Fair Value of Derivative and _5

Fair Value of Derivative and Other Financial Instruments - Schedule of Commodity Contract Volume Positions (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2023 MMBTU	Sep. 30, 2023 MWh	Dec. 31, 2023 MMBTU	Dec. 31, 2023 MWh
Commodity Contract | Designated as hedging instrument | PNM
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Economic Hedges (in mmbtu and mwh)	0	432,200	0	(15,360)

Fair Value of Derivative and _6

Fair Value of Derivative and Other Financial Instruments - Schedule of Contingent Requirement to Provide Collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Contractual Liability	$ 0	$ 15,288
Existing Cash Collateral	0	0
Net Exposure	$ 0	$ 13,087

Fair Value of Derivative and _7

Fair Value of Derivative and Other Financial Instruments - Investment in NDT and Gross Realized Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity securities:
Net gains (losses) from equity securities sold	$ 1,086	$ (6,940)	$ 8,738
Net gains (losses) from equity securities still held	14,152	(38,025)	(442)
Total net gains (losses) on equity securities	15,238	(44,965)	8,296
Available-for-sale debt securities:
Net gains (losses) on debt securities	4,008	(33,392)	8,554
Net gains (losses) on investment securities	19,246	(78,357)	16,850
PNM
Available-for-sale debt securities:
Net gains (losses) on debt securities	(19,100)	25,800	(700)
Proceeds from sales	574,199	526,448	459,867
Gross realized gains	18,618	22,071	39,408
Gross realized (losses)	$ (32,649)	$ (36,623)	$ (22,815)

Fair Value of Derivative and _8

Fair Value of Derivative and Other Financial Instruments - Maturities of Securities (Details) - PNMR and PNM $ in Thousands	Dec. 31, 2023 USD ($)
Available-for-Sale
Within 1 year	$ 40,573
After 1 year through 5 years	55,423
After 5 years through 10 years	51,825
After 10 years through 15 years	16,400
After 15 years through 20 years	9,775
After 20 years	36,828
Debt securities, available-for-sale	$ 210,824

Fair Value of Derivative and _9

Fair Value of Derivative and Other Financial Instruments - Items Recorded at Fair Value (Details) - PNM - Measured on a recurring basis - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	$ 444,408	$ 417,476
Unrealized Gains	14,316	9,986
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	93,873	66,843
Corporate stocks, common
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	77,422	40,103
Corporate stocks, preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	4,323	5,191
Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	57,966	66,359
U.S. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	35,113	45,905
Unrealized Gains	2,055	1,334
International government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	8,735	9,762
Unrealized Gains	104	1,117
Municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	53,436	43,136
Unrealized Gains	2,872	1,062
Corporate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	113,540	140,177
Unrealized Gains	9,285	6,473
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	264,287	219,740
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	93,873	66,843
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate stocks, common
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	77,422	40,103
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate stocks, preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	504	790
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	57,966	66,359
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	34,522	45,645
Quoted Prices in Active Markets for Identical Assets (Level 1) | International government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	180,121	197,736
Significant Other Observable Inputs (Level 2) | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Significant Other Observable Inputs (Level 2) | Corporate stocks, common
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	0
Significant Other Observable Inputs (Level 2) | Corporate stocks, preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	3,819	4,401
Significant Other Observable Inputs (Level 2) | Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	0
Significant Other Observable Inputs (Level 2) | U.S. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	591	260
Significant Other Observable Inputs (Level 2) | International government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	8,735	9,762
Significant Other Observable Inputs (Level 2) | Municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	53,436	43,136
Significant Other Observable Inputs (Level 2) | Corporate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale	$ 113,540	$ 140,177

Fair Value of Derivative and_10

Fair Value of Derivative and Other Financial Instruments - Items not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
PNMR
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 4,260,509	$ 3,726,195
PNMR | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	4,521,811	4,077,387
PNM
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	2,107,588	1,789,186
PNM | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	2,261,780	2,000,900
TNMP
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,152,922	937,009
TNMP | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,260,880	$ 1,076,875

Fair Value of Derivative and_11

Fair Value of Derivative and Other Financial Instruments - Defined Benefit Plans Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PNM | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 407,211	$ 410,463	$ 576,707
PNM | Pension Plan | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	407,717
PNM | Pension Plan | Participation in PNMR Master Trust Investments: | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		409,970
PNM | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	73,392	70,301	95,805
PNM | Other Postretirement Benefits | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	73,383
PNM | Fair Value, Inputs, Level 1, 2 and 3 | Pension Plan | Participation in PNMR Master Trust Investments: | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	342,296	342,183
PNM | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		70,704
PNM | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits | Cash and cash equivalents | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	2,419	1,703
PNM | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits | Mutual funds | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	47,674	69,001
PNM | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Plan | Participation in PNMR Master Trust Investments: | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	136,474	143,911
PNM | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Postretirement Benefits | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		43,771
PNM | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Postretirement Benefits | Cash and cash equivalents | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	2,419	1,703
PNM | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Postretirement Benefits | Mutual funds | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	43,703	42,068
PNM | Significant Other Observable Inputs (Level 2) | Pension Plan | Participation in PNMR Master Trust Investments: | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	205,822	198,272
PNM | Significant Other Observable Inputs (Level 2) | Other Postretirement Benefits | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		26,933
PNM | Significant Other Observable Inputs (Level 2) | Other Postretirement Benefits | Cash and cash equivalents | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
PNM | Significant Other Observable Inputs (Level 2) | Other Postretirement Benefits | Mutual funds | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	3,971	26,933
PNM | Fair Value Measured at Net Asset Value Per Share | Pension Plan | Uncategorized Investment | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	65,421	67,787
PNM | Fair Value Measured at Net Asset Value Per Share | Other Postretirement Benefits | Uncategorized Investment | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	23,290
TNMP | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	41,353	43,447	62,942
TNMP | Pension Plan | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	41,128
TNMP | Pension Plan | Participation in PNMR Master Trust Investments: | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		44,050
TNMP | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	8,353	8,718	$ 12,593
TNMP | Fair Value, Inputs, Level 1, 2 and 3 | Pension Plan | Participation in PNMR Master Trust Investments: | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	35,870	38,617
TNMP | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		8,722
TNMP | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits | Participation in PNMR Master Trust Investments: | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	50,093
TNMP | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits | Cash and cash equivalents | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	162	149
TNMP | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits | Mutual funds | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	8,241	8,573
TNMP | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits | Investments Categorized Within Fair Value Hierarchy | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	8,403
TNMP | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Plan | Participation in PNMR Master Trust Investments: | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	12,192	13,556
TNMP | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Postretirement Benefits | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		8,167
TNMP | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Postretirement Benefits | Participation in PNMR Master Trust Investments: | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	46,122
TNMP | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Postretirement Benefits | Cash and cash equivalents | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	162	149
TNMP | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Postretirement Benefits | Mutual funds | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	7,806	8,018
TNMP | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Postretirement Benefits | Investments Categorized Within Fair Value Hierarchy | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	7,968
TNMP | Significant Other Observable Inputs (Level 2) | Pension Plan | Participation in PNMR Master Trust Investments: | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	23,678	25,061
TNMP | Significant Other Observable Inputs (Level 2) | Other Postretirement Benefits | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		555
TNMP | Significant Other Observable Inputs (Level 2) | Other Postretirement Benefits | Participation in PNMR Master Trust Investments: | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	3,971
TNMP | Significant Other Observable Inputs (Level 2) | Other Postretirement Benefits | Cash and cash equivalents | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
TNMP | Significant Other Observable Inputs (Level 2) | Other Postretirement Benefits | Mutual funds | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	435	555
TNMP | Significant Other Observable Inputs (Level 2) | Other Postretirement Benefits | Investments Categorized Within Fair Value Hierarchy | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	435
TNMP | Fair Value Measured at Net Asset Value Per Share | Pension Plan | Uncategorized Investment | Estimate of Fair Value Measurement | Measured on a recurring basis
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	5,258	5,433
PNMR
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 448,845	$ 454,020
PNMR | Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List]	Fair Value Measured at Net Asset Value Per Share	Fair Value Measured at Net Asset Value Per Share
PNMR | Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List]	Fair Value Measured at Net Asset Value Per Share	Fair Value Measured at Net Asset Value Per Share
PNMR | Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List]	Fair Value Measured at Net Asset Value Per Share	Fair Value Measured at Net Asset Value Per Share
PNMR | Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 378,166	$ 380,800
PNMR | Fair Value, Inputs, Level 1, 2 and 3 | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	13,995	17,106
PNMR | Fair Value, Inputs, Level 1, 2 and 3 | Corporate stocks, common
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	27,167	53,661
PNMR | Fair Value, Inputs, Level 1, 2 and 3 | Corporate stocks, preferred
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	741	639
PNMR | Fair Value, Inputs, Level 1, 2 and 3 | Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	159,281	135,200
PNMR | Fair Value, Inputs, Level 1, 2 and 3 | U.S. government
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	61,684	62,637
PNMR | Fair Value, Inputs, Level 1, 2 and 3 | International government
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	4,713	3,318
PNMR | Fair Value, Inputs, Level 1, 2 and 3 | Municipals
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	5,071	4,922
PNMR | Fair Value, Inputs, Level 1, 2 and 3 | Corporate and other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	105,514	103,317
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	148,666	157,467
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	13,995	17,106
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate stocks, common
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	27,167	53,661
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate stocks, preferred
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	741	639
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	49,219	27,412
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	57,544	58,649
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | International government
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipals
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
PNMR | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate and other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
PNMR | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	229,500	223,333
PNMR | Significant Other Observable Inputs (Level 2) | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
PNMR | Significant Other Observable Inputs (Level 2) | Corporate stocks, common
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
PNMR | Significant Other Observable Inputs (Level 2) | Corporate stocks, preferred
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
PNMR | Significant Other Observable Inputs (Level 2) | Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	110,062	107,788
PNMR | Significant Other Observable Inputs (Level 2) | U.S. government
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	4,140	3,988
PNMR | Significant Other Observable Inputs (Level 2) | International government
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	4,713	3,318
PNMR | Significant Other Observable Inputs (Level 2) | Municipals
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	5,071	4,922
PNMR | Significant Other Observable Inputs (Level 2) | Corporate and other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	105,514	103,317
PNMR | Fair Value Measured at Net Asset Value Per Share | Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	5,617	6,691
PNMR | Fair Value Measured at Net Asset Value Per Share | Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	35,137	33,258
PNMR | Fair Value Measured at Net Asset Value Per Share | Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 29,925	$ 33,271

