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Fair Value of Derivative and Other Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value of Derivative and Other Financial Instruments [Abstract]  
Summary of Derivatives
PNM’s commodity derivative instruments that are recorded at fair value, all of which are accounted for as economic hedges and considered Level 2 fair value measurements, are presented in the following line items on the Condensed Consolidated Balance Sheets:
Economic Hedges
September 30,
2023		December 31,
2022
(In thousands)
Other current assets$603 $9,780 
Other current liabilities(3,514)(19,209)
Net$(2,911)$(9,429)
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
MMBTUMWh
September 30, 2023—290,295
December 31, 2022—432,200
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 EndedNine Months Ended
September 30,September 30,
2023202220232022
(In thousands)
Equity securities:
Net gains (losses) from equity securities sold$(189)$(2,210)$1,758 $1,735 
Net gains (losses) from equity securities still held(4,946)(4,061)3,673 (52,320)
Total net gains (losses) on equity securities(5,135)(6,271)5,431 (50,585)
Available-for-sale debt securities:
Net (losses) on debt securities(3,269)(9,465)(3,616)(33,519)
Net gains (losses) on investment securities$(8,404)$(15,736)$1,815 $(84,104)
Gross realized losses shown below exclude the (increase)/decrease in realized impairment losses of $(0.6) million and $2.8 million for the three and nine months ended September 30, 2023 and $(7.1) million and $(28.7) million for the three and nine months ended September 30, 2022.
Three Months Ended
Nine Months Ended
September 30,September 30,
2023202220232022
(In thousands)
Proceeds from sales
$137,797 $92,371 $412,574 $323,251 
Gross realized gains
4,022 2,366 14,464 20,089 
Gross realized (losses)
(6,876)(6,908)(19,088)(23,109)
Investments Classified by Contractual Maturity Date
At September 30, 2023, the available-for-sale debt securities held by PNM, had the following final maturities:

Fair Value
(In thousands)
Within 1 year
$34,601 
After 1 year through 5 years
67,254 
After 5 years through 10 years
67,273 
After 10 years through 15 years
18,916 
After 15 years through 20 years
13,634 
After 20 years
43,825 
$245,503 
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
TotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Unrealized Gains
(In thousands)
September 30, 2023
Cash and cash equivalents$37,930 $37,930 $— 
Equity securities:
Corporate stocks, common71,359 71,359 — 
Corporate stocks, preferred4,523 509 4,014 
Mutual funds and other62,062 62,062 — 
Available-for-sale debt securities:
     U.S. government40,256 37,987 2,269 $1,637 
     International government10,498 — 10,498 738 
     Municipals48,364 — 48,364 139 
     Corporate and other146,385 146,385 5,853 
          $421,377 $209,847 $211,530 $8,367 
December 31, 2022
Cash and cash equivalents$66,843 $66,843 $— 
Equity securities:
Corporate stocks, common40,103 40,103 — 
Corporate stocks, preferred5,191 790 4,401 
Mutual funds and other66,359 66,359 — 
Available-for-sale debt securities:
     U.S. government45,905 45,645 260 $1,334 
     International government9,762 — 9,762 1,117 
     Municipals43,136 — 43,136 1,062 
     Corporate and other140,177 — 140,177 6,473 
          $417,476 $219,740 $197,736 $9,986 
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 AmountFair Value
September 30, 2023(In thousands)
PNMR$4,405,121 $3,933,137 
PNM2,145,200 1,868,133 
TNMP1,260,864 1,065,003 
December 31, 2022
PNMR$4,077,387 $3,726,195 
PNM2,000,900 1,789,186 
TNMP1,076,875 937,009 
Schedule Of Commodity Contract Contingent Consideration
The table below presents information about PNM’s contingent requirement 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.

Contingent Feature - Credit Rating DowngradeContractual LiabilityExisting Cash CollateralNet Exposure
(In thousands)
September 30, 2023$3,514 $— $3,514 
December 31, 2022$15,288 $— $13,087