Fair Value of Derivative and Other Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value of Derivative and Other Financial Instruments [Abstract]

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

Commodity derivative instruments, recorded at fair value are summarized as follows:

	Economic Hedges
	December 31,
	2013			2012
	(In thousands)
PNM and PNMR
Current assets	$	4,064		$	3,785
Deferred charges	3,002			352
	7,066			4,137
Current liabilities	(2,699		)	(1,000		)
Long-term liabilities	(1,094		)	(1,933		)
	(3,793		)	(2,933		)
Net	$	3,273		$	1,204

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

The following table presents the effect of mark-to-market commodity derivative instruments on earnings and OCI, excluding income tax effects. For cash flow hedges, including de-designated hedges, the earnings impact reflects the reclassification from AOCI when the hedged transactions settle.

	Economic Hedges								Qualified Cash Flow Hedges
	Year Ended December 31,								Year Ended December 31,
	2013		2012			2011			2013		2012		2011
	(In thousands)
PNMR
Electric operating revenues	$	1,727	$	6,168		$	5,682		$	—	$	—	$	—
Cost of energy	1,109		(460		)	(2,201		)	—		—		(422		)
Total gain (loss)	$	2,836	$	5,708		$	3,481		$	—	$	—	$	(422	)
Recognized in OCI									$	—	$	—	$	422
PNM
Electric operating revenues	$	1,727	$	6,168		$	5,682		$	—	$	—	$	—
Cost of energy	1,109		(460		)	(1,058		)	—		—		—
Total gain (loss)	$	2,836	$	5,708		$	4,624		$	—	$	—	$	—
Recognized in OCI									$	—	$	—	$	—

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
December 31, 2013
PNMR and PNM	905,000	(3,343,783	)
December 31, 2012
PNMR and PNM	1,127,500	(2,477,520	)

Schedule of Collateral Related to Derivative [Table Text Block]

Contingent Feature – Credit Rating Downgrade	Contractual Liability		Existing Cash Collateral		Net Exposure
	(In thousands)
December 31, 2013
PNMR and PNM	$	2,398	$	—	$	2,152
December 31, 2012
PNMR and PNM	$	2,933	$	—	$	2,777

Available-for-sale Securities [Table Text Block]

The fair value and gross unrealized gains of investments in available-for-sale securities are presented in the following table. At December 31, 2013 and 2012, the fair value of available-for-sale securities included $222.5 million and $189.0 million for the NDT and $4.4 million and $3.5 million for the mine reclamation trust.

	December 31, 2013				December 31, 2012
	Unrealized  Gains		Fair Value		Unrealized  Gains		Fair Value
PNMR and PNM			(In thousands)
Cash and cash equivalents	$	—	$	3,356	$	—	$	4,628
Equity securities:
Domestic value	14,523		39,460		5,223		30,044
Domestic growth	25,656		76,292		15,212		51,650
International and other	1,040		16,633		247		14,868
Fixed income securities:
U.S. Government	158		21,941		1,305		32,592
Municipals	1,018		58,568		4,069		43,861
Corporate and other	207		10,605		1,100		14,868
	$	42,602	$	226,855	$	27,156	$	192,511

Schedule of Realized Gain (Loss) [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.

	Year Ended December 31,
	2013			2012			2011
	(In thousands)
Proceeds from sales	$	271,140		$	167,330		$	145,286
Gross realized gains	$	14,308		$	15,907		$	17,493
Gross realized (losses)	$	(4,298	)	$	(8,170	)	$	(6,223	)

Investments Classified by Contractual Maturity Date [Table Text Block]

At December 31, 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	$	3,025	$	1,149	$	1,149
After 1 year through 5 years	24,068		57,497		56,130
After 5 years through 10 years	10,128		—		—
After 10 years through 15 years	6,136		—		—
After 15 years through 20 years	10,331		—		—
After 20 years	37,426		—		—
	$	91,114	$	58,646	$	57,279

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

Items recorded at fair value on the Consolidated Balance Sheets are presented below by level of the fair value hierarchy. There were no Level 3 fair value measurements at December 31, 2013 and 2012 for items recorded at fair value.

