Public Service Company of New Mexico PFD 4.58% (PNMXO) 10-Q 1 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 25, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity Registrant Name	TXNM Energy, Inc.
Entity Incorporation, State or Country Code	NM
Entity Address, Address Line One	414 Silver Ave. SW
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87102-3289
City Area Code	505
Local Phone Number	241-2700
Entity File Number	001-32462
Entity Tax Identification Number	85-0468296
Entity Information, Former Legal or Registered Name	PNM Resources, Inc.
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	TXNM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		90,200,384
Entity Central Index Key	0001108426
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false
PNM
Entity Information [Line Items]
Entity Registrant Name	Public Service Company of New Mexico
Entity Address, Address Line One	414 Silver Ave. SW
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87102-3289
City Area Code	505
Local Phone Number	241-2700
Entity File Number	001-06986
Entity Tax Identification Number	85-0019030
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		39,117,799
Entity Central Index Key	0000081023
Current Fiscal Year End Date	--12-31
Texas-New Mexico Power Company
Entity Information [Line Items]
Entity Registrant Name	Texas-New Mexico Power Company
Entity Address, Address Line One	577 N. Garden Ridge Blvd.
Entity Address, City or Town	Lewisville
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75067
City Area Code	972
Local Phone Number	420-4189
Entity File Number	002-97230
Entity Tax Identification Number	75-0204070
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		6,358
Entity Central Index Key	0000022767
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - TXNM - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Electric Operating Revenues	$ 569,256	$ 505,851	$ 1,494,235	$ 1,527,084
Operating Expenses:
Administrative and general	64,840	58,481	179,848	167,630
Regulatory disallowances	6,142	2,315	10,601	6,046
Depreciation and amortization	97,400	80,192	285,000	237,405
Transmission and distribution costs	23,660	25,078	71,475	72,739
Taxes other than income taxes	25,966	22,432	75,984	72,395
Total operating expenses	378,176	419,199	1,116,882	1,249,011
Operating income (loss)	191,080	86,652	377,353	278,073
Other Income and Deductions:
Interest income	8,669	5,366	17,719	15,568
Gains (losses) on investment securities	13,770	(8,404)	32,326	1,815
Other income	7,953	8,428	20,552	17,121
Other (deductions)	(1,988)	(4,555)	(20,146)	(10,562)
Net other income and deductions	28,404	835	50,451	23,942
Interest Charges	59,664	49,838	169,254	136,660
Earnings before Income Taxes	159,820	37,649	258,550	165,355
Income Taxes (Benefits)	23,422	(5,267)	19,822	12,742
Net Earnings	136,398	42,916	238,728	152,613
(Earnings) Attributable to Valencia Non-controlling Interest	(5,064)	(5,058)	(11,891)	(14,172)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)	(396)	(396)
Net Earnings Attributable to TXNM	$ 131,202	$ 37,726	$ 226,441	$ 138,045
Net Earnings Attributable to TXNM per Common Share:
Basic (in dollars per share)	$ 1.45	$ 0.44	$ 2.50	$ 1.60
Diluted (in dollars per share)	1.45	0.44	2.50	1.60
Dividends Declared per Common Share (in dollars per share)	$ 0.3875	$ 0.3675	$ 1.1625	$ 1.1025
Energy
Electric Operating Revenues	$ 569,256	$ 505,851	$ 1,494,235	$ 1,527,084
Operating Expenses:
Energy costs	138,909	210,313	425,919	624,451
Energy Production
Operating Expenses:
Energy costs	$ 21,259	$ 20,388	$ 68,055	$ 68,345

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - TXNM - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 136,398	$ 42,916	$ 238,728	$ 152,613
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(241), $526, $(92), and $(632)	708	(1,543)	270	1,859
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $93, $389, $3,285, and $1,044	(273)	(1,142)	(9,647)	(3,067)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(309), $(303), $(927), and $(909)	907	891	2,722	2,673
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $2,383, $1,512, $3,477, and $606	(6,999)	(4,441)	(10,212)	(1,780)
Reclassification adjustment for gains (losses) included in net earnings, net of income tax (expense) benefit of $(735), $(1,039), $(2,148), and $(1,343)	2,158	3,050	6,308	3,943
Total Other Comprehensive Income (Loss)	(3,499)	(3,185)	(10,559)	3,628
Comprehensive Income	132,899	39,731	228,169	156,241
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(5,064)	(5,058)	(11,891)	(14,172)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)	(396)	(396)
Comprehensive Income Attributable to TXNM	$ 127,703	$ 34,541	$ 215,882	$ 141,673

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income - TXNM (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	$ (241)	$ 526	$ (92)	$ (632)
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	93	389	3,285	1,044
Pension liability adjustment, income tax expense (benefit)	(309)	(303)	(927)	(909)
Change in fair market value, income tax (expense) benefit	2,383	1,512	3,477	606
Reclassification adjustment for gains (losses) included in net earnings, income tax (expense) benefit	$ (735)	$ (1,039)	$ (2,148)	$ (1,343)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - TXNM - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Net earnings	$ 238,728	$ 152,613
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	313,919	262,557
Deferred income tax expense	38,383	10,874
(Gain) on sale of NMRD	(4,449)	0
(Gains) on investment securities	(32,326)	(1,815)
Stock based compensation expense	7,845	5,871
Regulatory disallowances	10,601	6,046
Allowance for equity funds used during construction	(13,911)	(10,075)
Other, net	3,025	476
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(38,466)	972
Materials, supplies, and fuel stock	(22,484)	(16,657)
Other current assets	14,835	(77,016)
Other assets	(80,640)	(13,613)
Accounts payable	(24,027)	(12,222)
Accrued interest and taxes	18,462	9,686
Other current liabilities	(85,393)	116,887
Other liabilities	5,419	(21,980)
Net cash flows from operating activities	349,521	412,604
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant	(905,513)	(807,932)
Proceeds from sale of plant assets (Note 13)	2,840	32,654
Proceeds from sales of investment securities	745,645	412,574
Purchases of investment securities	(756,591)	(423,467)
Proceeds from sale of NMRD	116,936	0
Investments in NMRD	(12,550)	(25,750)
Other, net	3,375	44
Net cash flows used in investing activities	(805,858)	(811,877)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	2,181,800	1,773,100
Revolving credit facilities repayments	(1,984,700)	(1,599,600)
Long-term borrowings	1,233,000	1,015,000
Repayment of long-term debt	(819,529)	(685,000)
Awards of common stock	(7,983)	(9,631)
Dividends paid	(105,254)	(95,029)
Valencia’s transactions with its owner	(13,780)	(15,993)
Transmission interconnection and security deposit arrangements	79,718	46,254
Refunds paid under transmission interconnection and security deposit arrangements	(74,667)	(19,610)
Debt issuance costs and other, net	(19,775)	(6,528)
Net cash flows from financing activities	468,830	402,963
Change in Cash, Cash Equivalents, and Restricted Cash	12,493	3,690
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	3,943	4,078
Cash, Cash Equivalents, and Restricted Cash at End of Period	16,436	7,768
Restricted Cash included in Other Current Assets and Other Deferred Charges on Condensed Consolidated Balance Sheets:
At beginning of period	1,728	0
At end of period	9,201	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	147,418	121,876
Income taxes paid (refunded), net	(395)	1,400
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$ 44,714	$ 46,452

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - TXNM - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 7,235	$ 2,215
Accounts receivable, net of allowance for credit losses of $3,046 and $3,388	149,830	126,291
Unbilled revenues	76,109	64,072
Other receivables	48,967	76,509
Materials, supplies, and fuel stock	120,519	98,034
Regulatory assets	44,174	73,046
Prepaid assets	34,252	19,759
Income taxes receivable	5,316	6,697
Other current assets	9,292	8,920
Total current assets	495,694	475,543
Other Property and Investments:
Investment securities	453,505	444,408
Equity investment in NMRD	0	119,570
Other investments	255	171
Non-utility property, net	26,934	29,367
Total other property and investments	480,694	593,516
Utility Plant:
Plant in service, held for future use, and to be abandoned	10,231,652	9,701,180
Less accumulated depreciation and amortization	2,910,228	2,755,823
Net plant in service and plant held for future use	7,321,424	6,945,357
Construction work in progress	816,143	589,834
Nuclear fuel, net of accumulated amortization of $36,439 and $35,840	73,815	74,671
Net utility plant	8,211,382	7,609,862
Deferred Charges and Other Assets:
Regulatory assets	952,772	914,381
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	174,554	182,201
Other deferred charges	250,088	198,805
Total deferred charges and other assets	1,655,711	1,573,684
Total assets	10,843,481	10,252,605
Current Liabilities:
Short-term debt	459,000	261,900
Current installments of long-term debt (includes $6,907 and $2,529 related to ETBC I)	411,539	280,169
Accounts payable	136,435	205,175
Customer deposits	6,530	6,237
Accrued interest and taxes	115,736	98,655
Regulatory liabilities	47,738	140,005
Operating lease liabilities	11,157	12,267
Dividends declared	35,085	35,085
Transmission interconnection arrangement liabilities	65,981	96,870
Other current liabilities	80,442	94,397
Total current liabilities	1,369,643	1,230,760
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,699 and $338,521 related to ETBC I)	4,511,206	4,241,642
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	886,189	845,280
Regulatory liabilities	775,140	771,317
Asset retirement obligations	246,751	245,531
Accrued pension liability and postretirement benefit cost	13,470	21,429
Operating lease liabilities	158,369	167,000
Other deferred credits	363,136	319,066
Total deferred credits and other liabilities	2,443,055	2,369,623
Total liabilities	8,323,904	7,842,025
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock of Subsidiary without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
TXNM common stockholders’ equity:
Common stock (no par value; 200,000,000 and 120,000,000 shares authorized; issued and outstanding 90,200,384 shares)	1,624,685	1,624,823
Accumulated other comprehensive income (loss), net of income taxes	(73,399)	(62,840)
Retained earnings	908,693	787,110
Total TXNM common stockholders’ equity	2,459,979	2,349,093
Non-controlling interest in Valencia	48,069	49,958
Total equity	2,508,048	2,399,051
Total liabilities and stockholders' equity	$ 10,843,481	$ 10,252,605

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets - TXNM (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Allowance for uncollectible accounts	$ 3,046	$ 3,388
Accumulated depreciation, nuclear fuel	36,439	35,840
Current installments of long-term debt (includes $6,907 and $2,529 related to ETBC I)	411,539	280,169
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,699 and $338,521 related to ETBC I)	$ 4,511,206	$ 4,241,642
Cumulative preferred stock of subsidiary, stated value (in dollars per share)	$ 100	$ 100
Cumulative preferred stock of subsidiary, shares authorized (in shares)	10,000,000	10,000,000
Cumulative preferred stock of subsidiary, shares issued (in shares)	115,293	115,293
Cumulative preferred stock of subsidiary, shares outstanding (in shares)	115,293	115,293
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	200,000,000	120,000,000
Common stock, shares issued (in shares)	90,200,384	90,200,384
Common stock, shares outstanding (in shares)	90,200,384	90,200,384
ETBC 1
Current installments of long-term debt (includes $6,907 and $2,529 related to ETBC I)	$ 6,907	$ 2,529
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,699 and $338,521 related to ETBC I)	$ 331,699	$ 338,521

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - TXNM - USD ($) $ in Thousands	Total	Total TXNM Common Stockholders’ Equity	Common Stock	AOCI	Retained Earnings	Non- controlling Interest in Valencia
Beginning 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	152,613	138,441			138,441	14,172
Total other comprehensive income (loss)	3,628	3,628		3,628
Subsidiary preferred stock dividends	(396)	(396)			(396)
Dividends declared on common stock	(94,634)	(94,634)			(94,634)
Awards of common stock	(9,631)	(9,631)	(9,631)
Stock based compensation expense	5,871	5,871	5,871
Valencia’s transactions with its owner	(15,993)					(15,993)
Ending balance at Sep. 30, 2023	2,286,384	2,235,211	1,425,342	(62,420)	872,289	51,173
Beginning balance at Jun. 30, 2023	2,313,596	2,262,243	1,423,827	(59,235)	897,651	51,353
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	42,916	37,858			37,858	5,058
Total other comprehensive income (loss)	(3,185)	(3,185)		(3,185)
Subsidiary preferred stock dividends	(132)	(132)			(132)
Dividends declared on common stock	(63,088)	(63,088)			(63,088)
Awards of common stock	(13)	(13)	(13)
Stock based compensation expense	1,528	1,528	1,528
Valencia’s transactions with its owner	(5,238)					(5,238)
Ending balance at Sep. 30, 2023	2,286,384	2,235,211	1,425,342	(62,420)	872,289	51,173
Beginning balance at Dec. 31, 2023	2,399,051	2,349,093	1,624,823	(62,840)	787,110	49,958
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	238,728	226,837			226,837	11,891
Total other comprehensive income (loss)	(10,559)	(10,559)		(10,559)
Subsidiary preferred stock dividends	(396)	(396)			(396)
Dividends declared on common stock	(104,858)	(104,858)			(104,858)
Awards of common stock	(7,983)	(7,983)	(7,983)
Stock based compensation expense	7,845	7,845	7,845
Valencia’s transactions with its owner	(13,780)					(13,780)
Ending balance at Sep. 30, 2024	2,508,048	2,459,979	1,624,685	(73,399)	908,693	48,069
Beginning balance at Jun. 30, 2024	2,451,680	2,402,748	1,625,251	(69,900)	847,397	48,932
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings before subsidiary preferred stock dividends	136,398	131,334			131,334	5,064
Total other comprehensive income (loss)	(3,499)	(3,499)		(3,499)
Subsidiary preferred stock dividends	(132)	(132)			(132)
Dividends declared on common stock	(69,906)	(69,906)			(69,906)
Awards of common stock	(1,735)	(1,735)	(1,735)
Stock based compensation expense	1,169	1,169	1,169
Valencia’s transactions with its owner	(5,927)					(5,927)
Ending balance at Sep. 30, 2024	$ 2,508,048	$ 2,459,979	$ 1,624,685	$ (73,399)	$ 908,693	$ 48,069

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Earnings - PNM - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Electric Operating Revenues	$ 569,256	$ 505,851	$ 1,494,235	$ 1,527,084
Operating Expenses:
Administrative and general	64,840	58,481	179,848	167,630
Regulatory disallowances	6,142	2,315	10,601	6,046
Depreciation and amortization	97,400	80,192	285,000	237,405
Transmission and distribution costs	23,660	25,078	71,475	72,739
Taxes other than income taxes	25,966	22,432	75,984	72,395
Total operating expenses	378,176	419,199	1,116,882	1,249,011
Operating income (loss)	191,080	86,652	377,353	278,073
Other Income and Deductions:
Interest income	8,669	5,366	17,719	15,568
Gains (losses) on investment securities	13,770	(8,404)	32,326	1,815
Other income	7,953	8,428	20,552	17,121
Other (deductions)	(1,988)	(4,555)	(20,146)	(10,562)
Net other income and deductions	28,404	835	50,451	23,942
Interest Charges	59,664	49,838	169,254	136,660
Earnings before Income Taxes	159,820	37,649	258,550	165,355
Income Taxes (Benefits)	23,422	(5,267)	19,822	12,742
Net Earnings	136,398	42,916	238,728	152,613
(Earnings) Attributable to Valencia Non-controlling Interest	(5,064)	(5,058)	(11,891)	(14,172)
Preferred Stock Dividend Requirements	(132)	(132)	(396)	(396)
Net Earnings Attributable to TXNM	131,202	37,726	226,441	138,045
Energy
Electric Operating Revenues	569,256	505,851	1,494,235	1,527,084
Operating Expenses:
Energy costs	138,909	210,313	425,919	624,451
Energy Production
Operating Expenses:
Energy costs	21,259	20,388	68,055	68,345
PNM
Electric Operating Revenues	406,519	350,334	1,048,305	1,118,741
Operating Expenses:
Administrative and general	59,809	53,460	166,421	151,178
Regulatory disallowances	6,142	2,315	10,601	6,046
Depreciation and amortization	56,424	44,537	163,941	132,287
Transmission and distribution costs	15,123	15,326	44,823	43,968
Taxes other than income taxes	12,258	9,250	37,735	36,078
Total operating expenses	272,510	319,638	805,255	955,726
Operating income (loss)	134,009	30,696	243,050	163,015
Other Income and Deductions:
Interest income	8,674	5,323	17,644	15,542
Gains (losses) on investment securities	13,770	(8,404)	32,326	1,815
Other income	4,407	3,484	12,049	8,656
Other (deductions)	(881)	(2,678)	(2,664)	(7,341)
Net other income and deductions	25,970	(2,275)	59,355	18,672
Interest Charges	27,852	22,354	78,848	61,242
Earnings before Income Taxes	132,127	6,067	223,557	120,445
Income Taxes (Benefits)	18,265	(7,199)	29,897	12,041
Net Earnings	113,862	13,266	193,660	108,404
(Earnings) Attributable to Valencia Non-controlling Interest	(5,064)	(5,058)	(11,891)	(14,172)
Net Earnings Attributable to PNM	108,798	8,208	181,769	94,232
Preferred Stock Dividend Requirements	(132)	(132)	(396)	(396)
Net Earnings Attributable to TXNM	108,666	8,076	181,373	93,836
PNM | Energy
Operating Expenses:
Energy costs	101,495	174,362	313,679	517,824
PNM | Energy Production
Operating Expenses:
Energy costs	$ 21,259	$ 20,388	$ 68,055	$ 68,345

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Comprehensive Income - PNM - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Earnings	$ 136,398	$ 42,916	$ 238,728	$ 152,613
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(241), $526, $(92), and $(632)	708	(1,543)	270	1,859
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $93, $389, $3,285, and $1,044	(273)	(1,142)	(9,647)	(3,067)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(309), $(303), $(927), and $(909)	907	891	2,722	2,673
Total Other Comprehensive Income (Loss)	(3,499)	(3,185)	(10,559)	3,628
Comprehensive Income	132,899	39,731	228,169	156,241
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(5,064)	(5,058)	(11,891)	(14,172)
Comprehensive Income Attributable to TXNM	127,703	34,541	215,882	141,673
PNM
Net Earnings	113,862	13,266	193,660	108,404
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(241), $526, $(92), and $(632)	708	(1,543)	270	1,859
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $93, $389, $3,285, and $1,044	(273)	(1,142)	(9,647)	(3,067)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(309), $(303), $(927), and $(909)	907	891	2,722	2,673
Total Other Comprehensive Income (Loss)	1,342	(1,794)	(6,655)	1,465
Comprehensive Income	115,204	11,472	187,005	109,869
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(5,064)	(5,058)	(11,891)	(14,172)
Comprehensive Income Attributable to TXNM	$ 110,140	$ 6,414	$ 175,114	$ 95,697

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Comprehensive Income - PNM (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	$ (241)	$ 526	$ (92)	$ (632)
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	93	389	3,285	1,044
Pension liability adjustment, income tax expense (benefit)	(309)	(303)	(927)	(909)
PNM
Unrealized holding gains (losses) arising during the period, income tax (expense) benefit	(241)	526	(92)	(632)
Reclassification adjustment for (gains) losses included in net earnings, income tax expense (benefit)	93	389	3,285	1,044
Pension liability adjustment, income tax expense (benefit)	$ (309)	$ (303)	$ (927)	$ (909)

Condensed Consolidated Statem_9

Condensed Consolidated Statements of Cash Flows - PNM - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Net earnings	$ 238,728,000	$ 152,613,000
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	313,919,000	262,557,000
Deferred income tax expense	38,383,000	10,874,000
(Gains) on investment securities	(32,326,000)	(1,815,000)
Regulatory disallowances	10,601,000	6,046,000
Allowance for equity funds used during construction	(13,911,000)	(10,075,000)
Other, net	3,025,000	476,000
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(38,466,000)	972,000
Materials, supplies, and fuel stock	(22,484,000)	(16,657,000)
Other current assets	14,835,000	(77,016,000)
Other assets	(80,640,000)	(13,613,000)
Accounts payable	(24,027,000)	(12,222,000)
Accrued interest and taxes	18,462,000	9,686,000
Other current liabilities	(85,393,000)	116,887,000
Other liabilities	5,419,000	(21,980,000)
Net cash flows from operating activities	349,521,000	412,604,000
Cash Flows From Investing Activities:
Utility plant additions	(905,513,000)	(807,932,000)
Proceeds from sale of plant assets (Note 13)	2,840,000	32,654,000
Proceeds from sales of investment securities	745,645,000	412,574,000
Purchases of investment securities	(756,591,000)	(423,467,000)
Other, net	3,375,000	44,000
Net cash flows used in investing activities	(805,858,000)	(811,877,000)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	2,181,800,000	1,773,100,000
Revolving credit facilities repayments	(1,984,700,000)	(1,599,600,000)
Long-term borrowings	1,233,000,000	1,015,000,000
Repayment of long-term debt	(819,529,000)	(685,000,000)
Dividends paid	(105,254,000)	(95,029,000)
Valencia’s transactions with its owner	(13,780,000)	(15,993,000)
Transmission interconnection and security deposit arrangements	79,718,000	46,254,000
Refunds paid under transmission interconnection and security deposit arrangements	(74,667,000)	(19,610,000)
Debt issuance costs and other, net	(19,775,000)	(6,528,000)
Net cash flows from financing activities	468,830,000	402,963,000
Change in Cash, Cash Equivalents, and Restricted Cash	12,493,000	3,690,000
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	3,943,000	4,078,000
Cash, Cash Equivalents, and Restricted Cash at End of Period	16,436,000	7,768,000
Restricted Cash included in Other Current Assets and Other Deferred Charges on Condensed Consolidated Balance Sheets:
At beginning of period	1,728,000	0
At end of period	9,201,000	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	147,418,000	121,876,000
Income taxes paid (refunded), net	(395,000)	1,400,000
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	44,714,000	46,452,000
PNM
Cash Flows From Operating Activities:
Net earnings	193,660,000	108,404,000
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	185,815,000	150,903,000
Deferred income tax expense	23,710,000	12,041,000
(Gains) on investment securities	(32,326,000)	(1,815,000)
Regulatory disallowances	10,601,000	6,046,000
Allowance for equity funds used during construction	(10,503,000)	(7,263,000)
Other, net	3,055,000	2,641,000
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(22,676,000)	15,648,000
Materials, supplies, and fuel stock	(13,928,000)	(12,300,000)
Other current assets	5,064,000	(81,653,000)
Other assets	(37,489,000)	(9,988,000)
Accounts payable	(17,022,000)	(11,073,000)
Accrued interest and taxes	26,457,000	11,592,000
Other current liabilities	(76,559,000)	115,984,000
Other liabilities	(3,068,000)	(20,451,000)
Net cash flows from operating activities	234,791,000	278,716,000
Cash Flows From Investing Activities:
Utility plant additions	(493,381,000)	(424,292,000)
Proceeds from sale of plant assets (Note 13)	2,840,000	32,654,000
Proceeds from sales of investment securities	745,645,000	412,574,000
Purchases of investment securities	(756,591,000)	(423,467,000)
Other, net	3,376,000	6,000
Net cash flows used in investing activities	(498,111,000)	(402,525,000)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	1,025,500,000	836,100,000
Revolving credit facilities repayments	(983,100,000)	(855,100,000)
Long-term borrowings	398,000,000	330,000,000
Repayment of long-term debt	(200,529,000)	(185,000,000)
Equity contribution from parent	55,000,000	0
Dividends paid	(396,000)	(396,000)
Valencia’s transactions with its owner	(13,780,000)	(15,993,000)
Transmission interconnection and security deposit arrangements	68,468,000	35,254,000
Refunds paid under transmission interconnection and security deposit arrangements	(69,817,000)	(16,110,000)
Debt issuance costs and other, net	(4,260,000)	(3,769,000)
Net cash flows from financing activities	275,086,000	124,986,000
Change in Cash, Cash Equivalents, and Restricted Cash	11,766,000	1,177,000
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	2,586,000	2,985,000
Cash, Cash Equivalents, and Restricted Cash at End of Period	14,352,000	4,162,000
Restricted Cash included in Other Current Assets and Other Deferred Charges on Condensed Consolidated Balance Sheets:
At beginning of period	1,728,000	0
At end of period	9,201,000	0
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	58,652,000	46,584,000
Income taxes paid (refunded), net	(1,707,000)	0
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$ 17,238,000	$ 30,837,000

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheets - PNM - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 7,235	$ 2,215
Accounts receivable, net of allowance for credit losses of $3,046 and $3,388	149,830	126,291
Unbilled revenues	76,109	64,072
Other receivables	48,967	76,509
Materials, supplies, and fuel stock	120,519	98,034
Regulatory assets	44,174	73,046
Prepaid assets	34,252	19,759
Income taxes receivable	5,316	6,697
Other current assets	9,292	8,920
Total current assets	495,694	475,543
Other Property and Investments:
Investment securities	453,505	444,408
Other investments	255	171
Non-utility property, net	26,934	29,367
Total other property and investments	480,694	593,516
Utility Plant:
Plant in service, held for future use, and to be abandoned	10,231,652	9,701,180
Less accumulated depreciation and amortization	2,910,228	2,755,823
Net plant in service and plant held for future use	7,321,424	6,945,357
Construction work in progress	816,143	589,834
Nuclear fuel, net of accumulated amortization of $36,439 and $35,840	73,815	74,671
Net utility plant	8,211,382	7,609,862
Deferred Charges and Other Assets:
Regulatory assets	952,772	914,381
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	174,554	182,201
Other deferred charges	250,088	198,805
Total deferred charges and other assets	1,655,711	1,573,684
Total assets	10,843,481	10,252,605
Current Liabilities:
Short-term debt	459,000	261,900
Current installments of long-term debt (includes $6,907 and $2,529 related to ETBC I)	411,539	280,169
Accounts payable	136,435	205,175
Customer deposits	6,530	6,237
Accrued interest and taxes	115,736	98,655
Regulatory liabilities	47,738	140,005
Operating lease liabilities	11,157	12,267
Dividends declared	35,085	35,085
Transmission interconnection arrangement liabilities	65,981	96,870
Other current liabilities	80,442	94,397
Total current liabilities	1,369,643	1,230,760
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,699 and $338,521 related to ETBC I)	4,511,206	4,241,642
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	886,189	845,280
Regulatory liabilities	775,140	771,317
Asset retirement obligations	246,751	245,531
Accrued pension liability and postretirement benefit cost	13,470	21,429
Operating lease liabilities	158,369	167,000
Other deferred credits	363,136	319,066
Total deferred credits and other liabilities	2,443,055	2,369,623
Total liabilities	8,323,904	7,842,025
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
PNM common stockholder’s equity:
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares)	1,624,685	1,624,823
Accumulated other comprehensive income (loss), net of income taxes	(73,399)	(62,840)
Retained earnings	908,693	787,110
Total TXNM common stockholders’ equity	2,459,979	2,349,093
Non-controlling interest in Valencia	48,069	49,958
Total equity	2,508,048	2,399,051
Total liabilities and stockholders' equity	10,843,481	10,252,605
PNM
Current Assets:
Cash and cash equivalents	5,151	858
Accounts receivable, net of allowance for credit losses of $3,046 and $3,388	104,723	94,879
Unbilled revenues	56,867	46,925
Materials, supplies, and fuel stock	95,500	81,572
Regulatory assets	35,961	72,996
Prepaid assets	20,935	9,941
Income taxes receivable	0	7,682
Other current assets	7,720	1,756
Total current assets	375,217	377,837
Other Property and Investments:
Investment securities	453,505	444,408
Other investments	154	69
Non-utility property, net	11,595	13,538
Total other property and investments	465,254	458,015
Utility Plant:
Plant in service, held for future use, and to be abandoned	6,501,714	6,151,510
Less accumulated depreciation and amortization	2,074,042	1,976,657
Net plant in service and plant held for future use	4,427,672	4,174,853
Construction work in progress	544,163	490,178
Nuclear fuel, net of accumulated amortization of $36,439 and $35,840	73,815	74,671
Net utility plant	5,045,650	4,739,702
Deferred Charges and Other Assets:
Regulatory assets	853,169	838,727
Goodwill	51,632	51,632
Operating lease right-of-use assets, net of accumulated amortization	172,904	180,370
Other deferred charges	200,613	166,782
Total deferred charges and other assets	1,278,318	1,237,511
Total assets	7,164,439	6,813,065
Current Liabilities:
Short-term debt	179,900	137,500
Current installments of long-term debt (includes $6,907 and $2,529 related to ETBC I)	360,592	200,222
Customer deposits	6,530	6,237
Accrued interest and taxes	60,112	41,337
Regulatory liabilities	46,038	134,846
Operating lease liabilities	10,349	11,371
Dividends declared	132	132
Transmission interconnection arrangement liabilities	65,981	96,870
Other current liabilities	43,428	52,587
Total current liabilities	900,237	839,194
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,699 and $338,521 related to ETBC I)	2,098,528	2,061,558
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	728,692	684,037
Regulatory liabilities	542,711	565,021
Asset retirement obligations	245,796	244,633
Accrued pension liability and postretirement benefit cost	12,397	19,949
Operating lease liabilities	157,584	166,191
Other deferred credits	238,361	220,178
Total deferred credits and other liabilities	1,925,541	1,900,009
Total liabilities	4,924,306	4,800,761
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
PNM common stockholder’s equity:
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares)	1,602,918	1,547,918
Accumulated other comprehensive income (loss), net of income taxes	(73,160)	(66,505)
Retained earnings	650,777	469,404
Total TXNM common stockholders’ equity	2,180,535	1,950,817
Non-controlling interest in Valencia	48,069	49,958
Total equity	2,228,604	2,000,775
Total liabilities and stockholders' equity	7,164,439	6,813,065
PNM | Nonrelated Party
Current Assets:
Other receivables	39,148	51,975
Current Liabilities:
Accounts payable	107,444	141,704
PNM | Related Party
Current Assets:
Other receivables	9,212	9,253
Current Liabilities:
Accounts payable	$ 19,731	$ 16,388