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) MW	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 31, 2016 USD ($)
Results of Operations
Earnings attributable to non-controlling interest	$ 18,533	$ 15,122	$ 15,490
Financial Position
Current assets	475,543	410,978
Total assets	10,252,605	9,257,377	8,666,885
Current liabilities	1,230,760	890,370
Non-controlling interest in Valencia	49,958	52,994
PNM
Results of Operations
Earnings attributable to non-controlling interest	18,533	15,122	15,490
Financial Position
Current assets	377,837	345,645
Total assets	6,813,065	6,272,166
Current liabilities	839,194	692,155
Non-controlling interest in Valencia	$ 49,958	52,994
PNM | Valencia
Variable Interest Entity [Line Items]
Number of megawatts purchased (in megawatts) | MW	155
Payment for fixed charges	$ 20,300	19,500	19,800
Payment for variable charges	$ 5,200	1,900	1,900
Purchase price, percentage of the book value reduced by related indebtedness	50%
Purchase price, percentage of fair market value	50%
Results of Operations
Operating revenues	$ 25,421	21,403	21,624
Operating expenses	6,896	6,281	6,134
Other Misc (Income)/Expense	(8)	0	0
Earnings attributable to non-controlling interest	18,533	15,122	$ 15,490
Financial Position
Current assets	3,422	3,429
Net property, plant and equipment	47,253	50,094
Total assets	50,675	53,523
Current liabilities	717	529
Non-controlling interest in Valencia	$ 49,958	$ 52,994
PNM | Maximum | Valencia
Variable Interest Entity [Line Items]
Option to purchase a percentage of the plant or VIE (up to )	50%
NM Capital | Coal Supply | San Juan Generating Station
Financial Position
Issuance in letters of credit	$ 30,300			$ 30,300

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Impact on Balance Sheet (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Regulatory assets	$ 73,046,000	$ 20,265,000
Current maturities of long-term debt	280,169,000	184,793,000
Long-Term Debt	4,241,642,000	3,892,594,000
PNM
Variable Interest Entity [Line Items]
Regulatory assets	72,996,000	18,333,000
Restricted Cash (included in Other Deferred Charges)	0	0
Current maturities of long-term debt	200,222,000	184,793,000
Long-Term Debt	2,061,558,000	$ 1,816,107,000
ETBC I | PNM
Variable Interest Entity [Line Items]
Regulatory assets	2,724,000
Restricted Cash (included in Other Deferred Charges)	1,728,000
Securitized Cost (included in Deferred Regulatory Assets)	340,629,000
Current maturities of long-term debt	2,529,000
Accrued Interest	2,502,000
Long-Term Debt	$ 338,521,000

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($)		12 Months Ended
	Jan. 01, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets		4%
Amortization of gains and losses that are outside the corridor		5 years
Maximum annual contributions per employee		75%
Employer matching contribution, percent of employees' gross pay		6%
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-matching contribution of eligible compensation based on eligible employee's age		3%
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-matching contribution of eligible compensation based on eligible employee's age		10%
PNM
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Rate of return		10.20%
TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Rate of return		7.22%
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term return resulting from effect of 1% change		1%
Expected long-term return resulting from effect of one-percentage point increase		1%
Expected future employer contributions, year two through four		$ 0
Expected future employer contributions, after year four		$ 200,000
Weighted average discount rate related to anticipated contributions		5.47%
Pension Plan | Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets		35%
Pension Plan | Fixed income
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets		50%
Pension Plan | Alternative Investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets		15%
Pension Plan | PNM
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets		6.30%	5.50%	5.50%
Expected long-term return on assets decrease resulting in increase net periodic costs In next fiscal year		$ 4,500,000
Actuarial gains (losses) recorded as regulatory assets and liabilities		6,193,000
Employer contributions		$ 0	$ 0
Pension Plan | TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets		5.50%	4.40%	5.50%
Expected long-term return on assets decrease resulting in increase net periodic costs In next fiscal year		$ 500,000
Actuarial gains (losses) recorded as regulatory assets and liabilities		(1,005,000)
Employer contributions		$ 0	$ 0
Pension Plan | TNMP | Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets		16%
Pension Plan | TNMP | Fixed income
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets		70%
Pension Plan | TNMP | Alternative Investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets		14%
Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term return resulting from effect of 1% change		1%
Other Postretirement Benefits | Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets		30%
Other Postretirement Benefits | Fixed income
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets		70%
Other Postretirement Benefits | PNM
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets		5.90%	4.75%	4.75%
Expected long-term return on assets decrease resulting in increase net periodic costs In next fiscal year		$ 800,000
Rate of return		11.40%
Actuarial gains (losses) recorded as regulatory assets and liabilities		$ (4,400,000)
Employer matching contribution, maximum	5%
Employer contributions		$ 157,000	$ 2,617,000
Other Postretirement Benefits | TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected return on plan assets		4.70%	3.80%	3.80%
Expected long-term return on assets decrease resulting in increase net periodic costs In next fiscal year		$ 100,000
Rate of return		2%
Actuarial gains (losses) recorded as regulatory assets and liabilities		$ (100,000)
Effect of 1%-point change in assumed health care cost trend rates on net periodic expense and APBO		0
Employer contributions		0	$ 0
Other Postretirement Benefits | PNM and TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions		0	0
Expected employer contributions in fiscal year through year 5		0	0
Expected employer disbursements for next fiscal year		200,000
Expected employer disbursements by employer in year 2 through year 5		10,100,000
Executive Retirement Program | PNM
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actuarial gains (losses) recorded as regulatory assets and liabilities		(411,000)
Expected disbursements by employer		1,300,000	1,300,000
Executive Retirement Program | TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actuarial gains (losses) recorded as regulatory assets and liabilities		(13,000)
Expected disbursements by employer		$ 100,000	$ 100,000
Non-US | Pension Plan | Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment allocation targets		13%

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - APBO, PBO, Fair Value of Plan Assets, and Funded Status of the Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Accrued pension liability and postretirement benefit cost	$ 21,429	$ 32,799
PNM
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Accrued pension liability and postretirement benefit cost	19,949	32,007
PNM | Pension Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	433,645	584,061
Service cost	0	0	$ 0
Interest cost	23,653	16,857	16,143
Actuarial (gain) loss	4,290	(118,552)
Benefits paid	(42,931)	(48,721)
Settlements	0	0
Balance at end of year	418,657	433,645	584,061
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	410,463	576,707
Actual return on plan assets	39,679	(117,523)
Employer contributions	0	0
Benefits paid	(42,931)	(48,721)
Settlements	0	0
Fair value of plan assets at end of year	407,211	410,463	576,707
Funded status – asset (liability) for pension benefits	(11,446)	(23,182)
PNM | Other Postretirement Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	49,950	66,984
Service cost	0	10	23
Interest cost	2,703	1,914	1,907
Participant contributions	1,592	1,431
Actuarial (gain) loss	(1,608)	(14,829)
Benefits paid	(6,420)	(6,396)
Curtailment loss	0	836	0
Balance at end of year	46,217	49,950	66,984
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	70,301	95,805
Actual return on plan assets	7,762	(23,156)
Employer contributions	157	2,617
Participant contributions	1,592	1,431
Benefits paid	(6,420)	(6,396)
Fair value of plan assets at end of year	73,392	70,301	95,805
Funded status – asset (liability) for pension benefits	27,175	20,351
PNM | Executive Retirement Program
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	10,042	12,612
Service cost	0	0	0
Interest cost	540	362	363
Actuarial (gain) loss	411	(1,628)
Benefits paid	(1,279)	(1,304)
Balance at end of year	9,714	10,042	12,612
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Less current liability	1,210	1,217
Accrued pension liability and postretirement benefit cost	8,504	8,825
TNMP
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Accrued pension liability and postretirement benefit cost	1,480	792
TNMP | Pension Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	43,961	59,609
Service cost	0	0	0
Interest cost	2,402	1,720	1,741
Actuarial (gain) loss	1,261	(11,711)
Benefits paid	(5,042)	(3,403)
Settlements	0	(2,254)
Balance at end of year	42,582	43,961	59,609
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	43,447	62,942
Actual return on plan assets	2,948	(13,838)
Employer contributions	0	0
Benefits paid	(5,042)	(3,403)
Settlements	0	(2,254)
Fair value of plan assets at end of year	41,353	43,447	62,942
Funded status – asset (liability) for pension benefits	(1,229)	(514)
TNMP | Other Postretirement Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	7,705	10,570
Service cost	21	38	45
Interest cost	425	307	308
Participant contributions	359	219
Actuarial (gain) loss	(282)	(2,788)
Benefits paid	(897)	(641)
Curtailment loss	0	0
Balance at end of year	7,331	7,705	10,570
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	8,718	12,593
Actual return on plan assets	173	(3,453)
Employer contributions	0	0
Participant contributions	359	219
Benefits paid	(897)	(641)
Fair value of plan assets at end of year	8,353	8,718	12,593
Funded status – asset (liability) for pension benefits	1,022	1,013
TNMP | Executive Retirement Program
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of year	344	406
Service cost	0	0	0
Interest cost	18	11	17
Actuarial (gain) loss	13	(2)
Benefits paid	(59)	(71)
Balance at end of year	316	344	$ 406
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Less current liability	64	66
Accrued pension liability and postretirement benefit cost	$ 252	$ 278

Pension and Other Postretirem_5

Pension and Other Postretirement Benefits - Actuarial (Gain) Loss Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
PNM | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rates	$ 8,806	$ (111,478)
Claims, contributions, and demographic experience	(1,777)	(7,074)
Mortality rate	(2,739)	0
Other assumptions and experience	0	0
Actuarial (gain) loss	4,290	(118,552)
PNM | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rates	868	(11,876)
Claims, contributions, and demographic experience	(2,171)	(2,985)
Assumed participation rate	0	0
Mortality rate	(305)	0
Dental trend assumption	0	32
Actuarial (gain) loss	(1,608)	(14,829)
TNMP | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rates	969	(11,697)
Claims, contributions, and demographic experience	538	(742)
Mortality rate	(239)	0
Other assumptions and experience	(7)	728
Actuarial (gain) loss	1,261	(11,711)
TNMP | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rates	174	(2,469)
Claims, contributions, and demographic experience	(423)	(319)
Assumed participation rate	0	0
Mortality rate	(33)	0
Dental trend assumption	0	0
Actuarial (gain) loss	$ (282)	$ (2,788)

