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Financing (Tables)

12 Months Ended

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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