				GAAP Fair Value Hierarchy
	Total			Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
December 31, 2013				(In thousands)
PNMR and PNM
Available-for-sale securities
Cash and cash equivalents	$	3,356		$	3,356	$	—
Equity securities:
Domestic value	39,460			39,460		—
Domestic growth	76,292			76,292		—
International and other	16,633			16,633		—
Fixed income securities:
U.S. Government	21,941			20,194		1,747
Municipals	58,568			—		58,568
Corporate and other	10,605			2,245		8,360
	$	226,855		$	158,180	$	68,675
Commodity derivative assets	$	7,066		$	—	$	7,066
Commodity derivative liabilities	(3,793		)	—		(3,793		)
Net	$	3,273		$	—	$	3,273

				GAAP Fair Value Hierarchy
	Total			Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
December 31, 2012				(In thousands)
PNMR and PNM
Available-for-sale securities
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

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 Consolidated Balance Sheets are presented below:

					GAAP Fair Value Hierarchy
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
December 31, 2013	(In thousands)
PNMR
Long-term debt	$	1,745,420	$	1,905,230	$	—	$	1,905,230	$	—
Investment in PVNGS lessor notes	$	52,958	$	57,279	$	—	$	—	$	57,279
Other investments	$	1,835	$	3,196	$	690	$	—	$	2,506
PNM
Long-term debt	$	1,290,618	$	1,382,938	$	—	$	1,382,938	$	—
Investment in PVNGS lessor notes	$	52,958	$	57,279	$	—	$	—	$	57,279
Other investments	$	445	$	445	$	445	$	—	$	—
TNMP
Long-term debt	$	336,036	$	390,814	$	—	$	390,814	$	—
Other investments	$	245	$	245	$	245	$	—	$	—
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	$	—	$	—

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

The fair values of investments held by the employee benefit plans are as follows:

			GAAP Fair Value Hierarchy
	Total		Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2013			(In thousands)
PNM Pension Plan
Participation in PNMR Master Trust Total Plan Investments	$	557,258	$	145,364	$	330,903	$	80,991
TNMP Pension Plan
Participation in PNMR Master Trust Total Plan Investments	$	66,285	$	18,657	$	32,620	$	15,008
PNM OPEB Plan
Cash and cash equivalents	$	1,152	$	1,152	$	—	$	—
Equity securities:
International funds	3,057		—		3,057		—
Domestic value	6,388		6,388		—		—
Domestic growth	54,851		20,769		34,082		—
Other funds	5,564		—		5,564		—
Fixed income securities:
Mutual funds	3,121		3,121		—		—
	$	74,133	$	31,430	$	42,703	$	—
TNMP OPEB Plan
Cash and cash equivalents	$	302	$	302	$	—	$	—
Equity securities:
International funds	1,334		—		1,334		—
Domestic value	381		381		—		—
Domestic growth	1,848		1,848		—		—
Other funds	4,167		—		4,167		—
Fixed income securities:
Mutual funds	1,702		1,702		—		—
	$	9,734	$	4,233	$	5,501	$	—

			GAAP Fair Value Hierarchy
	Total		Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2012	(In thousands)
PNM Pension Plan
Participation in PNMR Master Trust	$	517,238	$	205,491	$	232,730	$	79,017
TNMP Pension Plan
Participation in PNMR Master Trust	$	66,450	$	26,462	$	25,817	$	14,171
PNM OPEB Plan
Cash and cash equivalents	$	4,976	$	4,976	$	—	$	—
Equity securities:
International funds	2,651		—		2,651		—
Domestic growth	46,145		19,511		26,634		—
Other funds	7,588		—		7,588		—
Fixed income securities:
Mutual funds	4,176		4,176		—		—
	$	65,536	$	28,663	$	36,873	$	—
TNMP OPEB Plan
Cash and cash equivalents	$	42	$	42	$	—	$	—
Equity securities:
International funds	1,444		—		1,444		—
Domestic growth	1,289		1,289		—		—
Other funds	3,660		—		3,660		—
Fixed income securities:
Mutual funds	2,325		2,325		—		—
	$	8,760	$	3,656	$	5,104	$	—