Pension and Other Postretirem_6

Pension and Other Postretirement Benefits - Pre-Tax Information about Prior Service Cost and Net Actuarial (Gain) loss in AOCI (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
PNM | Pension Plan
Net actuarial (gain) loss
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year	$ 110,345
Experience (gain) loss	(6,193)
Regulatory asset (liability) adjustment	4,629
Amortization recognized in net periodic benefit (income)	(4,713)
Amounts in AOCI not yet recognized in net periodic benefit cost at end of year	104,068
PNM | Executive Retirement Program
Net actuarial (gain) loss
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year	995
Experience (gain) loss	411
Regulatory asset (liability) adjustment	(238)
Amortization recognized in net periodic benefit (income)	(64)
Amounts in AOCI not yet recognized in net periodic benefit cost at end of year	1,104
TNMP | Pension Plan
Net actuarial (gain) loss
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year	0
Experience (gain) loss	1,005
Regulatory asset (liability) adjustment	(1,005)
Amortization recognized in net periodic benefit (income)	0
Amounts in AOCI not yet recognized in net periodic benefit cost at end of year	0
TNMP | Executive Retirement Program
Net actuarial (gain) loss
Amounts in AOCI not yet recognized in net periodic benefit cost (income) at beginning of year	0
Experience (gain) loss	13
Regulatory asset (liability) adjustment	(13)
Amortization recognized in net periodic benefit (income)	0
Amounts in AOCI not yet recognized in net periodic benefit cost at end of year	$ 0

Pension and Other Postretirem_7

Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Income) Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PNM | Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 0	$ 0	$ 0
Interest cost	23,653	16,857	16,143
Expected return on plan assets	(29,196)	(28,563)	(28,531)
Amortization of net loss	10,583	15,794	18,166
Amortization of prior service cost	0	0	0
Net periodic benefit cost	5,040	4,088	5,778
PNM | Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	10	23
Interest cost	2,703	1,914	1,907
Expected return on plan assets	(4,969)	(4,351)	(4,167)
Amortization of net loss	0	0	0
Curtailment loss	0	836	0
Net periodic benefit cost	(2,266)	(1,591)	(2,237)
PNM | Executive Retirement Program
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	0
Interest cost	540	362	363
Amortization of net loss	152	327	395
Amortization of prior service cost	0	0	0
Net periodic benefit cost	692	689	758
TNMP | Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	0
Interest cost	2,402	1,720	1,741
Expected return on plan assets	(2,697)	(2,472)	(3,181)
Amortization of net loss	439	932	1,247
Amortization of prior service cost	0	0	0
Settlement loss	0	1,033	746
Net periodic benefit cost	144	1,213	553
TNMP | Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	21	38	45
Interest cost	425	307	308
Expected return on plan assets	(481)	(418)	(407)
Amortization of net loss	(760)	(520)	(322)
Curtailment loss	0	0
Net periodic benefit cost	(795)	(593)	(376)
TNMP | Executive Retirement Program
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	0
Interest cost	18	11	17
Amortization of net loss	0	0	33
Amortization of prior service cost	0	0	0
Net periodic benefit cost	$ 18	$ 11	$ 50

Pension and Other Postretirem_8

Pension and Other Postretirement Benefits - Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	4%
PNM | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining PBO and APBO	5.46%	5.74%	3%
Discount rate for determining net periodic benefit cost	5.74%	3%	2.66%
Expected return on plan assets	6.30%	5.50%	5.50%
PNM | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining PBO and APBO	5.48%	5.75%	2.99%
Discount rate for determining net periodic benefit cost	5.75%	2.99%	2.65%
Expected return on plan assets	5.90%	4.75%	4.75%
PNM | Executive Retirement Program
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining PBO and APBO	5.45%	5.73%	3.02%
Discount rate for determining net periodic benefit cost	5.73%	3.02%	2.68%
TNMP | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining PBO and APBO	5.47%	5.75%	3.01%
Discount rate for determining net periodic benefit cost	5.75%	3.01%	2.69%
Expected return on plan assets	5.50%	4.40%	5.50%
TNMP | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining PBO and APBO	5.48%	5.75%	2.99%
Discount rate for determining net periodic benefit cost	5.75%	2.99%	2.65%
Expected return on plan assets	4.70%	3.80%	3.80%
TNMP | Executive Retirement Program
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining PBO and APBO	5.47%	5.75%	3.01%
Discount rate for determining net periodic benefit cost	5.75%	3.01%	2.69%

Pension and Other Postretirem_9

Pension and Other Postretirement Benefits - Pension Benefit Payments are Expected to be Paid (Details) $ in Thousands	Dec. 31, 2023 USD ($)
PNM | Pension Plan
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2024	$ 41,797
2025	40,901
2026	39,447
2027	38,563
2028	37,245
2029 - 2033	167,079
PNM | Other Postretirement Benefits
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2024	5,305
2025	4,948
2026	4,710
2027	4,438
2028	4,213
2029 - 2033	17,817
PNM | Executive Retirement Program
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2024	1,243
2025	1,193
2026	1,136
2027	1,073
2028	1,006
2029 - 2033	3,987
TNMP | Pension Plan
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2024	4,219
2025	4,183
2026	4,169
2027	3,982
2028	3,897
2029 - 2033	16,789
TNMP | Other Postretirement Benefits
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2024	611
2025	612
2026	620
2027	609
2028	603
2029 - 2033	2,745
TNMP | Executive Retirement Program
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2024	66
2025	58
2026	51
2027	44
2028	37
2029 - 2033	$ 104

Pension and Other Postretire_10

Pension and Other Postretirement Benefits - Assumed Health Care Cost Trend Rates and Impact of a One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) - PNM - Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]
Health care cost trend rate assumed for next year	6%	6.25%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.75%	4.75%
Year that the rate reaches the ultimate trend rate	2029	2029

Pension and Other Postretire_11

Pension and Other Postretirement Benefits - Other Postretirement Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
401(k) plan
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
401(k) plan	$ 16,118	$ 15,844	$ 16,648
401(k) plan | PNM
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
401(k) plan	10,839	11,067	11,826
401(k) plan | TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
401(k) plan	5,279	4,776	4,823
Non-qualified plan
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-qualified plan	1,197	(1,027)	3,594
Non-qualified plan | PNM
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-qualified plan	825	(721)	2,622
Non-qualified plan | TNMP
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-qualified plan	$ 372	$ (305)	$ 972

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Equity Plan and Accounting for Stock Awards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 31, 2023	May 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for stock-based arrangements	$ 7.2	$ 7.9	$ 9.4
Restricted Shares and Performance-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 5.3
Period to recognize compensation expense	1 year 10 months 28 days
PNM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for stock-based arrangements	$ 4.8	5.3	6.4
TNMP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for stock-based arrangements	$ 2.4	$ 2.6	$ 3
Performance Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for awards	3 years
Vesting rate	100%
Number of shares authorized (in shares)				2,500,000	13,500,000
Charge to share pool for each share awarded	5
Performance Equity Plan | Nonemployee Members of the Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for awards	1 year

Stock-Based Compensation - Exce

Stock-Based Compensation - Excess Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PNM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefits	$ 185	$ (65)	$ 564
TNMP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefits	76	(26)	224
PNMR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefits	$ 261	$ (91)	$ 788

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Shares and Performance-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected quarterly dividends per share (in dollars per share)	$ 0.3675	$ 0.3475	$ 0.3275
Risk-free interest rate	4.46%	1.46%	0.32%
Market-Based Shares (1)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate			0.29%
Dividend yield			2.76%
Expected volatility			33.69%

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 05, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock
Restricted Stock, Shares
Beginning balance (in shares)		182,446
Granted (in shares)		230,141
Exercised (in shares)		(197,765)
Forfeited (in shares)		(2,742)
Ending balance (in shares)		212,080	182,446
Restricted Stock, Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)		$ 42.09
Granted (in dollars per share)		41.98	$ 41.04	$ 43.48
Exercised (in dollars per share)		43.98
Forfeited (in dollars per share)		42.89
Ending balance (in dollars per share)		40.33	42.09
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted-average grant date fair value (in dollars per share)		$ 41.98	$ 41.04	$ 43.48
Total fair value of restricted shares that vested		$ 8,698	$ 7,368	$ 8,617
Nonvested (in shares)		212,080	182,446
Restricted Stock | Retention Agreement | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Vesting period for awards	24 months
Restricted Stock | Retention Agreement | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Vesting period for awards	6 months
Restricted Stock | Chairman And Chief Executive Officer | Retention Agreement
Restricted Stock, Shares
Ending balance (in shares)	26,766
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Nonvested (in shares)	26,766
Restricted Stock | Senior Vice President And General Counsel | Retention Agreement
Restricted Stock, Shares
Ending balance (in shares)	8,922
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Nonvested (in shares)	8,922
Performance Shares | Executive
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Shares excluded in year two (in shares)			140,882
Shares excluded in year three (in shares)				139,242
Performance period		3 years
Performance Shares | Executive | Achieved Performance Target For 2018 Through 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Shares excluded (in shares)		100,991
Performance Shares | Executive | Achieved Performance Target for 2019 - 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Shares excluded (in shares)		80,492

