Welcome to Orchid Board! I didn't realize you had freezing temperatures in New Mexico! Was it freezing as you walked home? If so, it is possible that the delicate petals suffered from the cold. If they are limp and translucent you may lose them. But with luck you will have some more buds develop and hopefully the leaves and roots will be OK. Phals are a tropical plant so cannot tolerate temperatures near freezing. Hopefully your walk was short enough that it will be fine.
It is a good idea to repot your Phal soon after bringing it home. Often even if they have bark around them, there can be a ball of wet moss in the centre of the root ball. Most orchid roots need some air and if the roots are constantly wet, root rot can set in very quickly. Many people pot their Phals in medium bark chunks, or coconut husk chunks or like me, I mix sphagnum moss and some bark chunks and mine are happy that way. They need to become nearly dry before watering and be in a pot that has some air holes. They should never sit in water either. Once you check the roots. If there are any dead or rotten (brown and mushy) ones, cut them off. Only leave firm white or green roots. They are kind of silvery white when dry and turn green when wet. They should be in a pot that is only large enough to hold the roots. Over potting also leads to root rot because it can't dry out fast enough. Good luck with your new orchids!
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