Condensed Consolidated Balanc_4

Condensed Consolidated Balance Sheets - PNM (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Allowance for uncollectible accounts	$ 3,046	$ 3,388
Accumulated depreciation, nuclear fuel	36,439	35,840
Current installments of long-term debt (includes $6,907 and $2,529 related to ETBC I)	411,539	280,169
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,699 and $338,521 related to ETBC I)	$ 4,511,206	$ 4,241,642
Cumulative preferred stock of subsidiary, stated value (in dollars per share)	$ 100	$ 100
Cumulative preferred stock of subsidiary, shares authorized (in shares)	10,000,000	10,000,000
Cumulative preferred stock of subsidiary, shares issued (in shares)	115,293	115,293
Cumulative preferred stock of subsidiary, shares outstanding (in shares)	115,293	115,293
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	200,000,000	120,000,000
Common stock, shares issued (in shares)	90,200,384	90,200,384
Common stock, shares outstanding (in shares)	90,200,384	90,200,384
ETBC 1
Current installments of long-term debt (includes $6,907 and $2,529 related to ETBC I)	$ 6,907	$ 2,529
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,699 and $338,521 related to ETBC I)	331,699	338,521
PNM
Allowance for uncollectible accounts	3,046	3,388
Accumulated depreciation, nuclear fuel	36,439	35,840
Current installments of long-term debt (includes $6,907 and $2,529 related to ETBC I)	360,592	200,222
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,699 and $338,521 related to ETBC I)	$ 2,098,528	$ 2,061,558
Cumulative preferred stock of subsidiary, stated value (in dollars per share)	$ 100	$ 100
Cumulative preferred stock of subsidiary, shares authorized (in shares)	10,000,000	10,000,000
Cumulative preferred stock of subsidiary, shares issued (in shares)	115,293	115,293
Cumulative preferred stock of subsidiary, shares outstanding (in shares)	115,293	115,293
Common stock, 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 | ETBC 1
Current installments of long-term debt (includes $6,907 and $2,529 related to ETBC I)	$ 6,907	$ 2,529
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $331,699 and $338,521 related to ETBC I)	$ 331,699	$ 338,521

Condensed Consolidated State_10

Condensed Consolidated Statements of Changes in Equity - PNM - USD ($) $ in Thousands	Total	Total PNM Common Stockholder’s Equity	Common Stock	AOCI	Retained Earnings	Non- controlling Interest in Valencia	PNM	PNM Total PNM Common Stockholder’s Equity	PNM Common Stock	PNM AOCI	PNM Retained Earnings	PNM Non- controlling Interest in Valencia
Beginning 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	152,613	138,441			138,441	14,172	108,404	94,232			94,232	14,172
Total other comprehensive income (loss)	3,628	3,628		3,628			1,465	1,465		1,465
Dividends declared on preferred stock							(396)	(396)			(396)
Valencia’s transactions with its owner	(15,993)					(15,993)	(15,993)					(15,993)
Ending balance at Sep. 30, 2023	2,286,384	2,235,211	1,425,342	(62,420)	872,289	51,173	2,053,804	2,002,631	1,547,918	(72,870)	527,583	51,173
Beginning balance at Jun. 30, 2023	2,313,596	2,262,243	1,423,827	(59,235)	897,651	51,353	2,047,702	1,996,349	1,547,918	(71,076)	519,507	51,353
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	42,916	37,858			37,858	5,058	13,266	8,208			8,208	5,058
Total other comprehensive income (loss)	(3,185)	(3,185)		(3,185)			(1,794)	(1,794)		(1,794)
Dividends declared on preferred stock							(132)	(132)			(132)
Valencia’s transactions with its owner	(5,238)					(5,238)	(5,238)					(5,238)
Ending balance at Sep. 30, 2023	2,286,384	2,235,211	1,425,342	(62,420)	872,289	51,173	2,053,804	2,002,631	1,547,918	(72,870)	527,583	51,173
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	238,728	226,837			226,837	11,891	193,660	181,769			181,769	11,891
Total other comprehensive income (loss)	(10,559)	(10,559)		(10,559)			(6,655)	(6,655)		(6,655)
Dividends declared on preferred stock							(396)	(396)			(396)
Equity contribution from parent							55,000	55,000	55,000
Valencia’s transactions with its owner	(13,780)					(13,780)	(13,780)					(13,780)
Ending balance at Sep. 30, 2024	2,508,048	2,459,979	1,624,685	(73,399)	908,693	48,069	2,228,604	2,180,535	1,602,918	(73,160)	650,777	48,069
Beginning balance at Jun. 30, 2024	2,451,680	2,402,748	1,625,251	(69,900)	847,397	48,932	2,119,459	2,070,527	1,602,918	(74,502)	542,111	48,932
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	136,398	131,334			131,334	5,064	113,862	108,798			108,798	5,064
Total other comprehensive income (loss)	(3,499)	(3,499)		(3,499)			1,342	1,342		1,342
Dividends declared on preferred stock							(132)	(132)			(132)
Valencia’s transactions with its owner	(5,927)					(5,927)	(5,927)					(5,927)
Ending balance at Sep. 30, 2024	$ 2,508,048	$ 2,459,979	$ 1,624,685	$ (73,399)	$ 908,693	$ 48,069	$ 2,228,604	$ 2,180,535	$ 1,602,918	$ (73,160)	$ 650,777	$ 48,069

Condensed Consolidated State_11

Condensed Consolidated Statements of Earnings - TNMP - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Electric Operating Revenues	$ 569,256	$ 505,851	$ 1,494,235	$ 1,527,084
Operating Expenses:
Administrative and general	64,840	58,481	179,848	167,630
Depreciation and amortization	97,400	80,192	285,000	237,405
Transmission and distribution costs	23,660	25,078	71,475	72,739
Taxes other than income taxes	25,966	22,432	75,984	72,395
Total operating expenses	378,176	419,199	1,116,882	1,249,011
Operating income (loss)	191,080	86,652	377,353	278,073
Other Income and Deductions:
Interest income	8,669	5,366	17,719	15,568
Other income	7,953	8,428	20,552	17,121
Other (deductions)	(1,988)	(4,555)	(20,146)	(10,562)
Net other income and deductions	28,404	835	50,451	23,942
Interest Charges	59,664	49,838	169,254	136,660
Earnings before Income Taxes	159,820	37,649	258,550	165,355
Income Taxes (Benefits)	23,422	(5,267)	19,822	12,742
Texas-New Mexico Power Company
Electric Operating Revenues	162,737	155,517	445,930	408,343
Operating Expenses:
Cost of energy	37,414	35,951	112,240	106,627
Administrative and general	14,423	13,440	41,797	40,608
Depreciation and amortization	31,732	28,357	93,147	83,746
Transmission and distribution costs	8,537	9,752	26,652	28,771
Taxes other than income taxes	12,161	11,863	33,571	31,923
Total operating expenses	104,267	99,363	307,407	291,675
Operating income (loss)	58,470	56,154	138,523	116,668
Other Income and Deductions:
Interest income	130	178	426	413
Other income	3,137	3,476	7,292	5,754
Other (deductions)	(852)	(1,028)	(1,426)	(1,658)
Net other income and deductions	2,415	2,626	6,292	4,509
Interest Charges	15,924	12,095	43,711	33,932
Earnings before Income Taxes	44,961	46,685	101,104	87,245
Income Taxes (Benefits)	9,266	7,181	20,901	13,076
Net Earnings Attributable to PNM	$ 35,695	$ 39,504	$ 80,203	$ 74,169

Condensed Consolidated State_12

Condensed Consolidated Statements of Cash Flows - TNMP - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Net earnings	$ 238,728	$ 152,613
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	313,919	262,557
Deferred income tax expense	38,383	10,874
Allowance for equity funds used during construction and other, net	(13,911)	(10,075)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(38,466)	972
Materials and supplies	(22,484)	(16,657)
Other current assets	14,835	(77,016)
Other assets	(80,640)	(13,613)
Accounts payable	(24,027)	(12,222)
Accrued interest and taxes	18,462	9,686
Other current liabilities	(85,393)	116,887
Other liabilities	5,419	(21,980)
Net cash flows from operating activities	349,521	412,604
Cash Flows From Investing Activities:
Utility plant additions	(905,513)	(807,932)
Net cash flows used in investing activities	(805,858)	(811,877)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	2,181,800	1,773,100
Revolving credit facilities repayments	(1,984,700)	(1,599,600)
Long-term borrowings	1,233,000	1,015,000
Repayment of long-term debt	(819,529)	(685,000)
Transmission interconnection and security deposit arrangements	79,718	46,254
Refunds paid under transmission interconnection and security deposit arrangements	(74,667)	(19,610)
Debt issuance costs and other, net	(19,775)	(6,528)
Net cash flows from financing activities	468,830	402,963
Change in Cash, Cash Equivalents, and Restricted Cash	12,493	3,690
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	3,943	4,078
Cash, Cash Equivalents, and Restricted Cash at End of Period	16,436	7,768
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	147,418	121,876
Income taxes paid (refunded), net	(395)	1,400
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	44,714	46,452
Texas-New Mexico Power Company
Cash Flows From Operating Activities:
Net earnings	80,203	74,169
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	93,892	84,300
Deferred income tax expense	17,432	431
Allowance for equity funds used during construction and other, net	(3,543)	(2,811)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(15,791)	(14,676)
Materials and supplies	(8,556)	(4,357)
Other current assets	9,526	4,914
Other assets	(26,686)	1,322
Accounts payable	(1,980)	2,224
Accrued interest and taxes	1,688	8,559
Other current liabilities	(4,503)	(2,932)
Other liabilities	1,860	(650)
Net cash flows from operating activities	143,542	150,493
Cash Flows From Investing Activities:
Utility plant additions	(392,933)	(343,269)
Net cash flows used in investing activities	(392,933)	(343,269)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	499,300	281,800
Revolving credit facilities repayments	(456,900)	(278,700)
Long-term borrowings	285,000	185,000
Repayment of long-term debt	(80,000)	0
Transmission interconnection and security deposit arrangements	11,250	11,000
Refunds paid under transmission interconnection and security deposit arrangements	(4,850)	(3,500)
Debt issuance costs and other, net	(3,468)	(1,671)
Net cash flows from financing activities	250,332	193,929
Change in Cash, Cash Equivalents, and Restricted Cash	941	1,153
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	0	0
Cash, Cash Equivalents, and Restricted Cash at End of Period	941	1,153
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	40,626	30,868
Income taxes paid (refunded), net	1,312	1,400
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$ 21,105	$ 6,640

Condensed Consolidated Balanc_5

Condensed Consolidated Balance Sheets - TNMP - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 7,235	$ 2,215
Accounts receivable	149,830	126,291
Unbilled revenues	76,109	64,072
Other receivables	48,967	76,509
Materials and supplies	120,519	98,034
Regulatory assets	44,174	73,046
Total current assets	495,694	475,543
Other Property and Investments:
Other investments	255	171
Non-utility property, net	26,934	29,367
Total other property and investments	480,694	593,516
Utility Plant:
Plant in service and plant held for future use	10,231,652	9,701,180
Less accumulated depreciation and amortization	2,910,228	2,755,823
Net plant in service and plant held for future use	7,321,424	6,945,357
Construction work in progress	816,143	589,834
Net utility plant	8,211,382	7,609,862
Deferred Charges and Other Assets:
Regulatory assets	952,772	914,381
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	174,554	182,201
Other deferred charges	250,088	198,805
Total deferred charges and other assets	1,655,711	1,573,684
Total assets	10,843,481	10,252,605
Current Liabilities:
Short-term debt	459,000	261,900
Current installments of long-term debt	411,539	280,169
Accounts payable	136,435	205,175
Accrued interest and taxes	115,736	98,655
Regulatory liabilities	47,738	140,005
Operating lease liabilities	11,157	12,267
Other current liabilities	80,442	94,397
Total current liabilities	1,369,643	1,230,760
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	4,511,206	4,241,642
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	886,189	845,280
Regulatory liabilities	775,140	771,317
Asset retirement obligations	246,751	245,531
Accrued pension liability and postretirement benefit cost	13,470	21,429
Operating lease liabilities	158,369	167,000
Other deferred credits	363,136	319,066
Total deferred credits and other liabilities	2,443,055	2,369,623
Total liabilities	8,323,904	7,842,025
Commitments and Contingencies (Note 11)
Common Stockholder’s Equity:
Common stock ($10 par value; 12,000,000 shares authorized; issued and outstanding 6,358 shares)	1,624,685	1,624,823
Retained earnings	908,693	787,110
Total TXNM common stockholders’ equity	2,459,979	2,349,093
Total liabilities and stockholders' equity	10,843,481	10,252,605
Texas-New Mexico Power Company
Current Assets:
Cash and cash equivalents	941	0
Accounts receivable	45,107	31,412
Unbilled revenues	19,242	17,147
Other receivables	11,715	26,983
Materials and supplies	25,019	16,462
Regulatory assets	8,213	50
Prepaid and other current assets	6,815	2,705
Total current assets	117,052	94,759
Other Property and Investments:
Other investments	101	102
Non-utility property, net	13,413	14,746
Total other property and investments	13,514	14,848
Utility Plant:
Plant in service and plant held for future use	3,385,732	3,210,870
Less accumulated depreciation and amortization	617,051	582,140
Net plant in service and plant held for future use	2,768,681	2,628,730
Construction work in progress	262,880	91,274
Net utility plant	3,031,561	2,720,004
Deferred Charges and Other Assets:
Regulatory assets	99,603	75,654
Goodwill	226,665	226,665
Operating lease right-of-use assets, net of accumulated amortization	1,101	1,814
Other deferred charges	16,213	11,287
Total deferred charges and other assets	343,582	315,420
Total assets	3,505,709	3,145,031
Current Liabilities:
Short-term debt	97,500	55,100
Current installments of long-term debt	0	79,947
Accrued interest and taxes	59,246	57,558
Regulatory liabilities	1,700	5,159
Operating lease liabilities	772	895
Other current liabilities	9,134	12,084
Total current liabilities	202,744	269,295
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	1,464,054	1,180,933
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	198,638	178,748
Regulatory liabilities	232,429	206,296
Asset retirement obligations	955	898
Accrued pension liability and postretirement benefit cost	1,073	1,480
Operating lease liabilities	268	809
Other deferred credits	87,684	68,911
Total deferred credits and other liabilities	521,047	457,142
Total liabilities	2,187,845	1,907,370
Commitments and Contingencies (Note 11)
Common Stockholder’s Equity:
Common stock ($10 par value; 12,000,000 shares authorized; issued and outstanding 6,358 shares)	64	64
Paid-in-capital	846,066	846,066
Retained earnings	471,734	391,531
Total TXNM common stockholders’ equity	1,317,864	1,237,661
Total liabilities and stockholders' equity	3,505,709	3,145,031
Texas-New Mexico Power Company | Nonrelated Party
Current Liabilities:
Accounts payable	28,535	51,620
Texas-New Mexico Power Company | Related Party
Current Liabilities:
Accounts payable	$ 5,857	$ 6,932

Condensed Consolidated Balanc_6

Condensed Consolidated Balance Sheets - TNMP (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Common stock, shares authorized (in shares)	200,000,000	120,000,000
Common stock, shares issued (in shares)	90,200,384	90,200,384
Common stock, shares outstanding (in shares)	90,200,384	90,200,384
Texas-New Mexico Power Company
Common stock, par value (in dollars per share)	$ 10	$ 10
Common stock, shares authorized (in shares)	12,000,000	12,000,000
Common stock, shares issued (in shares)	6,358	6,358
Common stock, shares outstanding (in shares)	6,358	6,358

Condensed Consolidated State_13

Condensed Consolidated Statements of Changes in Common Stockholder's Equity - TNMP - USD ($) $ in Thousands	Total	Texas-New Mexico Power Company	Texas-New Mexico Power Company Common Stock	Texas-New Mexico Power Company Paid-in Capital	Texas-New Mexico Power Company Retained Earnings
Beginning balance TNMP at Dec. 31, 2022		$ 1,101,824	$ 64	$ 805,166	$ 296,594
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		74,169			74,169
Ending balance TNMP at Sep. 30, 2023		1,175,993	64	805,166	370,763
Beginning balance TNMP at Jun. 30, 2023		1,136,489	64	805,166	331,259
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		39,504			39,504
Ending balance TNMP at Sep. 30, 2023		1,175,993	64	805,166	370,763
Beginning balance TNMP at Dec. 31, 2023	$ 2,349,093	1,237,661	64	846,066	391,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		80,203			80,203
Ending balance TNMP at Sep. 30, 2024	2,459,979	1,317,864	64	846,066	471,734
Beginning balance TNMP at Jun. 30, 2024		1,282,169	64	846,066	436,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		35,695			35,695
Ending balance TNMP at Sep. 30, 2024	$ 2,459,979	$ 1,317,864	$ 64	$ 846,066	$ 471,734

Significant Accounting Policies

Significant Accounting Policies and Responsibility for Financial Statements	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies and Responsibility for Financial Statements	Significant Accounting Policies and Responsibility for Financial Statements Financial Statement Preparation In the opinion of management, the accompanying unaudited interim Condensed Consolidated Financial Statements reflect all normal and recurring accruals and adjustments that are necessary to present fairly the consolidated financial position at September 30, 2024 and December 31, 2023, and the consolidated results of operations, comprehensive income, and cash flows for the nine months ended September 30, 2024 and 2023. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could ultimately differ from those estimated. Weather causes the Company’s results of operations to be seasonal in nature and the results of operations presented in the accompanying Condensed Consolidated Financial Statements are not necessarily representative of operations for an entire year. On August 2, 2024, PNM Resources, Inc. (“PNMR”) amended its Articles of Incorporation to change its name to TXNM Energy, Inc. (“TXNM”) and increase the number of authorized shares of the Company’s common stock from 120,000,000 to 200,000,000. The Notes to Condensed Consolidated Financial Statements include disclosures for TXNM, PNM, and TNMP. This report uses the term “Company” when discussing matters of common applicability to TXNM, PNM, and TNMP. Discussions regarding only TXNM, PNM, or TNMP are so indicated. Certain amounts in the 2023 Condensed Consolidated Financial Statements and Notes thereto have been reclassified to conform to the 2024 financial statement presentation. These Condensed Consolidated Financial Statements are unaudited. Certain information and note disclosures normally included in the annual audited Consolidated Financial Statements have been condensed or omitted, as permitted under the applicable rules and regulations. Readers of these financial statements should refer to TXNM’s, PNM’s, and TNMP’s audited Consolidated Financial Statements and Notes thereto that are included in their respective 2023 Annual Reports on Form 10-K. GAAP defines subsequent events as events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. Based on their nature, magnitude, and timing, certain subsequent events may be required to be reflected at the balance sheet date and/or required to be disclosed in the financial statements. The Company has evaluated subsequent events accordingly. Principles of Consolidation The Condensed Consolidated Financial Statements of each of TXNM, PNM, and TNMP include their accounts and those of subsidiaries in which that entity owns a majority voting interest. PNM also consolidates Valencia and ETBC I. See Note 6. PNM owns undivided interests in several jointly-owned power plants and records its pro-rata share of the assets, liabilities, and expenses for those plants. The agreements for the jointly-owned plants provide that if an owner were to default on its payment obligations, the non-defaulting owners would be responsible for their proportionate share of the obligations of the defaulting owner. In exchange, the non-defaulting owners would be entitled to their proportionate share of the generating capacity of the defaulting owner. There have been no such payment defaults under any of the agreements for the jointly-owned plants. PNMR 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 TXNM, PNM, and TNMP include interest and income tax sharing payments, as well as equity transactions. See Note 15. All intercompany transactions and balances have been eliminated. Dividends on Common Stock Dividends on TXNM’s common stock are declared by the Board. The timing of the declaration of dividends is dependent on the timing of meetings and other actions of the Board. This has historically resulted in dividends attributable to the second quarter of each year being declared through the actions of the Board during the third quarter of the year. The Board declared dividends on common stock considered to be for the second quarter of $0.3875 per share in July 2024 and $0.3675 per share in August 2023, which are reflected as being in the second quarter within the Dividends Declared per Common Share on the TXNM Condensed Statement of Earnings. The Board declared dividends on common stock for the third quarter of $0.3875 per share in September 2024 and $0.3675 per share in September 2023, which are reflected as being in the third quarter within Dividends Declared per Common Share on the TXNM Condensed Consolidated Statement of Earnings. TXNM did not make any cash equity contributions to TNMP in the three and nine months ended September 30, 2024. TXNM made zero and $55.0 million cash equity contributions to PNM in the three and nine months ended September 30, 2024. TXNM did not make any cash equity contributions to TNMP or PNM in the three and nine months ended September 30, 2023. Neither PNM nor TNMP declared or paid any cash dividends on their common stock to TXNM in the three and nine months ended September 30, 2024 and 2023. 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 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 for annual periods 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	9 Months Ended
	Sep. 30, 2024
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 retail capacity, as well as providing transmission services to third parties. FERC has jurisdiction over wholesale power and transmission rates. 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 6. 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 TXNM 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, until the close of the sale of NMRD on February 27, 2024 (Note 16). Eliminations of intercompany transactions are reflected in the Corporate and Other segment. The following tables present summarized financial information for TXNM by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP. TXNM SEGMENT INFORMATION PNM TNMP Corporate TXNM (In thousands) Three Months Ended September 30, 2024 Electric operating revenues $ 406,519 $ 162,737 $ — $ 569,256 Cost of energy 101,495 37,414 — 138,909 Utility margin 305,024 125,323 — 430,347 Other operating expenses 114,591 35,121 (7,845) 141,867 Depreciation and amortization 56,424 31,732 9,244 97,400 Operating income (loss) 134,009 58,470 (1,399) 191,080 Interest income (expense) 8,674 130 (135) 8,669 Other income 17,296 2,285 154 19,735 Interest charges (27,852) (15,924) (15,888) (59,664) Segment earnings (loss) before income taxes 132,127 44,961 (17,268) 159,820 Income taxes (benefit) 18,265 9,266 (4,109) 23,422 Segment earnings (loss) 113,862 35,695 (13,159) 136,398 Valencia non-controlling interest (5,064) — — (5,064) Subsidiary preferred stock dividends (132) — — (132) Segment earnings (loss) attributable to TXNM $ 108,666 $ 35,695 $ (13,159) $ 131,202 PNM TNMP Corporate TXNM (In thousands) Nine Months Ended September 30, 2024 Electric operating revenues $ 1,048,305 $ 445,930 $ — $ 1,494,235 Cost of energy 313,679 112,240 — 425,919 Utility margin 734,626 333,690 — 1,068,316 Other operating expenses 327,635 102,020 (23,692) 405,963 Depreciation and amortization 163,941 93,147 27,912 285,000 Operating income (loss) 243,050 138,523 (4,220) 377,353 Interest income (expense) 17,644 426 (351) 17,719 Other income (deductions) 41,711 5,866 (14,845) 32,732 Interest charges (78,848) (43,711) (46,695) (169,254) Segment earnings (loss) before income taxes 223,557 101,104 (66,111) 258,550 Income taxes (benefit) 29,897 20,901 (30,976) 19,822 Segment earnings (loss) 193,660 80,203 (35,135) 238,728 Valencia non-controlling interest (11,891) — — (11,891) Subsidiary preferred stock dividends (396) — — (396) Segment earnings (loss) attributable to TXNM $ 181,373 $ 80,203 $ (35,135) $ 226,441 At September 30, 2024: Total Assets $ 7,164,439 $ 3,505,709 $ 173,333 $ 10,843,481 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 PNM TNMP Corporate TXNM (In thousands) Three Months Ended September 30, 2023 Electric operating revenues $ 350,334 $ 155,517 $ — $ 505,851 Cost of energy 174,362 35,951 — 210,313 Utility margin 175,972 119,566 — 295,538 Other operating expenses 100,739 35,055 (7,100) 128,694 Depreciation and amortization 44,537 28,357 7,298 80,192 Operating income (loss) 30,696 56,154 (198) 86,652 Interest income (expense) 5,323 178 (135) 5,366 Other income (deductions) (7,598) 2,448 619 (4,531) Interest charges (22,354) (12,095) (15,389) (49,838) Segment earnings (loss) before income taxes 6,067 46,685 (15,103) 37,649 Income taxes (benefit) (7,199) 7,181 (5,249) (5,267) Segment earnings (loss) 13,266 39,504 (9,854) 42,916 Valencia non-controlling interest (5,058) — — (5,058) Subsidiary preferred stock dividends (132) — — (132) Segment earnings (loss) attributable to TXNM $ 8,076 $ 39,504 $ (9,854) $ 37,726 PNM TNMP Corporate TXNM (In thousands) Nine Months Ended September 30, 2023 Electric operating revenues $ 1,118,741 $ 408,343 $ — $ 1,527,084 Cost of energy 517,824 106,627 — 624,451 Utility margin 600,917 301,716 — 902,633 Other operating expenses 305,615 101,302 (19,762) 387,155 Depreciation and amortization 132,287 83,746 21,372 237,405 Operating income (loss) 163,015 116,668 (1,610) 278,073 Interest income (expense) 15,542 413 (387) 15,568 Other income (deductions) 3,130 4,096 1,148 8,374 Interest charges (61,242) (33,932) (41,486) (136,660) Segment earnings (loss) before income taxes 120,445 87,245 (42,335) 165,355 Income taxes (benefit) 12,041 13,076 (12,375) 12,742 Segment earnings (loss) 108,404 74,169 (29,960) 152,613 Valencia non-controlling interest (14,172) — — (14,172) Subsidiary preferred stock dividends (396) — — (396) Segment earnings (loss) attributable to TXNM $ 93,836 $ 74,169 $ (29,960) $ 138,045 At September 30, 2023: Total Assets $ 6,731,852 $ 3,039,357 $ 279,632 $ 10,050,841 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 TXNM (In thousands) Three Months Ended September 30, 2024 Gross margin $ 212,218 $ 85,054 $ — $ 297,272 Energy production costs 21,259 — — 21,259 Transmission and distribution costs 15,123 8,537 — 23,660 Depreciation and amortization 56,424 31,732 — 88,156 1 Utility margin $ 305,024 $ 125,323 $ — $ 430,347 Nine Months Ended September 30, 2024 Gross margin $ 457,807 $ 213,891 $ — $ 671,698 Energy production costs 68,055 — — 68,055 Transmission and distribution costs 44,823 26,652 — 71,475 Depreciation and amortization 163,941 93,147 — 257,088 1 Utility margin $ 734,626 $ 333,690 $ — $ 1,068,316 PNM TNMP Corporate and Other TXNM (In thousands) Three Months Ended September 30, 2023 Gross margin $ 95,721 $ 81,457 $ — $ 177,178 Energy production costs 20,388 — — 20,388 Transmission and distribution costs 15,326 9,752 — 25,078 Depreciation and amortization 44,537 28,357 — 72,894 1 Utility margin $ 175,972 $ 119,566 $ — $ 295,538 Nine Months Ended September 30, 2023 Gross margin $ 356,317 $ 189,199 $ — $ 545,516 Energy production costs 68,345 — — 68,345 Transmission and distribution costs 43,968 28,771 — 72,739 Depreciation and amortization 132,287 83,746 — 216,033 1 Utility margin $ 600,917 $ 301,716 $ — $ 902,633 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.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Information regarding accumulated other comprehensive income (loss) for the nine months ended September 30, 2024 and 2023 is as follows: Accumulated Other Comprehensive Income (Loss) PNM Corporate and Other TXNM Unrealized Pension Fair Value Total Total (In thousands) Balance at December 31, 2023 $ 10,652 $ (77,157) $ (66,505) $ 3,665 $ (62,840) Amounts reclassified from AOCI (pre-tax) (12,932) 3,649 (9,283) 8,456 (827) Income tax impact of amounts reclassified 3,285 (927) 2,358 (2,148) 210 Other OCI changes (pre-tax) 362 — 362 (13,689) (13,327) Income tax impact of other OCI changes (92) — (92) 3,477 3,385 Net after-tax change (9,377) 2,722 (6,655) (3,904) (10,559) Balance at September 30, 2024 $ 1,275 $ (74,435) $ (73,160) $ (239) $ (73,399) Balance at December 31, 2022 $ 7,422 $ (81,757) $ (74,335) $ 8,287 $ (66,048) Amounts reclassified from AOCI (pre-tax) (4,111) 3,582 (529) 5,286 4,757 Income tax impact of amounts reclassified 1,044 (909) 135 (1,343) (1,208) Other OCI changes (pre-tax) 2,491 — 2,491 (2,386) 105 Income tax impact of other OCI changes (632) — (632) 606 (26) Net after-tax change (1,208) 2,673 1,465 2,163 3,628 Balance at September 30, 2023 $ 6,214 $ (79,084) $ (72,870) $ 10,450 $ (62,420) The Condensed Consolidated Statements of Earnings include pre-tax amounts reclassified from AOCI related to Unrealized Gains on Available-for-Sale Debt Securities in gains (losses) on investment securities, related to Pension Liability Adjustment in other (deductions), and related to Fair Value Adjustment for Cash Flow Hedges in interest charges. The income tax impacts of all amounts reclassified from AOCI are included in income taxes in the Condensed Consolidated Statements of Earnings.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net earnings attributable to TXNM by the weighted average number of common shares outstanding during the period. Diluted earnings per share was computed by dividing net earnings attributable to TXNM by the diluted weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other agreements to issue common stock were settled. TXNM applies the treasury stock method for restricted stock, the 2023 Forward Sale Agreements, and the 2024 Forward Sale Agreements. The if-converted method is applied in determining the potential dilutive effect of the conversion of outstanding Convertible Notes. For the three and nine months ended September 30, 2024, the Convertible Notes were excluded from the calculation of diluted EPS because the effects were antidilutive. Information regarding the computation of earnings per share is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Net Earnings Attributable to TXNM $ 131,202 $ 37,726 $ 226,441 $ 138,045 Average Number of Common Shares: Outstanding during period 90,200 85,835 90,200 85,835 Vested awards of restricted stock 330 254 306 257 Average Shares – Basic 90,530 86,089 90,506 86,092 Dilutive Effect of Common Stock Equivalents: Restricted stock 53 32 44 36 2023 Forward Sale Agreements — 8 — 23 2024 Forward Sale Agreements 22 — 2 — Average Shares – Diluted 90,605 86,129 90,552 86,151 Net Earnings Per Share of Common Stock: Basic $ 1.45 $ 0.44 $ 2.50 $ 1.60 Diluted $ 1.45 $ 0.44 $ 2.50 $ 1.60

Electric Operating Revenues

Electric Operating Revenues	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Electric Operating Revenues	Electric Operating Revenues TXNM is an investor-owned holding company with two regulated utilities providing electricity and electric services in New Mexico and Texas. TXNM’s electric utilities are PNM and TNMP. Additional information concerning electric operating revenue is contained in Note 4 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. Accounts Receivable and Allowance for Credit Losses Accounts receivable consists primarily of trade receivables from customers. In the normal course of business, credit is extended to customers on a short-term basis. The Company estimates the allowance for credit losses on trade receivables based on historical experience and estimated default rates. Accounts receivable balances are reviewed monthly, 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 three and nine months ended September 30, 2024 and 2023, there were no estimated credit losses related to these transactions. Contract Balances Performance obligations related to contracts with customers are typically satisfied when the energy is delivered and the customer or end-user utilizes the energy. Accounts receivable from customers represent amounts billed, including amounts under ARPs. For PNM, accounts receivable reflected on the Condensed Consolidated Balance Sheets, net of allowance for credit losses, includes $103.1 million at September 30, 2024 and $93.6 million at December 31, 2023 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 Transmission Service Agreement (“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 is $29.6 million at September 30, 2024 and $22.1 million at December 31, 2023. This contract asset is presented in Other deferred charges on the Condensed 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. 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. TXNM’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. Disaggregation of Revenues A disaggregation of revenues from contracts with customers by the type of customer is presented in the table below. PNM TNMP TXNM Three Months Ended September 30, 2024 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 174,765 $ 67,004 $ 241,769 Commercial 149,245 45,735 194,980 Industrial 31,841 7,106 38,947 Public authority 7,433 1,920 9,353 Economy energy service 3,662 — 3,662 Transmission 35,671 39,195 74,866 Wholesale energy sales (1) 8,311 — 8,311 Miscellaneous 1,511 916 2,427 Total revenues from contracts with customers 412,439 161,876 574,315 Alternative revenue programs (7,864) 861 (7,003) Other electric operating revenues 1,944 — 1,944 Total Electric Operating Revenues $ 406,519 $ 162,737 $ 569,256 Nine Months Ended September 30, 2024 Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 416,216 $ 155,812 $ 572,028 Commercial 358,511 121,777 480,288 Industrial 90,811 24,878 115,689 Public authority 17,047 5,376 22,423 Economy energy service 15,257 — 15,257 Transmission 105,153 117,120 222,273 Wholesale energy sales (1) 43,508 — 43,508 Miscellaneous 4,324 2,835 7,159 Total revenues from contracts with customers 1,050,827 427,798 1,478,625 Alternative revenue programs (5,128) 18,132 13,004 Other electric operating revenues 2,606 — 2,606 Total Electric Operating Revenues $ 1,048,305 $ 445,930 $ 1,494,235 PNM TNMP TXNM Three Months Ended September 30, 2023 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 111,406 $ 69,556 $ 180,962 Commercial 106,237 41,662 147,899 Industrial 19,891 10,665 30,556 Public authority 6,099 1,708 7,807 Economy energy service 4,958 — 4,958 Transmission 37,466 34,980 72,446 Wholesale energy sales (1) 62,804 — 62,804 Miscellaneous 1,507 984 2,491 Total revenues from contracts with customers 350,368 159,555 509,923 Alternative revenue programs (939) (4,038) (4,977) Other electric operating revenues 905 — 905 Total Electric Operating Revenues $ 350,334 $ 155,517 $ 505,851 Nine Months Ended September 30, 2023 Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 339,307 $ 147,413 $ 486,720 Commercial 309,560 114,357 423,917 Industrial 65,524 36,359 101,883 Public authority 15,822 4,996 20,818 Economy energy service 24,999 — 24,999 Transmission 124,396 100,100 224,496 Wholesale energy sales (1) 213,098 — 213,098 Miscellaneous 4,293 2,832 7,125 Total revenues from contracts with customers 1,096,999 406,057 1,503,056 Alternative revenue programs 9,963 2,286 12,249 Other electric operating revenues 11,779 — 11,779 Total Electric Operating Revenues $ 1,118,741 $ 408,343 $ 1,527,084 (1) Includes sales for resale activity resulting from PNM’s participation in the EIM. Increases in revenue in 2024 compared to 2023, resulted from refunds under the SJGS abandonment settlement agreement recorded in 2023 (Note 12).