Regulatory Assets and Liabili_3

Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Regulatory Assets
Current	$ 73,046	$ 20,265
Non-Current	914,381	846,686
Regulatory Liabilities
Current	(140,005)	(17,002)
Non-Current	(771,317)	(755,202)
PNM
Regulatory Assets
Current	72,996	18,333
Non-Current	838,727	763,941
Total regulatory assets	911,723	782,274
Regulatory Liabilities
Current	(134,846)	(7,913)
Non-Current	(565,021)	(556,989)
Total regulatory liabilities	(699,867)	(564,902)
PNM | SJGS Rate Reunds
Regulatory Liabilities
Current	(113,372)	0
PNM | PVNGS rate refunds
Regulatory Liabilities
Current	(19,194)	0
Non-Current	(19,194)	0
PNM | Renewable energy rider, including excess return
Regulatory Liabilities
Current	0	(5,076)
PNM | Energy efficiency costs
Regulatory Liabilities
Current	(1,454)	(2,837)
PNM | Transmission cost recovery factor
Regulatory Liabilities
Current	0	0
PNM | NMPRC hedging plan
Regulatory Liabilities
Current	(826)	0
PNM | Cost of removal
Regulatory Liabilities
Non-Current	(247,627)	(238,903)
PNM | Deferred income taxes
Regulatory Liabilities
Non-Current	(281,588)	(301,493)
PNM | Renewable energy tax benefits
Regulatory Liabilities
Non-Current	(14,463)	(15,610)
PNM | Pension and OPEB
Regulatory Liabilities
Non-Current	0	0
PNM | COVID-19 cost savings
Regulatory Liabilities
Non-Current	(900)	(900)
PNM | Other
Regulatory Liabilities
Non-Current	(1,249)	(83)
PNM | FPPAC
Regulatory Assets
Current	65,251	8,904
PNM | NMPRC hedging plan
Regulatory Assets
Current	0	9,429
PNM | Energy efficiency costs
Regulatory Assets
Current	0	0
PNM | Renewable energy rider
Regulatory Assets
Current	5,021	0
PNM | SJGS Energy Transition Property
Regulatory Assets
Current	2,724	0
Non-Current	340,629	343,238
PNM | SJGS - non-ETA
Regulatory Assets
Non-Current	122,246	129,285
PNM | PVNGS leased interest
Regulatory Assets
Non-Current	80,777	0
PNM | EIM
Regulatory Assets
Non-Current	18,731	13,102
PNM | TEP
Regulatory Assets
Non-Current	2,644	0
PNM | Loss on reacquired debt
Regulatory Assets
Non-Current	13,806	15,323
PNM | Pension and OPEB
Regulatory Assets
Non-Current	172,508	187,182
PNM | Deferred income taxes
Regulatory Assets
Non-Current	71,359	67,621
PNM | AMS surcharge
Regulatory Assets
Non-Current	0	0
PNM | AMS retirement and other costs
Regulatory Assets
Non-Current	0	0
PNM | Deferred COVID-19 costs
Regulatory Assets
Non-Current	5,664	5,664
PNM | Other
Regulatory Assets
Non-Current	10,363	2,526
TNMP
Regulatory Assets
Current	50	1,932
Non-Current	75,654	82,745
Total regulatory assets	75,704	84,677
Regulatory Liabilities
Current	(5,159)	(9,089)
Non-Current	(206,296)	(198,213)
Total regulatory liabilities	(211,455)	(207,302)
TNMP | SJGS Rate Reunds
Regulatory Liabilities
Current	0	0
TNMP | PVNGS rate refunds
Regulatory Liabilities
Current	0	0
Non-Current	0	0
TNMP | Renewable energy rider, including excess return
Regulatory Liabilities
Current	0	0
TNMP | Energy efficiency costs
Regulatory Liabilities
Current	0	0
TNMP | Transmission cost recovery factor
Regulatory Liabilities
Current	(5,159)	(9,089)
TNMP | NMPRC hedging plan
Regulatory Liabilities
Current	0	0
TNMP | Cost of removal
Regulatory Liabilities
Non-Current	(117,759)	(97,030)
TNMP | Deferred income taxes
Regulatory Liabilities
Non-Current	(83,459)	(94,994)
TNMP | Renewable energy tax benefits
Regulatory Liabilities
Non-Current	0	0
TNMP | Pension and OPEB
Regulatory Liabilities
Non-Current	(3,644)	(4,518)
TNMP | COVID-19 cost savings
Regulatory Liabilities
Non-Current	0	0
TNMP | Other
Regulatory Liabilities
Non-Current	(1,434)	(1,671)
TNMP | FPPAC
Regulatory Assets
Current	0	0
TNMP | NMPRC hedging plan
Regulatory Assets
Current	0	0
TNMP | Energy efficiency costs
Regulatory Assets
Current	50	1,932
TNMP | Renewable energy rider
Regulatory Assets
Current	0	0
TNMP | SJGS Energy Transition Property
Regulatory Assets
Current	0	0
Non-Current	0	0
TNMP | SJGS - non-ETA
Regulatory Assets
Non-Current	0	0
TNMP | PVNGS leased interest
Regulatory Assets
Non-Current	0	0
TNMP | EIM
Regulatory Assets
Non-Current	0	0
TNMP | TEP
Regulatory Assets
Non-Current	0	0
TNMP | Loss on reacquired debt
Regulatory Assets
Non-Current	25,019	26,317
TNMP | Pension and OPEB
Regulatory Assets
Non-Current	21,854	21,558
TNMP | Deferred income taxes
Regulatory Assets
Non-Current	8,882	9,193
TNMP | AMS surcharge
Regulatory Assets
Non-Current	0	6,254
TNMP | AMS retirement and other costs
Regulatory Assets
Non-Current	12,343	12,591
TNMP | Deferred COVID-19 costs
Regulatory Assets
Non-Current	0	1,053
TNMP | Other
Regulatory Assets
Non-Current	$ 7,556	$ 5,779

Construction Program and Join_3

Construction Program and Jointly-Owned Electric Generating Plants (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2024 MW	Jan. 31, 2023 MW	Dec. 31, 2023 USD ($) generatingUnit	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures			$ 1,075,812	$ 912,557	$ 935,016
Plant in Service			9,701,180	9,164,564
Accumulated Depreciation			2,755,823	2,659,952
PNM
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures			565,080	433,459	602,180
Plant in Service			6,151,510	6,007,464
Accumulated Depreciation			1,976,657	1,908,644
TNMP
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures			464,436	449,534	$ 311,909
Plant in Service			3,210,870	2,853,130
Accumulated Depreciation			582,140	$ 578,157
Joint Projects | PNM
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures			565,100
Joint Projects | TNMP
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures			464,400
Joint Projects | PNMR
Jointly Owned Utility Plant Interests [Line Items]
Construction expenditures			1,075,800
Palo Verde Nuclear Generating Station | PNM
Jointly Owned Utility Plant Interests [Line Items]
Plant in Service			800,338
Accumulated Depreciation			403,531
Construction Work in Progress			$ 25,380
Composite Interest		7.60%	7.56%	10.20%
Number of units (in generating units) | generatingUnit			3
Leased capacity | MW		104
Palo Verde Nuclear Generating Station | PNM | Subsequent Event
Jointly Owned Utility Plant Interests [Line Items]
Composite Interest	7.30%
Leased capacity | MW	10
Four Corners Units 4 and 5 (Coal) | PNM
Jointly Owned Utility Plant Interests [Line Items]
Plant in Service			$ 282,875
Accumulated Depreciation			102,520
Construction Work in Progress			$ 7,710
Composite Interest			13%
Luna (Gas) | PNM
Jointly Owned Utility Plant Interests [Line Items]
Plant in Service			$ 85,516
Accumulated Depreciation			34,893
Construction Work in Progress			$ 2,826
Composite Interest			33.33%
Four Corners | PNM
Jointly Owned Utility Plant Interests [Line Items]
Number of units (in generating units) | generatingUnit			2

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Retirement Obligations [Line Items]
ARO liabilities related to nuclear decommissioning	72%
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 223,377	$ 234,146	$ 183,421
Liabilities incurred	0	0	1,781
Liabilities settled	(3,482)	0	(142)
Accretion expense	10,218	10,767	9,308
Revisions to estimated cash flows	15,418	(21,536)	39,778
Ending balance	245,531	223,377	234,146
San Juan Generating Station
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Revisions to estimated cash flows		(21,500)	39,800
Palo Verde Nuclear Generating Station
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Revisions to estimated cash flows	15,400
PNM
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	222,549	233,383	182,718
Liabilities incurred	0	0	1,781
Liabilities settled	(3,482)	0	(142)
Accretion expense	10,148	10,702	9,248
Revisions to estimated cash flows	15,418	(21,536)	39,778
Ending balance	244,633	222,549	233,383
TNMP
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	828	763	703
Liabilities incurred	0	0	0
Liabilities settled	0	0	0
Accretion expense	70	65	60
Revisions to estimated cash flows	0	0	0
Ending balance	$ 898	$ 828	$ 763

Commitments and Contingencies -

Commitments and Contingencies - PVNGS Decommissioning Funding (Details) - PNM - Palo Verde Nuclear Generating Station - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Public Utilities, General Disclosures [Line Items]
Funding for decommissioning costs in qualified and non-qualified trust funds	$ 1.3	$ 1.3	$ 1.3
Estimated market value of trusts for decommissioning costs	$ 361	$ 325.3

Commitments and Contingencies_2

Commitments and Contingencies - Nuclear Spent Fuel and Waste Disposal (Details) - PNM - Palo Verde Nuclear Generating Station - Nuclear spent fuel and waste disposal - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Loss Contingencies [Line Items]
Estimate of possible loss			$ 55.6
Other deferred credits
Loss Contingencies [Line Items]
Liability for interim storage costs	$ 11	$ 12

Commitments and Contingencies_3

Commitments and Contingencies - Santa Fe Generating Station (Details)		1 Months Ended	24 Months Ended
	Jul. 20, 2020 numberOfAMIMeter	Oct. 31, 2019 numberOfAMIMeter	Dec. 31, 2014 monitoringWell
Commitments and Contingencies Disclosure [Abstract]
Number of monitoring wells containing free-phase hydrocarbon products | monitoringWell			1
Number of field work reports | numberOfAMIMeter	2	2

