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

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