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2024
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 VIE. This evaluation requires continual reassessment of the primary beneficiary of a VIE. Additional information concerning PNM’s VIEs is contained in Note 10 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. 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 three and nine months ended September 30, 2024, PNM paid $5.2 million and $15.3 million for fixed charges and $1.5 million and $2.0 million for variable charges. For the three and nine months ended September 30, 2023, PNM paid $5.1 million and $15.2 million for fixed charges and $1.4 million and $4.1 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 Condensed Consolidated Financial Statements of PNM although PNM has no legal ownership interest or voting control of the VIE. The assets and liabilities of Valencia are set forth below and are not shown separately on the Condensed Consolidated Balance Sheets. The owner’s equity and net income of Valencia are considered attributable to non-controlling interest. Summarized financial information for Valencia is as follows: Results of Operations Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Electric Operating Revenues $ 6,659 $ 6,679 $ 17,324 $ 19,427 Operating Expenses 1,595 1,621 5,433 5,255 Earnings Attributable to Non-controlling Interest $ 5,064 $ 5,058 $ 11,891 $ 14,172 Financial Position September 30, December 31, 2024 2023 (In thousands) Current assets $ 3,859 $ 3,422 Net utility plant 45,122 47,253 Total assets 48,981 50,675 Current liabilities 912 717 Equity – Non-controlling Interest $ 48,069 $ 49,958 Westmoreland San Juan Mining, LLC As discussed in the subheading Coal Supply in Note 11, PNM and Westmoreland San Juan Mining, LLC (“WSJ LLC”), a subsidiary of Westmoreland Mining Holdings, LLC have agreements under which CCR disposal and mine reclamation services for SJGS will be provided. TXNM issued $30.3 million in letters of credit to facilitate the issuance of reclamation bonds. The letters of credit support results in TXNM having a variable interest in WSJ LLC since TXNM is subject to possible loss in the event performance by TXNM is required under the letters of credit support. TXNM 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 have been and will continue to be performed after the SJGS CSA expired on September 30, 2022. As discussed in Note 11, each of the SJGS participants has established and actively fund trusts to meet future reclamation obligations. WSJ LLC is considered a VIE. TXNM’s analysis of its arrangements with WSJ LLC concluded that WSJ LLC has the ability to direct its reclamation services, which are the factors that most significantly impact the economic performance of WSJ LLC. Other than PNM being able to monitor reclamation activities, the reclamation services were solely under the control of WSJ LLC, including developing reclamation plans, hiring of personnel, and incurring operating and maintenance expenses. Neither TXNM nor PNM has any ability to direct or influence the reclamation activities. PNM’s involvement through 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. If WSJ LLC performs reclamation services more efficiently than anticipated, its economic performance will improve. Conversely, if WSJ LLC does not perform reclamation services as efficiently as anticipated, its economic performance will be negatively impacted. Accordingly, TXNM believes WSJ LLC is the primary beneficiary and, therefore, WSJ LLC is not consolidated by either TXNM or PNM. The amounts outstanding under the letters of credit support continue to be TXNM’s maximum exposure to loss from the VIE at September 30, 2024. 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 authorized by the NMPRC. 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 Financial Statements: Results of Operations Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 (In thousands) Electric Operating Revenues $ 6,336 $ 18,092 Depreciation and amortization 1,232 2,874 Interest Charges 5,014 15,078 Other 90 140 Net Earnings $ — $ — Financial Position September 30, 2024 December 31, 2023 (In thousands) Regulatory assets - Current $ — $ 2,724 Restricted cash (included in Other current assets) 7,470 — Restricted cash (included in Other deferred charges) 1,731 1,728 Securitized Cost (included in Regulatory assets - Deferred) 337,755 340,629 Current installments of long-term debt 6,907 2,529 Accrued interest and taxes 2,484 2,502 Regulatory liabilities - Current 5,862 — Long-term Debt 331,699 338,521

Fair Value of Derivative and Ot

Fair Value of Derivative and Other Financial Instruments	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Derivative and Other Financial Instruments	Fair Value of Derivative and Other Financial Instruments Additional information concerning energy related derivative contracts and other financial instruments is contained in Note 9 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. 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 may be exposed to market risk for the needs of its customers not covered under the FPPAC. PNM has entered into agreements for the purchase and sale of power from third parties. On April 23, 2024, PNM entered into agreements to purchase a total of 150 MW from July 1, 2024 through July 31, 2024 and 100 MW from August 1, 2024 through August 30, 2024. The agreements were accounted for as derivative agreements and considered economic hedges under the NMPRC approved hedging plan covered by its FPPAC during the second quarter of 2024. Agreements for the purchase of 85 MW from June through September 2023 as well as agreements for the sale of 50 MW from September 1, 2024 through December 31, 2024 were not considered derivatives because they qualified for a normal purchase, normal sale scope exception. 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 nine months ended September 30, 2024 and the year ended December 31, 2023, 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 on the Condensed Consolidated Statements of Earnings and are classified between Electric 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 Regulatory liabilities on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities or financing activities on the Condensed Consolidated Statement of Cash Flows consistent with the classification of the hedged transaction. PNM has no trading transactions. Commodity Derivatives PNM’s commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges and considered Level 2 fair value measurements, are presented in the following line items on the Condensed Consolidated Balance Sheets: Economic Hedges September 30, December 31, (In thousands) Other current assets $ — $ 826 Other current liabilities — — Net $ — $ 826 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. 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 no other current assets or other current liabilities related to these arrangements at September 30, 2024 and $0.8 million of other current assets and zero of other current liabilities at December 31, 2023 with changes in fair value recorded as Regulatory assets and Regulatory liabilities. At September 30, 2024 and December 31, 2023, PNM had no amounts recognized for the legal right to reclaim cash collateral. However, amounts posted as cash collateral under margin arrangements were $0.1 million at September 30, 2024 and $0.2 million at December 31, 2023. These amounts are included in other current assets on the Condensed Consolidated Balance Sheets. At September 30, 2024 and December 31, 2023, obligations to return cash collateral were $0.2 million, which is included in other current liabilities on the Condensed 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 nine months ended September 30, 2024 and 2023. Commodity derivatives had no impact on OCI for any of 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 September 30, 2024 — — December 31, 2023 — (15,360) 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 requirements to provide collateral under certain commodity contracts having an objectively determinable collateral provision, that are in net liability positions, and that are not fully collateralized with cash. Contractual liability represents those commodity derivative contracts recorded at fair value on the balance sheet, determined on an individual contract basis without offsetting amounts for individual contracts that are in an asset position and could be offset under master netting agreements with the same counterparty. Cash collateral posted under these contracts does not reflect letters of credit under the Company’s revolving credit facilities that may have been issued as collateral. Net exposure is the net contractual liability for all contracts, including those designated as normal purchase and normal sale, offset by existing collateral and by any offsets available under master netting agreements, including both assets and liability positions. At September 30, 2024 and December 31, 2023, PNM had zero contractual liability, zero posted cash collateral, and no such contracts in a net liability position. Non-Derivative Financial Instruments The carrying amounts reflected on the Condensed Consolidated Balance Sheets approximate fair value for cash, receivables, and payables due to the short period of maturity. Investment securities are carried at fair value. Investment securities consist of PNM assets held in the NDT for its share of decommissioning costs of PVNGS, 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 11. At September 30, 2024 and December 31, 2023, the fair value of investment securities included $386.8 million and $361.0 million for the NDT, $5.9 million and $12.3 million for the SJGS decommissioning trust, and $60.8 million and $71.1 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. At September 30, 2024 and December 31, 2023, PNM had no available-for-sale debt securities for which carrying value exceeded fair value, where the impairments were considered to be “other than temporary” and included in AOCI rather than 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 Condensed Consolidated Statements of Earnings related to investment securities in the NDT, SJGS decommissioning, and coal mine reclamation trusts are presented in the following table: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (In thousands) Equity securities: Net gains (losses) from equity securities sold $ 4,209 $ (189) $ 20,352 $ 1,758 Net gains (losses) from equity securities still held 9,358 (4,946) 4,273 3,673 Total net gains on equity securities 13,567 (5,135) 24,625 5,431 Available-for-sale debt securities: Net gains (losses) on debt securities 203 (3,269) 7,701 (3,616) Net gains (losses) on investment securities $ 13,770 $ (8,404) $ 32,326 $ 1,815 The proceeds and gross realized gains and losses on the disposition of securities held in the NDT, SJGS decommissioning trust, 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 $2.0 million and $17.0 million for the three and nine months ended September 30, 2024 and $(0.6) million and $2.8 million for the three and nine months ended September 30, 2023. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (In thousands) Proceeds from sales $ 332,896 $ 137,797 $ 745,645 $ 412,574 Gross realized gains 5,051 4,022 26,279 14,464 Gross realized (losses) (2,613) (6,876) (15,185) (19,088) At September 30, 2024, the available-for-sale debt securities held by PNM, had the following final maturities: Fair Value (In thousands) Within 1 year $ 30,203 After 1 year through 5 years 13,473 After 5 years through 10 years 8,807 After 10 years through 15 years 10,937 After 15 years through 20 years 7,333 After 20 years 509 $ 71,262 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 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 (“NAV”). 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. Management of the Company independently verifies the information provided by pricing services. Uncategorized investments include common/collective investment trusts, which are measured at NAV at the end of each reporting period. Audited financial statements are received for each fund and reviewed by the Company annually. Fair value for these collective investment trusts is measured using a practical expedient provided under GAAP that allows the NAV 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. Investments valued using this practical expedient are not required to be presented within the GAAP fair value hierarchy. Items recorded at fair value by PNM on the Condensed Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale debt securities: GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unrealized Gains (In thousands) September 30, 2024 Cash and cash equivalents $ 128,965 $ 128,965 $ — Equity securities: Corporate stocks, common 107,024 107,024 — Mutual funds and other 105,047 105,047 — Available-for-sale debt securities: U.S. government 26,169 26,169 — $ 349 Municipals 34,844 — 34,844 1,264 Corporate and other 10,249 — 10,249 133 Investments categorized within the fair value hierarchy $ 412,298 $ 367,205 $ 45,093 $ 1,746 Uncategorized Collective Investment Trust 41,207 Total investment securities $ 453,505 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 Total investment securities $ 444,408 $ 264,287 $ 180,121 $ 14,316 The carrying amounts and fair values of long-term debt, all of which are considered Level 2 fair value measurements and are not recorded at fair value on the Condensed Consolidated Balance Sheets, are presented below: Carrying Amount Fair Value September 30, 2024 (In thousands) TXNM $ 4,922,745 $ 4,827,179 PNM 2,459,120 2,364,588 TNMP 1,464,054 1,407,778 December 31, 2023 TXNM $ 4,521,811 $ 4,260,509 PNM 2,261,780 2,107,588 TNMP 1,260,880 1,152,922 The carrying amount and fair value of the Company’s other investments presented on the Condensed Consolidated Balance Sheets are not material and not shown in the above table.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation TXNM has various stock-based compensation programs, which provide restricted stock awards, that are performance based and time based, under the Performance Equity Plan (“PEP”). Although certain PNM and TNMP employees are eligible to participate in the TXNM plans, PNM and TNMP do not have separate employee stock-based compensation plans. Performance stock awards awarded under the PEP are awarded for a three-year, overlapping performance period. Performance stock awards with performance periods ending before 2024 or after 2025 are subject to achieving both performance and market targets. Performance stock awards with performance periods ending from 2024 through 2025 do not include market targets. Other awards of restricted stock are only subject to time-based vesting requirements. Additional information concerning stock-based compensation under the PEP is contained in Note 12 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. Restricted stock under the PEP refers to awards of stock subject to vesting, performance, or market conditions rather than to shares with contractual post-vesting restrictions. Generally, the awards vest ratably over three years from the grant date of the award. However, awards with performance or market conditions vest upon satisfaction of those conditions. In addition, plan provisions provide that upon retirement, participants become 100% vested in certain stock awards. The vesting period for awards of restricted stock to non-employee members of the Board is one-year. The stock-based compensation expense related to restricted stock awards without performance or market conditions to participants that are retirement eligible on the grant date is recognized immediately at the grant date and is not amortized. Compensation expense for other such awards is amortized over the shorter of the requisite vesting period or the period until the participant becomes retirement eligible. Compensation expense for performance-based shares is recognized ratably over the performance period as required service is provided and is adjusted periodically to reflect the level of achievement expected to be attained. Compensation expense related to market-based shares is recognized ratably over the measurement period, regardless of the actual level of achievement, provided the employees meet their service requirements. At September 30, 2024, TXNM had unrecognized expense related to stock awards of $6.2 million, which is expected to be recognized over an average of 1.6 years. The grant date fair value for restricted stock and stock awards with internal TXNM performance targets is determined based on the market price of TXNM 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 were 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: Nine Months Ended September 30, Restricted Shares and Performance Based Shares 2024 2023 Expected quarterly dividends per share $ 0.3875 $ 0.3675 Risk-free interest rate 4.27 % 4.46 % Market-Based Shares Dividend yield 4.21 % N/A Expected volatility 13.09 % N/A Risk-free interest rate 4.31 % N/A The following table summarizes activity in restricted stock awards, including performance-based and market-based shares for the nine months ended September 30, 2024: Restricted Stock Shares Weighted- Outstanding at December 31, 2023 212,080 $ 40.33 Granted 249,282 33.51 Released (208,442) 38.47 Forfeited — — Outstanding at September 30, 2024 252,920 $ 37.06 Included, as granted and released, in the table above are 80,492 previously awarded performance-based 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 included, as granted and released, are 7,167 of other RSAs for participants who retired and immediately vested plus a one-time sign-on RSA that immediately vested (discussed below). Excluded from the table above are 143,390, 148,098, and 219,249 shares for the three-year performance periods ending in 2024, 2025 and 2026 that will be awarded if all performance and market criteria are achieved at maximum levels and all executives remain eligible. On December 4, 2023, the Company entered into 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. Following the notice from Avangrid regarding the termination of the Merger Agreement as of December 31, 2023, these awards vested on June 30, 2024. On December 4, 2023, the Company entered into a retention agreement with its President and Chief Operating Officer under which he would receive a retention bonus of $1.0 million to be paid in increments beginning in December 2023 and continuing each December until 2025. On April 8, 2024, pursuant to the retention agreement, the Board elected to convert the unvested portion of the retention bonus of $0.8 million into restricted stock rights whereby each share of restricted stock is equal to one share of Company common stock as of the first trading day after expiration of the then current black-out period. On May 3, 2024, subsequent to the expiration of the black-out period, 19,851 restricted stock rights were awarded that will vest in accordance with the original terms of the retention agreement. On September 16, 2024, in connection with a one-time sign-on equity grant, the Company’s newly appointed General Counsel, Senior Vice President Regulatory and Public Policy, and Corporate Secretary was awarded 9,300 shares of restricted stock, of which 50% vested immediately and the remaining 50% will vest on the first anniversary of his start date, subject to continued employment through the vesting date. The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares: Nine Months Ended September 30, Restricted Stock 2024 2023 Weighted-average grant date fair value $ 33.51 $ 45.00 Total fair value of restricted shares that vested (in thousands) $ 7,976 $ 9,635

Financing

Financing	9 Months Ended
	Sep. 30, 2024
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, enter into term loan arrangements, or equity 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 contains a single financial covenant that requires the maintenance of a debt-to-capitalization ratio. For the TXNM 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. Additional information concerning financing activities is contained in Note 7 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. On May 16, 2023, PNM filed a shelf registration statement that provides for the issuance of up to $650.0 million of SUNs that expires in May 2026. On March 2, 2022, TXNM filed a shelf registration that provides for the issuance of various types of debt and equity securities. The TXNM shelf registration statement expires in March 2025. Financing Activities On May 6, 2024, TXNM entered into a distribution agreement with BofA Securities, Inc., Citigroup Global Markets, Inc., MUFG Securities Americas Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., and Wells Fargo Securities, LLC, as sales agents and Bank of America, N.A., Citibank, N.A., MUFG Securities EMEA plc, Royal Bank of Canada, The Bank of Nova Scotia, 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 amount of $100.0 million of its common stock, no par value, through the sales agents (the “TXNM 2024 ATM Program”). On August 5, 2024, subsequent to approval by shareholders to increase TXNM’s authorized shares, the Company amended the distribution agreement increasing the aggregate sales amount from $100.0 million to $300.0 million of its common stock, no par value, that may be sold under the TXNM 2024 ATM Program. Sales of the shares made pursuant to the distribution agreement, if any, may be made in “at the market offerings” as defined in Rule 415 of the Securities Act. Actual sales will depend on a variety of factors to be determined by the Company, including (among others) market conditions, the trading price of TXNM’s common stock, capital needs and determinations by the Company of the appropriate sources of funding for the Company. TXNM did not receive any proceeds upon the execution of this agreement. The Company also may enter into forward stock purchase transactions, pursuant to the distribution agreement, in which forward purchasers may borrow from third parties and, through a sales agent acting as a forward seller, sell a number of shares equal to the number of shares of the Company’s common stock to hedge the agreement. Although the Company expects to settle any forward stock purchase transaction with fully physical settlement, except in certain specified circumstances, TXNM has the option to elect physical, cash, or net share settlement of the forward stock purchase transactions. The Company will not receive any proceeds from the sale of borrowed shares of common stock by a forward seller. The Company expects to receive proceeds from the sale of shares directly by sales agents or upon future physical settlement(s) in connection with the forward stock purchase transactions, in which latter case the Company will expect to receive, subject to certain adjustments, aggregate net cash proceeds at settlement equal to the number of shares underlying the relevant forward agreements, multiplied by the relevant forward sale price. During the second quarter of 2024, TXNM entered into a forward sale agreement with a forward purchaser for the sale of 262,025 shares of common stock under the TXNM 2024 ATM Program (the “Q2 2024 Forward Sale Agreement”). The initial forward sale price of $37.77 per share is subject to adjustments based on a net interest rate factor and by future dividends paid on TXNM common stock as specified in the forward sale agreement. During the third quarter of 2024, TXNM entered into forward sale agreements with forward purchasers for the sale of 2,196,926 shares of common stock under the TXNM 2024 ATM Program (the “Q3 2024 Forward Sale Agreements”, and together with the Q2 2024 Forward Sale Agreement, the “2024 Forward Sale Agreements”). The Q3 2024 Forward Sale Agreements have a weighted average initial forward sale price of $40.58 per share that is subject to adjustments based on a net interest rate factor and by future dividends paid on TXNM common stock as specified in the forward sale agreement. TXNM did not initially receive any proceeds upon the execution of these agreements and, except in certain specified circumstances, has the option to elect physical, cash, or net share settlement of the forward sale agreements on or before a date that is 12 months from the agreement effective date. As of September 30, 2024, no shares have been settled under the 2024 Forward Sale Agreements. On May 10, 2024, PNM entered into a $200.0 million term loan agreement (the “PNM 2024 Term Loan”), among PNM, the lenders party thereto and U.S. Bank National Association, as administrative agent. PNM used the proceeds of the PNM 2024 Term Loan to repay borrowings under the PNM Revolving Credit Facility, the PNM New Mexico Credit Facility, and for general corporate purposes. The PNM 2024 Term Loan bears interest at a variable rate, which was 6.11% at September 30, 2024, and must be repaid on or before November 10, 2025. On June 10, 2024, TXNM issued $500.0 million aggregate principal amount of junior subordinated convertible notes due 2054 (the “Convertible Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Convertible Notes are unsecured obligations of the Company and rank junior and subordinate in right of payment to the prior payment in full of the Company’s existing and future senior indebtedness. The Convertible Notes bear interest at a rate of 5.75% per year, payable semi-annually in arrears on June 1 and December 1, and mature on June 1, 2054, unless earlier converted, redeemed, or repurchased in accordance with their terms. On June 21, 2024, TXNM issued an additional $50.0 million aggregate principal amount of the Convertible Notes, pursuant to an overallotment option granted by TXNM to the initial purchasers of the $500.0 million Convertible Notes. Proceeds from the Convertible Notes were used to prepay $449.0 million of borrowings under the TXNM 2021 Delayed Draw Term Loan and $90.0 million of borrowings under the TXNM 2023 Term Loan, without penalty, and for other corporate purposes. TXNM may not redeem the Convertible Notes prior to June 6, 2029, except upon the occurrence of certain tax events, rating agency events or treasury stock events (each, a “special event”). TXNM may redeem for cash all, but not less than all, of the Convertibles Notes upon the occurrence of a special event at any time, at its option, at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In addition, TXNM may redeem for cash all or part (subject to certain limitations on partial redemptions) of the Convertible Notes, at its option, on or after June 6, 2029, at a redemption price equal to 100% of the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, if the last reported sale price of TXNM’s common stock has been at least 130% of the conversion price of the convertible notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which TXNM provides notice of redemption. In each case, TXNM will not, and will not be permitted to, issue a notice of redemption, or specify a redemption date, during any interest deferral period. Prior to the close of business on the business day immediately preceding December 1, 2053, the Convertible Notes will be convertible at the option of the holders only under certain conditions. On or after December 1, 2053 until the close of business on the second business day immediately preceding the maturity date, holders may convert all or any portion of their Convertible Notes at their option, at any time, at the conversion rate then in effect, irrespective of these conditions. Upon conversion of the Convertible Notes, TXNM will pay cash, or deliver an equal aggregate principal amount of a newly issued series of its nonconvertible junior subordinated notes with the same terms as the Convertible Notes (other than the conversion features and certain features in relation to redemption rights), in either case, up to the aggregate principal amount of the Convertible Notes being converted, and deliver shares of TXNM’s common stock in respect of the remainder, if any, of TXNM’s conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted. The conversion rate for the Convertible Notes will initially be 22.4911 shares of TXNM’s common stock per $1,000 principal amount of the Convertible Notes, equivalent to an initial conversion price of $44.46 per share of common stock. The initial conversion price of the Convertible Notes represents a conversion premium of 17.5% above the last reported sale price of TXNM’s common stock on June 4, 2024. The conversion rate and the corresponding conversion price will be subject to adjustment by certain events such as increased dividends but will not adjust for any accrued or unpaid interest. In addition, following certain corporate events that occur prior to the maturity date of the Convertible Notes or if TXNM delivers a notice of a special event redemption, TXNM will, in certain circumstances, increase the conversion rate for a holder that elects to convert its Convertible Notes in connection with such a corporate event or such notice of special event redemption, as the case may be. TXNM issued the Convertible Notes pursuant to an indenture (the “Convertible Notes Indenture”) dated as of June 10, 2024 between TXNM and Computershare Trust Company, N.A., as trustee. The Convertible Notes are subject to continuing compliance with the representations, warranties, and covenants set forth in the Convertible Notes Indenture, which include the customary covenants discussed above. In the event of a fundamental change, as defined in the Convertible Notes Indenture, TXNM may be required to repurchase, for cash, the aggregate principal amount of Convertible Notes plus accrued interest. TXNM may not redeem the Convertible notes prior to June 6, 2029 except upon the occurrence of a special event as defined in the Convertible Notes Indenture. So long as no event of default with respect to the Convertible Notes has occurred and is continuing, TXNM may, at its option, defer interest payments on the Convertible Notes on one or more occasions for up to 20 consecutive semi-annual interest payment periods. During any deferral period, interest on the Convertible Notes will continue to accrue at the then-applicable interest rate on the Convertible Notes. In addition, during any deferral period, interest on deferred interest will accrue at the then-applicable interest rate on the Convertible Notes, compounded semi-annually, to the extent permitted by applicable law. At December 31, 2023, PNM had outstanding $37.0 million of 3.00% PCRBs and $125.0 million of 1.15% PCRBs issued by the City of Farmington, New Mexico with a mandatory remarketing date of June 1, 2024 and final maturities of June 2040 and $36.0 million of 3.00% PCRBs issued by Maricopa County, Arizona with a mandatory remarketing date of June 1, 2024 and a final maturity of January 2038. On June 3, 2024, PNM remarketed these PCRBs aggregating $198.0 million to new investors at 3.875% with a mandatory tender date of June 1, 2029. On March 28, 2024, TNMP entered into an agreement (the “TNMP 2024 Bond Purchase Agreement”) with institutional investors for the sale of $285.0 million aggregate principal amount of four series of TNMP first mortgage bonds (the “TNMP 2024 Bonds”) offered in private placement transactions. TNMP issued the first two series on March 28, 2024, consisting of $32.0 million at a 5.26% interest rate, due March 28, 2029, and $85.0 million at a 5.55% interest rate, due March 28, 2036. The third and fourth series were issued on July 1, 2024, consisting of $40.0 million at a 5.65% interest rate, due July 1, 2039, and $128.0 million at a 5.79% interest rate, due July 1, 2054. The proceeds were used to repay existing debt, including the $80.0 million of 4.03% TNMP FMBs that were due July 2024 and borrowings under the TNMP Revolving Credit Facility, for funding of capital expenditures, and for other corporate purposes. The TNMP 2024 Bonds are subject to continuing compliance with the representations, warranties and covenants set forth in the supplemental indentures governing the TNMP 2024 Bonds. The terms of the supplemental indentures governing the TNMP 2024 Bonds include the customary covenants discussed above. In the event of certain changes of control of TXNM or TNMP, TNMP will be required to offer to prepay the TNMP 2024 Bonds at par. TNMP has the right to redeem any or all of the TNMP 2024 Bonds prior to their maturity, subject to payment of a customary make-whole premium. On June 30, 2023, TXNM entered into a $500.0 million term loan agreement (the “TXNM 2023 Term Loan”) among TXNM, the lenders party thereto, and Wells Fargo Bank, N.A., as administrative agent. The proceeds were used to prepay an equal amount of the TXNM 2021 Delayed Draw Term Loan, without penalty. The TXNM 2023 Term Loan has a balance of $410.0 million, bears interest at a variable rate, which was 6.30% at September 30, 2024, and matures on June 30, 2026. 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 of PNM, 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. 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 certain changes of control of TXNM or TNMP, 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. On November 10, 2022, TXNM 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 “TXNM 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. TXNM did not receive any proceeds upon the execution of this agreement. Throughout 2023, TXNM entered into the forward sale agreements listed below, for the sale of shares of TXNM common stock. On December 15, 2023, TXNM physically settled the forward purchases under the TXNM 2022 ATM Program and used the proceeds to repay borrowings under the TXNM 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 At September 30, 2024, variable interest rates were 5.90% on the TXNM 2021 Delayed-Draw Term Loan that matures in May 2025, 6.30% on the TXNM 2023 Term Loan that matures in June 2026, and 6.11% on the PNM 2024 Term Loan that matures in November 2025. Hedging Arrangements TXNM 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 TXNM’s credit rating. As of September 30, 2024, TXNM’s hedging agreements are as follows: Variable Rate Established Effective Date Maturity Date Debt Hedged Fixed Rate (In millions) (Percent) 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 these hedges was a net loss of $0.3 million at September 30, 2024. A fair value gain of $1.8 million is included in Other current assets and a fair value loss of $2.1 million is included in Other deferred credits on the Condensed Consolidated Balance Sheets. The fair value was 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. Short-term Debt and Liquidity As of September 30, 2024, the TXNM Revolving Credit Facility had a financing capacity of $300.0 million and the PNM Revolving Credit Facility had a financing capacity of $400.0 million. On April 1, 2024, TXNM and PNM amended their respective revolving credit facilities, extending their maturity to March 30, 2029, with two one-year extension options that, if exercised, would extend the maturity to March 2031, subject to approval by a majority of the lenders. PNM also has the $40.0 million PNM New Mexico Credit Facility with a maturity of May 20, 2026. As of September 30, 2024, the TNMP Revolving Credit Facility had a capacity of $200.0 million. On April 1, 2024, TNMP entered into a new $200.0 million Revolving Credit Facility that replaced the $100.0 million Revolving Credit Facility. The new $200.0 million Revolving Credit Facility is secured by $200.0 million aggregate principal amount of TNMP first mortgage bonds and has a maturity of March 30, 2029, with two one-year extension options that, if exercised, would extend the maturity to March 2031, subject to approval by a majority of the lenders. Variable interest rates under the TXNM, PNM, and TNMP revolving credit facilities are based on SOFR. Short-term debt outstanding consists of: September 30, 2024 December 31, 2023 Balance Outstanding Weighted Average Interest Rate Balance Outstanding Weighted Average Interest Rate (In thousands) (In thousands) PNM: PNM Revolving Credit Facility $ 159,900 6.39% $ 107,500 6.69% PNM New Mexico Credit Facility 20,000 6.20 30,000 6.71 179,900 137,500 TNMP Revolving Credit Facility 97,500 5.96 55,100 6.32 TXNM Revolving Credit Facility 181,600 6.58 69,300 6.96 $ 459,000 $ 261,900 In addition to the above borrowings, TXNM, PNM, and TNMP had letters of credit outstanding of $3.1 million, zero, and zero at September 30, 2024 that reduce the available capacity under their respective revolving credit facilities. TXNM also had $30.3 million of letters of credit outstanding under the WFB LOC Facility. The above table excludes intercompany debt. As of September 30, 2024 and December 31, 2023, neither PNM nor TNMP had any intercompany borrowings from TXNM. PNMR Development had zero and $2.3 million in short-term borrowings outstanding from TXNM at September 30, 2024 and December 31, 2023. TXNM had no intercompany borrowings from PNMR Development at September 30, 2024 or December 31, 2023. PNM has $3.4 million and $3.5 million in scheduled payments due for the ETBC I Securitized Bonds in February and August 2025. PNM also has $104.0 million and $250.0 million of SUNs that are due in May and August 2025. TXNM has $51.0 million outstanding under the TXNM 2021 Delayed Draw Term Loan that matures in May 2025. The Company’s debt arrangements have various maturities and expiration dates. Additional information on debt maturities is contained in Note 7 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K.