Commitments and Contingencies_4

Commitments and Contingencies - Coal Supply (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2016
Other Commitments [Line Items]
Coal requirement, minimum required payment, year one	$ 39.9
Coal requirement, minimum required payment, year two	81.8
Public Utilities, Coal Requirement, Coal requirement, minimum required payment, year three	83.8
Coal requirement, minimum required payment, year four	111.6
PNM | Loss on long-term purchase commitment | San Juan Generating Station
Other Commitments [Line Items]
Annual funding post-term reclamation trust	2.7	$ 10	$ 5.2
PNM | Mine Reclamation Trust | Four Corners
Other Commitments [Line Items]
Funds contributed to mine reclamation trust	0.2	2.4	$ 2.2
Funds contributed next fiscal year through year five	2.1
PNM | Mine Reclamation Trust | San Juan Generating Station And Four Corners
Other Commitments [Line Items]
Customer reclamation funding cost, maximum	100
PNM | Surface | Loss on long-term purchase commitment
Other Commitments [Line Items]
Liability for interim storage costs	50	62.6
PNM | Underground | Loss on long-term purchase commitment
Other Commitments [Line Items]
Liability for interim storage costs	26.2	$ 28.2
PNM | San Juan Generating Station | Surface | Loss on long-term purchase commitment
Other Commitments [Line Items]
Estimate of possible loss	53.6
PNM | San Juan Generating Station | Underground | Loss on long-term purchase commitment
Other Commitments [Line Items]
Estimate of possible loss	30.4
NM Capital | San Juan Generating Station | Coal Supply
Other Commitments [Line Items]
Coal mine reclamation bonds to be posted with NMMMD	118.7
Issuance in letters of credit	$ 30.3			$ 30.3

Commitments and Contingencies_5

Commitments and Contingencies - SJGS Decommissioning (Details) - Coal-Fired Electricity Generating Facility Demolition And Remediation Ordinance - San Juan Generating Station - PNM - USD ($) $ in Millions	Nov. 09, 2021	Dec. 31, 2023	Sep. 30, 2022
Public Utilities, General Disclosures [Line Items]
Initial funding requirement	$ 14.7
Surety bond		$ 46
Decrease in decommissioning obligation			$ 21.1

Commitments and Contingencies_6

Commitments and Contingencies - PVNG Liability and Insurance Matters (Details) - PNM - Palo Verde Nuclear Generating Station	12 Months Ended
	Dec. 31, 2023 USD ($) generatingUnit	Jan. 31, 2023 USD ($)
Public Utilities, General Disclosures [Line Items]
Number of units (in generating units) | generatingUnit	3
Nuclear Plant
Public Utilities, General Disclosures [Line Items]
Number of units (in generating units) | generatingUnit	3
Maximum potential assessment per incident	$ 37,700,000	$ 36,300,000
Annual payment limitation related to incident	5,600,000	5,400,000
Aggregate amount of all risk insurance	2,800,000,000
Sublimit amount for non-nuclear property damage losses	2,250,000,000
Retrospective premium assessment		$ 4,900,000
Nuclear Plant | Commercial Providers
Public Utilities, General Disclosures [Line Items]
Liability insurance coverage	500,000,000
Nuclear Plant | Industry Wide Retrospective Assessment Program
Public Utilities, General Disclosures [Line Items]
Liability insurance coverage	15,800,000,000
Nuclear Plant | Maximum
Public Utilities, General Disclosures [Line Items]
Liability insurance coverage	$ 16,300,000,000

Regulatory and Rate Matters - N

Regulatory and Rate Matters - New Mexico General Rate Cases (Details) $ in Thousands				12 Months Ended
	Jan. 03, 2024 USD ($)	Dec. 08, 2023 USD ($)	Dec. 05, 2022 USD ($) lease MW	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Public Utilities, General Disclosures [Line Items]
Operating Revenues				$ 1,939,198	$ 2,249,555	$ 1,779,873
Subsequent Event
Public Utilities, General Disclosures [Line Items]
Non-fuel based rate increase	$ 15,300
Regulatory liabilities return period	2 years
Subsequent Event | PVNGS leased interest
Public Utilities, General Disclosures [Line Items]
Regulatory liabilities	$ 38,400
Four Corners | Subsequent Event
Public Utilities, General Disclosures [Line Items]
Disallowance	$ 81,000
NM 2022 Rate Case
Public Utilities, General Disclosures [Line Items]
Requested return on equity		9.26%	10.25%
Requested equity capital structure, percentage		49.61%
Requested debt capital structure, percentage		50.10%
Requested preferred stock capital structure, percentage		0.29%
NM 2022 Rate Case | Palo Verde Nuclear Generating Station
Public Utilities, General Disclosures [Line Items]
Impairment		$ 84,800
Approved regulatory asset		51,300
Request regulatory asset		96,300
Disallowance of return		45,000
2024 Rate Change
Public Utilities, General Disclosures [Line Items]
Regulatory liabilities				19,200
Deferred Regulatory Liability				19,200
2024 Rate Change | PVNGS leased interest
Public Utilities, General Disclosures [Line Items]
Operating Revenues				(38,400)
2024 Rate Change | Subsequent Event
Public Utilities, General Disclosures [Line Items]
Regulatory liabilities return period	2 years
2024 Rate Change | Four Corners
Public Utilities, General Disclosures [Line Items]
Disallowance				55,500
2024 Rate Change | Palo Verde Nuclear Generating Station
Public Utilities, General Disclosures [Line Items]
Disallowance				8,200
PNM
Public Utilities, General Disclosures [Line Items]
Regulatory liabilities				699,867	564,902
Operating Revenues				$ 1,403,948	$ 1,766,825	$ 1,362,020
PNM | NM 2022 Rate Case
Public Utilities, General Disclosures [Line Items]
Recovery of base rate			$ 2,700,000
Requested return on equity			10.25%
Revenue deficiency driver, years of operation			6 years
Leased PVNGS capacity, expiration (in megawatts) | MW			114
Approved equity capital structure			52%
Approved debt capital structure			48%
Leases renewed | lease			5
Number of megawatts purchased (in megawatts) | MW			64.1
PNM | NM 2022 Rate Case | Non-Fuel Energy
Public Utilities, General Disclosures [Line Items]
Requested rate increase		$ 6,100	$ 63,800

Regulatory and Rate Matters -_2

Regulatory and Rate Matters - Renewable Energy Portfolio Standard (Details) $ in Millions			12 Months Ended
	Jun. 01, 2023 USD ($)	Jan. 01, 2023 USD ($)	Dec. 31, 2023 MW
Public Utilities, General Disclosures [Line Items]
Approved return on equity			10.075%
Allowed return on equity			9.575%
NMPRC
Public Utilities, General Disclosures [Line Items]
Return on equity			10.173%
PNM | Renewable Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Solar photovoltaic capacity (in mw)			158
Solar distributed generation (in mw)			281.6
PNM | Renewable energy rider
Public Utilities, General Disclosures [Line Items]
NMPRC-approved return on equity			0.50%
Allowed return on equity, additional			0.50%
PNM | NMPRC
Public Utilities, General Disclosures [Line Items]
Proposed revision to rider that will allow for recovery | $	$ 59	$ 61
New Mexico Wind | PNM | Renewable Portfolio Standard 2014
Public Utilities, General Disclosures [Line Items]
Wind energy capacity (in mw)			200
Red Mesa Wind | PNM | Renewable Portfolio Standard 2014
Public Utilities, General Disclosures [Line Items]
Wind energy capacity (in mw)			102
La Joya Wind | PNM | Renewable Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Wind energy capacity (in mw)			140
Lightning Dock Geothermal | PNM | Renewable Portfolio Standard
Public Utilities, General Disclosures [Line Items]
Geothermal energy capacity (in mw)			11

Regulatory and Rate Matters - S

Regulatory and Rate Matters - Schedule of Renewable Energy Rider (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PNM | Renewable energy rider | NMPRC
Public Utilities, General Disclosures [Line Items]
Revenue from renewable energy rider	$ 56.9	$ 60.3	$ 61.7

Regulatory and Rate Matters - E

Regulatory and Rate Matters - Energy Efficiency and Load Management (Details) - PNM $ in Millions	Apr. 17, 2023 USD ($) program	Apr. 15, 2020 USD ($) MMBTU GWh program
Energy Efficiency and Load Management Program
Public Utilities, General Disclosures [Line Items]
Number of programs | program	10	12
Program costs related to energy efficiency, in year one	$ 34.5	$ 31.4
Program costs related to energy efficiency, in year two	35.4	31
Program costs related to energy efficiency, in year three	$ 36.5	$ 29.6
2021 Energy Efficiency Annual Report | Disincentives and Incentives Added
Public Utilities, General Disclosures [Line Items]
Energy efficiency and load management programs targeted energy savings (in Gigawatts) | GWh		94
Minimum | Renewable Portfolio Standard
Public Utilities, General Disclosures [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 | Energy Efficiency and Load Management Program
Public Utilities, General Disclosures [Line Items]
Profit incentive sliding scale multiplier	0.0882

Regulatory and Rate Matters -_3

Regulatory and Rate Matters - SJGS Abandonment Application (Details) $ in Thousands

3 Months Ended

12 Months Ended

Dec. 15, 2023 USD ($)

Sep. 21, 2023 USD ($)

Aug. 18, 2023 USD ($)

Jul. 29, 2022 USD ($)

Jun. 17, 2022 USD ($)

Jul. 10, 2019 proceeding

Jul. 01, 2019 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Nov. 15, 2023 USD ($)

Feb. 21, 2020 USD ($)

Public Utilities, General Disclosures [Line Items]

Operating Revenues

$ 1,939,198

$ 2,249,555

$ 1,779,873

PNM

Public Utilities, General Disclosures [Line Items]

Regulatory assets

$ 911,723

911,723

782,274

Payments for legal settlements

$ 19,800

Proposed rate credits

$ 115,000

Rate credit period

1 year

Securitization bonds, weighted-average maximum rate

5.50%

Rate credits

$ 13,700

Regulatory liabilities

699,867

699,867

564,902

Operating Revenues

1,403,948

1,766,825

$ 1,362,020

PNM | Securitized Bonds | Senior Secured Notes, Energy Transition Bonds

Public Utilities, General Disclosures [Line Items]

Aggregate principal amount

$ 343,200

Debt, Weighted Average Interest Rate

5.50%

PNM | Securitized Bonds, 5.64% | Senior Secured Notes, Energy Transition Bonds

Public Utilities, General Disclosures [Line Items]

Aggregate principal amount

$ 175,000

Stated percentage

5.64%

PNMR and PNM | New Mexico Public Regulation Commission

Public Utilities, General Disclosures [Line Items]

Regulatory liabilities

$ 128,700

Operating Revenues

$ (128,700)

Regulatory disallowance

3,300

Regulatory asset, reversal

3,300

3,300

San Juan Generating Station | PNM

Public Utilities, General Disclosures [Line Items]