The fair values of investments in the PNMR Master Trust are as follows:

			GAAP Fair Value Hierarchy
	Total		Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2013	(In thousands)
PNMR Master Trust
Cash and cash equivalents	$	16,281	$	16,281	$	—	$	—
Equity securities:
International	24,471		24,471		—		—
Domestic value	41,451		41,451		—		—
Domestic growth	36,805		36,805		—		—
Other funds	22,522		—		22,522		—
Fixed income securities:
Corporate	202,897		363		202,358		176
U.S. Government	99,748		44,541		55,207		—
Municipals	17,259		—		17,259		—
Other funds	66,286		109		66,177		—
Alternative investments:
Private equity funds	39,122		—		—		39,122
Hedge funds	34,912		—		—		34,912
Real estate funds	21,789		—		—		21,789
	$	623,543	$	164,021	$	363,523	$	95,999
December 31, 2012
PNMR Master Trust
Cash and cash equivalents	$	10,404	$	10,404	$	—	$	—
Equity securities:
International	39,867		39,867		—		—
Domestic value	39,492		39,492		—		—
Domestic growth	63,888		63,888		—		—
Other funds	17,035		—		17,035		—
Fixed income securities:
Corporate	101,936		—		101,936		—
U.S. Government	148,341		78,302		70,039		—
Municipals	3,639		—		3,639		—
Other funds	65,898		—		65,898		—
Alternative investments:
Private equity funds	38,212		—		—		38,212
Hedge funds	31,277		—		—		31,277
Real estate funds	23,699		—		—		23,699
	$	583,688	$	231,953	$	258,547	$	93,188

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

A reconciliation of the changes in Level 3 fair value measurements is as follows:

	Year Ended December 31,
Level 3 Fair Value Assets and Liabilities	2013			2012
	(In thousands)
PNM Pension	Master Trust			Master Trust
Balance at beginning of period	$	79,017		$	84,133
Actual return on assets sold during the period	3,303			2,627
Actual return on assets still held at period end	3,361			2,386
Purchases	15,110			5,498
Sales	(19,800		)	(15,627		)
Balance at end of period	$	80,991		$	79,017
TNMP Pension
Balance at beginning of period	$	14,171		$	14,555
Actual return on assets sold during the period	1,400			197
Actual return on assets still held at period end	1,425			179
Purchases	6,408			413
Sales	(8,396		)	(1,173		)
Balance at end of period	$	15,008		$	14,171

Additional information concerning changes in Level 3 fair value measurements for the PNMR Master Trust is as follows:

Level 3 Fair Value Assets and Liabilities

PNMR Master Trust	Private equity funds			Hedge funds			Real estate funds			Fixed income - corporate		Total
				(In thousands)
Balance at December 31, 2011	$	37,100		$	36,904		$	24,684		$	—	$	98,688
Actual return on assets sold during the period	2,966			(80		)	(62		)	—		2,824
Actual return on assets still held at period end	40			2,453			72			—		2,565
Purchases	3,906			—			2,005			—		5,911
Sales	(5,800		)	(8,000		)	(3,000		)	—		(16,800		)
Balance at December 31, 2012	38,212			31,277			23,699			—		93,188
Actual return on assets sold during the period	4,677			135			(109		)	—		4,703
Actual return on assets still held at period end	1,162			3,500			123			1		4,786
Purchases	3,117			16,151			2,076			175		21,519
Sales	(8,046		)	(16,151		)	(4,000		)	—		(28,197		)
Balance at December 31, 2013	$	39,122		$	34,912		$	21,789		$	176	$	95,999