Pension and Other Postretiremen

Pension and Other Postretirement Benefit Plans	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefit Plans	Pension and Other Postretirement Benefit Plans TXNM 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”). TXNM 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. The Company presents the service cost component of its net periodic benefit costs in administrative and general expenses and the non-service costs components in other income (deductions), net of amounts capitalized or deferred to regulatory assets and liabilities, on the Condensed Consolidated Statements of Earnings. PNM and TNMP receive a regulated return on the amounts funded for pension and OPEB plans in excess of accumulated periodic cost or income to the extent included in retail rates (a “prepaid pension asset”). Additional information concerning pension and OPEB plans is contained in Note 11 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. Annual net periodic benefit cost for the plans is actuarially determined using the methods and assumptions set forth in that note and is recognized ratably throughout the year. Differences between TNMP’s annual net periodic costs (income) and amounts included in its regulated rates are deferred to regulatory assets or liabilities, for recovery or refund in future rate proceedings. PNM Plans The following table presents the components of the PNM Plans’ net periodic benefit cost: Three Months Ended September 30, Pension Plan OPEB Plan Executive Retirement Program 2024 2023 2024 2023 2024 2023 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ — $ — $ — $ — Interest cost 5,427 5,913 597 675 124 135 Expected return on plan assets (7,758) (7,299) (1,391) (1,242) — — Amortization of net loss 2,661 2,646 — — 50 38 Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 330 $ 1,260 $ (794) $ (567) $ 174 $ 173 Nine Months Ended September 30, Pension Plan OPEB Plan Executive Retirement Program 2024 2023 2024 2023 2024 2023 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ — $ — $ — $ — Interest cost 16,282 17,740 1,791 2,027 372 405 Expected return on plan assets (23,272) (21,897) (4,173) (3,727) — — Amortization of net loss 7,984 7,937 — — 150 114 Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 994 $ 3,780 $ (2,382) $ (1,700) $ 522 $ 519 PNM did not make any contributions to its pension plan trust in the three and nine months ended September 30, 2024 and 2023 and does not anticipate making any contributions to the pension plan in 2024 through 2028 based on current law, funding requirements, and estimates of portfolio performance. Funding assumptions were developed using a discount rate of 5.5%. Actual amounts to be funded in the future will be dependent on the actuarial assumptions at that time, including the appropriate discount rate. PNM may make additional contributions at its discretion. PNM did not make any cash contributions to the OPEB trust in the three and nine months ended September 30, 2024 and 2023, however, a portion of the disbursements attributable to the OPEB trust is paid by PNM and are therefore considered to be contributions to the OPEB plan. Payments by PNM on behalf of the PNM OPEB plan were zero and less than $0.1 million for the three and nine months ended September 30, 2024 and were less than $0.1 million and $0.1 million for the three and nine months ended September 30, 2023. These payments are expected to total $0.2 million in 2024 and $10.1 million for 2025-2028. Disbursements under the executive retirement program, which are funded by PNM and considered to be contributions to the plan, were $0.4 million and $0.9 million in the three and nine months ended September 30, 2024 and $0.4 million and $1.0 million in the three and nine months ended September 30, 2023 and are expected to total $1.2 million during 2024 and $4.4 million for 2025-2028. TNMP Plans The following table presents the components of the TNMP Plans’ net periodic benefit cost: Three Months Ended September 30, Pension Plan OPEB Plan Executive Retirement Program 2024 2023 2024 2023 2024 2023 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 5 $ 5 $ — $ — Interest cost 553 601 96 106 4 3 Expected return on plan assets (687) (674) (129) (120) — — Amortization of net (gain) loss 139 110 (161) (190) — — Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 5 $ 37 $ (189) $ (199) $ 4 $ 3 Nine Months Ended September 30, Pension Plan OPEB Plan Executive Retirement Program 2024 2023 2024 2023 2024 2023 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 16 $ 16 $ — $ — Interest cost 1,660 1,802 289 319 12 9 Expected return on plan assets (2,061) (2,023) (386) (361) — — Amortization of net (gain) loss 417 329 (482) (570) — — Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 16 $ 108 $ (563) $ (596) $ 12 $ 9

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Overview There are various claims and lawsuits pending against the Company. In addition, the Company is subject to federal, state, and local environmental laws and regulations and periodically participates in the investigation and remediation of various sites. In addition, the Company periodically enters into financial commitments in connection with its business operations. Also, the Company is involved in various legal and regulatory proceedings in the normal course of its business. See Note 12. It is not possible at this time for the Company to determine fully the effect of all litigation and other legal and regulatory proceedings on its financial position, results of operations, or cash flows. With respect to some of the items listed below, the Company has determined that a loss is not probable or that, to the extent probable, cannot be reasonably estimated. In some cases, the Company is not able to predict with any degree of certainty the range of possible loss that could be incurred. The Company assesses legal and regulatory matters based on current information and makes judgments concerning their potential outcome, giving due consideration to the nature of the claim, the amount and nature of any damages sought, and the probability of success. Such judgments are made with the understanding that the outcome of any litigation, investigation, or other legal proceeding is inherently uncertain. 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. Additional information concerning commitments and contingencies is contained in Note 16 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. Commitments and Contingencies Related to the Environment Nuclear Spent Fuel and Waste Disposal Nuclear power plant operators are required to enter into spent fuel disposal contracts with the DOE that require the DOE to accept and dispose of all spent nuclear fuel and other high-level radioactive wastes generated by domestic power reactors. Although the Nuclear Waste Policy Act required the DOE to develop a permanent repository for the storage and disposal of spent nuclear fuel by 1998, the DOE announced that it would not be able to open the repository by 1998 and sought to excuse its performance of these requirements. In November 1997, the DC Circuit issued a decision preventing the DOE from excusing its own delay but refused to order the DOE to begin accepting spent nuclear fuel. Based on this decision and the DOE’s delay, a number of utilities, including APS (on behalf of itself and the other PVNGS owners, including PNM), filed damages actions against the DOE in the Court of Federal Claims. The lawsuits filed by APS alleged that damages were incurred due to DOE’s continuing failure to remove spent nuclear fuel and high-level waste from PVNGS. APS and the DOE entered into a settlement agreement, subsequently extended, that established a process for the payment of claims for 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 September 30, 2024 and December 31, 2023, PNM had a liability for interim storage costs of $12.9 million and $11.0 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. Also pursuant to the ETA, the New Mexico Environmental Improvement Board adopted standards of performance that limit CO 2 emissions to no more than 1,100 lbs. per MWh beginning January 1, 2023 for new and 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. PNM cannot predict the full impact of the ETA with respect to Four Corners or the outcome of its future generating resource abandonment and replacement resource filings with the NMPRC. See additional discussion in Note 12 of PNM’s Four Corners Abandonment Application. 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 Best Available Retrofit Technology (“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 started a 2-year clock for it to issue a Federal Implementation Plan (“FIP”), which deadline has now passed. NMED petitioned the NM Environmental Improvement Board to adopt a proposed SIP and the public hearing of their proposal is scheduled for December 18, 2024. PNM submitted comments on the proposed SIP in response to a request for comments by NMED. 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. In 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, and finalized the rules on May 9, 2024. The final rules include revised new source performance standards under Section 111(b) for all new natural gas-fired combustion turbines and emission guidelines under Section 111(d) requiring states to develop standards of performance for GHG emissions from existing fossil-fuel-fired electric steam generating units. In the final rules, EPA determined that the standards for existing coal- or gas-fired steam generating units must be based on the use of either CCS (long-term) or natural gas co-firing (medium-term), or exempt from the rule via early retirement, and the standards for new combustion turbines must be based on CCS (base load), efficient simple cycle design (intermediate load), or lower-emitting fuels (low load). Over a dozen states, several industry groups and some power companies and labor unions have filed challenges to the rule at the DC Circuit. On July 19, 2024, the DC Circuit ruled that petitioners had not met the stringent requirements for a stay of the rules. Attorney generals in 25 states sent an emergency appeal to the US Supreme Court asking it to stay the final rule. On October 16, 2024, the US Supreme Court denied the petitioners’ request for stay. The final rule will remain in effect pending resolution of the ongoing challenges in the DC Circuit and any subsequent appeal to the US Supreme Court. The DC Circuit has scheduled oral argument for December 6, 2024, and indicated that it will decide the challenges during its 2024 term. Because the CAA 111 rule does not contain provisions for existing natural gas units, on March 26, 2024, EPA announced it was opening a non-regulatory docket and issued framing questions to gather input about ways to design a stronger, more durable approach to GHG regulation of existing gas combustion turbines. The docket was open for public comment from March 26, 2024 to May 28, 2024 and the agency held a policy forum to bring stakeholders together to share ideas with EPA and others. The agency has indicated that it will re-propose emission guidelines for existing natural gas units in 2024. In 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 have or may occur as a result of legislation or regulation under the Biden Administration is ongoing. We are currently determining what impact, if any, the final rules will have on our business, results of operation, and financial condition. 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. NOx 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 99th percentile of daily maximum 1-hour SO 2 concentrations. In 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 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, the EPA published a proposed rule partially disapproving the SIPs for New Mexico and four other states (Arizona, Iowa, Kansas, Tennessee) and expanding the Good Neighbor FIP to apply to these states. In denying the NMED-submitted SIP, the EPA concluded that the SIP was incomplete and did not contain the necessary provisions to prohibit emissions from sources within the state from interfering with maintenance of the 2015 ozone NAAQS in downwind areas, specifically a maintenance-only receptor in the El Paso area. The FIP aspect of the proposed rule would require fossil fuel-fired power plants in these five states to participate in an allowance-based ozone season NOx emissions trading program beginning in 2025. Comments on the proposed rule were due May 16, 2024. PNM submitted company-specific comments on the proposal on the due date. EPA is targeting November 2024 for a final rule. Of importance in considering the possibility of a Good Neighbor FIP for New Mexico, are the many court challenges to EPA’s earlier rulemaking disapproving SIPs and imposing a FIP on 23 states. Numerous courts of appeal have already determined that those challenges are likely to succeed and therefore issued stays of EPA’s SIP disapprovals for about half of the states subject to the FIP. In light of those stays, the US Supreme Court granted a stay of the Good Neighbor FIP on June 27, 2024, and EPA subsequently confirmed the stay applied to all 23 states subject to EPA’s review of the basis for the stay. This court and administrative activity may impact the viability of EPA’s multi-state trading program as to New Mexico. However, on September 4, 2024, EPA sent the final rule for New Mexico and four other states to the Office of Management and Budget indicating EPA plans to move forward with the expansion of the Good Neighbor FIP to New Mexico notwithstanding the stay for the original 23 states. EPA is under a consent decree with environmental non-governmental organizations to issue a final rule which either promulgates a FIP or approves a SIP for New Mexico by November 26, 2024. PM Standard – In 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. The final rule was published on March 6, 2024, lowering the primary annual PM 2.5 NAAQS to 9 ug/m3. The rule is effective May 6, 2024. States will have until March 2032 to attain compliance with the new standard. During the multi-year implementation process, EPA will designate attainment/nonattainment areas by March 6, 2026, and states will submit a State Implementation Plan to EPA by September 6, 2027. This implementation process also applies to the Albuquerque-Bernalillo County Environmental Health Department who may combine efforts with NMED. Bernalillo County does not currently meet the 9 ug/m3 standard which may impact future air permitting activities at Rio Bravo and Reeves Generating Stations if the county is designated as nonattainment. Beginning May 6, 2024, the new standard became effective for conducting required modeling for permit applications and revisions. 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, 202

Regulatory and Rate Matters

Regulatory and Rate Matters	9 Months Ended
	Sep. 30, 2024
Regulated Operations [Abstract]
Regulatory and Rate Matters	Regulatory and Rate Matters The Company is involved in various regulatory matters, some of which contain contingencies that are subject to the same uncertainties as those described in Note 11. Additional information concerning regulatory and rate matters is contained in Note 17 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. PNM New Mexico General Rate Case 2025 Rate Request On June 14, 2024, PNM filed an application with the NMPRC for a general increase in retail electric rates. The proposed base rate changes would be implemented in two phases, with the first phase effective July 1, 2025 and the second phase effective January 1, 2026. Key aspects of PNM’s request include: • Recovery on total rate base of $3.0 billion, based on a FTY with the 12 months ending June 30, 2026 • An increase of $174.3 million in retail revenues, comprised of a $92.2 million increase in base rates and a $82.1 million increase in revenues collected under PNM’s FPPAC • Drivers of revenue deficiency: ◦ Needed investments across distribution, transmission, and generation facilities to ensure safe, reliable delivery of electricity ◦ Increased operations and maintenance expenses to meet operational needs, including wildfire risk mitigation ◦ Costs associated with ESAs, previously approved by the NMPRC, necessary to serve our customers ◦ ROE of 10.45% ◦ Proposed capital structure of 52.5% equity ◦ An increased cost of borrowing ◦ Adjustments to Four Corners depreciation rates to recover remaining plant investments through July 2031, the expected abandonment date of the facility • Proposed ratemaking treatment of ESAs to be recovered through PNM’s FPPAC beginning July 1, 2025 The NMPRC has suspended PNM’s advice notice in the case for the statutory suspension period, until July 15, 2025 and the hearing examiners set a procedural schedule with a hearing to begin February 17, 2025. 2024 Rate Change On December 5, 2022, PNM filed an application with the NMPRC for a general increase in retail electric rates including 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, and an ROE 10.25%. The application also 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. 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. Major components of the difference compared to PNM’s application include: • A ROE of 9.26%. • A capital structure of 49.61% equity, 50.10% debt, and 0.29% preferred stock. • Finding of imprudence regarding PNM’s decision to remain in Four Corners and a remedy for the imprudence resulting in a disallowance of $81.0 million to PNM’s total Four Corners net book value. • 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. • 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 new depreciation rates, reflecting shorter useful lives, 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. For additional details related to the initial application, see Note 17 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. In the year ended 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. 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. In March 2024, notice of appeals were separately filed with the NM Supreme Court by NEE and PNM, and a joint notice of appeal was filed by the NM Department of Justice, Bernalillo County, and ABCWUA. NEE’s appeal was subsequently consolidated with the joint notice of appeal. In the statements of issues submitted in the parties’ appellate dockets, PNM took issue with the NMPRC’s ruling on capital structure; other appellants primarily challenged the NMPRC rulings related to Four Corners and Palo Verde cost recovery. PNM cannot predict the outcome of this matter. Renewable Energy Portfolio Standard As discussed in Note 11, 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 capacity of 11 MW • Solar distributed generation, aggregating 302.4 MW at September 30, 2024, 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 2024 renewable energy procurement plan, which became effective on January 1, 2024, PNM proposed to collect $59.0 million for the year. PNM recorded revenues from the rider of $11.1 million and $41.7 million in the three and nine months ended September 30, 2024 and $13.0 million and $47.0 million in the three and nine months ended September 30, 2023. On June 3, 2024, PNM filed its renewable energy procurement plan for 2025 which proposes to collect $58.7 million for the year. PNM did not propose any new resource procurements, and the plan states that existing projects are anticipated to exceed the applicable RPS standards of 2025, despite the standard doubling. On September 11, 2024, a public hearing was held and on October 11, 2024, the hearing examiners issued a RD recommending approval of all PNM’s requests. Under the renewable rider, if PNM’s earned rate of return on jurisdictional equity in a calendar year, adjusted for items not representative of normal operations, exceeds the NMPRC-approved rate by 0.5%, PNM is required to refund the excess to customers during May through December of the following year. PNM did not exceed such limitation in 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 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 proposed 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%. On January 26, 2024, the hearing examiners in the case issued a RD. The RD largely approved 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. On March 7, 2024, the NMPRC approved the RD in its entirety. 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 RD 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 RD 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 RD 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 RD 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 RD 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. On May 13, 2024, the NM Supreme Court issued a decision finding that the EUEA allows a utility to propose full decoupling mechanisms. The NM Supreme Court did not address the second issue regarding a downward adjustment to a utility’s capital structure based on approval of disincentive removal mechanism. No declaratory order was issued by the NMPRC. This matter is now concluded. 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. The NM Supreme Court held oral arguments on May 13, 2024. PNM cannot predict the outcome of this matter. 2023 IRP 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. On April 4, 2024, the NMPRC accepted PNM’s 2023 IRP. On May 2, 2024, the NMPRC issued an order appointing an independent monitor who will report the results of PNM’s 2023 IRP. Abandonment Applications made under the ETA 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. In 2023, PNM, along with intervening parties, reached a unanimous settlement which was approved by the NMPRC. As a result, PNM recorded a $115.0 million reduction to electric operating revenues on TXNM’s and PNM’s Condensed Consolidated Statement of Earnings, for amounts previously recorded under PNM’s current retail rates and a corresponding current regulatory liability on TXNM’s and PNM’s Condensed Consolidated Balance Sheets at September 30, 2023. In addition, PNM recorded a regulatory disallowance of $2.3 million on TXNM’s and PNM’s Condensed Consolidated Statement of Earnings and a corresponding decrease to deferred regulatory assets on TXNM’s and PNM’s Condensed Consolidated Balance Sheets at September 30, 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. Additional information is contained in Note 17 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. 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, 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. 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. On December 15, 2021, the NMPRC issued a final order denying approval of the Four Corners Abandonment Application and the corresponding request for issuance of securitized financing. On December 22, 2021, PNM filed a Notice of Appeal with the NM Supreme Court of the NMPRC decision to deny the application and on July 6, 2023, the NM Supreme Court affirmed the NMPRC decision concluding that the NMPRC reasonably and lawfully denied PNM’s application for abandonment. As a result of the NM Supreme Court's decision to uphold the NMPRC's denial, the Condensed Consolidated Statements of Earnings for the three and nine months ended September 30, 2023 reflect a regulatory disallowance of $3.7 million. On April 23, 2024, PNM filed an interim notice informing the NMPRC that PNM’s updated analysis indicates it is in the interest of customers for PNM to remain as a participant in Four Corners until the expiration of the current coal supply agreement in 2031. In August 2024, PNM and NTEC terminated the Four Corners Purchase and Sale Agreement and executed an agreement for the reimbursement of PNM’s initial $15.0 million payment with interest, to be paid in 2024. Summer Peak Resource Adequacy Beginning in 2021 PNM began providing notices of delays, as received from developers, and status updates to the NMPRC for the approved SJGS replacement resource projects as well as delays in replacement resources for the PVNGS leased capacity that expired in January 2023 and January 2024. PNM’s generation resources performed sufficiently with no challenges to resource adequacy during the 2023 and 2024 summer peak seasons. While some of the replacement resources have come online, other replacement resources have experienced additional developer delays and PNM entered into additional firm energy market purchases necessary to meet customer load during the 2024 summer season. See Note 7. 2026 Resource Application On October 25, 2023, PNM filed an application with the NMPRC seeking approval of resources to be available for the 2026 summer peak. The application included a request for approval of a 100 MW solar PPA and three battery storage agreements of 100 MW, 100 MW, and 50 MW. In addition, PNM was seeking approval of a CCN for a 60 MW battery storage system to be owned by PNM. The resources were deemed necessary for PNM to safely and reliably meet its projected system load. A hearing was held on March 20 and 21, 2024. On May 3, 2024, the hearing examiner in the case issued a RD approving PNM’s requested resources. On May 30, 2024, the NMPRC approved the RD in its entirety. On July 9, 2024, a group of New Mexico legislators filed a petition with the NM Supreme Court requesting the court grant their motion for rehearing, which was denied on September 3, 2024. This matter is now concluded. Grid Modernization Application On October 3, 2022, in compliance with New Mexico Grid Modernization Statute, PNM filed its Grid Modernization Application with the NMPRC. The projects included in the Grid Modernization Application improve customers’ ability to customize their use of energy and ensure that customers, including low-income customers, are a top priority and will benefit consistent with the Grid Modernization Statute. PNM’s proposal to modernize its electricity grid through infrastructure and technology improvements also increases the efficiency, reliability, resilience, and security of PNM’s electric system. PNM’s application seeks approval of grid modernization investments of approximately $344 million for the first six years of a broader 11-year strategy. The proposed Grid Modernization Rider would recover capital costs, operating expenses, and taxes associated with the investments included in the Grid Modernization Application. PNM also requested authorization to create related regulatory assets and liabilities, permitting PNM to record costs incurred for the development and implementation of PNM’s plan between the requested approval of the application on July 1, 2023, and the implementation of the Grid Modernization Rider by September 1, 2023; undepreciated investments associated with legacy meters being replaced with AMI meters; and over- or under-collection of costs through the Grid Modernization Rider. In addition, PNM requested approval of the proposed format of an Opt-Out Consent Form and proposed opt-out fees, which includes a one-time fee and a monthly fee. Following a hearing and subsequent briefs, on May 31, 2023, the NMPRC issued an order requiring the hearing examiner to direct PNM to file a cost benefit analysis as a supplement to the application. On November 22, 2023, PNM filed the required cost benefit analysis supporting PNM’s proposed Grid Modernization plan. A hearing was held in April 2024 and post-hearing briefs and response briefs were filed in June 2024. On August 16, 2024, the hearing examiner in the case issued a RD. The RD largely approved PNM’s application with minor modifications, including limiting to a return of its undepreciated costs of legacy meters and conditioned approval upon PNM accelerating the deployment schedule following a final order. On October 17, 2024, the NMPRC issued a final order adopting the RD but removed the accelerated deployment schedule. The Community Solar Act In 2021, the Community Solar Act established a program that allows for the development of community solar facilities and provides customers of a qualifying utility with the option of subscribing to community solar facilities, and in exchange would receive a bill credit from their utility, while the utility received energy from the community solar facility. The NMPRC was charged with administering the Community Solar Act program, establishing a total maximum capacity of 200 MW community solar facilities and allocating proportionally to the New Mexico electric investor-owned utilities and participating cooperatives, of which PNM was allocated 125 MW. On October 3, 2024, the NMPRC issued an order raising the total maximum capacity of community solar facilities by 300 MW, of which PNM was allocated 185 MW. In 2022, PNM filed its initial Community Solar tariff and subsequently filed an updated Community Solar tariff under protest and filed a motion for clarification, suspension, and timely hearing on PNM’s Community Solar tariff. In 2023, the NMPRC suspended PNM’s Community Solar tariff and issued an order opening a new docket for two-phase proceedings. The first phase addressed issues concerning the proposed subscriber organization agreements and the proposed customer data forms. The second phase addressed all issues concerning proposed tariffs, agreements and forms that were not addressed in the first phase. In 2023, the NMPRC issued an order approving an uncontested stipulation on the first phase and PNM’s advice notice conforming to the stipulation became effective. A hearing for the second phase was held from January 17 through January 19, 2024. On August 30, 2024, the hearing examiner issued a RD. The RD recommended rejecting PNM’s proposed community solar rider and required PNM to refile the rider, approval of an accounting order to track certain costs in a regulatory asset, and included recommendations for various issues to be handled in a future rulemaking. PNM cannot predict the outcome of the pending matters. Transportation and Electrification Program (TEP) On June 1, 2023, PNM filed its 2024-2026 TEP with the NMPRC, requesting approval of a $37.1 million total three-year budget and continuation of the current TEP Rider. Approximately 22% of the budget, $8.0 million, will be dedicated to low-income customers. On February 2, 2024, the hearing examiners in the case issued a RD largely approving PNM’s 2024 Plan but with modifications to certain TEP programs. On February 23, 2024, the NMPRC approved the RD with additional modifications that reduced the three-year budget by $4.0 million, for a total revised budget of $32.9 million. The TEP rider became effective on April 26, 2024. TNMP Transmission Cost of Service Rates TNMP can update its TCOS rates twice per year to reflect changes in its invested capital although updates are not allowed while a general rate case is in process. Updated rates reflect the addition and retirement of transmission facilities, including appropriate depreciation, federal income tax and other associated taxes, and the approved rate of return on such facilities. The following sets forth TNMP’s recent interim transmission cost rate increases: Effective Date Approved Increase in Rate Base Annual Increase in Revenue (In millions) May 12, 2023 $ 150.5 $ 19.4 September 6, 2023 21.4 4.2 March 15, 2024 97.4 13.1 September 20, 2024 20.6 3.9 Periodic Distribution Rate Adjustment PUCT rules permit interim rate adjustments to reflect changes in investments in distribution assets. Historically, distribution utilities have been restricted to a single, annual periodic rate adjustment through a DCRF submitted between April 1 and April 8 of each year as long as the electric utility was not earning more than its authorized rate of return using weather-normalized data. However, the recent passage of Senate Bill 1015 now permits DCRF proceedings to be filed twice per year with a 60-day administrative deadline that can be extended for 15 days on good cause. Additionally, a DCRF may be filed during a pending rate case proceeding as long as that DCRF request is not filed until the 185th day after the rate case proceeding was initiated. The following sets forth TNMP’s recent interim distribution rate increases: Effective Date Approved Increase in Rate Base Annual Increase in Revenue (In millions) September 1, 2022 $ 95.7 $ 6.8 September 1, 2023 157.0 14.5 July 28, 2024 205.9 15.6 November 17, 2024 43.7 7.7 Energy Efficiency TNMP recovers the costs of its energy efficiency programs through an energy efficiency cost recovery factor (“EECRF”), which includes projected program costs, under and over collected costs from prior years, rate case expenses, and performance bonuses (if programs exceed mandated savings goals). TNMP’s 2022 EECRF filing requested recovery of $7.3 million, including a performance bonus of $1.9 million, and became effective March 1, 2023. On May 26, 2023, TNMP filed its request to adjust the EECRF to reflect changes in costs for 2024. On September 28, 2023, the PUCT approved a unanimous stipulation, authorizing recovery of $6.6 million, including a performance bonus of $1.2 million based on TNMP’s energy efficiency achievements in the 2022 plan year. On May 31, 2024, TNMP filed its request to adjust the EECRF to reflect changes in costs for 2025. On October 24, 2024, the PUCT approved the total amount requested, authorizing recovery of $7.0 million, which includes a performance bonus of $1.3 million based on TNMP’s energy efficiency achievements in the 2023 plan year. Hurricane Beryl On July 8, 2024, Hurricane Beryl made landfall in the Texas Gulf Coast leaving approximately 116,000 customers in the TNMP service area without power. As of September 30, 2024, TNMP has incurred $47.2 million of costs, of which $28.6 million has been recorded in Utility Plant and $18.6 million has been recorded as a regulatory asset in Other Deferred Charges on the Condensed Consolidated Balance Sheets. TNMP will continue to track storm-related restoration costs to seek collection of such costs in a future regulatory proceeding. System Resiliency Plan (“SRP”) In 2023, the Texas Legislature enacted House Bill No, 2555 (“HB 2555”), permitting an electric utility to seek approval of, and cost recovery for, a system resiliency plan. On August 28, 2024, TNMP filed its first SRP with the PUCT designed to benefit customers through enhanced resiliency of its distribution system, as intended under HB 2555. The SRP includes approximately $600 million of capital investments and approximately $151 million of other related costs over three years and was developed using a comprehensive and data-driven approach which evaluated various types of resiliency events posing material risk to the safe and reliable operation of TNMP's distribution system. TNMP's service territory includes non-contiguous areas across different regions of Texas, ranging from small communities and rural areas to communities around large metropolitan areas, each with unique risks. Investments in the SRP are prioritized based on customer benefit, physical protection of infrastructure, foundational investments in operational and cybersecurity technologies, and wildfire risk reduction and are focused on lower-performing areas in the context of relia