Request issuance of energy transition bonds

$ 361,000

Forecasted undepreciated investment

283,000

283,000

$ 361,000

Plant decommissioning and coal mine reclamation costs

28,600

28,600

Upfront financing costs

$ 9,600

9,600

Severance costs

$ 20,000

Proceeds from securitization bonds

$ 19,800

Regulatory assets

$ 37,200

Number of proceedings | proceeding

2

San Juan Generation Station, Unit 1 | PNM

Public Utilities, General Disclosures [Line Items]

Annual rate credits

$ 21,100

San Juan Generating Station, Unit 4 | PNM

Public Utilities, General Disclosures [Line Items]

Annual rate credits

$ 98,300

Number of days to transfer payment

30 days

Regulatory and Rate Matters -_4

Regulatory and Rate Matters - Schedule of Change in Balance Sheet Related to Discontinued Services (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 29, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Inventory	$ (6,430)	$ 31,301	$ 8,528	$ (1,356)
Utility Plant:
Net utility plant	(382,798)
Deferred Charges and Other Assets:
Regulatory assets - ETA	289,381
Regulatory assets - Non-ETA	22,593
Deferred Credits and Other Liabilities:
Regulatory liabilities	(77,254)
Net increase (decrease)	$ 0
Undepreciated investments		274,900
Investments, plant decommissioning		14,500
Obsolete inventory		6,400
Inventory, plant decommissioning		$ 16,200

Regulatory and Rate Matters - F

Regulatory and Rate Matters - Four Corners Abandonment Application (Details) - Four Corners - PNM - USD ($) $ in Millions			1 Months Ended	12 Months Ended
	Jan. 08, 2021	Nov. 01, 2020	Nov. 30, 2020	Dec. 31, 2023
Public Utilities, General Disclosures [Line Items]
Payments for relief from obligations		$ 75	$ 15
Final payment for relief from obligations			$ 60
Request issuance of energy transition bonds	$ 300
Forecasted undepreciated investment	272
Plant decommissioning and coal mine reclamation costs	4.6
Upfront financing costs	7.3
Proceeds from securitization bonds	$ 16.5
Regulatory disallowance				$ 3.7
PNM
Public Utilities, General Disclosures [Line Items]
Ownership percentage by noncontrolling owners		13%

Regulatory and Rate Matters - P

Regulatory and Rate Matters - PVNGS Leased Interest Abandonment Application (Details) - PNM	Dec. 05, 2022 MW	Sep. 30, 2022 MW	Apr. 02, 2021 lease MW
Public Utilities, General Disclosures [Line Items]
Number of leases under which lease term was extended | lease			5
NM 2022 Rate Case
Public Utilities, General Disclosures [Line Items]
Megawatt repurchase (in megawatts)	64.1
Leased Interest Termination On January 15, 2023
Public Utilities, General Disclosures [Line Items]
Number of leases under which lease term was extended | lease			4
Solar Agreement
Public Utilities, General Disclosures [Line Items]
Solar distributed generation (in mw)		300
Battery Storage Agreement
Public Utilities, General Disclosures [Line Items]
Solar distributed generation (in mw)		300
NMPRC | Leased Interest Termination On January 15, 2023
Public Utilities, General Disclosures [Line Items]
Solar distributed generation (in mw)			104
NMPRC | Leased Interest Termination On January 15, 2024
Public Utilities, General Disclosures [Line Items]
Solar distributed generation (in mw)			10

Regulatory and Rate Matters -_5

Regulatory and Rate Matters - Summer Peak Resource Adequacy (Details) - PNM - MW				1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 25, 2023	Apr. 17, 2023	Jan. 30, 2023	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2021
Solar Agreement
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)	100		100
Battery Storage Agreement
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)			30
Portfolio One
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)		420		85			85
Portfolio Two
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)					40	375	40

Regulatory and Rate Matters - 2

Regulatory and Rate Matters - 2026 Resource Application (Details) - PNM			3 Months Ended
	Oct. 25, 2023 MW batteryStorageAgreement	Jan. 30, 2023 MW	Dec. 31, 2022 batteryStorageAgreement
Public Utilities, General Disclosures [Line Items]
Number of battery storage agreements | batteryStorageAgreement	3		2
Number of megawatts available in CCN	60
Solar Agreement
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)	100	100
Battery Storage Agreement One
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)	100
Battery Storage Agreement Two
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)	100
Battery Storage Agreement Three
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts)	50

Regulatory and Rate Matters - G

Regulatory and Rate Matters - Grid Modernization Application (Details) - PNM $ in Millions	Oct. 03, 2022 USD ($)
Public Utilities, General Disclosures [Line Items]
Grid modernization investment	$ 344
Grid modernization, initial term	6 years
Grid modernization term	11 years

Regulatory and Rate Matters -_6

Regulatory and Rate Matters - FERC Compliance (Details) $ in Millions			3 Months Ended
	Nov. 21, 2022 USD ($)	May 17, 2022 delegatedLetterOrder	Dec. 31, 2022 USD ($)
Public Utilities, General Disclosures [Line Items]
Number of delegated letter orders | delegatedLetterOrder		2
PNM
Public Utilities, General Disclosures [Line Items]
Time-value refunds	$ 8.1
Payment of time-value refunds			$ 8.1

Regulatory and Rate Matters -_7

Regulatory and Rate Matters - FERC Order 864 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Public Utilities, General Disclosures [Line Items]
Other current liabilities	$ 94,397	$ 87,037
Revenues	(1,939,198)	(2,249,555)	$ (1,779,873)
Interest income	21,963	16,095	14,662
PNM
Public Utilities, General Disclosures [Line Items]
Other current liabilities	52,587	55,350
Revenues	(1,403,948)	(1,766,825)	(1,362,020)
Interest income	21,355	$ 14,816	$ 14,605
FERC Order 864 | PNM
Public Utilities, General Disclosures [Line Items]
Other current liabilities	3,500
Revenues	3,200
Interest income	$ 300

Regulatory and Rate Matters - B

Regulatory and Rate Matters - Battery Energy Storage System Certificate of Public Convenience and Necessity ("CCN") (Details) - PNM $ in Millions			3 Months Ended
	Oct. 25, 2023 batteryStorageAgreement	May 03, 2023 USD ($) MW	Dec. 31, 2022 batteryStorageAgreement
Public Utilities, General Disclosures [Line Items]
Number of battery storage agreements | batteryStorageAgreement	3		2
Battery energy storage systems (megawatts) | MW		6
Battery energy storage system, costs | $		$ 25.8

Regulatory and Rate Matters - M

Regulatory and Rate Matters - Meta Platforms, Inc. Data Center Project (Details) - MW		12 Months Ended
	Jul. 24, 2023	Dec. 31, 2023
PNMR Development
Public Utilities, General Disclosures [Line Items]
Ownership percentage		50%
PNM
Public Utilities, General Disclosures [Line Items]
Megawatts procured (in megawatts)		180
PNM | Solar Power
Public Utilities, General Disclosures [Line Items]
Megawatts procured (in megawatts)	140
PNM | Battery Storage
Public Utilities, General Disclosures [Line Items]
Megawatts procured (in megawatts)	50

Regulatory and Rate Matters - T

Regulatory and Rate Matters - Transportation and Electrification Program (TEP) (Details) - PNM - USD ($) $ in Millions	Feb. 22, 2024	Jun. 01, 2023
Public Utilities, General Disclosures [Line Items]
Expected budgeted expenditures		$ 37.1
Budget period		3 years
Budge dedication to low-income customers		22%
Budget dedication to low-income customers		$ 8
Subsequent Event
Public Utilities, General Disclosures [Line Items]
Expected budgeted expenditures	$ 4
Budget period	3 years

Regulatory and Rate Matters -_8

Regulatory and Rate Matters - Schedule of Transmission Cost of Service Rates (Details) - TNMP - USD ($) $ in Millions											12 Months Ended
	Sep. 22, 2023	Sep. 01, 2023	May 26, 2023	Mar. 25, 2023	Sep. 22, 2022	Sep. 01, 2022	Mar. 25, 2022	Sep. 20, 2021	Sep. 01, 2021	Mar. 12, 2021	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Energy efficiency costs
Public Utilities, General Disclosures [Line Items]
Aggregate Collection Amount			$ 6.6								$ 7.3	$ 7.2	$ 5.9
Performance Bonus			$ 1.2								$ 1.9	$ 2.3	$ 1
Transmission Cost of Service Rates
Public Utilities, General Disclosures [Line Items]
Approved Increase in Rate Base	$ 21.4			$ 150.5	$ 36		$ 95.6	$ 41.2		$ 112.6
Annual Increase in Revenue	$ 4.2			$ 19.4	$ 5.3		$ 14.2	$ 6.3		$ 14.1
Periodic Distribution Rate
Public Utilities, General Disclosures [Line Items]
Approved Increase in Rate Base		$ 157				$ 95.7			$ 104.5
Annual Increase in Revenue		$ 14.5				$ 6.8			$ 13.5

Regulatory and Rate Matters -_9

Regulatory and Rate Matters - TNMP Narrative (Details) - USD ($) $ in Millions			12 Months Ended
	Jan. 25, 2024	May 26, 2023	Dec. 31, 2023	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Subsequent Event
Public Utilities, General Disclosures [Line Items]
Requested increase annual distribution revenue requirement	$ 13.1
Incremental distribution investments	$ 97.4
TNMP
Public Utilities, General Disclosures [Line Items]
Regulatory disallowance			$ 1.2
TNMP | Energy efficiency costs
Public Utilities, General Disclosures [Line Items]
Aggregate collection amount		$ 6.6		$ 7.3	$ 7.2	$ 5.9
Performance bonus		$ 1.2		$ 1.9	$ 2.3	$ 1

Income Taxes - Federal Income T

Income Taxes - Federal Income Tax Reform (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2019
Income Taxes [Line Items]
Federal and state excess deferred income taxes		$ 23
PNM
Income Taxes [Line Items]
Federal and state excess deferred income taxes		14.3
TNMP
Income Taxes [Line Items]
Federal and state excess deferred income taxes		$ 8.7
NMPRC
Income Taxes [Line Items]
Proposed term for providing benefits to customers related to reduction in state corporate tax	3 years		23 years

