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Financing (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

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. As of March 31, 2024, PNMR’s hedging agreements are as follows:

												Variable Rate						Established
Effective Date						Maturity Date						Debt Hedged						Fixed Rate
												(In millions)						(Percent)
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

Schedule of Short-term Debt

Short-term debt outstanding consists of:

			March 31, 2024												December 31, 2023
			Balance Outstanding						Weighted Average Interest Rate						Balance Outstanding						Weighted Average Interest Rate
			(In thousands)												(In thousands)
PNM:
PNM Revolving Credit Facility			$	146,200					6.67%						$	107,500					6.69%
PNM New Mexico Credit Facility			40,000						6.68						30,000						6.71
			186,200												137,500
TNMP Revolving Credit Facility			18,300						6.29						55,100						6.32
PNMR Revolving Credit Facility			40,000						6.92						69,300						6.96
			$	244,500											$	261,900

Schedule of Forward Contracts Indexed to Issuer's Equity

Throughout 2023, PNMR entered into forward sale agreements 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

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Tabular disclosure of derivative liabilities at fair value.

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Tabular disclosure of freestanding forward contracts issued by an entity that are indexed to, and potentially settled in an entity's own stock. The disclosure may include, but not be limited to: (i) the forward rate and the number of shares to which the contract is indexed, (ii) the settlement date or dates of the contract, (iii) the issuer's accounting for the contract, (iv) settlement alternatives (if applicable) including who controls the settlement alternatives and the maximum number of shares that could be required to be issued to net share settle the contract (if applicable), (v) the fact that a potentially infinite number of shares may be required to be issued to settle the contract, if a contract does not have a stated fixed or determinable maximum number of shares, and (vi) the contract's current fair value for each settlement alternative and how changes in the price of the issuer's equity instruments affect those settlement amounts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-5

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Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19)
-Publisher FASB
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