Lease Commitments

Lease Commitments	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Lease Commitments	Lease Commitments The Company leases office buildings, vehicles, battery storage facilities, and other equipment. In addition, certain rights-of-way agreements are classified as leases. All of the Company’s leases with terms in excess of one year are recorded on the balance sheet by recording a present value lease liability and a corresponding right-of-use asset. Operating lease expense is recognized within operating expenses according to the use of the asset on a straight-line basis. Financing lease costs, which are comprised primarily of fleet and office equipment leases commencing after January 1, 2019, are recognized by amortizing the right-of-use asset on a straight-line basis and by recording interest expense on the lease liability. Financing lease right-of-use assets amortization is reflected in depreciation and amortization and interest on financing lease liabilities is reflected as interest charges on the Company’s Condensed Consolidated Statements of Earnings. See additional discussion of the Company’s leasing activities in Note 8 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. 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. PNM has no further lease payments related to PVNGS Unit 1 or 2. On April 5, 2021, PNM and Salt River Project entered into an Asset Purchase and Sale Agreement, pursuant to which PNM agreed to sell to Salt River Project 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 Salt River Project, 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 Salt River Project, receiving payments of $3.4 million, of which $2.8 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, $0.6 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. 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 2024 payment for the amount due under the Navajo Nation right-of-way lease was $8.6 million, which included amounts due under the Consumer Price Index adjustment. Changes in the Consumer Price Index subsequent to January 1, 2019 are considered variable lease payments. PNM has other prepaid rights-of-way agreements that are not accounted for as leases or recognized as a component of plant in service. PNM reflects the unamortized balance of these prepayments in other deferred charges on the Condensed Consolidated Balance Sheets and recognizes amortization expense associated with these agreements in the Condensed Consolidated Statement of Earnings over their term. As of September 30, 2024 and December 31, 2023, the unamortized balance of these rights-of-ways was $67.8 million and $56.2 million. PNM recognized amortization expense associated with these agreements of $1.1 million and $3.2 million in the three and nine months ended September 30, 2024 and $0.8 million and $2.6 million in the three and nine months ended September 30, 2023. 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 September 30, 2024, residual value guarantees on fleet vehicle and equipment leases are $0.7 million, $0.9 million, and $1.7 million for PNM, TNMP, and TXNM Consolidated. Battery Storage Agreements The Company has entered into various battery storage agreements for 20-year terms that have fixed payments over the life of the agreements. The Company accounts for these agreements as operating leases and records the initial lease liabilities with corresponding right-of-use assets. 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 which are not included in the measurement of the lease liability or the corresponding right-of-use asset, comprise 25.5% of the value of the agreements. Information related to the Company’s operating leases recorded on the Condensed Consolidated Balance Sheets is presented below: September 30, 2024 December 31, 2023 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Operating leases: Operating lease assets, net of amortization $ 172,904 $ 1,101 $ 174,554 $ 180,370 $ 1,814 $ 182,201 Current portion of operating lease liabilities 10,349 772 11,157 11,371 895 12,267 Long-term portion of operating lease liabilities 157,584 268 158,369 166,191 809 167,000 As discussed above, the Company classifies its fleet vehicle and equipment leases and its office equipment leases commencing on or after January 1, 2019 as financing leases. Information related to the Company’s financing leases recorded on the Condensed Consolidated Balance Sheets is presented below: September 30, 2024 December 31, 2023 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Financing leases: Non-utility property $ 21,649 $ 23,761 $ 46,410 $ 25,425 $ 24,487 $ 49,981 Accumulated depreciation (10,151) (12,476) (22,767) (11,984) (11,869) (23,905) Non-utility property, net 11,498 11,285 23,643 13,441 12,618 26,076 Other current liabilities $ 3,698 $ 4,427 $ 8,374 $ 4,146 $ 4,616 $ 8,776 Other deferred credits 7,821 6,880 15,318 9,300 8,023 17,326 Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities as of September 30, 2024 is presented below: PNM TNMP TXNM Weighted average remaining lease term (years): Operating leases 16.46 1.31 16.34 Financing leases 3.41 2.86 3.15 Weighted average discount rate: Operating leases 5.64 % 4.39 % 5.64 % Financing leases 4.89 % 5.10 % 5.00 % Information for the components of lease expense is as follows: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Operating lease cost: Battery storage leases $ 2,947 $ — $ 2,947 $ 8,840 $ — $ 8,840 Other operating leases 1,888 217 2,124 5,855 723 6,610 Amounts capitalized (23) (192) (216) (86) (634) (720) Total operating lease expense 4,812 25 4,855 14,609 89 14,730 Financing lease cost: Amortization of right-of-use assets 1,042 1,235 2,356 3,379 3,866 7,361 Interest on lease liabilities 142 146 300 429 445 891 Amounts capitalized (748) (1,133) (1,882) (2,345) (3,476) (5,822) Total financing lease expense 436 248 774 1,463 835 2,430 Variable lease expense 433 — 433 1,226 — 1,226 Short-term lease expense 182 7 276 534 19 656 Total lease expense for the period $ 5,863 $ 280 $ 6,338 $ 17,832 $ 943 $ 19,042 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Operating lease cost: $ 4,001 $ 345 $ 4,346 $ 10,377 $ 1,175 $ 11,552 Amounts capitalized (71) (302) (373) (334) (1,031) (1,365) Total operating lease expense 3,930 43 3,973 10,043 144 10,187 Financing lease cost: Amortization of right-of-use assets 1,193 1,183 2,389 3,325 3,345 6,718 Interest on lease liabilities 148 126 274 411 349 760 Amounts capitalized (844) (1,071) (1,915) (2,313) (3,076) (5,389) Total financing lease expense 497 238 748 1,423 618 2,089 Variable lease expense 360 — 360 982 — 982 Short-term lease expense 174 7 190 438 22 490 Total lease expense for the period $ 4,961 $ 288 $ 5,271 $ 12,886 $ 784 $ 13,748 Supplemental cash flow information related to the Company’s leases is as follows: Nine Months Ended Nine Months Ended September 30, 2024 September 30, 2023 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,694 $ 36 $ 16,758 $ 18,714 $ 113 $ 18,827 Operating cash flows from financing leases 143 75 235 135 47 183 Finance cash flows from financing leases 1,305 759 2,174 1,221 565 1,836 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 75 $ 100 $ 743 $ 138,878 $ 6 $ 138,884 Financing leases 1,735 2,661 5,355 5,977 3,508 9,485 Capitalized lease costs are reflected as investing activities on the Company’s Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023. Future expected lease payments are shown below: As of September 30, 2024 PNM TNMP TXNM Operating Operating Financing Battery Storage Other Financing Operating Financing Battery Storage Other (In thousands) Remainder of 2024 $ 1,116 $ 2,947 $ 92 $ 1,309 $ 170 $ 2,504 $ 2,947 $ 278 2025 4,023 11,786 7,092 4,673 808 8,969 11,786 7,967 2026 3,482 11,786 7,042 3,412 90 7,159 11,786 7,201 2027 2,240 11,786 7,046 1,975 14 4,458 11,786 7,131 2028 1,048 11,786 7,049 636 11 1,766 11,786 7,133 Later years 639 172,254 10,587 159 — 798 172,254 11,013 Total minimum lease payments 12,548 222,345 38,908 12,164 1,093 25,654 222,345 40,723 Less: Imputed interest 1,029 88,557 4,763 857 53 1,962 88,557 4,985 Lease liabilities $ 11,519 $ 133,788 $ 34,145 $ 11,307 $ 1,040 $ 23,692 $ 133,788 $ 35,738 The above table includes $11.8 million, $11.1 million, and $22.9 million for PNM, TNMP, and TXNM at September 30, 2024 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. At September 30, 2024, 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 2045, 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 $1.1 billion over the 20-year terms of the agreements.
Lease Commitments	Lease Commitments The Company leases office buildings, vehicles, battery storage facilities, and other equipment. In addition, certain rights-of-way agreements are classified as leases. All of the Company’s leases with terms in excess of one year are recorded on the balance sheet by recording a present value lease liability and a corresponding right-of-use asset. Operating lease expense is recognized within operating expenses according to the use of the asset on a straight-line basis. Financing lease costs, which are comprised primarily of fleet and office equipment leases commencing after January 1, 2019, are recognized by amortizing the right-of-use asset on a straight-line basis and by recording interest expense on the lease liability. Financing lease right-of-use assets amortization is reflected in depreciation and amortization and interest on financing lease liabilities is reflected as interest charges on the Company’s Condensed Consolidated Statements of Earnings. See additional discussion of the Company’s leasing activities in Note 8 of the Notes to Consolidated Financial Statements in the 2023 Annual Reports on Form 10-K. 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. PNM has no further lease payments related to PVNGS Unit 1 or 2. On April 5, 2021, PNM and Salt River Project entered into an Asset Purchase and Sale Agreement, pursuant to which PNM agreed to sell to Salt River Project 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 Salt River Project, 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 Salt River Project, receiving payments of $3.4 million, of which $2.8 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, $0.6 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. 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 2024 payment for the amount due under the Navajo Nation right-of-way lease was $8.6 million, which included amounts due under the Consumer Price Index adjustment. Changes in the Consumer Price Index subsequent to January 1, 2019 are considered variable lease payments. PNM has other prepaid rights-of-way agreements that are not accounted for as leases or recognized as a component of plant in service. PNM reflects the unamortized balance of these prepayments in other deferred charges on the Condensed Consolidated Balance Sheets and recognizes amortization expense associated with these agreements in the Condensed Consolidated Statement of Earnings over their term. As of September 30, 2024 and December 31, 2023, the unamortized balance of these rights-of-ways was $67.8 million and $56.2 million. PNM recognized amortization expense associated with these agreements of $1.1 million and $3.2 million in the three and nine months ended September 30, 2024 and $0.8 million and $2.6 million in the three and nine months ended September 30, 2023. 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 September 30, 2024, residual value guarantees on fleet vehicle and equipment leases are $0.7 million, $0.9 million, and $1.7 million for PNM, TNMP, and TXNM Consolidated. Battery Storage Agreements The Company has entered into various battery storage agreements for 20-year terms that have fixed payments over the life of the agreements. The Company accounts for these agreements as operating leases and records the initial lease liabilities with corresponding right-of-use assets. 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 which are not included in the measurement of the lease liability or the corresponding right-of-use asset, comprise 25.5% of the value of the agreements. Information related to the Company’s operating leases recorded on the Condensed Consolidated Balance Sheets is presented below: September 30, 2024 December 31, 2023 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Operating leases: Operating lease assets, net of amortization $ 172,904 $ 1,101 $ 174,554 $ 180,370 $ 1,814 $ 182,201 Current portion of operating lease liabilities 10,349 772 11,157 11,371 895 12,267 Long-term portion of operating lease liabilities 157,584 268 158,369 166,191 809 167,000 As discussed above, the Company classifies its fleet vehicle and equipment leases and its office equipment leases commencing on or after January 1, 2019 as financing leases. Information related to the Company’s financing leases recorded on the Condensed Consolidated Balance Sheets is presented below: September 30, 2024 December 31, 2023 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Financing leases: Non-utility property $ 21,649 $ 23,761 $ 46,410 $ 25,425 $ 24,487 $ 49,981 Accumulated depreciation (10,151) (12,476) (22,767) (11,984) (11,869) (23,905) Non-utility property, net 11,498 11,285 23,643 13,441 12,618 26,076 Other current liabilities $ 3,698 $ 4,427 $ 8,374 $ 4,146 $ 4,616 $ 8,776 Other deferred credits 7,821 6,880 15,318 9,300 8,023 17,326 Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities as of September 30, 2024 is presented below: PNM TNMP TXNM Weighted average remaining lease term (years): Operating leases 16.46 1.31 16.34 Financing leases 3.41 2.86 3.15 Weighted average discount rate: Operating leases 5.64 % 4.39 % 5.64 % Financing leases 4.89 % 5.10 % 5.00 % Information for the components of lease expense is as follows: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Operating lease cost: Battery storage leases $ 2,947 $ — $ 2,947 $ 8,840 $ — $ 8,840 Other operating leases 1,888 217 2,124 5,855 723 6,610 Amounts capitalized (23) (192) (216) (86) (634) (720) Total operating lease expense 4,812 25 4,855 14,609 89 14,730 Financing lease cost: Amortization of right-of-use assets 1,042 1,235 2,356 3,379 3,866 7,361 Interest on lease liabilities 142 146 300 429 445 891 Amounts capitalized (748) (1,133) (1,882) (2,345) (3,476) (5,822) Total financing lease expense 436 248 774 1,463 835 2,430 Variable lease expense 433 — 433 1,226 — 1,226 Short-term lease expense 182 7 276 534 19 656 Total lease expense for the period $ 5,863 $ 280 $ 6,338 $ 17,832 $ 943 $ 19,042 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Operating lease cost: $ 4,001 $ 345 $ 4,346 $ 10,377 $ 1,175 $ 11,552 Amounts capitalized (71) (302) (373) (334) (1,031) (1,365) Total operating lease expense 3,930 43 3,973 10,043 144 10,187 Financing lease cost: Amortization of right-of-use assets 1,193 1,183 2,389 3,325 3,345 6,718 Interest on lease liabilities 148 126 274 411 349 760 Amounts capitalized (844) (1,071) (1,915) (2,313) (3,076) (5,389) Total financing lease expense 497 238 748 1,423 618 2,089 Variable lease expense 360 — 360 982 — 982 Short-term lease expense 174 7 190 438 22 490 Total lease expense for the period $ 4,961 $ 288 $ 5,271 $ 12,886 $ 784 $ 13,748 Supplemental cash flow information related to the Company’s leases is as follows: Nine Months Ended Nine Months Ended September 30, 2024 September 30, 2023 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,694 $ 36 $ 16,758 $ 18,714 $ 113 $ 18,827 Operating cash flows from financing leases 143 75 235 135 47 183 Finance cash flows from financing leases 1,305 759 2,174 1,221 565 1,836 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 75 $ 100 $ 743 $ 138,878 $ 6 $ 138,884 Financing leases 1,735 2,661 5,355 5,977 3,508 9,485 Capitalized lease costs are reflected as investing activities on the Company’s Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023. Future expected lease payments are shown below: As of September 30, 2024 PNM TNMP TXNM Operating Operating Financing Battery Storage Other Financing Operating Financing Battery Storage Other (In thousands) Remainder of 2024 $ 1,116 $ 2,947 $ 92 $ 1,309 $ 170 $ 2,504 $ 2,947 $ 278 2025 4,023 11,786 7,092 4,673 808 8,969 11,786 7,967 2026 3,482 11,786 7,042 3,412 90 7,159 11,786 7,201 2027 2,240 11,786 7,046 1,975 14 4,458 11,786 7,131 2028 1,048 11,786 7,049 636 11 1,766 11,786 7,133 Later years 639 172,254 10,587 159 — 798 172,254 11,013 Total minimum lease payments 12,548 222,345 38,908 12,164 1,093 25,654 222,345 40,723 Less: Imputed interest 1,029 88,557 4,763 857 53 1,962 88,557 4,985 Lease liabilities $ 11,519 $ 133,788 $ 34,145 $ 11,307 $ 1,040 $ 23,692 $ 133,788 $ 35,738 The above table includes $11.8 million, $11.1 million, and $22.9 million for PNM, TNMP, and TXNM at September 30, 2024 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. At September 30, 2024, 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 2045, 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 $1.1 billion over the 20-year terms of the agreements.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company makes an estimate of its anticipated effective tax rate for the year as of the end of each quarterly period within its fiscal year. In interim periods, income tax expense is calculated by applying the anticipated annual effective tax rate to year-to-date earnings before income taxes. Certain unusual or infrequently occurring items are excluded from the estimated annual rate calculation. Such items include regulatory disallowances and excess tax benefits or deficiencies related to stock awards. At September 30, 2024, TXNM, PNM, and TNMP estimated their effective income tax rates for the year ended December 31, 2024 would be 15.44%, 14.66%, and 20.67%. The primary difference between the statutory income tax rates and the effective tax rates is the effect of the reduction in income tax expense resulting from the amortization of excess deferred federal income taxes. During the nine months ended September 30, 2024, income tax expense calculated by applying the expected annual effective income tax rate to earnings before income taxes was further decreased by discrete items, including $2.7 million for the tax effects of regulatory disallowances at PNM and $19.5 million from the sale of NMRD at TXNM. Excess tax shortfalls related to stock awards increased tax expense by less than $0.1 million for TXNM, of which less than $0.1 million was allocated to PNM and less than $0.1 million was allocated to TNMP.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions TXNM, PNM, TNMP, and NMRD are considered related parties, as is PNMR Services Company, a wholly-owned subsidiary of TXNM that provides corporate services to TXNM 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, PNM purchases renewable energy from certain NMRD-owned facilities at a fixed price per MWh of energy produced. On February 27, 2024, PNMR Development and AEP OnSite Partners sold their respective interests in NMRD and the table below reflects transactions with NMRD prior to the sale. See Note 16 for additional discussion of NMRD. The table below summarizes the nature and amount of related party transactions of TXNM, PNM, TNMP, and NMRD: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (In thousands) Services billings: TXNM to PNM $ 33,095 $ 29,509 $ 99,525 $ 90,151 TXNM to TNMP 13,192 10,976 40,314 34,703 PNM to TNMP 178 100 368 269 TNMP to TXNM 75 35 85 106 TNMP to PNM 497 — 497 — TXNM to NMRD — 71 66 235 Renewable energy purchases: PNM from NMRD — 3,652 1,523 9,761 Interest billings: TXNM to PNM 77 8 116 18 PNM to TXNM 156 153 465 426 TXNM to TNMP 23 117 202 128 Income tax sharing payments: TXNM to PNM — — — — TNMP to TXNM — — — —

Equity Method Investment

Equity Method Investment	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment As discussed in Note 21 of the Company’s 2023 Annual Reports on Form 10-K, PNMR Development and AEP OnSite Partners created NMRD in September 2017 to pursue the acquisition, development, and ownership of renewable energy generation projects, primarily in the state of New Mexico. On February 27, 2024, PNMR Development and AEP Onsite Partners sold their respective interests in NMRD. PNMR Development received net proceeds of $117.0 million and recognized an after-tax gain of $4.4 million, which includes the recognition of deferred investment tax credits of $15.7 million. In the nine months ended September 30, 2024 and 2023, PNMR Development and AEP OnSite Partners each made cash contributions to NMRD of $12.6 million and $25.8 million for its construction activities. Until the sale closing on February 27, 2024, TXNM presented its share of net earnings from NMRD in Other income on the Condensed Consolidated Statements of Earnings. Summarized financial information for NMRD through the closing date of the sale is as follows: Results of Operations Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Operating revenues $ — $ 4,020 $ 3,204 $ 10,525 Operating expenses — 1,743 3,378 6,127 Net earnings (loss) $ — $ 2,277 $ (174) $ 4,398 Financial Position September 30, December 31, 2024 2023 (In thousands) Current assets $ — $ 2,589 Net property, plant, and equipment — 235,791 Non-current assets — 1,849 Total assets — 240,229 Current liabilities — 730 Non-current liabilities — 358 Owners’ equity $ — $ 239,141

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2024
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 TXNM for its 2005 acquisition of TNP Enterprises, Inc. and Subsidiaries (“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. TXNM’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. TXNM 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 TXNM 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 TXNM performs a qualitative or quantitative analysis for PNM or TNMP, TXNM considers market and macroeconomic factors including changes in growth rates, changes in the Weighted Average Cost of Capital (“WACC”), and changes in discount rates. TXNM also evaluates its stock price relative to historical performance, industry peers, and to major market indices, including an evaluation of TXNM’s market capitalization relative to the carrying value of its reporting units. For its annual evaluations performed as of April 1, 2024, TXNM performed a quantitative analysis for the PNM reporting unit and a qualitative analysis for the TNMP reporting unit. The quantitative analysis, discussed above, indicated that the fair value of the PNM reporting unit, which has goodwill of $51.6 million, exceeded its carrying value by approximately 54%. The qualitative analysis, in addition to the typical considerations discussed above, considered changes in the Company’s expectations of future financial performance since the April 1, 2020 quantitative analysis and the previous qualitative analyses through April 1, 2023 performed for TNMP. This analysis considered events specific to TNMP such as the potential impacts of legal and regulatory matters discussed in Note 11 and Note 12. Based on an evaluation of these and other factors, the Company determined it was not more likely than not that the April 1, 2024 carrying values of PNM and TNMP exceeded their fair value. Since the April 1, 2024 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, TXNM 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, 2020 quantitative analysis and the previous qualitative analyses through April 1, 2022 performed for TNMP. This analysis considered Company specific events such as the Merger, potential impacts of legal and regulatory matters discussed in Note 11 and Note 12, including potential outcomes in PNM’s San Juan Abandonment Application, PNM’s Four Corners Abandonment Application, and PNM’s PVNGS Leased Interest Abandonment Application. The April 1, 2018 quantitative evaluations indicated the fair value of the PNM reporting unit, which has goodwill of $51.6 million, exceeded its carrying value by approximately 19%. The April 1, 2020 quantitative evaluations indicated the fair value of the TNMP reporting unit, which has goodwill of $226.7 million, exceeded its carrying value by approximately 38%. 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.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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

Significant Accounting Polici_2

Significant Accounting Policies and Responsibility for Financial Statements (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Condensed Consolidated Financial Statements of each of TXNM, PNM, and TNMP include their accounts and those of subsidiaries in which that entity owns a majority voting interest. PNM also consolidates Valencia and ETBC I. See Note 6. PNM owns undivided interests in several jointly-owned power plants and records its pro-rata share of the assets, liabilities, and expenses for those plants. The agreements for the jointly-owned plants provide that if an owner were to default on its payment obligations, the non-defaulting owners would be responsible for their proportionate share of the obligations of the defaulting owner. In exchange, the non-defaulting owners would be entitled to their proportionate share of the generating capacity of the defaulting owner. There have been no such payment defaults under any of the agreements for the jointly-owned plants.
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 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 for annual periods 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 (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Summary of Financial Information by Segment	The following tables present summarized financial information for TXNM by segment. PNM and TNMP each operate in only one segment. Therefore, tabular segment information is not presented for PNM and TNMP. TXNM SEGMENT INFORMATION PNM TNMP Corporate TXNM (In thousands) Three Months Ended September 30, 2024 Electric operating revenues $ 406,519 $ 162,737 $ — $ 569,256 Cost of energy 101,495 37,414 — 138,909 Utility margin 305,024 125,323 — 430,347 Other operating expenses 114,591 35,121 (7,845) 141,867 Depreciation and amortization 56,424 31,732 9,244 97,400 Operating income (loss) 134,009 58,470 (1,399) 191,080 Interest income (expense) 8,674 130 (135) 8,669 Other income 17,296 2,285 154 19,735 Interest charges (27,852) (15,924) (15,888) (59,664) Segment earnings (loss) before income taxes 132,127 44,961 (17,268) 159,820 Income taxes (benefit) 18,265 9,266 (4,109) 23,422 Segment earnings (loss) 113,862 35,695 (13,159) 136,398 Valencia non-controlling interest (5,064) — — (5,064) Subsidiary preferred stock dividends (132) — — (132) Segment earnings (loss) attributable to TXNM $ 108,666 $ 35,695 $ (13,159) $ 131,202 PNM TNMP Corporate TXNM (In thousands) Nine Months Ended September 30, 2024 Electric operating revenues $ 1,048,305 $ 445,930 $ — $ 1,494,235 Cost of energy 313,679 112,240 — 425,919 Utility margin 734,626 333,690 — 1,068,316 Other operating expenses 327,635 102,020 (23,692) 405,963 Depreciation and amortization 163,941 93,147 27,912 285,000 Operating income (loss) 243,050 138,523 (4,220) 377,353 Interest income (expense) 17,644 426 (351) 17,719 Other income (deductions) 41,711 5,866 (14,845) 32,732 Interest charges (78,848) (43,711) (46,695) (169,254) Segment earnings (loss) before income taxes 223,557 101,104 (66,111) 258,550 Income taxes (benefit) 29,897 20,901 (30,976) 19,822 Segment earnings (loss) 193,660 80,203 (35,135) 238,728 Valencia non-controlling interest (11,891) — — (11,891) Subsidiary preferred stock dividends (396) — — (396) Segment earnings (loss) attributable to TXNM $ 181,373 $ 80,203 $ (35,135) $ 226,441 At September 30, 2024: Total Assets $ 7,164,439 $ 3,505,709 $ 173,333 $ 10,843,481 Goodwill $ 51,632 $ 226,665 $ — $ 278,297 PNM TNMP Corporate TXNM (In thousands) Three Months Ended September 30, 2023 Electric operating revenues $ 350,334 $ 155,517 $ — $ 505,851 Cost of energy 174,362 35,951 — 210,313 Utility margin 175,972 119,566 — 295,538 Other operating expenses 100,739 35,055 (7,100) 128,694 Depreciation and amortization 44,537 28,357 7,298 80,192 Operating income (loss) 30,696 56,154 (198) 86,652 Interest income (expense) 5,323 178 (135) 5,366 Other income (deductions) (7,598) 2,448 619 (4,531) Interest charges (22,354) (12,095) (15,389) (49,838) Segment earnings (loss) before income taxes 6,067 46,685 (15,103) 37,649 Income taxes (benefit) (7,199) 7,181 (5,249) (5,267) Segment earnings (loss) 13,266 39,504 (9,854) 42,916 Valencia non-controlling interest (5,058) — — (5,058) Subsidiary preferred stock dividends (132) — — (132) Segment earnings (loss) attributable to TXNM $ 8,076 $ 39,504 $ (9,854) $ 37,726 PNM TNMP Corporate TXNM (In thousands) Nine Months Ended September 30, 2023 Electric operating revenues $ 1,118,741 $ 408,343 $ — $ 1,527,084 Cost of energy 517,824 106,627 — 624,451 Utility margin 600,917 301,716 — 902,633 Other operating expenses 305,615 101,302 (19,762) 387,155 Depreciation and amortization 132,287 83,746 21,372 237,405 Operating income (loss) 163,015 116,668 (1,610) 278,073 Interest income (expense) 15,542 413 (387) 15,568 Other income (deductions) 3,130 4,096 1,148 8,374 Interest charges (61,242) (33,932) (41,486) (136,660) Segment earnings (loss) before income taxes 120,445 87,245 (42,335) 165,355 Income taxes (benefit) 12,041 13,076 (12,375) 12,742 Segment earnings (loss) 108,404 74,169 (29,960) 152,613 Valencia non-controlling interest (14,172) — — (14,172) Subsidiary preferred stock dividends (396) — — (396) Segment earnings (loss) attributable to TXNM $ 93,836 $ 74,169 $ (29,960) $ 138,045 At September 30, 2023: Total Assets $ 6,731,852 $ 3,039,357 $ 279,632 $ 10,050,841 Goodwill $ 51,632 $ 226,665 $ — $ 278,297
Public Utilities General Disclosures	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 TXNM (In thousands) Three Months Ended September 30, 2024 Gross margin $ 212,218 $ 85,054 $ — $ 297,272 Energy production costs 21,259 — — 21,259 Transmission and distribution costs 15,123 8,537 — 23,660 Depreciation and amortization 56,424 31,732 — 88,156 1 Utility margin $ 305,024 $ 125,323 $ — $ 430,347 Nine Months Ended September 30, 2024 Gross margin $ 457,807 $ 213,891 $ — $ 671,698 Energy production costs 68,055 — — 68,055 Transmission and distribution costs 44,823 26,652 — 71,475 Depreciation and amortization 163,941 93,147 — 257,088 1 Utility margin $ 734,626 $ 333,690 $ — $ 1,068,316 PNM TNMP Corporate and Other TXNM (In thousands) Three Months Ended September 30, 2023 Gross margin $ 95,721 $ 81,457 $ — $ 177,178 Energy production costs 20,388 — — 20,388 Transmission and distribution costs 15,326 9,752 — 25,078 Depreciation and amortization 44,537 28,357 — 72,894 1 Utility margin $ 175,972 $ 119,566 $ — $ 295,538 Nine Months Ended September 30, 2023 Gross margin $ 356,317 $ 189,199 $ — $ 545,516 Energy production costs 68,345 — — 68,345 Transmission and distribution costs 43,968 28,771 — 72,739 Depreciation and amortization 132,287 83,746 — 216,033 1 Utility margin $ 600,917 $ 301,716 $ — $ 902,633 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.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Information regarding accumulated other comprehensive income (loss) for the nine months ended September 30, 2024 and 2023 is as follows: Accumulated Other Comprehensive Income (Loss) PNM Corporate and Other TXNM Unrealized Pension Fair Value Total Total (In thousands) Balance at December 31, 2023 $ 10,652 $ (77,157) $ (66,505) $ 3,665 $ (62,840) Amounts reclassified from AOCI (pre-tax) (12,932) 3,649 (9,283) 8,456 (827) Income tax impact of amounts reclassified 3,285 (927) 2,358 (2,148) 210 Other OCI changes (pre-tax) 362 — 362 (13,689) (13,327) Income tax impact of other OCI changes (92) — (92) 3,477 3,385 Net after-tax change (9,377) 2,722 (6,655) (3,904) (10,559) Balance at September 30, 2024 $ 1,275 $ (74,435) $ (73,160) $ (239) $ (73,399) Balance at December 31, 2022 $ 7,422 $ (81,757) $ (74,335) $ 8,287 $ (66,048) Amounts reclassified from AOCI (pre-tax) (4,111) 3,582 (529) 5,286 4,757 Income tax impact of amounts reclassified 1,044 (909) 135 (1,343) (1,208) Other OCI changes (pre-tax) 2,491 — 2,491 (2,386) 105 Income tax impact of other OCI changes (632) — (632) 606 (26) Net after-tax change (1,208) 2,673 1,465 2,163 3,628 Balance at September 30, 2023 $ 6,214 $ (79,084) $ (72,870) $ 10,450 $ (62,420)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Computation of Earnings Per Share	Information regarding the computation of earnings per share is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Net Earnings Attributable to TXNM $ 131,202 $ 37,726 $ 226,441 $ 138,045 Average Number of Common Shares: Outstanding during period 90,200 85,835 90,200 85,835 Vested awards of restricted stock 330 254 306 257 Average Shares – Basic 90,530 86,089 90,506 86,092 Dilutive Effect of Common Stock Equivalents: Restricted stock 53 32 44 36 2023 Forward Sale Agreements — 8 — 23 2024 Forward Sale Agreements 22 — 2 — Average Shares – Diluted 90,605 86,129 90,552 86,151 Net Earnings Per Share of Common Stock: Basic $ 1.45 $ 0.44 $ 2.50 $ 1.60 Diluted $ 1.45 $ 0.44 $ 2.50 $ 1.60