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Current federal income tax	$ 0	$ 0	$ 0
Current state income tax (benefit)	(2,841)	1,597	1,835
Deferred federal income tax (benefit)	(11,503)	18,413	20,679
Deferred state income tax (benefit)	(825)	7,302	11,315
Amortization of accumulated investment tax credits	(1,181)	(1,182)	(1,247)
Total income taxes (benefits)	(16,350)	26,130	32,582
PNM
Income Taxes [Line Items]
Current federal income tax	9,518	(13,533)	0
Current state income tax (benefit)	(4,304)	3,244	(128)
Deferred federal income tax (benefit)	(22,951)	25,298	18,774
Deferred state income tax (benefit)	1,150	4,361	8,583
Amortization of accumulated investment tax credits	(171)	(172)	(237)
Total income taxes (benefits)	(16,758)	19,198	26,992
TNMP
Income Taxes [Line Items]
Current federal income tax	11,354	17,055	5,770
Current state income tax (benefit)	3,055	2,662	2,395
Deferred federal income tax (benefit)	2,917	(4,527)	(224)
Deferred state income tax (benefit)	(29)	(29)	(29)
Total income taxes (benefits)	$ 17,297	$ 15,161	$ 7,912

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Federal income tax at statutory rates	$ 19,011	$ 44,375	$ 51,330
Amortization of accumulated investment tax credits	(1,181)	(1,182)	(1,247)
Amortization of excess deferred income tax	(22,859)	(23,599)	(24,484)
Flow-through of depreciation items	1,281	2,795	798
(Earnings) attributable to non-controlling interest in Valencia	(3,892)	(3,176)	(3,253)
State income tax (benefit), net of federal (benefit)	(2,239)	6,826	9,660
Allowance for equity funds used during construction	(3,145)	(2,898)	(2,776)
Allocation of tax (benefit) related to stock compensation awards	(261)	91	(788)
Non-deductible compensation	1,659	1,125	899
Non-deductible merger related costs	(1,959)	74	848
R&D credit	(2,050)	(1,320)	(1,530)
Other	(715)	3,019	3,125
Total income taxes (benefits)	$ (16,350)	$ 26,130	$ 32,582
Effective tax rate	18.06%	12.37%	13.33%
PNM
Income Taxes [Line Items]
Federal income tax at statutory rates	$ 7,972	$ 29,026	$ 41,696
Amortization of accumulated investment tax credits	(171)	(172)	(237)
Amortization of excess deferred income tax	(14,252)	(14,421)	(15,158)
Flow-through of depreciation items	1,114	2,641	689
(Earnings) attributable to non-controlling interest in Valencia	(3,892)	(3,176)	(3,253)
State income tax (benefit), net of federal (benefit)	(2,216)	5,694	7,609
Allowance for equity funds used during construction	(2,065)	(1,958)	(2,080)
Allocation of tax (benefit) related to stock compensation awards	(185)	65	(563)
Non-deductible compensation	1,015	701	547
Non-deductible merger related costs	(33)	10	22
R&D credit	(2,000)	(1,300)	(1,500)
Other	(2,045)	2,088	(780)
Total income taxes (benefits)	$ (16,758)	$ 19,198	$ 26,992
Effective tax rate	(44.15%)	13.89%	13.59%
TNMP
Income Taxes [Line Items]
Federal income tax at statutory rates	$ 23,569	$ 22,560	$ 15,076
Amortization of excess deferred income tax	(8,607)	(9,177)	(9,326)
State income tax (benefit), net of federal (benefit)	2,414	2,103	1,763
Allocation of tax (benefit) related to stock compensation awards	(77)	26	(224)
Non-deductible compensation	642	422	351
Non-deductible merger related costs	3	1	(4)
Other	(647)	(774)	276
Total income taxes (benefits)	$ 17,297	$ 15,161	$ 7,912
Effective tax rate	15.41%	14.11%	11.02%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss	$ 16,833	$ 85,382
Regulatory liabilities related to income taxes	90,461	98,371
Federal tax credit carryforwards	124,510	122,557
Regulatory disallowances	42,330	28,037
Regulatory liability SJGS retirement credits	28,797	0
Other	35,492	33,849
Total deferred tax assets	338,423	368,196
Deferred tax liabilities:
Depreciation and plant related	(738,078)	(801,022)
Investment tax credit	(95,046)	(96,227)
Regulatory assets related to income taxes	(80,643)	(77,013)
Pension	(41,141)	(40,651)
Regulatory asset for shutdown of SJGS Units 2 and 3	(22,454)	(24,048)
Regulatory asset SJGS energy transition property	(86,521)	(69,828)
Regulatory asset PVNGS investment	(20,503)	0
PVNGS trusts	(41,767)	(26,084)
Other	(57,550)	(56,154)
Total deferred tax liabilities	(1,183,703)	(1,191,027)
Net accumulated deferred income tax liabilities	(845,280)	(822,831)
PNM
Deferred tax assets:
Net operating loss	0	54,681
Regulatory liabilities related to income taxes	71,546	76,744
Federal tax credit carryforwards	80,586	84,902
Regulatory disallowances	42,330	28,037
Regulatory liability SJGS retirement credits	28,797	0
Other	35,993	33,079
Total deferred tax assets	259,252	277,443
Deferred tax liabilities:
Depreciation and plant related	(545,815)	(620,814)
Investment tax credit	(73,844)	(74,015)
Regulatory assets related to income taxes	(71,742)	(67,912)
Pension	(36,483)	(36,048)
Regulatory asset for shutdown of SJGS Units 2 and 3	(22,454)	(24,048)
Regulatory asset SJGS energy transition property	(86,521)	(69,828)
Regulatory asset PVNGS investment	(20,503)	0
PVNGS trusts	(41,767)	(26,084)
Other	(44,160)	(40,734)
Total deferred tax liabilities	(943,289)	(959,483)
Net accumulated deferred income tax liabilities	(684,037)	(682,040)
TNMP
Deferred tax assets:
Regulatory liabilities related to income taxes	18,915	21,627
Other	5,534	5,353
Total deferred tax assets	24,449	26,980
Deferred tax liabilities:
Depreciation and plant related	(179,483)	(166,230)
Regulatory assets related to income taxes	(8,901)	(9,213)
Loss on reacquired debt	(5,254)	(5,527)
Pension	(4,659)	(4,603)
AMS	(2,613)	(3,989)
Other	(2,287)	(2,055)
Total deferred tax liabilities	(203,197)	(191,617)
Net accumulated deferred income tax liabilities	$ (178,748)	$ (164,637)

Income Taxes - Schedule of De_2

Income Taxes - Schedule of Deferred Income Tax Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Net change in deferred income tax liability per above table	$ 22,449
Change in tax effects of income tax related regulatory assets and liabilities	(11,791)
Amortization of excess deferred income tax	(22,859)
Tax effect of mark-to-market adjustments	474
Tax effect of excess pension liability	(1,566)
Adjustment for uncertain income tax positions	(17)
Reclassification of unrecognized tax benefits	17
Other	(216)
Deferred income tax (benefit)	(13,509)	$ 24,533	$ 30,747
PNM
Income Taxes [Line Items]
Net change in deferred income tax liability per above table	1,997
Change in tax effects of income tax related regulatory assets and liabilities	(9,391)
Amortization of excess deferred income tax	(14,252)
Tax effect of mark-to-market adjustments	(1,099)
Tax effect of excess pension liability	(1,566)
Adjustment for uncertain income tax positions	(55)
Reclassification of unrecognized tax benefits	2,394
Deferred income tax (benefit)	(21,972)	29,487	27,120
TNMP
Income Taxes [Line Items]
Net change in deferred income tax liability per above table	14,111
Change in tax effects of income tax related regulatory assets and liabilities	(2,400)
Amortization of excess deferred income tax	(8,607)
Other	(216)
Deferred income tax (benefit)	$ 2,888	$ (4,556)	$ (253)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Expense) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, interest on income taxes expense	$ 0	$ 0	$ 0
PNMR
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	15,154,000	13,714,000	13,152,000
Additions based on tax positions		1,444,000	305,000
Reductions based on tax positions	(277,000)
Additions for tax positions of prior years	259,000		257,000
Reductions for tax positions of prior years		(4,000)
Ending balance	15,136,000	15,154,000	13,714,000
Unrecognized tax benefits that would impact effective tax rate	14,600,000
PNM
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	12,201,000	10,771,000	10,230,000
Additions based on tax positions		1,437,000	295,000
Reductions based on tax positions	(294,000)
Additions for tax positions of prior years	239,000		246,000
Reductions for tax positions of prior years		(7,000)
Ending balance	12,146,000	12,201,000	10,771,000
Unrecognized tax benefits that would impact effective tax rate	11,600,000
Unrecognized tax benefits, interest on income taxes expense	0	0	0
TNMP
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	151,000	141,000	119,000
Additions based on tax positions	17,000	7,000	11,000
Additions for tax positions of prior years	20,000	3,000	11,000
Ending balance	188,000	151,000	141,000
Unrecognized tax benefits that would impact effective tax rate	200,000
Unrecognized tax benefits, interest on income taxes expense	$ 0	$ 0	$ 0

Income Taxes - Carryforwards (D

Income Taxes - Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes, Impairment of Carryforwards
Federal tax credit carryforwards	$ 839	$ 187	$ 1,029
Compensation expense	387	199	119
Income Taxes, Reserve Balances
Federal tax credit carryforwards	2,055	1,216
Compensation expense	1,112	725
Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Federal net operating loss carryforwards	120,200
Federal tax credit carryforwards that expire beginning in 2023	126,600
PNM
Income Taxes, Impairment of Carryforwards
Federal tax credit carryforwards	(427)	427	0
Compensation expense	246	140	84
Income Taxes, Reserve Balances
Federal tax credit carryforwards	0	427
Compensation expense	729	483
TNMP
Income Taxes, Impairment of Carryforwards
Federal tax credit carryforwards	0	0	0
Compensation expense	140	59	$ 35
Income Taxes, Reserve Balances
Federal tax credit carryforwards	0	0
Compensation expense	$ 381	$ 241

