Fair Value of Derivative and Other Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value of Derivative and Other Financial Instruments [Line Items]

Fair Value, by Balance Sheet Grouping [Table Text Block]

The carrying amounts and fair values of investments in PVNGS lessor notes, other investments, and long-term debt, which are not recorded at fair value on the Condensed Consolidated Balance Sheets are presented below:

					GAAP Fair Value Hierarchy
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
June 30, 2013	(In thousands)
PNMR
Long-term debt	$	1,763,683	$	1,977,764	$	—	$	1,974,064	$	3,700
Investment in PVNGS lessor notes	$	66,033	$	69,837	$	—	$	—	$	69,837
Other investments	$	3,729	$	6,944	$	754	$	—	$	6,190
PNM
Long-term debt	$	1,290,598	$	1,417,596	$	—	$	1,417,596	$	—
Investment in PVNGS lessor notes	$	66,033	$	69,837	$	—	$	—	$	69,837
Other investments	$	473	$	473	$	473	$	—	$	—
TNMP
Long-term debt	$	336,238	$	395,666	$	—	$	395,666	$	—
Other investments	$	281	$	281	$	281	$	—	$	—
December 31, 2012
PNMR
Long-term debt	$	1,672,290	$	1,969,362	$	—	$	1,966,725	$	2,637
Investment in PVNGS lessor notes	$	77,682	$	84,198	$	—	$	—	$	84,198
Other investments	$	5,599	$	6,965	$	774	$	—	$	6,191
PNM
Long-term debt	$	1,215,579	$	1,385,433	$	—	$	1,385,433	$	—
Investment in PVNGS lessor notes	$	77,682	$	84,198	$	—	$	—	$	84,198
Other investments	$	494	$	494	$	494	$	—	$	—
TNMP
Long-term debt	$	311,589	$	418,166	$	—	$	418,166	$	—
Other investments	$	281	$	281	$	281	$	—	$	—

PNMR and PNM [Member]

Fair Value of Derivative and Other Financial Instruments [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges, are summarized as follows:

	Economic Hedges
	June 30, 2013			December 31, 2012
PNMR and PNM	(In thousands)
Current assets	$	2,870		$	3,785
Deferred charges	202			352
	3,072			4,137
Current liabilities	(1,621		)	(1,000		)
Long-term liabilities	(1,540		)	(1,933		)
	(3,161		)	(2,933		)
Net	$	(89	)	$	1,204

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The following table presents the effect on earnings, excluding income tax effects, of commodity derivative instruments that are recorded at fair value. Commodity derivatives had no impact on OCI for the periods presented.

	Economic Hedges
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
PNMR and PNM	(In thousands)
Electric operating revenues	$	3,269		$	(3,581	)	$	(1,334	)	$	1,637
Cost of energy	(263		)	63			493			(541		)
Total gain (loss)	$	3,006		$	(3,518	)	$	(841	)	$	1,096

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

Commodity contract volume positions are presented in MMBTU for gas related contracts and in MWh for power related contracts. The table below presents PNMR’s and PNM’s net buy (sell) volume positions:

	Economic Hedges
	MMBTU	MWh
June 30, 2013
PNMR and PNM	1,675,000	(1,798,394	)
December 31, 2012
PNMR and PNM	1,127,500	(2,477,520	)

Schedule of Collateral Related to Derivative [Table Text Block]

Net exposure is the net contractual liability for all contracts, including those designated as normal purchases and sales, offset by existing cash collateral and by any offsets available under master netting agreements, including both asset and liability positions.

Contingent Feature – Credit Rating Downgrade	Contractual Liability		Existing Cash Collateral		Net Exposure
	(In thousands)
June 30, 2013
PNMR and PNM	$	2,675	$	—	$	2,581
December 31, 2012
PNMR and PNM	$	2,933	$	—	$	2,777

Available-for-sale Securities [Table Text Block]

The proceeds and gross realized gains and losses on the disposition of available-for-sale securities for PNMR and PNM are shown in the following table. Realized gains and losses are determined by specific identification of costs of securities sold.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
	(In thousands)
Proceeds from sales	$	61,821		$	19,027		$	76,106		$	45,787
Gross realized gains	$	4,960		$	2,434		$	6,351		$	4,766
Gross realized (losses)	$	(1,311	)	$	(1,186	)	$	(1,717	)	$	(1,925	)

The fair value and gross unrealized gains of investments in available-for-sale securities are presented in the following table.

	June 30, 2013				December 31, 2012
	Unrealized Gains		Fair Value		Unrealized Gains		Fair Value
			(In thousands)
Cash and cash equivalents	$	—	$	26,652	$	—	$	4,628
Equity securities:
Domestic value	9,205		33,675		5,223		30,044
Domestic growth	16,846		59,347		15,212		51,650
International and other	511		15,127		247		14,868
Fixed income securities:
U.S. Government	313		17,077		1,305		32,592
Municipals	1,819		40,284		4,069		43,861
Corporate and other	199		8,607		1,100		14,868
	$	28,893	$	200,769	$	27,156	$	192,511

Investments Classified by Contractual Maturity Date [Table Text Block]

At June 30, 2013, the available-for-sale and held-to-maturity debt securities had the following final maturities:

	Fair Value
	Available-for-Sale		Held-to-Maturity
	PNMR and PNM		PNMR		PNM
	(In thousands)
Within 1 year	$	1,470	$	7,519	$	3,819
After 1 year through 5 years	18,713		67,362		66,018
After 5 years through 10 years	8,334		—		—
After 10 years through 15 years	7,887		—		—
After 15 years through 20 years	10,616		—		—
After 20 years	18,948		—		—
	$	65,968	$	74,881	$	69,837

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]

Items recorded at fair value on the Condensed Consolidated Balance Sheets are presented below:

				GAAP Fair Value Hierarchy
	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
June 30, 2013	(In thousands)
PNMR and PNM
Decommissioning and reclamation investments:
Cash and cash equivalents	$	26,652		$	26,652	$	—
Equity securities:
Domestic value	33,675			33,675		—
Domestic growth	59,347			59,347		—
International and other	15,127			15,127		—
Fixed income securities:
U.S. government	17,077			15,312		1,765
Municipals	40,284			—		40,284
Corporate and other	8,607			—		8,607
	$	200,769		$	150,113	$	50,656
Commodity derivative assets	$	3,072		$	—	$	3,072
Commodity derivative liabilities	(3,161		)	—		(3,161		)
Net	$	(89	)	$	—	$	(89	)
December 31, 2012
PNMR and PNM
Decommissioning and reclamation investments:
Cash and cash equivalents	$	4,628		$	4,628	$	—
Equity securities:
Domestic value	30,044			30,044		—
Domestic growth	51,650			51,650		—
International and other	14,868			14,868		—
Fixed income securities:
U.S. government	32,592			27,737		4,855
Municipals	43,861			—		43,861
Corporate and other	14,868			—		14,868
	$	192,511		$	128,927	$	63,584
Commodity derivative assets	$	4,137		$	—	$	4,137
Commodity derivative liabilities	(2,933		)	—		(2,933		)
Net	$	1,204		$	—	$	1,204