Electric Operating Revenues (Ta

Electric Operating Revenues (Tables)	9 Months Ended
	Sep. 30, 2024
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. PNM TNMP TXNM Three Months Ended September 30, 2024 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 174,765 $ 67,004 $ 241,769 Commercial 149,245 45,735 194,980 Industrial 31,841 7,106 38,947 Public authority 7,433 1,920 9,353 Economy energy service 3,662 — 3,662 Transmission 35,671 39,195 74,866 Wholesale energy sales (1) 8,311 — 8,311 Miscellaneous 1,511 916 2,427 Total revenues from contracts with customers 412,439 161,876 574,315 Alternative revenue programs (7,864) 861 (7,003) Other electric operating revenues 1,944 — 1,944 Total Electric Operating Revenues $ 406,519 $ 162,737 $ 569,256 Nine Months Ended September 30, 2024 Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 416,216 $ 155,812 $ 572,028 Commercial 358,511 121,777 480,288 Industrial 90,811 24,878 115,689 Public authority 17,047 5,376 22,423 Economy energy service 15,257 — 15,257 Transmission 105,153 117,120 222,273 Wholesale energy sales (1) 43,508 — 43,508 Miscellaneous 4,324 2,835 7,159 Total revenues from contracts with customers 1,050,827 427,798 1,478,625 Alternative revenue programs (5,128) 18,132 13,004 Other electric operating revenues 2,606 — 2,606 Total Electric Operating Revenues $ 1,048,305 $ 445,930 $ 1,494,235 PNM TNMP TXNM Three Months Ended September 30, 2023 (In thousands) Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 111,406 $ 69,556 $ 180,962 Commercial 106,237 41,662 147,899 Industrial 19,891 10,665 30,556 Public authority 6,099 1,708 7,807 Economy energy service 4,958 — 4,958 Transmission 37,466 34,980 72,446 Wholesale energy sales (1) 62,804 — 62,804 Miscellaneous 1,507 984 2,491 Total revenues from contracts with customers 350,368 159,555 509,923 Alternative revenue programs (939) (4,038) (4,977) Other electric operating revenues 905 — 905 Total Electric Operating Revenues $ 350,334 $ 155,517 $ 505,851 Nine Months Ended September 30, 2023 Electric Operating Revenues: Contracts with customers: Retail electric revenue Residential $ 339,307 $ 147,413 $ 486,720 Commercial 309,560 114,357 423,917 Industrial 65,524 36,359 101,883 Public authority 15,822 4,996 20,818 Economy energy service 24,999 — 24,999 Transmission 124,396 100,100 224,496 Wholesale energy sales (1) 213,098 — 213,098 Miscellaneous 4,293 2,832 7,125 Total revenues from contracts with customers 1,096,999 406,057 1,503,056 Alternative revenue programs 9,963 2,286 12,249 Other electric operating revenues 11,779 — 11,779 Total Electric Operating Revenues $ 1,118,741 $ 408,343 $ 1,527,084 (1) Includes sales for resale activity resulting from PNM’s participation in the EIM.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2024
Variable Interest Entities [Abstract]
Summarized Financial Information	Summarized financial information for Valencia is as follows: Results of Operations Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Electric Operating Revenues $ 6,659 $ 6,679 $ 17,324 $ 19,427 Operating Expenses 1,595 1,621 5,433 5,255 Earnings Attributable to Non-controlling Interest $ 5,064 $ 5,058 $ 11,891 $ 14,172 Financial Position September 30, December 31, 2024 2023 (In thousands) Current assets $ 3,859 $ 3,422 Net utility plant 45,122 47,253 Total assets 48,981 50,675 Current liabilities 912 717 Equity – Non-controlling Interest $ 48,069 $ 49,958 The following tables summarize the impact of ETBC I on PNM’s Financial Statements: Results of Operations Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 (In thousands) Electric Operating Revenues $ 6,336 $ 18,092 Depreciation and amortization 1,232 2,874 Interest Charges 5,014 15,078 Other 90 140 Net Earnings $ — $ — Financial Position September 30, 2024 December 31, 2023 (In thousands) Regulatory assets - Current $ — $ 2,724 Restricted cash (included in Other current assets) 7,470 — Restricted cash (included in Other deferred charges) 1,731 1,728 Securitized Cost (included in Regulatory assets - Deferred) 337,755 340,629 Current installments of long-term debt 6,907 2,529 Accrued interest and taxes 2,484 2,502 Regulatory liabilities - Current 5,862 — Long-term Debt 331,699 338,521

Fair Value of Derivative and _2

Fair Value of Derivative and Other Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Derivatives	PNM’s commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges and considered Level 2 fair value measurements, are presented in the following line items on the Condensed Consolidated Balance Sheets: Economic Hedges September 30, December 31, (In thousands) Other current assets $ — $ 826 Other current liabilities — — Net $ — $ 826
Schedule of Commodity Contract Volume Positions	Commodity contract volume positions are presented in MMBTU for gas related contracts and in MWh for power related contracts. The table below presents PNM’s net buy (sell) volume positions: Economic Hedges MMBTU MWh September 30, 2024 — — December 31, 2023 — (15,360)
Schedule of Gross Realized Gains and Losses	Gains and losses recognized on the Condensed Consolidated Statements of Earnings related to investment securities in the NDT, SJGS decommissioning, and coal mine reclamation trusts are presented in the following table: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (In thousands) Equity securities: Net gains (losses) from equity securities sold $ 4,209 $ (189) $ 20,352 $ 1,758 Net gains (losses) from equity securities still held 9,358 (4,946) 4,273 3,673 Total net gains on equity securities 13,567 (5,135) 24,625 5,431 Available-for-sale debt securities: Net gains (losses) on debt securities 203 (3,269) 7,701 (3,616) Net gains (losses) on investment securities $ 13,770 $ (8,404) $ 32,326 $ 1,815 Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (In thousands) Proceeds from sales $ 332,896 $ 137,797 $ 745,645 $ 412,574 Gross realized gains 5,051 4,022 26,279 14,464 Gross realized (losses) (2,613) (6,876) (15,185) (19,088)
Investments Classified by Contractual Maturity Date	At September 30, 2024, the available-for-sale debt securities held by PNM, had the following final maturities: Fair Value (In thousands) Within 1 year $ 30,203 After 1 year through 5 years 13,473 After 5 years through 10 years 8,807 After 10 years through 15 years 10,937 After 15 years through 20 years 7,333 After 20 years 509 $ 71,262
Schedule of Investments	Items recorded at fair value by PNM on the Condensed Consolidated Balance Sheets are presented below by level of the fair value hierarchy along with gross unrealized gains on investments in available-for-sale debt securities: GAAP Fair Value Hierarchy Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unrealized Gains (In thousands) September 30, 2024 Cash and cash equivalents $ 128,965 $ 128,965 $ — Equity securities: Corporate stocks, common 107,024 107,024 — Mutual funds and other 105,047 105,047 — Available-for-sale debt securities: U.S. government 26,169 26,169 — $ 349 Municipals 34,844 — 34,844 1,264 Corporate and other 10,249 — 10,249 133 Investments categorized within the fair value hierarchy $ 412,298 $ 367,205 $ 45,093 $ 1,746 Uncategorized Collective Investment Trust 41,207 Total investment securities $ 453,505 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 Total investment securities $ 444,408 $ 264,287 $ 180,121 $ 14,316
Schedule of Carrying Amount and Fair Value of Items Not Recorded at Fair Value	The carrying amounts and fair values of long-term debt, all of which are considered Level 2 fair value measurements and are not recorded at fair value on the Condensed Consolidated Balance Sheets, are presented below: Carrying Amount Fair Value September 30, 2024 (In thousands) TXNM $ 4,922,745 $ 4,827,179 PNM 2,459,120 2,364,588 TNMP 1,464,054 1,407,778 December 31, 2023 TXNM $ 4,521,811 $ 4,260,509 PNM 2,261,780 2,107,588 TNMP 1,260,880 1,152,922

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Activity	The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value: Nine Months Ended September 30, Restricted Shares and Performance Based Shares 2024 2023 Expected quarterly dividends per share $ 0.3875 $ 0.3675 Risk-free interest rate 4.27 % 4.46 % Market-Based Shares Dividend yield 4.21 % N/A Expected volatility 13.09 % N/A Risk-free interest rate 4.31 % N/A The following table summarizes activity in restricted stock awards, including performance-based and market-based shares for the nine months ended September 30, 2024: Restricted Stock Shares Weighted- Outstanding at December 31, 2023 212,080 $ 40.33 Granted 249,282 33.51 Released (208,442) 38.47 Forfeited — — Outstanding at September 30, 2024 252,920 $ 37.06 The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares: Nine Months Ended September 30, Restricted Stock 2024 2023 Weighted-average grant date fair value $ 33.51 $ 45.00 Total fair value of restricted shares that vested (in thousands) $ 7,976 $ 9,635

Financing (Tables)

Financing (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Forward Contracts Indexed to Issuer's Equity	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 Derivative Liabilities at Fair Value	As of September 30, 2024, TXNM’s hedging agreements are as follows: Variable Rate Established Effective Date Maturity Date Debt Hedged Fixed Rate (In millions) (Percent) 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
Schedule of Short-term Debt	Short-term debt outstanding consists of: September 30, 2024 December 31, 2023 Balance Outstanding Weighted Average Interest Rate Balance Outstanding Weighted Average Interest Rate (In thousands) (In thousands) PNM: PNM Revolving Credit Facility $ 159,900 6.39% $ 107,500 6.69% PNM New Mexico Credit Facility 20,000 6.20 30,000 6.71 179,900 137,500 TNMP Revolving Credit Facility 97,500 5.96 55,100 6.32 TXNM Revolving Credit Facility 181,600 6.58 69,300 6.96 $ 459,000 $ 261,900

Pension and Other Postretirem_2

Pension and Other Postretirement Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The following table presents the components of the PNM Plans’ net periodic benefit cost: Three Months Ended September 30, Pension Plan OPEB Plan Executive Retirement Program 2024 2023 2024 2023 2024 2023 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ — $ — $ — $ — Interest cost 5,427 5,913 597 675 124 135 Expected return on plan assets (7,758) (7,299) (1,391) (1,242) — — Amortization of net loss 2,661 2,646 — — 50 38 Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 330 $ 1,260 $ (794) $ (567) $ 174 $ 173 Nine Months Ended September 30, Pension Plan OPEB Plan Executive Retirement Program 2024 2023 2024 2023 2024 2023 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ — $ — $ — $ — Interest cost 16,282 17,740 1,791 2,027 372 405 Expected return on plan assets (23,272) (21,897) (4,173) (3,727) — — Amortization of net loss 7,984 7,937 — — 150 114 Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 994 $ 3,780 $ (2,382) $ (1,700) $ 522 $ 519 The following table presents the components of the TNMP Plans’ net periodic benefit cost: Three Months Ended September 30, Pension Plan OPEB Plan Executive Retirement Program 2024 2023 2024 2023 2024 2023 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 5 $ 5 $ — $ — Interest cost 553 601 96 106 4 3 Expected return on plan assets (687) (674) (129) (120) — — Amortization of net (gain) loss 139 110 (161) (190) — — Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 5 $ 37 $ (189) $ (199) $ 4 $ 3 Nine Months Ended September 30, Pension Plan OPEB Plan Executive Retirement Program 2024 2023 2024 2023 2024 2023 (In thousands) Components of Net Periodic Benefit Cost Service cost $ — $ — $ 16 $ 16 $ — $ — Interest cost 1,660 1,802 289 319 12 9 Expected return on plan assets (2,061) (2,023) (386) (361) — — Amortization of net (gain) loss 417 329 (482) (570) — — Amortization of prior service cost — — — — — — Net Periodic Benefit Cost (Income) $ 16 $ 108 $ (563) $ (596) $ 12 $ 9

Regulatory and Rate Matters (Ta

Regulatory and Rate Matters (Tables)	9 Months Ended
	Sep. 30, 2024
Regulated Operations [Abstract]
Schedule of Rate Increases for Transmission Costs	The following sets forth TNMP’s recent interim transmission cost rate increases: Effective Date Approved Increase in Rate Base Annual Increase in Revenue (In millions) May 12, 2023 $ 150.5 $ 19.4 September 6, 2023 21.4 4.2 March 15, 2024 97.4 13.1 September 20, 2024 20.6 3.9
Schedule Of Interim Distribution Rate Increases	The following sets forth TNMP’s recent interim distribution rate increases: Effective Date Approved Increase in Rate Base Annual Increase in Revenue (In millions) September 1, 2022 $ 95.7 $ 6.8 September 1, 2023 157.0 14.5 July 28, 2024 205.9 15.6 November 17, 2024 43.7 7.7

Lease Commitments (Tables)

Lease Commitments (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Assets and Liabilities, Lessee	Information related to the Company’s operating leases recorded on the Condensed Consolidated Balance Sheets is presented below: September 30, 2024 December 31, 2023 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Operating leases: Operating lease assets, net of amortization $ 172,904 $ 1,101 $ 174,554 $ 180,370 $ 1,814 $ 182,201 Current portion of operating lease liabilities 10,349 772 11,157 11,371 895 12,267 Long-term portion of operating lease liabilities 157,584 268 158,369 166,191 809 167,000 September 30, 2024 December 31, 2023 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Financing leases: Non-utility property $ 21,649 $ 23,761 $ 46,410 $ 25,425 $ 24,487 $ 49,981 Accumulated depreciation (10,151) (12,476) (22,767) (11,984) (11,869) (23,905) Non-utility property, net 11,498 11,285 23,643 13,441 12,618 26,076 Other current liabilities $ 3,698 $ 4,427 $ 8,374 $ 4,146 $ 4,616 $ 8,776 Other deferred credits 7,821 6,880 15,318 9,300 8,023 17,326 Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities as of September 30, 2024 is presented below: PNM TNMP TXNM Weighted average remaining lease term (years): Operating leases 16.46 1.31 16.34 Financing leases 3.41 2.86 3.15 Weighted average discount rate: Operating leases 5.64 % 4.39 % 5.64 % Financing leases 4.89 % 5.10 % 5.00 %
Lease, Cost	Information for the components of lease expense is as follows: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Operating lease cost: Battery storage leases $ 2,947 $ — $ 2,947 $ 8,840 $ — $ 8,840 Other operating leases 1,888 217 2,124 5,855 723 6,610 Amounts capitalized (23) (192) (216) (86) (634) (720) Total operating lease expense 4,812 25 4,855 14,609 89 14,730 Financing lease cost: Amortization of right-of-use assets 1,042 1,235 2,356 3,379 3,866 7,361 Interest on lease liabilities 142 146 300 429 445 891 Amounts capitalized (748) (1,133) (1,882) (2,345) (3,476) (5,822) Total financing lease expense 436 248 774 1,463 835 2,430 Variable lease expense 433 — 433 1,226 — 1,226 Short-term lease expense 182 7 276 534 19 656 Total lease expense for the period $ 5,863 $ 280 $ 6,338 $ 17,832 $ 943 $ 19,042 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Operating lease cost: $ 4,001 $ 345 $ 4,346 $ 10,377 $ 1,175 $ 11,552 Amounts capitalized (71) (302) (373) (334) (1,031) (1,365) Total operating lease expense 3,930 43 3,973 10,043 144 10,187 Financing lease cost: Amortization of right-of-use assets 1,193 1,183 2,389 3,325 3,345 6,718 Interest on lease liabilities 148 126 274 411 349 760 Amounts capitalized (844) (1,071) (1,915) (2,313) (3,076) (5,389) Total financing lease expense 497 238 748 1,423 618 2,089 Variable lease expense 360 — 360 982 — 982 Short-term lease expense 174 7 190 438 22 490 Total lease expense for the period $ 4,961 $ 288 $ 5,271 $ 12,886 $ 784 $ 13,748
Schedule of Leases, Supplemental Cash Flows	Supplemental cash flow information related to the Company’s leases is as follows: Nine Months Ended Nine Months Ended September 30, 2024 September 30, 2023 PNM TNMP TXNM PNM TNMP TXNM (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,694 $ 36 $ 16,758 $ 18,714 $ 113 $ 18,827 Operating cash flows from financing leases 143 75 235 135 47 183 Finance cash flows from financing leases 1,305 759 2,174 1,221 565 1,836 Non-cash information related to right-of-use assets obtained in exchange for lease obligations: Operating leases $ 75 $ 100 $ 743 $ 138,878 $ 6 $ 138,884 Financing leases 1,735 2,661 5,355 5,977 3,508 9,485
Lessee, Operating Lease, Liability, Maturity	Future expected lease payments are shown below: As of September 30, 2024 PNM TNMP TXNM Operating Operating Financing Battery Storage Other Financing Operating Financing Battery Storage Other (In thousands) Remainder of 2024 $ 1,116 $ 2,947 $ 92 $ 1,309 $ 170 $ 2,504 $ 2,947 $ 278 2025 4,023 11,786 7,092 4,673 808 8,969 11,786 7,967 2026 3,482 11,786 7,042 3,412 90 7,159 11,786 7,201 2027 2,240 11,786 7,046 1,975 14 4,458 11,786 7,131 2028 1,048 11,786 7,049 636 11 1,766 11,786 7,133 Later years 639 172,254 10,587 159 — 798 172,254 11,013 Total minimum lease payments 12,548 222,345 38,908 12,164 1,093 25,654 222,345 40,723 Less: Imputed interest 1,029 88,557 4,763 857 53 1,962 88,557 4,985 Lease liabilities $ 11,519 $ 133,788 $ 34,145 $ 11,307 $ 1,040 $ 23,692 $ 133,788 $ 35,738
Finance Lease, Liability, Maturity	Future expected lease payments are shown below: As of September 30, 2024 PNM TNMP TXNM Operating Operating Financing Battery Storage Other Financing Operating Financing Battery Storage Other (In thousands) Remainder of 2024 $ 1,116 $ 2,947 $ 92 $ 1,309 $ 170 $ 2,504 $ 2,947 $ 278 2025 4,023 11,786 7,092 4,673 808 8,969 11,786 7,967 2026 3,482 11,786 7,042 3,412 90 7,159 11,786 7,201 2027 2,240 11,786 7,046 1,975 14 4,458 11,786 7,131 2028 1,048 11,786 7,049 636 11 1,766 11,786 7,133 Later years 639 172,254 10,587 159 — 798 172,254 11,013 Total minimum lease payments 12,548 222,345 38,908 12,164 1,093 25,654 222,345 40,723 Less: Imputed interest 1,029 88,557 4,763 857 53 1,962 88,557 4,985 Lease liabilities $ 11,519 $ 133,788 $ 34,145 $ 11,307 $ 1,040 $ 23,692 $ 133,788 $ 35,738

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below summarizes the nature and amount of related party transactions of TXNM, PNM, TNMP, and NMRD: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (In thousands) Services billings: TXNM to PNM $ 33,095 $ 29,509 $ 99,525 $ 90,151 TXNM to TNMP 13,192 10,976 40,314 34,703 PNM to TNMP 178 100 368 269 TNMP to TXNM 75 35 85 106 TNMP to PNM 497 — 497 — TXNM to NMRD — 71 66 235 Renewable energy purchases: PNM from NMRD — 3,652 1,523 9,761 Interest billings: TXNM to PNM 77 8 116 18 PNM to TXNM 156 153 465 426 TXNM to TNMP 23 117 202 128 Income tax sharing payments: TXNM to PNM — — — — TNMP to TXNM — — — —

Equity Method Investment (Table

Equity Method Investment (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Marketable Securities	Summarized financial information for NMRD through the closing date of the sale is as follows: Results of Operations Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Operating revenues $ — $ 4,020 $ 3,204 $ 10,525 Operating expenses — 1,743 3,378 6,127 Net earnings (loss) $ — $ 2,277 $ (174) $ 4,398 Financial Position September 30, December 31, 2024 2023 (In thousands) Current assets $ — $ 2,589 Net property, plant, and equipment — 235,791 Non-current assets — 1,849 Total assets — 240,229 Current liabilities — 730 Non-current liabilities — 358 Owners’ equity $ — $ 239,141

Significant Accounting Polici_3

Significant Accounting Policies and Responsibility for Financial Statements (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 02, 2024	Aug. 01, 2024	Dec. 31, 2023
Dividends Payable [Line Items]
Common stock, shares authorized (in shares)	200,000,000				200,000,000				120,000,000
Payment defaults under agreements	$ 0				$ 0
Dividends declared per common share (in dollars per share)	$ 0.3875	$ 0.3875	$ 0.3675	$ 0.3675	$ 1.1625	$ 1.1025
Dividends declared on common stock	$ 69,906,000		$ 63,088,000		$ 104,858,000	$ 94,634,000
TXNM
Dividends Payable [Line Items]
Common stock, shares authorized (in shares)							200,000,000	120,000,000
Equity contribution from parent	$ 0		0		$ 0	0
Public Service Company of New Mexico
Dividends Payable [Line Items]
Common stock, shares authorized (in shares)	40,000,000				40,000,000				40,000,000
Equity contribution from parent	$ 0				$ 55,000,000	0
Dividends declared on common stock	$ 0		0		$ 0	0
Texas-New Mexico Power Company
Dividends Payable [Line Items]
Common stock, shares authorized (in shares)	12,000,000				12,000,000				12,000,000
Dividends declared on common stock	$ 0		$ 0		$ 0	$ 0

Segment Information - Summarize

Segment Information - Summarized Financial Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Apr. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 01, 2020 USD ($)	Apr. 01, 2018 USD ($)
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	$ 569,256	$ 505,851	$ 1,494,235	$ 1,527,084
Utility margin	297,272	177,178	671,698	545,516
Other operating expenses	141,867	128,694	405,963	387,155
Depreciation and amortization	97,400	80,192	285,000	237,405
Operating income (loss)	191,080	86,652	377,353	278,073
Interest income (expense)	8,669	5,366	17,719	15,568
Other income (deductions)	19,735	(4,531)	32,732	8,374
Interest charges	(59,664)	(49,838)	(169,254)	(136,660)
Earnings before Income Taxes	159,820	37,649	258,550	165,355
Income taxes (benefit)	23,422	(5,267)	19,822	12,742
Net Earnings	136,398	42,916	238,728	152,613
Valencia non-controlling interest	(5,064)	(5,058)	(11,891)	(14,172)
Subsidiary preferred stock dividends	(132)	(132)	(396)	(396)
Net Earnings Attributable to TXNM	131,202	37,726	226,441	138,045
Total Assets	10,843,481	10,050,841	10,843,481	10,050,841		$ 10,252,605
Goodwill	278,297	278,297	278,297	278,297		278,297
PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Utility margin	212,218	95,721	457,807	356,317
Other operating expenses	114,591	100,739	327,635	305,615
Depreciation and amortization	56,424	44,537	163,941	132,287
Operating income (loss)	134,009	30,696	243,050	163,015
Interest income (expense)	8,674	5,323	17,644	15,542
Other income (deductions)	17,296	(7,598)	41,711	3,130
Interest charges	(27,852)	(22,354)	(78,848)	(61,242)
Earnings before Income Taxes	132,127	6,067	223,557	120,445
Income taxes (benefit)	18,265	(7,199)	29,897	12,041
Net Earnings	113,862	13,266	193,660	108,404
Valencia non-controlling interest	(5,064)	(5,058)	(11,891)	(14,172)
Subsidiary preferred stock dividends	(132)	(132)	(396)	(396)
Net Earnings Attributable to TXNM	108,666	8,076	181,373	93,836
Total Assets	7,164,439	6,731,852	7,164,439	6,731,852
Goodwill	51,632	51,632	51,632	51,632
TNMP
Segment Reporting Information, Profit (Loss) [Abstract]
Utility margin	85,054	81,457	213,891	189,199
Other operating expenses	35,121	35,055	102,020	101,302
Depreciation and amortization	31,732	28,357	93,147	83,746
Operating income (loss)	58,470	56,154	138,523	116,668
Interest income (expense)	130	178	426	413
Other income (deductions)	2,285	2,448	5,866	4,096
Interest charges	(15,924)	(12,095)	(43,711)	(33,932)
Earnings before Income Taxes	44,961	46,685	101,104	87,245
Income taxes (benefit)	9,266	7,181	20,901	13,076
Net Earnings	35,695	39,504	80,203	74,169
Valencia non-controlling interest	0	0	0	0
Subsidiary preferred stock dividends	0	0	0	0
Net Earnings Attributable to TXNM	35,695	39,504	80,203	74,169
Total Assets	3,505,709	3,039,357	3,505,709	3,039,357
Goodwill	226,665	226,665	226,665	226,665
Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Utility margin	0	0	0	0
Other operating expenses	(7,845)	(7,100)	(23,692)	(19,762)
Depreciation and amortization	9,244	7,298	27,912	21,372
Operating income (loss)	(1,399)	(198)	(4,220)	(1,610)
Interest income (expense)	(135)	(135)	(351)	(387)
Other income (deductions)	154	619	(14,845)	1,148
Interest charges	(15,888)	(15,389)	(46,695)	(41,486)
Earnings before Income Taxes	(17,268)	(15,103)	(66,111)	(42,335)
Income taxes (benefit)	(4,109)	(5,249)	(30,976)	(12,375)
Net Earnings	(13,159)	(9,854)	(35,135)	(29,960)
Valencia non-controlling interest	0	0	0	0
Subsidiary preferred stock dividends	0	0	0	0
Net Earnings Attributable to TXNM	(13,159)	(9,854)	(35,135)	(29,960)
Total Assets	173,333	279,632	173,333	279,632
Goodwill	0	0	0	0
Energy
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	569,256	505,851	1,494,235	1,527,084
Cost of energy	138,909	210,313	425,919	624,451
Utility margin	430,347	295,538	1,068,316	902,633
Energy | PNM
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	406,519	350,334	1,048,305	1,118,741
Cost of energy	101,495	174,362	313,679	517,824
Utility margin	305,024	175,972	734,626	600,917
Energy | TNMP
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	162,737	155,517	445,930	408,343
Cost of energy	37,414	35,951	112,240	106,627
Utility margin	125,323	119,566	333,690	301,716
Energy | Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	0	0	0	0
Cost of energy	0	0	0	0
Utility margin	0	0	$ 0	0
PNM
Segment Reporting Information [Line Items]
Number of operating segments | segment			1
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	406,519	350,334	$ 1,048,305	1,118,741
Depreciation and amortization	56,424	44,537	163,941	132,287
Operating income (loss)	134,009	30,696	243,050	163,015
Interest charges	(27,852)	(22,354)	(78,848)	(61,242)
Earnings before Income Taxes	132,127	6,067	223,557	120,445
Income taxes (benefit)	18,265	(7,199)	29,897	12,041
Net Earnings	113,862	13,266	193,660	108,404
Valencia non-controlling interest	(5,064)	(5,058)	(11,891)	(14,172)
Subsidiary preferred stock dividends	(132)	(132)	(396)	(396)
Net Earnings Attributable to TXNM	108,666	8,076	181,373	93,836
Total Assets	7,164,439		7,164,439			6,813,065
Goodwill	51,632		51,632		$ 51,600	51,632		$ 51,600
PNM | Energy
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of energy	101,495	174,362	$ 313,679	517,824
TNMP
Segment Reporting Information [Line Items]
Number of operating segments | segment			1
Segment Reporting Information, Profit (Loss) [Abstract]
Electric operating revenues	162,737	155,517	$ 445,930	408,343
Cost of energy	37,414	35,951	112,240	106,627
Depreciation and amortization	31,732	28,357	93,147	83,746
Operating income (loss)	58,470	56,154	138,523	116,668
Interest charges	(15,924)	(12,095)	(43,711)	(33,932)
Earnings before Income Taxes	44,961	46,685	101,104	87,245
Income taxes (benefit)	9,266	$ 7,181	20,901	13,076
Net Earnings			80,203	$ 74,169
Total Assets	3,505,709		3,505,709			3,145,031
Goodwill	$ 226,665		$ 226,665			$ 226,665	$ 226,700

Segment Information - Schedule

Segment Information - Schedule of Gross Margin (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Gross margin	$ 297,272	$ 177,178	$ 671,698	$ 545,516
Transmission and distribution costs	23,660	25,078	71,475	72,739
Depreciation and amortization	88,156	72,894	257,088	216,033
Utility margin	430,347	295,538	1,068,316	902,633
Energy Production
Segment Reporting Information [Line Items]
Energy production costs	21,259	20,388	68,055	68,345
PNM
Segment Reporting Information [Line Items]
Gross margin	212,218	95,721	457,807	356,317
Transmission and distribution costs	15,123	15,326	44,823	43,968
Depreciation and amortization	56,424	44,537	163,941	132,287
Utility margin	305,024	175,972	734,626	600,917
PNM | Energy Production
Segment Reporting Information [Line Items]
Energy production costs	21,259	20,388	68,055	68,345
TNMP
Segment Reporting Information [Line Items]
Gross margin	85,054	81,457	213,891	189,199
Transmission and distribution costs	8,537	9,752	26,652	28,771
Depreciation and amortization	31,732	28,357	93,147	83,746
Utility margin	125,323	119,566	333,690	301,716
TNMP | Energy Production
Segment Reporting Information [Line Items]
Energy production costs	0	0	0	0
Corporate and Other
Segment Reporting Information [Line Items]
Gross margin	0	0	0	0
Transmission and distribution costs	0	0	0	0
Depreciation and amortization	0	0	0	0
Utility margin	0	0	0	0
Corporate and Other | Energy Production
Segment Reporting Information [Line Items]
Energy production costs	$ 0	$ 0	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 2,451,680	$ 2,313,596	$ 2,399,051	$ 2,244,926
Total Other Comprehensive Income (Loss)	(3,499)	(3,185)	(10,559)	3,628
Ending balance	2,508,048	2,286,384	2,508,048	2,286,384
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(69,900)	(59,235)	(62,840)	(66,048)
Amounts reclassified from AOCI (pre-tax)			(827)	4,757
Income tax impact of amounts reclassified			210	(1,208)
Other OCI changes (pre-tax)			(13,327)	105
Income tax impact of other OCI changes			3,385	(26)
Total Other Comprehensive Income (Loss)	(3,499)	(3,185)	(10,559)	3,628
Ending balance	(73,399)	(62,420)	(73,399)	(62,420)
Fair Value Adjustment for Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			3,665	8,287
Amounts reclassified from AOCI (pre-tax)			8,456	5,286
Income tax impact of amounts reclassified			(2,148)	(1,343)
Other OCI changes (pre-tax)			(13,689)	(2,386)
Income tax impact of other OCI changes			3,477	606
Total Other Comprehensive Income (Loss)			(3,904)	2,163
Ending balance	(239)	10,450	(239)	10,450
PNM
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	2,119,459	2,047,702	2,000,775	1,960,324
Total Other Comprehensive Income (Loss)	1,342	(1,794)	(6,655)	1,465
Ending balance	2,228,604	2,053,804	2,228,604	2,053,804
PNM | Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(74,502)	(71,076)	(66,505)	(74,335)
Amounts reclassified from AOCI (pre-tax)			(9,283)	(529)
Income tax impact of amounts reclassified			2,358	135
Other OCI changes (pre-tax)			362	2,491
Income tax impact of other OCI changes			(92)	(632)
Total Other Comprehensive Income (Loss)	1,342	(1,794)	(6,655)	1,465
Ending balance	(73,160)	(72,870)	(73,160)	(72,870)
PNM | Unrealized Gains on Available-for-Sale Debt Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			10,652	7,422
Amounts reclassified from AOCI (pre-tax)			(12,932)	(4,111)
Income tax impact of amounts reclassified			3,285	1,044
Other OCI changes (pre-tax)			362	2,491
Income tax impact of other OCI changes			(92)	(632)
Total Other Comprehensive Income (Loss)			(9,377)	(1,208)
Ending balance	1,275	6,214	1,275	6,214
PNM | Pension Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(77,157)	(81,757)
Amounts reclassified from AOCI (pre-tax)			3,649	3,582
Income tax impact of amounts reclassified			(927)	(909)
Other OCI changes (pre-tax)			0	0
Income tax impact of other OCI changes			0	0
Total Other Comprehensive Income (Loss)			2,722	2,673
Ending balance	$ (74,435)	$ (79,084)	$ (74,435)	$ (79,084)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Earnings Attributable to TXNM	$ 131,202	$ 37,726	$ 226,441	$ 138,045
Average Number of Common Shares:
Outstanding during period (in shares)	90,200	85,835	90,200	85,835
Vested awards of restricted stock (in shares)	330	254	306	257
Average Shares – Basic (in shares)	90,530	86,089	90,506	86,092
Dilutive Effect of Common Stock Equivalents:
Restricted stock (in shares)	53	32	44	36
Average Shares – Diluted (in shares)	90,605	86,129	90,552	86,151
Net Earnings Per Share of Common Stock:
Basic (in dollars per share)	$ 1.45	$ 0.44	$ 2.50	$ 1.60
Diluted (in dollars per share)	$ 1.45	$ 0.44	$ 2.50	$ 1.60
2023 Forward Sale Agreements
Dilutive Effect of Common Stock Equivalents:
Forward Sale Agreements (in shares)	0	8	0	23
2024 Forward Sale Agreements
Dilutive Effect of Common Stock Equivalents:
Forward Sale Agreements (in shares)	22	0	2	0