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
NMRD
Related Party Transaction [Line Items]
Ownership percentage	50%
Services billings: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	$ 124,321	$ 115,415	$ 107,747
Services billings: | PNMR to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	47,470	42,293	41,798
Services billings: | PNM to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	349	411	404
Services billings: | TNMP to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	141	141	141
Services billings: | PNMR to NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	333	308	221
Renewable energy purchases: | PNM from NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	12,717	11,795	11,879
Interconnection and facility study billings: | PNM to NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	0	0	225
Interconnection and facility study billings: | NMRD to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	0	0	1,276
Interest billings: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	23	13	31
Interest billings: | PNMR to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	129	166	0
Interest billings: | PNM to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	582	249	144
Income tax sharing payments: | PNMR to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	5,338	0	19,492
Income tax sharing payments: | TNMP to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	15,749	8,341	12,842
Income tax sharing payments: | PNM to PNMR
Related Party Transaction [Line Items]
Amount of related party transaction	$ 0	$ 11,602	$ 0

Equity Method Investment - Narr

Equity Method Investment - Narrative (Details)			1 Months Ended	12 Months Ended
	Feb. 27, 2024 USD ($)	Mar. 31, 2021 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2023 USD ($) MW	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 22, 2023 USD ($)
Business Acquisition [Line Items]
Dividend in excess of equity earnings				$ 0	$ 0	$ 572,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | NMRD
Business Acquisition [Line Items]
Consideration on disposal							$ 230,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | NMRD | Subsequent Event
Business Acquisition [Line Items]
Proceeds received	$ 117,000,000
PNMR Development | NMRD
Business Acquisition [Line Items]
Distributions from NMRD			$ 3,000,000
Equity in earnings		$ 2,400,000
Dividend in excess of equity earnings				$ 600,000
NMRD
Business Acquisition [Line Items]
Renewable energy capacity in operating (in mw) | MW				185.1
Megawatts supplying energy to data center (in mw) | MW				180
Megawatts supplying energy to cooperative (in mw) | MW				1.9
Megawatts supplying energy to power city (in mw) | MW				1.2
NMRD | PNMR Development
Business Acquisition [Line Items]
Ownership percentage				50%
Contribution to construction activities				$ 26,300,000	$ 0	$ 0
NMRD | Central New Mexico Electric Cooperative
Business Acquisition [Line Items]
Megawatts supplying energy to cooperative (in mw) | MW				2

Equity Method Investment - Summ

Equity Method Investment - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Operating Revenues	$ 1,939,198	$ 2,249,555	$ 1,779,873
Balance Sheet Related Disclosures [Abstract]
Net property, plant, and equipment	589,834	372,988
Total assets	10,252,605	9,257,377	8,666,885
Total PNMR common stockholders’ equity	2,349,093	2,191,932
NMRD
Income Statement [Abstract]
Operating Revenues	13,629	12,505	12,738
Operating expenses	8,228	9,591	9,733
Net earnings	5,401	2,914	$ 3,005
Balance Sheet Related Disclosures [Abstract]
Current assets	2,589	8,357
Net property, plant, and equipment	235,791	169,440
Non-current assets	1,849	9,631
Total assets	240,229	187,428
Current liabilities	730	5,822
Non-current liabilities	358	366
Total PNMR common stockholders’ equity	$ 239,141	$ 181,240

Schedule I - Condensed Financ_2

Schedule I - Condensed Financial Information of Parent Company - Statements of Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Operating Revenues	$ 1,939,198	$ 2,249,555	$ 1,779,873
Operating Expenses	1,707,858	1,855,795	1,471,720
Operating income	231,340	393,760	308,153
Other Income and Deductions:
Other income	24,204	21,601	20,200
Net other income and (deductions)	49,544	(54,542)	33,153
Interest Charges	190,355	127,908	96,877
Earnings before Income Taxes	90,529	211,310	244,429
Income taxes (benefit)	(16,350)	26,130	32,582
PNM Resources
Condensed Financial Statements, Captions [Line Items]
Operating Revenues	0	0	0
Operating Expenses	4,972	6,199	15,044
Operating income	(4,972)	(6,199)	(15,044)
Other Income and Deductions:
Equity in earnings of subsidiaries	133,628	197,860	221,004
Other income	2,245	663	362
Net other income and (deductions)	135,873	198,523	221,366
Interest Charges	58,934	30,430	11,986
Earnings before Income Taxes	71,967	161,894	194,336
Income taxes (benefit)	(15,851)	(7,636)	(1,493)
Net earnings	$ 87,818	$ 169,530	$ 195,829

Schedule I - Condensed Financ_3

Schedule I - Condensed Financial Information of Parent Company - Statement of Cash flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows From Operating Activities:
Net Cash Flows From Operating Activities	$ 551,171	$ 567,284	$ 547,873
Cash Flows From Investing Activities:
Net cash flows used in investing activities	(1,088,406)	(950,347)	(952,258)
Cash Flows From Financing Activities:
Revolving credit facility borrowings (repayments), net	29,900	169,300	30,700
Long-term borrowings	1,358,096	558,000	1,816,345
Repayment of long-term debt	(910,000)	(179,500)	(1,411,345)
Issuance of common stock	198,177	0	0
Dividends paid	(126,705)	(119,839)	(112,972)
Debt issuance costs and other, net	(9,836)	(5,564)	(6,306)
Net cash flows from financing activities	537,100	386,037	357,561
Change in Cash, Cash Equivalents, and Restricted Cash	(135)	2,974	(46,824)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	4,078	1,104	47,928
Cash, Cash Equivalents, and Restricted Cash at End of Year	3,943	4,078	1,104
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	155,273	118,485	91,276
Income taxes paid (refunded), net	1,505	(1,011)	1,042
PNM Resources
Cash Flows From Operating Activities:
Net Cash Flows From Operating Activities	(31,368)	(10,261)	(28,514)
Cash Flows From Investing Activities:
Utility plant additions	1,138	1,136	543
Investments in subsidiaries	(85,500)	(70,200)	(178,071)
Cash dividends from subsidiaries	0	153,500	60,000
Net cash flows used in investing activities	(84,362)	84,436	(117,528)
Cash Flows From Financing Activities:
Short-term borrowings (repayments) -affiliate, net	(5,300)	(700)	6,400
Revolving credit facility borrowings (repayments), net	59,900	(45,500)	42,900
Long-term borrowings	500,000	100,000	1,120,000
Repayment of long-term debt	(500,000)	0	(900,000)
Issuance of common stock	198,177	0	0
Awards of common stock	(9,646)	(7,980)	(10,130)
Dividends paid	(126,177)	(119,311)	(112,444)
Debt issuance costs and other, net	(1,221)	(686)	(673)
Net cash flows from financing activities	115,733	(74,177)	146,053
Change in Cash, Cash Equivalents, and Restricted Cash	3	(2)	11
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	61	63	52
Cash, Cash Equivalents, and Restricted Cash at End of Year	64	61	63
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	47,122	29,904	13,425
Income taxes paid (refunded), net	$ 350	$ (2,500)	$ 0

Schedule I - Condensed Financ_4

Schedule I - Condensed Financial Information of Parent Company - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 2,215	$ 4,078
Accounts receivable	126,291	183,669
Income taxes receivable	6,697	2,351
Other current assets	8,920	31,624
Total current assets	475,543	410,978
Property, plant and equipment, net of accumulated depreciation of $18,810 and $17,721	7,609,862	6,972,823
Other long-term assets	171	177
Total assets	10,252,605	9,257,377	$ 8,666,885
Liabilities and Stockholders’ Equity
Short-term debt	261,900	232,000
Accrued interest and taxes	98,655	76,783
Dividends declared	35,085	31,676
Other current liabilities	94,397	87,037
Total current liabilities	1,230,760	890,370
Long-term debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	4,241,642	3,892,594
Total liabilities	7,842,025	7,000,922
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 90,200,384 and 85,834,874 shares)	1,624,823	1,429,102
Accumulated other comprehensive income (loss), net of income taxes	(62,840)	(66,048)
Retained earnings	787,110	828,878
Total PNMR common stockholders’ equity	2,349,093	2,191,932
Total liabilities and stockholders' equity	10,252,605	9,257,377
PNM Resources
Assets
Cash and cash equivalents	64	61
Derivative instruments	7,172	11,108
Income taxes receivable	8,266	1,298
Other current assets	133	83
Total current assets	71,210	67,854
Property, plant and equipment, net of accumulated depreciation of $18,810 and $17,721	20,374	21,513
Investment in subsidiaries	3,345,400	3,118,442
Other long-term assets	44,628	45,501
Total long-term assets	3,410,402	3,185,456
Total assets	3,481,612	3,253,310
Liabilities and Stockholders’ Equity
Accrued interest and taxes	14,650	3,302
Dividends declared	34,953	31,544
Other current liabilities	184	197
Total current liabilities	128,306	58,962
Long-term debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	999,151	999,612
Other long-term liabilities	5,062	2,804
Total liabilities	1,132,519	1,061,378
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 90,200,384 and 85,834,874 shares)	1,624,823	1,429,102
Accumulated other comprehensive income (loss), net of income taxes	(62,840)	(66,048)
Retained earnings	787,110	828,878
Total PNMR common stockholders’ equity	2,349,093	2,191,932
Total liabilities and stockholders' equity	3,481,612	3,253,310
PNM Resources | Nonrelated Party
Liabilities and Stockholders’ Equity
Short-term debt	69,300	9,400
PNM Resources | Related Party
Assets
Accounts receivable	55,575	55,304
Liabilities and Stockholders’ Equity
Short-term debt	$ 9,219	$ 14,519

Schedule I - Condensed Financ_5

Schedule I - Condensed Financial Information of Parent Company - Balance Sheets Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	90,200,384	90,200,384
Common stock, shares outstanding (in shares)	85,834,874	85,834,874
PNM Resources
Condensed Financial Statements, Captions [Line Items]
Accumulated depreciation	$ 18,810	$ 17,721
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	90,200,384	90,200,384
Common stock, shares outstanding (in shares)	85,834,874	85,834,874

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Reserve, Allowance For Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 4,925	$ 7,265	$ 8,333
Charged to costs and expenses	3,585	3,758	4,663
Charged to other accounts	0	0	826
Write-offs and other	5,122	6,098	6,557
Balance at end of year	3,388	4,925	7,265
PNM
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	4,925	7,265	8,333
Charged to costs and expenses	3,549	3,758	4,597
Charged to other accounts	0	0	826
Write-offs and other	5,086	6,098	6,491
Balance at end of year	3,388	4,925	7,265
TNMP
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	0	0	0
Charged to costs and expenses	36	0	66
Charged to other accounts	0	0	0
Write-offs and other	36	0	66
Balance at end of year	$ 0	$ 0	$ 0