Electric Operating Revenues - N

Electric Operating Revenues - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) utility	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) utility	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Number of regulated utilities | utility	2		2
Other receivables, allowance for credit loss, period increase	$ 0	$ 0	$ 0	$ 0
Contract assets	29,600,000		29,600,000		$ 22,100,000
PNM
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 103,100,000		$ 103,100,000		$ 93,600,000

Electric Operating Revenues - D

Electric Operating Revenues - Disaggregation of revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 574,315	$ 509,923	$ 1,478,625	$ 1,503,056
Alternative revenue programs	(7,003)	(4,977)	13,004	12,249
Other electric operating revenues	1,944	905	2,606	11,779
Total Electric Operating Revenues	569,256	505,851	1,494,235	1,527,084
PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	412,439	350,368	1,050,827	1,096,999
Alternative revenue programs	(7,864)	(939)	(5,128)	9,963
Other electric operating revenues	1,944	905	2,606	11,779
Total Electric Operating Revenues	406,519	350,334	1,048,305	1,118,741
TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	161,876	159,555	427,798	406,057
Alternative revenue programs	861	(4,038)	18,132	2,286
Other electric operating revenues	0	0	0	0
Total Electric Operating Revenues	162,737	155,517	445,930	408,343
Energy
Disaggregation of Revenue [Line Items]
Total Electric Operating Revenues	569,256	505,851	1,494,235	1,527,084
Energy | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	241,769	180,962	572,028	486,720
Energy | Commercial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	194,980	147,899	480,288	423,917
Energy | Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	38,947	30,556	115,689	101,883
Energy | Public authority
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	9,353	7,807	22,423	20,818
Energy | Economy energy service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	3,662	4,958	15,257	24,999
Energy | PNM | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	174,765	111,406	416,216	339,307
Energy | PNM | Commercial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	149,245	106,237	358,511	309,560
Energy | PNM | Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	31,841	19,891	90,811	65,524
Energy | PNM | Public authority
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	7,433	6,099	17,047	15,822
Energy | PNM | Economy energy service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	3,662	4,958	15,257	24,999
Energy | TNMP | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	67,004	69,556	155,812	147,413
Energy | TNMP | Commercial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	45,735	41,662	121,777	114,357
Energy | TNMP | Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	7,106	10,665	24,878	36,359
Energy | TNMP | Public authority
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,920	1,708	5,376	4,996
Energy | TNMP | Economy energy service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Transmission
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	74,866	72,446	222,273	224,496
Transmission | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	35,671	37,466	105,153	124,396
Transmission | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	39,195	34,980	117,120	100,100
Wholesale energy sales
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	8,311	62,804	43,508	213,098
Wholesale energy sales | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	8,311	62,804	43,508	213,098
Wholesale energy sales | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Miscellaneous
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	2,427	2,491	7,159	7,125
Miscellaneous | PNM
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,511	1,507	4,324	4,293
Miscellaneous | TNMP
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 916	$ 984	$ 2,835	$ 2,832

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) MW	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) MW	Sep. 30, 2023 USD ($)	Dec. 05, 2022 MW	Jan. 31, 2016 USD ($)
San Juan Generating Station | Coal supply
Variable Interest Entity [Line Items]
Cash used to support bank letter or credit arrangement						$ 30.3
PNM
Variable Interest Entity [Line Items]
Number of megawatts purchased (in megawatts) | MW					64.1
PNM | Valencia
Variable Interest Entity [Line Items]
Payment for fixed costs	$ 5.2	$ 5.1	$ 15.3	$ 15.2
Payment for variable costs	$ 1.5	$ 1.4	$ 2	$ 4.1
Long-term contract option to purchase, ownership percentage (up to)			50%
Long-term contract option to purchase, purchase price - percentage of adjusted NBV			50%
Long-term contract option to purchase, purchase price - percentage of FMV			50%
PNM | Purchased through May 2028 | Valencia
Variable Interest Entity [Line Items]
Number of megawatts purchased (in megawatts) | MW	155		155

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Operations for Valencia (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Results of Operations
Electric Operating Revenues	$ 569,256	$ 505,851	$ 1,494,235	$ 1,527,084
Operating Expenses	378,176	419,199	1,116,882	1,249,011
Earnings Attributable to Non-controlling Interest	5,064	5,058	11,891	14,172
Financial Position
Current assets	495,694		495,694		$ 475,543
Net utility plant	8,211,382		8,211,382		7,609,862
Total assets	10,843,481	10,050,841	10,843,481	10,050,841	10,252,605
Current liabilities	1,369,643		1,369,643		1,230,760
Equity – Non-controlling Interest	48,069		48,069		49,958
Public Service Company of New Mexico
Results of Operations
Electric Operating Revenues	406,519	350,334	1,048,305	1,118,741
Operating Expenses	272,510	319,638	805,255	955,726
Earnings Attributable to Non-controlling Interest	5,064	5,058	11,891	14,172
Financial Position
Current assets	375,217		375,217		377,837
Net utility plant	5,045,650		5,045,650		4,739,702
Total assets	7,164,439		7,164,439		6,813,065
Current liabilities	900,237		900,237		839,194
Equity – Non-controlling Interest	48,069		48,069		49,958
Valencia | Public Service Company of New Mexico
Results of Operations
Electric Operating Revenues	6,659	6,679	17,324	19,427
Operating Expenses	1,595	1,621	5,433	5,255
Earnings Attributable to Non-controlling Interest	5,064	$ 5,058	11,891	$ 14,172
Financial Position
Current assets	3,859		3,859		3,422
Net utility plant	45,122		45,122		47,253
Total assets	48,981		48,981		50,675
Current liabilities	912		912		717
Equity – Non-controlling Interest	$ 48,069		$ 48,069		$ 49,958

Variable Interest Entities - _2

Variable Interest Entities - Schedule of Impact on Results of Operation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Variable Interest Entity [Line Items]
Depreciation and amortization			$ 313,919	$ 262,557
Interest Charges	$ 59,664	$ 49,838	169,254	136,660
Public Service Company of New Mexico
Variable Interest Entity [Line Items]
Depreciation and amortization			185,815	150,903
Interest Charges	27,852	$ 22,354	78,848	$ 61,242
Valencia | Public Service Company of New Mexico
Variable Interest Entity [Line Items]
Electric Operating Revenues	6,336		18,092
Depreciation and amortization	1,232		2,874
Interest Charges	5,014		15,078
Other	90		140
Net Earnings	$ 0		$ 0

Variable Interest Entities - _3

Variable Interest Entities - Schedule of Impact on Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Regulatory assets - Current	$ 44,174	$ 73,046
Current installments of long-term debt	411,539	280,169
Regulatory liabilities - Current	47,738	140,005
Long-term Debt	4,511,206	4,241,642
Public Service Company of New Mexico
Variable Interest Entity [Line Items]
Regulatory assets - Current	35,961	72,996
Current installments of long-term debt	360,592	200,222
Regulatory liabilities - Current	46,038	134,846
Long-term Debt	2,098,528	2,061,558
Valencia | Public Service Company of New Mexico
Variable Interest Entity [Line Items]
Regulatory assets - Current	0	2,724
Securitized Cost (included in Regulatory assets - Deferred)	337,755	340,629
Current installments of long-term debt	6,907	2,529
Accrued interest and taxes	2,484	2,502
Regulatory liabilities - Current	5,862	0
Long-term Debt	331,699	338,521
Valencia | Public Service Company of New Mexico | Other Current Assets
Variable Interest Entity [Line Items]
Restricted cash	7,470	0
Valencia | Public Service Company of New Mexico | Other Deferred Charges
Variable Interest Entity [Line Items]
Restricted cash	$ 1,731	$ 1,728

Fair Value of Derivative and _3

Fair Value of Derivative and Other Financial Instruments - Narrative (Details)		4 Months Ended
	Apr. 23, 2024 MW	Sep. 30, 2023 MW	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Obligations to return cash			$ 200,000	$ 200,000
PNM
Debt Securities, Available-for-sale [Line Items]
Amounts recognized for right to reclaim cash			0	0
Cash collateral under margin arrangements			100,000	200,000
Contractual liability			0	0
Cash collateral			0	0
Net liability position			0	0
Available-for-sale debt securities			71,262,000
PNM | Recurring
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities			412,298,000
PNM | Nuclear Decommissioning Trust | Recurring
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities			386,800,000	361,000,000
PNM | SJGS Decommissioning Trust | Recurring
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities			5,900,000	12,300,000
PNM | Mine Reclamation Trust | Recurring
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities			60,800,000	71,100,000
PNM | Commodity derivatives | Designated as Hedging Instrument
Debt Securities, Available-for-sale [Line Items]
Other current assets			0	826,000
Other current liabilities			$ 0	0
PNM | Portfolio One
Debt Securities, Available-for-sale [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	150	85
PNM | Portfolio Two
Debt Securities, Available-for-sale [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	100	50
PNM | Fuel and purchased power costs | Commodity derivatives | Designated as Hedging Instrument
Debt Securities, Available-for-sale [Line Items]
Other current assets				800,000
Other current liabilities				$ 0

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 derivatives - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Other current assets	$ 0	$ 826,000
Other current liabilities	0	0
Net	$ 0	$ 826,000

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, 2024 MMBTU	Sep. 30, 2024 MWh	Dec. 31, 2023 MMBTU	Dec. 31, 2023 MWh
Commodity derivatives | Designated as Hedging Instrument | PNM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Economic Hedges (in mmbtu and mwh)	0	0	0	(15,360)

Fair Value of Derivative and _6

Fair Value of Derivative and Other Financial Instruments - Investments in NDT and Gross Realized Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity securities:
Net gains (losses) from equity securities sold	$ 4,209	$ (189)	$ 20,352	$ 1,758
Net gains (losses) from equity securities still held	9,358	(4,946)	4,273	3,673
Total net gains on equity securities	13,567	(5,135)	24,625	5,431
Available-for-sale debt securities:
Net gains (losses) on debt securities	203	(3,269)	7,701	(3,616)
Net gains (losses) on investment securities	$ 13,770	$ (8,404)	$ 32,326	$ 1,815

Fair Value of Derivative and _7

Fair Value of Derivative and Other Financial Instruments - Gross Realized (Losses) (Details) - PNM - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Securities, Available-for-sale [Line Items]
(Increase)/decrease in other than temporary losses of available-for-sale securities, net portion recognized in earnings	$ 2,000	$ (600)	$ 17,000	$ 2,800
Proceeds from sales	332,896	137,797	745,645	412,574
Gross realized gains	5,051	4,022	26,279	14,464
Gross realized (losses)	$ (2,613)	$ (6,876)	$ (15,185)	$ (19,088)

Fair Value of Derivative and _8

Fair Value of Derivative and Other Financial Instruments - Maturities of Debt Securities (Details) - PNM $ in Thousands	Sep. 30, 2024 USD ($)
Available-for-Sale
Within 1 year	$ 30,203
After 1 year through 5 years	13,473
After 5 years through 10 years	8,807
After 10 years through 15 years	10,937
After 15 years through 20 years	7,333
After 20 years	509
Available-for-sale debt securities	$ 71,262

Fair Value of Derivative and _9

Fair Value of Derivative and Other Financial Instruments - Items Recorded and Presented by Level of Hierarchy (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 453,505	$ 444,408
Fair value of long-term debt	4,827,179	4,260,509
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt	4,922,745	4,521,811
PNM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	71,262
Investment securities	453,505	444,408
Fair value of long-term debt	2,364,588	2,107,588
PNM | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt	2,459,120	2,261,780
TNMP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt	1,407,778	1,152,922
TNMP | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt	1,464,054	1,260,880
Recurring | PNM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	412,298
Uncategorized Collective Investment Trust	41,207
Investment securities	453,505	444,408
Unrealized Gains	1,746	14,316
Recurring | PNM | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	367,205
Uncategorized Collective Investment Trust
Investment securities		264,287
Recurring | PNM | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	45,093
Uncategorized Collective Investment Trust
Investment securities		180,121
Recurring | PNM | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	128,965	93,873
Recurring | PNM | Cash and cash equivalents | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	128,965	93,873
Recurring | PNM | Cash and cash equivalents | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Recurring | PNM | Corporate stocks, common
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	107,024	77,422
Recurring | PNM | Corporate stocks, common | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	107,024	77,422
Recurring | PNM | Corporate stocks, common | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Recurring | PNM | Corporate stocks, preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities		4,323
Recurring | PNM | Corporate stocks, preferred | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities		504
Recurring | PNM | Corporate stocks, preferred | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities		3,819
Recurring | PNM | Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	105,047	57,966
Recurring | PNM | Mutual funds and other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	105,047	57,966
Recurring | PNM | Mutual funds and other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Recurring | PNM | U.S. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	26,169	35,113
Unrealized Gains	349	2,055
Recurring | PNM | U.S. government | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	26,169	34,522
Recurring | PNM | U.S. government | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	591
Recurring | PNM | International government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		8,735
Unrealized Gains		104
Recurring | PNM | International government | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		0
Recurring | PNM | International government | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		8,735
Recurring | PNM | Municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	34,844	53,436
Unrealized Gains	1,264	2,872
Recurring | PNM | Municipals | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	0
Recurring | PNM | Municipals | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	34,844	53,436
Recurring | PNM | Corporate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	10,249	113,540
Unrealized Gains	133	9,285
Recurring | PNM | Corporate and other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	0
Recurring | PNM | Corporate and other | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	$ 10,249	$ 113,540

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands					9 Months Ended
	Sep. 16, 2024	May 03, 2024	Apr. 08, 2024	Dec. 04, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
President And Chief Operating Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Retention agreement, bonus				$ 1,000
Performance Shares | Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares awarded in year two (in shares)					143,390
Maximum number of shares awarded in year three (in shares)					148,098
Maximum number of shares awarded in year four (in shares)					219,249
Performance period					3 years
Performance Shares | Executive | Achieved Performance Target For 2021 Through 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares awarded in year one (in shares)					80,492
Restricted Shares and Performance Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense related to stock awards					$ 6,200
Period of time stock expense is expected to be recognized					1 year 7 months 6 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested (in shares)					252,920		212,080
Fair value of restricted stock rights					$ 7,976	$ 9,635
Granted (in shares)					249,282
Restricted Stock | Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested at one-time sign-on (in shares)					7,167
Restricted Stock | President And Chief Operating Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock rights			$ 800
Granted (in shares)		19,851
Restricted Stock | General Counsel, Senior Vice President Regulatory and Public Policy, and Corporate Secretary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	9,300
Restricted Stock | General Counsel, Senior Vice President Regulatory and Public Policy, and Corporate Secretary | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%
Restricted Stock | General Counsel, Senior Vice President Regulatory and Public Policy, and Corporate Secretary | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%
Performance Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Vesting rate					100%
Performance Equity Plan | Non-employee Members of the Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
Performance Equity Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Retention Agreement | Restricted Stock | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				24 months
Retention Agreement | Restricted Stock | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				6 months
Retention Agreement | Restricted Stock | Chairman And Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested (in shares)				26,766
Retention Agreement | Restricted Stock | Senior Vice President And General Counsel
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested (in shares)				8,922

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted Average Assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
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)	$ 0.3875	$ 0.3675
Risk-free interest rate	4.27%	4.46%
Market-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.31%
Dividend yield	4.21%
Expected volatility	13.09%

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock, Shares
Outstanding at beginning of period (in shares)	212,080
Granted (in shares)	249,282
Released (in shares)	(208,442)
Forfeited (in shares)	0
Outstanding at end of period (in shares)	252,920
Restricted Stock, Weighted- Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 40.33
Granted (in dollars per share)	33.51	$ 45
Released (in dollars per share)	38.47
Forfeited (in dollars per share)	0
Outstanding at end of period (in dollars per share)	$ 37.06

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information Concerning Restricted Stock Activity (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
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)	$ 33.51	$ 45
Total fair value of restricted shares that vested	$ 7,976	$ 9,635

Financing - Financing Activitie

Financing - Financing Activities (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Aug. 05, 2024 USD ($)

Jun. 21, 2024 USD ($)

Jun. 10, 2024 USD ($) d deferralPayment $ / shares

Jun. 04, 2024

May 06, 2024 USD ($)

May 15, 2023 USD ($)

Nov. 10, 2022 USD ($)

Jul. 31, 2024 USD ($)

Sep. 30, 2024 USD ($) $ / shares shares

Jun. 30, 2024 $ / shares shares

Sep. 30, 2024 USD ($) $ / shares

Sep. 30, 2023 USD ($)

Jul. 01, 2024 USD ($)

Jun. 03, 2024 USD ($)

May 10, 2024 USD ($)

Mar. 28, 2024 USD ($) debtInstrument

Dec. 31, 2023 USD ($)

Jun. 30, 2023 USD ($)

Jun. 01, 2023 USD ($)

May 16, 2023 USD ($)

Apr. 28, 2023 USD ($) bond debtInstrument

Dec. 31, 2022 USD ($)

Debt Instrument [Line Items]

Repayments of long-term debt

$ 819,529,000

$ 685,000,000

At-The-Market

Debt Instrument [Line Items]

Distribution agreement

$ 300,000,000

$ 100,000,000

$ 200,000,000

2024 Forward Sale Agreements

Debt Instrument [Line Items]

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

2,196,926

262,025

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

$ 40.58

$ 37.77

$ 40.58

PNM

Debt Instrument [Line Items]

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

18 months

Repayments of long-term debt

$ 200,529,000

185,000,000

Texas-New Mexico Power Company

Debt Instrument [Line Items]

Repayments of long-term debt

$ 80,000,000

$ 0

Texas-New Mexico Power Company | FMB Notes Due July 2024 | Senior Unsecured Noted, Pollution Control Revenue Bonds

Debt Instrument [Line Items]

Stated interest rate

4.03%

Repayments of unsecured debt

$ 80,000,000

Line of credit

Debt Instrument [Line Items]

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

70%

Line of credit | TXNM 2021 Delayed Draw Term Loan | Revolving credit facility

Debt Instrument [Line Items]

Repayments of debt

$ 449,000,000

Line of credit | TXNM 2023 Term Loan | Revolving credit facility

Debt Instrument [Line Items]

Repayments of debt

90,000,000

Line of credit | PNM and TNMP

Debt Instrument [Line Items]

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

65%

Line of credit | PNM | PNM 2024 Term Loan, Due November 2025 | Secured Debt

Debt Instrument [Line Items]

Aggregate principal amount

$ 200,000,000

Variable interest rate

6.11%

6.11%

Unsecured Debt | PNM, Due May 2026

Debt Instrument [Line Items]

Aggregate principal amount

$ 650,000,000

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

Debt Instrument [Line Items]

Stated interest rate

3.15%

Repayments of long-term debt

$ 55,000,000

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

Debt Instrument [Line Items]

Aggregate principal amount

$ 55,000,000

Unsecured Debt | PNM | PNM 2023 Note Purchase Agreement

Debt Instrument [Line Items]

Aggregate principal amount

$ 200,000,000

Number of debt issuances | debtInstrument

2

Unsecured Debt | PNM | PNM 2023 SUNs At 5.1%, Due April 28, 2035

Debt Instrument [Line Items]

Aggregate principal amount

$ 150,000,000

Stated interest rate

5.51%

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

Debt Instrument [Line Items]

Aggregate principal amount

$ 50,000,000

Stated interest rate

5.92%

Unsecured Debt | Texas-New Mexico Power Company | TNMP 2024 Bond Purchase Agreement

Debt Instrument [Line Items]

Aggregate principal amount

$ 285,000,000

Number of debt issuances | debtInstrument

4

Unsecured Debt | Texas-New Mexico Power Company | TNMP 2024 Bond, 5.26%, Due March 28, 2029

Debt Instrument [Line Items]

Aggregate principal amount

$ 32,000,000

Stated interest rate

5.26%

Unsecured Debt | Texas-New Mexico Power Company | TNMP 2024 Bond, 5.55%, Due March 28, 2036

Debt Instrument [Line Items]

Aggregate principal amount

$ 85,000,000

Stated interest rate

5.55%

Unsecured Debt | Texas-New Mexico Power Company | TNMP 2024 Bond, 5.65%

Debt Instrument [Line Items]

Aggregate principal amount

$ 40,000,000

Stated interest rate

5.65%

Unsecured Debt | Texas-New Mexico Power Company | TNMP 2024 Bond, 5.79%

Debt Instrument [Line Items]

Aggregate principal amount

$ 128,000,000

Stated interest rate

5.79%

Convertible Debt | Convertible Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 500,000,000

Stated interest rate

5.75%

Conversion ratio

0.0224911

Debt instrument, convertible, conversion price (in dollars per share) | $ / shares

$ 44.46

Conversion premium percent

17.50%

Number of deferral payments allowed | deferralPayment

20

Convertible Debt | Convertible Notes | Debt Conversion Terms One

Debt Instrument [Line Items]

Debt instrument, redemption price, percentage

100%

Convertible Debt | Convertible Notes | Debt Conversion Terms Two

Debt Instrument [Line Items]

Debt instrument, redemption price, percentage

100%

Threshold percentage of stock price trigger

130%

Threshold trading days | d

20

Threshold consecutive trading days | d

30

Convertible Debt | Convertible Notes - Option

Debt Instrument [Line Items]

Aggregate principal amount

$ 50,000,000

Bonds | PNM 2024 Term Loan, Due November 2025

Debt Instrument [Line Items]

Variable interest rate

6.11%

6.11%

Bonds | TXNM 2021 Delayed Draw Term Loan

Debt Instrument [Line Items]

Long-term debt

$ 51,000,000

$ 51,000,000

Variable interest rate

5.90%

5.90%

Bonds | PCRB 1.10%, Due June 2040

Debt Instrument [Line Items]

Aggregate principal amount

$ 130,000,000

Stated interest rate

1.10%

Bonds | PCRB 3.90%, Due June 2028

Debt Instrument [Line Items]

Aggregate principal amount

$ 130,000,000

Stated interest rate

3.90%

Bonds | TXNM 2023 Delayed-Draw Term Loan

Debt Instrument [Line Items]

Variable interest rate

6.30%

6.30%

Bonds | PNM | 3.00% Pollution Control Revenue Bonds Due June 2038

Debt Instrument [Line Items]

Aggregate principal amount

$ 37,000,000

Stated interest rate

3%

Bonds | PNM | 1.15% Pollution Control Revenue Bonds Due June 2038

Debt Instrument [Line Items]

Aggregate principal amount

$ 125,000,000

Stated interest rate

1.15%

Bonds | PNM | Pollution Control Revenue Bonds Due June 2024

Debt Instrument [Line Items]

Aggregate principal amount

$ 36,000,000

Stated interest rate

3%

Bonds | PNM | Pollution Control Revenue Bonds Due June 2029

Debt Instrument [Line Items]

Aggregate principal amount

$ 198,000,000

Stated interest rate

3.875%

Secured Debt | TXNM 2023 Term Loan

Debt Instrument [Line Items]

Aggregate principal amount

$ 500,000,000

Long-term debt

$ 410,000,000

$ 410,000,000

Variable rate

6.30%

Secured Debt | Texas-New Mexico Power Company | TNMP 2023 Bond Purchase Agreement

Debt Instrument [Line Items]

Aggregate principal amount

$ 185,000,000

Debt instrument, series of bond issuance | bond

2

Secured Debt | Texas-New Mexico Power Company | TNMP 2023 Bond Purchase Agreement At 5.01%, Due April 28, 2033

Debt Instrument [Line Items]

Aggregate principal amount

$ 130,000,000

Stated interest rate

5.01%

Secured Debt | Texas-New Mexico Power Company | TNMP 2023 Bond Purchase Agreement At 5.47%, Due July 28, 2053

Debt Instrument [Line Items]

Aggregate principal amount

$ 55,000,000

Stated interest rate

5.47%

Financing - Schedule of Forward

Financing - Schedule of Forward Contracts (Details) - USD ($) $ / shares in Units, $ in Thousands						9 Months Ended	12 Months Ended
	Sep. 26, 2023	Jun. 30, 2023	May 30, 2023	Mar. 20, 2023	Mar. 15, 2023	Sep. 30, 2024	Dec. 31, 2023
Forward Contract Indexed to Issuer's Equity [Line Items]
Forward contracts, issuance costs							$ 1,000
Forward contracts, net cash proceeds							$ 198,200
Initial forward price (in shares)						4,365,510
Settlement amount						$ 199,210
Bank Of America, N.A.
Forward Contract Indexed to Issuer's Equity [Line Items]
Initial forward price (in dollars per share)					$ 48.49
Initial forward price (in shares)					504,452
Settlement price (in dollars per share)					$ 49
Settlement amount					$ 24,720
Wells Fargo Bank, N.A.
Forward Contract Indexed to Issuer's Equity [Line Items]
Initial forward price (in dollars per share)	$ 44.03			$ 48.30
Initial forward price (in shares)	2,283,860			528,082
Settlement price (in dollars per share)	$ 44.11			$ 48.78
Settlement amount	$ 100,734			$ 25,758
MUFG Securities EMEA plc
Forward Contract Indexed to Issuer's Equity [Line Items]
Initial forward price (in dollars per share)		$ 44.87	$ 47.56
Initial forward price (in 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 Millions	Sep. 30, 2024 USD ($)
Variable Rate Debt, 3.32%, Due December 2024 (1)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable Rate Debt Hedged	$ 100
Established Fixed Rate	3.32%
Variable Rate Debt, 3.32%, Due December 2024 (2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable Rate Debt Hedged	$ 100
Established Fixed Rate	3.32%
Variable Rate Debt, 3.38%, Due December 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable Rate Debt Hedged	$ 100
Established Fixed Rate	3.38%
Variable Rate Debt, 3.62%, Due December 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable Rate Debt Hedged	$ 150
Established Fixed Rate	3.62%
Variable Rate Debt, 3.57%, Due December 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable Rate Debt Hedged	$ 150
Established Fixed Rate	3.57%
Variable Rate Debt, 4.18% Due December 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable Rate Debt Hedged	$ 100
Established Fixed Rate	4.18%
Variable Rate Debt, 4.18% Due December 2025 (2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable Rate Debt Hedged	$ 100
Established Fixed Rate	4.18%
Variable Rate Debt, 3.99% Due December 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable Rate Debt Hedged	$ 100
Established Fixed Rate	3.99%

Financing - Hedging Arrangement

Financing - Hedging Arrangement (Details) $ in Millions	Sep. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of hedge agreements gain (loss), assets	$ 0.3
Other Current Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of hedge agreements gain (loss), assets	1.8
Other Deferred Credits
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of hedge agreements gain (loss), assets	$ 2.1

Financing - Short-term Debt and

Financing - Short-term Debt and Liquidity (Details)		1 Months Ended			9 Months Ended
	Apr. 01, 2024 USD ($) extension_option	Aug. 31, 2025 USD ($)	May 31, 2025 USD ($)	Feb. 28, 2025 USD ($)	Sep. 30, 2024 USD ($) extension_option	Dec. 31, 2023 USD ($)	May 20, 2022 USD ($)	Mar. 11, 2022 USD ($)
Short-term Debt [Line Items]
Letters of credit outstanding					$ 3,100,000
Short-term debt					459,000,000	$ 261,900,000
PNMR Development
Short-term Debt [Line Items]
Notes payable					0	0
WEB LOC Facility | TXNM Revolving Credit Facility
Short-term Debt [Line Items]
Letters of credit outstanding					30,300,000
ETBC 1 | Forecast
Short-term Debt [Line Items]
Scheduled payments		$ 3,500,000		$ 3,400,000
PNM 2023 Note Purchase Agreement | Forecast
Short-term Debt [Line Items]
Scheduled payments		$ 250,000,000	$ 104,000,000
TXNM 2021 Delayed Draw Term Loan | Bonds
Short-term Debt [Line Items]
Long-term debt					51,000,000
PNM
Short-term Debt [Line Items]
Letters of credit outstanding					0
Short-term debt					179,900,000	137,500,000
PNM | Lines of credit
Short-term Debt [Line Items]
NMPRC approved credit facility							$ 40,000,000
TNMP
Short-term Debt [Line Items]
Letters of credit outstanding					0
Short-term debt					97,500,000	55,100,000
PNMR Development | TXNM
Short-term Debt [Line Items]
Short-term debt					0	$ 2,300,000
Revolving credit facility
Short-term Debt [Line Items]
Financing capacity					300,000,000
Revolving credit facility | PNM
Short-term Debt [Line Items]
Financing capacity					400,000,000
Revolving credit facility | TXNM and PNM
Short-term Debt [Line Items]
Number of extensions | extension_option	2
Extension period	1 year
Revolving credit facility | TNMP
Short-term Debt [Line Items]
Financing capacity	$ 200,000,000				$ 200,000,000			$ 100,000,000
Number of extensions | extension_option					2
Extension period					1 year
Revolving credit facility | TNMP | First Mortgage Bonds Due 2029
Short-term Debt [Line Items]
Collateral amount					$ 200,000,000

Financing - Schedule of Short-T

Financing - Schedule of Short-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Balance Outstanding	$ 459,000	$ 261,900
PNM
Short-term Debt [Line Items]
Balance Outstanding	179,900	137,500
Texas-New Mexico Power Company
Short-term Debt [Line Items]
Balance Outstanding	97,500	55,100
PNM Revolving Credit Facility | PNM
Short-term Debt [Line Items]
Balance Outstanding	$ 159,900	$ 107,500
Weighted Average Interest Rate	6.39%	6.69%
PNM New Mexico Credit Facility | PNM
Short-term Debt [Line Items]
Balance Outstanding	$ 20,000	$ 30,000
Weighted Average Interest Rate	6.20%	6.71%
TNMP Revolving Credit Facility | Texas-New Mexico Power Company
Short-term Debt [Line Items]
Balance Outstanding	$ 97,500	$ 55,100
Weighted Average Interest Rate	5.96%	6.32%
TXNM Revolving Credit Facility | TXNM
Short-term Debt [Line Items]
Balance Outstanding	$ 181,600	$ 69,300
Weighted Average Interest Rate	6.58%	6.96%

Pension and Other Postretirem_3

Pension and Other Postretirement Benefit Plans - Schedule of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
PNM | Pension Plan
Components of Net Periodic Benefit Cost
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	5,427	5,913	16,282	17,740
Expected return on plan assets	(7,758)	(7,299)	(23,272)	(21,897)
Amortization of net (gain) loss	2,661	2,646	7,984	7,937
Amortization of prior service cost	0	0	0	0
Net Periodic Benefit Cost (Income)	330	1,260	994	3,780
PNM | OPEB Plan
Components of Net Periodic Benefit Cost
Service cost	0	0	0	0
Interest cost	597	675	1,791	2,027
Expected return on plan assets	(1,391)	(1,242)	(4,173)	(3,727)
Amortization of net (gain) loss	0	0	0	0
Amortization of prior service cost	0	0	0	0
Net Periodic Benefit Cost (Income)	(794)	(567)	(2,382)	(1,700)
PNM | Executive Retirement Program
Components of Net Periodic Benefit Cost
Service cost	0	0	0	0
Interest cost	124	135	372	405
Expected return on plan assets	0	0	0	0
Amortization of net (gain) loss	50	38	150	114
Amortization of prior service cost	0	0	0	0
Net Periodic Benefit Cost (Income)	174	173	522	519
Texas-New Mexico Power Company | Pension Plan
Components of Net Periodic Benefit Cost
Service cost	0	0	0	0
Interest cost	553	601	1,660	1,802
Expected return on plan assets	(687)	(674)	(2,061)	(2,023)
Amortization of net (gain) loss	139	110	417	329
Amortization of prior service cost	0	0	0	0
Net Periodic Benefit Cost (Income)	5	37	16	108
Texas-New Mexico Power Company | OPEB Plan
Components of Net Periodic Benefit Cost
Service cost	5	5	16	16
Interest cost	96	106	289	319
Expected return on plan assets	(129)	(120)	(386)	(361)
Amortization of net (gain) loss	(161)	(190)	(482)	(570)
Amortization of prior service cost	0	0	0	0
Net Periodic Benefit Cost (Income)	(189)	(199)	(563)	(596)
Texas-New Mexico Power Company | Executive Retirement Program
Components of Net Periodic Benefit Cost
Service cost	0	0	0	0
Interest cost	4	3	12	9
Expected return on plan assets	0	0	0	0
Amortization of net (gain) loss	0	0	0	0
Amortization of prior service cost	0	0	0	0
Net Periodic Benefit Cost (Income)	$ 4	$ 3	$ 12	$ 9

Pension and Other Postretirem_4

Pension and Other Postretirement Benefit Plans - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension Plan | PNM
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 0	$ 0	$ 0	$ 0
Estimated employer contributions for remainder of fiscal year through year four	0		$ 0
Pension Plan | PNM | Maximum
Defined Benefit Plan Disclosure [Line Items]
Assumptions used calculating net periodic benefit cost, discount rate			5.50%
Pension Plan | Texas-New Mexico Power Company
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	0	0	$ 0	0
Estimated employer contributions for remainder of fiscal year through year four	0		0
Estimated future contributions, year five	200,000		$ 200,000
Pension Plan | Texas-New Mexico Power Company | Maximum
Defined Benefit Plan Disclosure [Line Items]
Assumptions used calculating net periodic benefit cost, discount rate			5.50%
OPEB Plan | PNM
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	0	0	$ 0	0
Disbursements by employer	0	100,000	100,000	100,000
Estimated disbursement by employer, current year			200,000
Disbursements by employer, year one through four			10,100,000
OPEB Plan | Texas-New Mexico Power Company
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	0	0	0	0
Disbursements by employer, year one through four			0
Executive Retirement Program | PNM
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	400,000	400,000	900,000	1,000,000
Estimated disbursement by employer, current year			1,200,000
Disbursements by employer, year one through four			4,400,000
Executive Retirement Program | Texas-New Mexico Power Company
Defined Benefit Plan Disclosure [Line Items]
Estimated disbursement by employer, current year			100,000
Disbursements by employer, year one through four			200,000
Executive Retirement Program | Texas-New Mexico Power Company | Maximum
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 0	$ 0	$ 100,000	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Nuclear Spent Fuel and Waste Disposal (Details) - PNM - Nuclear spent fuel and waste disposal - Palo Verde Nuclear Generating Station - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Public Utilities, Commitments And Contingencies [Line Items]
Estimate of possible loss	$ 55.6
Other deferred credits
Public Utilities, Commitments And Contingencies [Line Items]
Loss contingency accrual	$ 12.9	$ 11

Commitments and Contingencies_2

Commitments and Contingencies - Santa Fe Generating Station (Details)		1 Months Ended	24 Months Ended
	Jan. 01, 2020 fieldReport	Jul. 31, 2020 fieldReport	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 | fieldReport	2	2

Commitments and Contingencies_3

Commitments and Contingencies - Coal Supply (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Jan. 31, 2016
PNM | Four Corners CSA
Public Utilities, Commitments And Contingencies [Line Items]
Funds contributed, mine reclamation trust			$ 3.2	$ 0.2
Reclamation trust funding, 2025			2.1
Reclamation trust funding, year 2026			2.9
Coal supply | San Juan Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Cash used to support bank letter or credit arrangement					$ 30.3
Coal supply | NM Capital | San Juan Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Requirement to post reclamation bonds	$ 118.7		118.7
Cash used to support bank letter or credit arrangement	30.3		30.3
Underground | PNM | Loss on long-term purchase commitment
Public Utilities, Commitments And Contingencies [Line Items]
Loss contingency accrual	54.5		54.5	26.2
Underground | PNM | San Juan Generating Station | Loss on long-term purchase commitment
Public Utilities, Commitments And Contingencies [Line Items]
Estimate of possible loss	65		65
Surface | PNM | Loss on long-term purchase commitment
Public Utilities, Commitments And Contingencies [Line Items]
Loss contingency accrual	42.2		42.2	50
Surface | PNM | San Juan Generating Station | Loss on long-term purchase commitment
Public Utilities, Commitments And Contingencies [Line Items]
Estimate of possible loss	48.7		48.7
San Juan Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Reclamation costs	12.1	$ 20.9
Regulatory disallowance		4
Regulatory disallowance related to other costs		0.5
San Juan Generating Station | PNM | Loss on long-term purchase commitment
Public Utilities, Commitments And Contingencies [Line Items]
Annual funding post-term reclamation trust				$ 2.7
Annual funding post-term reclamation trust, remainder of year			25.1
Annual funding post-term reclamation trust, year one			2.4
Annual funding post-term reclamation trust, year two			0.6
San Juan Generating Station | Underground
Public Utilities, Commitments And Contingencies [Line Items]
Increase in regulatory liabilities	6	17
San Juan Generating Station | Surface
Public Utilities, Commitments And Contingencies [Line Items]
Increase in regulatory liabilities	$ 6.1
Reclamation, maximum collection from customers		$ 100
San Juan Generating Station and Four Corners | PNM | Mine Reclamation Trust
Public Utilities, Commitments And Contingencies [Line Items]
Customer reclamation funding cost			$ 100

Commitments and Contingencies_4

Commitments and Contingencies - San Juan County Decommissioning Ordinance (Details) - San Juan Generating Station - Coal-Fired Electricity Generating Facility Demolition And Remediation Ordinance - Public Service Company of New Mexico - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Nov. 09, 2021
Public Utilities, Commitments And Contingencies [Line Items]
Initial funding requirement	$ 14.7
Surety bond			$ 46
Decrease in decommissioning obligation		$ 21.1

Commitments and Contingencies_5

Commitments and Contingencies - PVNGS Liability and Insurance Matters (Details) - PNM - Palo Verde Nuclear Generating Station - Nuclear plant $ in Millions	Sep. 30, 2024 USD ($)
Public Utilities, Commitments And Contingencies [Line Items]
Maximum retrospective premium per reactor	$ 165.9
Maximum annual premium per incident	24.7
Maximum potential assessment per incident	36.3
Annual payment limitation related to incident	5.4
Aggregate amount of all risk insurance	2,800
Maximum amount under nuclear electric insurance limited	5.1
Commercial providers
Public Utilities, Commitments And Contingencies [Line Items]
Liability insurance coverage	500
Industry Wide Retrospective Assessment Program
Public Utilities, Commitments And Contingencies [Line Items]
Liability insurance coverage	15,800
Maximum
Public Utilities, Commitments And Contingencies [Line Items]
Liability insurance coverage	16,300
Liability insurance coverage sublimit	$ 2,250

Regulatory and Rate Matters - P

Regulatory and Rate Matters - PNM (Details) $ in Thousands							3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 14, 2024 USD ($)	Jun. 03, 2024 USD ($)	Jan. 03, 2024 USD ($)	Jan. 01, 2024 USD ($)	Apr. 17, 2023 USD ($) program	Dec. 05, 2022 USD ($) lease MW	Sep. 30, 2024 USD ($) MW	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) MW	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Public Utilities, Commitments And Contingencies [Line Items]
Increase in non-fuel based rate			$ 15,300
Regulatory liabilities return period			2 years								2 years
Electric operating revenues							$ 569,256	$ 505,851	$ 1,494,235	$ 1,527,084
Excess return on jurisdictional equity that would require refund							0.50%		0.50%
PVNGS Leased Interest
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory liability			$ 38,400
Four Corners
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory disallowances			$ 81,000
NMPRC
Public Utilities, Commitments And Contingencies [Line Items]
Requested return on equity						10.25%
Action plan, covered period									3 years
2025 Rate Request
Public Utilities, Commitments And Contingencies [Line Items]
Requested return on equity	10.45%
Requested equity capital structure	52.50%
2024 Rate Change
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory liability											$ 19,200
Deferred regulatory liability											19,200
2024 Rate Change | PVNGS Leased Interest
Public Utilities, Commitments And Contingencies [Line Items]
Electric operating revenues											(38,400)
2024 Rate Change | Four Corners
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory disallowances											55,500
2024 Rate Change | Palo Verde Nuclear Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory disallowances											$ 8,200
NM 2022 Rate Case
Public Utilities, Commitments And Contingencies [Line Items]
Requested return on equity			9.26%
Requested equity capital structure			49.61%
Requested debt capital structure			50.10%
Requested equity capital structure, percentage			0.29%
NM 2022 Rate Case | Palo Verde Nuclear Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Approved regulatory asset			$ 51,300
Request regulatory asset			96,300
Disallowance of return			$ 45,000
PNM
Public Utilities, Commitments And Contingencies [Line Items]
Number of leases renewed | lease						5
Number of megawatts purchased (in megawatts) | MW						64.1
Electric operating revenues							$ 406,519	350,334	$ 1,048,305	1,118,741
PNM | NMPRC
Public Utilities, Commitments And Contingencies [Line Items]
Proposed revision to rider that will allow for recovery		$ 58,700		$ 59,000
PNM | 2025 Rate Request
Public Utilities, Commitments And Contingencies [Line Items]
Recovery of base rate	$ 3,000,000
Requested rate increase (decrease)	174,300
Increase in base rate	92,200
Increase in revenues from FPPAC	$ 82,100
PNM | 2024 Rate Change
Public Utilities, Commitments And Contingencies [Line Items]
Recovery of base rate						$ 2,700,000
PNM | 2024 Rate Change | Non-Fuel Energy
Public Utilities, Commitments And Contingencies [Line Items]
Requested rate increase (decrease)						$ 63,800
PNM | Renewable Portfolio Standard
Public Utilities, Commitments And Contingencies [Line Items]
Number of megawatts of Solar PV facilities | MW							158		158
Current output in the geothermal facility (in megawatts) | MW							11		11
Solar generation capacity (in megawatts) | MW							302.4		302.4
PNM | Renewable Portfolio Standard | La Joya Wind
Public Utilities, Commitments And Contingencies [Line Items]
Number of megawatts for wind energy | MW									140
PNM | Renewable Portfolio Standard 2014 | New Mexico Wind
Public Utilities, Commitments And Contingencies [Line Items]
Number of megawatts for wind energy | MW									200
PNM | Renewable Portfolio Standard 2014 | Red Mesa Wind
Public Utilities, Commitments And Contingencies [Line Items]
Number of megawatts for wind energy | MW									102
PNM | Renewable Energy Rider | NMPRC
Public Utilities, Commitments And Contingencies [Line Items]
Recorded revenues from renewable rider							$ 11,100	13,000	$ 41,700	47,000
PNM | 2024 Plan
Public Utilities, Commitments And Contingencies [Line Items]
Program costs related to energy efficiency, number of programs | program					10
Program costs related to energy efficiency, in year one					$ 34,500
Program costs related to energy efficiency, in year two					35,400
Program costs related to energy efficiency, in year three					$ 36,500
PNM | Energy Efficiency and Load Management Program | Minimum
Public Utilities, Commitments And Contingencies [Line Items]
Profit incentive sliding scale multiplier					0.071
PNM | Energy Efficiency and Load Management Program | Maximum
Public Utilities, Commitments And Contingencies [Line Items]
Profit incentive sliding scale multiplier					0.0882
PNM | Integrated Resource Plan, 2011
Public Utilities, Commitments And Contingencies [Line Items]
Frequency of IRP filings									3 years
Planning period covered of IRP									20 years
TXNM and PNM | New Mexico Public Regulation Commission | San Juan Generating Station
Public Utilities, Commitments And Contingencies [Line Items]
Regulatory disallowances										2,300
Electric operating revenues										(115,000)
Regulatory asset, reversal								$ 2,300		$ 2,300

Regulatory and Rate Matters - F

Regulatory and Rate Matters - Fours Corners, Summer Peak Resource Adequacy, 2026 Resource Application, Grid Modernization Application (Details) $ in Thousands				1 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 25, 2023 MW batteryStorageAgreement	Oct. 03, 2022 USD ($)	Jan. 08, 2021 USD ($)	Aug. 31, 2024 USD ($)	Nov. 30, 2020 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2020 USD ($)
Public Utilities, General Disclosures [Line Items]
Number of battery storage agreements | batteryStorageAgreement	3
PNM
Public Utilities, General Disclosures [Line Items]
Grid modernization investment		$ 344,000
Grid modernization, initial term		6 years
Grid modernization term		11 years
PNM | Solar Agreement One
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	100
PNM | Battery Storage Agreement One
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	100
PNM | Battery Storage Agreement Two
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	100
PNM | Battery Storage Agreement Three
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	50
PNM | Solar Agreement Two
Public Utilities, General Disclosures [Line Items]
Number of megawatts available in purchase power agreement (in megawatts) | MW	60
PNM | Four Corners
Public Utilities, General Disclosures [Line Items]
Payments for relief from obligations					$ 15,000			$ 75,000
Final payment for relief from obligations								$ 60,000
Request issuance of energy transition bonds			$ 300,000
Regulatory disallowance						$ 3,700	$ 3,700
Terminated agreement for reimbursement payments with interest				$ 15,000
PNM | Four Corners | PNM
Public Utilities, General Disclosures [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners								13%

Regulatory and Rate Matters - T

Regulatory and Rate Matters - Transportation and Electrification Program (TEP) (Details) - Public Service Company of New Mexico - USD ($) $ in Millions	Feb. 23, 2024	Feb. 02, 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
Reduction in approved budget		$ 4
Total budget	$ 32.9

Regulatory and Rate Matters - S

Regulatory and Rate Matters - Schedule of Transmission Cost of Service Rates (Details) - PUCT - TNMP - USD ($) $ in Millions	Sep. 20, 2024	Mar. 15, 2024	Sep. 06, 2023	May 12, 2023
Public Utilities, General Disclosures [Line Items]
Approved Increase in Rate Base	$ 20.6	$ 97.4	$ 21.4	$ 150.5
Annual Increase in Revenue	$ 3.9	$ 13.1	$ 4.2	$ 19.4

Regulatory and Rate Matters -_2

Regulatory and Rate Matters - Schedule of Interim Distribution Rate Increases (Details) - Texas-New Mexico Power Company - Periodic Distribution Rate Adjustment - USD ($) $ in Millions	Nov. 17, 2024	Jul. 28, 2024	Sep. 01, 2023	Sep. 01, 2022
Public Utilities, General Disclosures [Line Items]
Approved Increase in Rate Base		$ 205.9	$ 157	$ 95.7
Annual Increase in Revenue		$ 15.6	$ 14.5	$ 6.8
Forecast
Public Utilities, General Disclosures [Line Items]
Approved Increase in Rate Base	$ 43.7
Annual Increase in Revenue	$ 7.7

Regulatory and Rate Matters -_3

Regulatory and Rate Matters - TNMP Narrative (Details) - TNMP customer in Thousands, $ in Millions			9 Months Ended
	Jul. 08, 2024 customer	Sep. 28, 2023 USD ($)	Sep. 30, 2024 USD ($)	Oct. 24, 2024 USD ($)	Aug. 28, 2024 USD ($)	Mar. 01, 2022 USD ($)
Public Utilities, Commitments And Contingencies [Line Items]
Energy efficiency cost recovery, requested change amount						$ 7.3
Energy efficiency cost recovery, requested bonus						$ 1.9
Energy efficiency cost recovery factor, recovery		$ 6.6
Energy efficiency cost recovery factor, approved performance bonus		$ 1.2
System Resiliency Plan
Public Utilities, Commitments And Contingencies [Line Items]
Capital investment					$ 600
Cost related to investment					$ 151
Hurricane
Public Utilities, Commitments And Contingencies [Line Items]
Number of customers without power | customer	116
Incurred cost without power due to natural disaster			$ 47.2
Hurricane | Public Utilities, Property, Plant and Equipment, Plant in Service
Public Utilities, Commitments And Contingencies [Line Items]
Incurred cost without power due to natural disaster			28.6
Hurricane | Other Deferred Charges
Public Utilities, Commitments And Contingencies [Line Items]
Incurred cost without power due to natural disaster			$ 18.6
Subsequent Event
Public Utilities, Commitments And Contingencies [Line Items]
Energy efficiency cost recovery, requested bonus				$ 7
Energy efficiency cost recovery factor, approved performance bonus				$ 1.3

Lease Commitments - Narrative (

Lease Commitments - Narrative (Details) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Apr. 30, 2024 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jan. 15, 2016 lease	Jan. 15, 2015 lease
Operating Leased Assets [Line Items]
Proceeds from sale of productive assets						$ 2,840	$ 32,654
Reduction to inventories						22,484	16,657
Unamortized cost, right-of-way lease payments				$ 67,800		67,800		$ 56,200
Operating lease, right-of-use asset, amortization expense				$ 1,100	$ 800	$ 3,200	2,600
Non-lease component, percent of lease liability				25.50%		25.50%
Lessee, operating lease, unguaranteed residual value				$ 22,900		$ 22,900
Lease to be executed, fixed consideration				$ 1,100,000		$ 1,100,000
Lease to be executed, term of contract				20 years		20 years
Materials, Supplies, and Fuel Stock
Operating Leased Assets [Line Items]
Reduction to inventories		$ (600)	$ (5,300)
PNM Owned Assets
Operating Leased Assets [Line Items]
Proceeds from sale of productive assets		3,400	33,700
Net Utility Plant
Operating Leased Assets [Line Items]
Proceeds from sale of productive assets		$ 2,800	$ 28,400
Equipment
Operating Leased Assets [Line Items]
Operating lease, residual value of leased asset				$ 1,700		$ 1,700
Battery Storage
Operating Leased Assets [Line Items]
Operating lease, term of contract				20 years		20 years
PNM
Operating Leased Assets [Line Items]
Proceeds from sale of productive assets						$ 2,840	32,654
Reduction to inventories						13,928	12,300
Lessee, operating lease, unguaranteed residual value				$ 11,800		11,800
PNM | Equipment
Operating Leased Assets [Line Items]
Operating lease, residual value of leased asset				700		700
PNM | Palo Verde Nuclear Generating Station, Unit 1 and 4 Leases
Operating Leased Assets [Line Items]
Number of leases, expiring | lease										4
Number of leases under which lease term was extended | lease										4
PNM | Palo Verde Nuclear Generating Station, Unit 2 Leases
Operating Leased Assets [Line Items]
Number of leases, expiring | lease									4
Number of leases under which lease term was extended | lease									1
PNM | Navajo Nation
Operating Leased Assets [Line Items]
Annual lease payments						6,000
Right-of-way lease payments	$ 8,600
TNMP
Operating Leased Assets [Line Items]
Reduction to inventories						8,556	$ 4,357
Lessee, operating lease, unguaranteed residual value				11,100		11,100
TNMP | Equipment
Operating Leased Assets [Line Items]
Operating lease, residual value of leased asset				$ 900		$ 900

Lease Commitments - Operating L

Lease Commitments - Operating Lease Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating leases:
Operating lease assets, net of amortization	$ 174,554	$ 182,201
Current portion of operating lease liabilities	11,157	12,267
Long-term portion of operating lease liabilities	158,369	167,000
PNM
Operating leases:
Operating lease assets, net of amortization	172,904	180,370
Current portion of operating lease liabilities	10,349	11,371
Long-term portion of operating lease liabilities	157,584	166,191
TNMP
Operating leases:
Operating lease assets, net of amortization	1,101	1,814
Current portion of operating lease liabilities	772	895
Long-term portion of operating lease liabilities	$ 268	$ 809

Lease Commitments - Finance Lea

Lease Commitments - Finance Lease Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing leases:
Non-utility property	$ 46,410	$ 49,981
Accumulated depreciation	(22,767)	(23,905)
Non-utility property, net	23,643	26,076
Other current liabilities	8,374	8,776
Other deferred credits	15,318	17,326
PNM
Financing leases:
Non-utility property	21,649	25,425
Accumulated depreciation	(10,151)	(11,984)
Non-utility property, net	11,498	13,441
Other current liabilities	3,698	4,146
Other deferred credits	7,821	9,300
TNMP
Financing leases:
Non-utility property	23,761	24,487
Accumulated depreciation	(12,476)	(11,869)
Non-utility property, net	11,285	12,618
Other current liabilities	4,427	4,616
Other deferred credits	$ 6,880	$ 8,023

Lease Commitments - Schedule of

Lease Commitments - Schedule of Weighted Average Remaining Lease Terms and Discount Rates (Details)	Sep. 30, 2024
Weighted average remaining lease term (years):
Operating leases	16 years 4 months 2 days
Financing leases	3 years 1 month 24 days
Weighted average discount rate:
Operating leases	5.64%
Financing leases	5%
PNM
Weighted average remaining lease term (years):
Operating leases	16 years 5 months 15 days
Financing leases	3 years 4 months 28 days
Weighted average discount rate:
Operating leases	5.64%
Financing leases	4.89%
TNMP
Weighted average remaining lease term (years):
Operating leases	1 year 3 months 21 days
Financing leases	2 years 10 months 9 days
Weighted average discount rate:
Operating leases	4.39%
Financing leases	5.10%

Lease Commitments - Components

Lease Commitments - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease, Cost [Line Items]
Operating lease cost		$ 4,346		$ 11,552
Amounts capitalized	$ (216)	(373)	$ (720)	(1,365)
Total operating lease expense	4,855	3,973	14,730	10,187
Financing lease cost:
Amortization of right-of-use assets	2,356	2,389	7,361	6,718
Interest on lease liabilities	300	274	891	760
Amounts capitalized	(1,882)	(1,915)	(5,822)	(5,389)
Total financing lease expense	774	748	2,430	2,089
Variable lease expense	433	360	1,226	982
Short-term lease expense	276	190	656	490
Total lease expense for the period	6,338	5,271	19,042	13,748
Battery storage leases
Lease, Cost [Line Items]
Operating lease cost	2,947		8,840
Other operating leases
Lease, Cost [Line Items]
Operating lease cost	2,124		6,610
PNM
Lease, Cost [Line Items]
Operating lease cost		4,001		10,377
Amounts capitalized	(23)	(71)	(86)	(334)
Total operating lease expense	4,812	3,930	14,609	10,043
Financing lease cost:
Amortization of right-of-use assets	1,042	1,193	3,379	3,325
Interest on lease liabilities	142	148	429	411
Amounts capitalized	(748)	(844)	(2,345)	(2,313)
Total financing lease expense	436	497	1,463	1,423
Variable lease expense	433	360	1,226	982
Short-term lease expense	182	174	534	438
Total lease expense for the period	5,863	4,961	17,832	12,886
PNM | Battery storage leases
Lease, Cost [Line Items]
Operating lease cost	2,947		8,840
PNM | Other operating leases
Lease, Cost [Line Items]
Operating lease cost	1,888		5,855
TNMP
Lease, Cost [Line Items]
Operating lease cost		345		1,175
Amounts capitalized	(192)	(302)	(634)	(1,031)
Total operating lease expense	25	43	89	144
Financing lease cost:
Amortization of right-of-use assets	1,235	1,183	3,866	3,345
Interest on lease liabilities	146	126	445	349
Amounts capitalized	(1,133)	(1,071)	(3,476)	(3,076)
Total financing lease expense	248	238	835	618
Variable lease expense	0	0	0	0
Short-term lease expense	7	7	19	22
Total lease expense for the period	280	$ 288	943	$ 784
TNMP | Battery storage leases
Lease, Cost [Line Items]
Operating lease cost	0		0
TNMP | Other operating leases
Lease, Cost [Line Items]
Operating lease cost	$ 217		$ 723

Lease Commitments - Schedule _2

Lease Commitments - Schedule of Supplemental Cash Flows Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 16,758	$ 18,827
Operating cash flows from financing leases	235	183
Finance cash flows from financing leases	2,174	1,836
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	743	138,884
Financing leases	5,355	9,485
PNM
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	16,694	18,714
Operating cash flows from financing leases	143	135
Finance cash flows from financing leases	1,305	1,221
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	75	138,878
Financing leases	1,735	5,977
TNMP
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	36	113
Operating cash flows from financing leases	75	47
Finance cash flows from financing leases	759	565
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	100	6
Financing leases	$ 2,661	$ 3,508

Lease Commitments - Schedule _3

Lease Commitments - Schedule of Future Expected Lease Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Financing
Remainder of 2024	$ 2,504
2025	8,969
2026	7,159
2027	4,458
2028	1,766
Later years	798
Total minimum lease payments	25,654
Less: Imputed interest	1,962
Lease liabilities	23,692
Battery Storage
Operating
Remainder of 2024	2,947
2025	11,786
2026	11,786
2027	11,786
2028	11,786
Later years	172,254
Total minimum lease payments	222,345
Less: Imputed interest	88,557
Lease liabilities	133,788
Other
Operating
Remainder of 2024	278
2025	7,967
2026	7,201
2027	7,131
2028	7,133
Later years	11,013
Total minimum lease payments	40,723
Less: Imputed interest	4,985
Lease liabilities	35,738
PNM
Financing
Remainder of 2024	1,116
2025	4,023
2026	3,482
2027	2,240
2028	1,048
Later years	639
Total minimum lease payments	12,548
Less: Imputed interest	1,029
Lease liabilities	11,519
PNM | Battery Storage
Operating
Remainder of 2024	2,947
2025	11,786
2026	11,786
2027	11,786
2028	11,786
Later years	172,254
Total minimum lease payments	222,345
Less: Imputed interest	88,557
Lease liabilities	133,788
PNM | Other
Operating
Remainder of 2024	92
2025	7,092
2026	7,042
2027	7,046
2028	7,049
Later years	10,587
Total minimum lease payments	38,908
Less: Imputed interest	4,763
Lease liabilities	34,145
TNMP
Financing
Remainder of 2024	1,309
2025	4,673
2026	3,412
2027	1,975
2028	636
Later years	159
Total minimum lease payments	12,164
Less: Imputed interest	857
Lease liabilities	11,307
Operating
Remainder of 2024	170
2025	808
2026	90
2027	14
2028	11
Later years	0
Total minimum lease payments	1,093
Less: Imputed interest	53
Lease liabilities	$ 1,040

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2017
Income Tax Contingency [Line Items]
Effective tax rate	15.44%
Regulatory disallowances, tax effect	$ 2.7
Sale of equity method investee, tax effect	19.5
Income tax assessment	0.1
Deferred federal, state and local, income taxes	$ 23.3
NMPRC
Income Tax Contingency [Line Items]
Period of time for proposed return to customers the benefit of the reduction in federal corporate income tax rate	5 years	23 years
Unprotected excess deferred income taxes	$ 62.7
PNM
Income Tax Contingency [Line Items]
Effective tax rate	14.66%
Income tax assessment	$ 0.1
Deferred federal, state and local, income taxes	$ 20.7
TNMP
Income Tax Contingency [Line Items]
Effective tax rate	20.67%
Income tax assessment	$ 0.1
Deferred federal, state and local, income taxes	$ 2.6

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Services billings: | TXNM to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	$ 33,095	$ 29,509	$ 99,525	$ 90,151
Services billings: | TXNM to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	13,192	10,976	40,314	34,703
Services billings: | PNM to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	178	100	368	269
Services billings: | TNMP to TXNM
Related Party Transaction [Line Items]
Amount of related party transaction	75	35	85	106
Services billings: | TNMP to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	497	0	497	0
Services billings: | TXNM to NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	0	71	66	235
Renewable energy purchases: | PNM from NMRD
Related Party Transaction [Line Items]
Amount of related party transaction	0	3,652	1,523	9,761
Interest billings: | TXNM to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	77	8	116	18
Interest billings: | TXNM to TNMP
Related Party Transaction [Line Items]
Amount of related party transaction	23	117	202	128
Interest billings: | PNM to TXNM
Related Party Transaction [Line Items]
Amount of related party transaction	156	153	465	426
Income tax sharing payments: | TXNM to PNM
Related Party Transaction [Line Items]
Amount of related party transaction	0	0	0	0
Income tax sharing payments: | TNMP to TXNM
Related Party Transaction [Line Items]
Amount of related party transaction	$ 0	$ 0	$ 0	$ 0

Equity Method Investment - Narr

Equity Method Investment - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended
	Feb. 27, 2024	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Gain on sale of NMRD	$ 4,400	$ 4,449	$ 0
Investment tax credit	15,700
PNMR Development | NMRD
Business Acquisition [Line Items]
Contribution to construction activities		$ 12,600	$ 25,800
Disposal Group, Disposed of by Sale, Not Discontinued Operations | NMRD
Business Acquisition [Line Items]
Proceeds from interests	$ 117,000

Equity Method Investment - Summ

Equity Method Investment - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Results of Operations
Electric Operating Revenues	$ 569,256	$ 505,851	$ 1,494,235	$ 1,527,084
Financial Position
Current assets	495,694		495,694		$ 475,543
Total assets	10,843,481	10,050,841	10,843,481	10,050,841	10,252,605
Current liabilities	1,369,643		1,369,643		1,230,760
Total TXNM common stockholders’ equity	2,459,979		2,459,979		2,349,093
NMRD
Results of Operations
Electric Operating Revenues	0	4,020	3,204	10,525
Operating expenses	0	1,743	3,378	6,127
Net Earnings Attributable to PNM	0	$ 2,277	(174)	$ 4,398
Financial Position
Current assets	0		0		2,589
Net utility plant	0		0		235,791
Non-current assets	0		0		1,849
Total assets	0		0		240,229
Current liabilities	0		0		730
Non-current liabilities	0		0		358
Total TXNM common stockholders’ equity	$ 0		$ 0		$ 239,141

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Apr. 01, 2024	Dec. 31, 2023	Sep. 30, 2023	Apr. 01, 2020	Apr. 01, 2018
Goodwill [Line Items]
Goodwill	$ 278,297		$ 278,297	$ 278,297
PNM
Goodwill [Line Items]
Goodwill	51,632	$ 51,600	51,632			$ 51,600
Goodwill fair value exceeded by its carrying value		54%				19%
TNMP
Goodwill [Line Items]
Goodwill	$ 226,665		$ 226,665		$ 226,700
Goodwill fair value exceeded by its carrying value					38%