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Lease Commitments (Tables) | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Assets and Liabilities, Lessee | Information related to the Company’s operating leases recorded on the Condensed Consolidated Balance Sheets, including amounts recognized upon adoption of ASU 2016-02, is presented below:
| March 31, 2019 |  | January 1, 2019
| PNM |  | TNMP |  | PNMR Consolidated |  | PNM |  | TNMP |  | PNMR Consolidated
| (In thousands)
Operating leases: |  |  |  |  |  |  |  |  |  |  |
Operating lease assets, net of amortization | $ | 137,756 |  |  | $ | 12,160 |  |  | $ | 150,426 |  |  | $ | 143,816 |  |  | $ | 12,942 |  |  | $ | 157,440 |
Current portion of operating lease liabilities | 22,762 |  |  | 3,023 |  |  | 26,197 |  |  | 21,589 |  |  | 3,132 |  |  | 25,189 |
Long-term portion of operating lease liabilities | 115,436 |  |  | 9,088 |  |  | 124,937 |  |  | 124,891 |  |  | 9,787 |  |  | 135,174 |
Information related to the Company’s financing leases recorded on the Condensed Consolidated Balance Sheets is presented below:
| March 31, 2019
| PNM |  | TNMP |  | PNMR Consolidated
| (In thousands)
Financing leases: |  |  |  |  |
Non-utility property | $ | 1,635 |  |  | $ | 1,268 |  |  | $ | 2,904 |
Accumulated depreciation | (37 | ) |  | (40 | ) |  | (78 | )
Non-utility property, net | $ | 1,598 |  |  | $ | 1,228 |  |  | $ | 2,826 |
Other current liabilities | $ | 233 |  |  | $ | 217 |  |  | $ | 450 |
Other deferred credits | 1,083 |  |  | 1,006 |  |  | 2,089 |
Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities is presented below:
| March 31, 2019
| PNM |  | TNMP |  | PNMR Consolidated
Weighted average remaining lease term (In years): |  |  |  |  |
Operating leases | 7.18 |  |  | 4.67 |  |  | 6.95 |
Financing leases | 5.72 |  |  | 5.75 |  |  | 5.74 |
Weighted average discount rate: |  |  |  |  |
Operating leases | 3.88 | % |  | 3.88 | % |  | 3.88 | %
Financing leases | 4.34 | % |  | 4.55 | % |  | 4.43 | %
Lease, Cost | Information for the components of lease expense is as follows:
| Three Months Ended March 31, 2019
| PNM |  | TNMP |  | PNMR Consolidated
| (In thousands)
Total operating lease expense | $ | 7,231 |  |  | $ | 241 |  |  | $ | 7,611 |
Financing lease expense: |  |  |  |  |
Amortization of right-of-use assets | 66 |  |  | 58 |  |  | 125 |
Interest on lease liabilities | 16 |  |  | 17 |  |  | 32 |
Total financing lease expense | 82 |  |  | 75 |  |  | 157 |
Variable lease expense | — |  |  | — |  |  | — |
Short-term lease expense | 74 |  |  | 3 |  |  | 94 |
Total lease expense for the period | $ | 7,387 |  |  | $ | 319 |  |  | $ | 7,862 |
Schedule of Leases, Supplemental Cash Flows | Supplemental cash flow information related to the Company’s leases is as follows:
| Three Months Ending March 31, 2019
| PNM |  | TNMP |  | PNMR Consolidated
| (In thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 9,452 |  |  | $ | 284 |  |  | $ | 9,891 |
Operating cash flows from financing leases | 16 |  |  | 17 |  |  | 32 |
Finance cash flows from financing leases | 25 |  |  | 33 |  |  | 58 |
Non-cash information related to right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 143,816 |  |  | $ | 12,942 |  |  | $ | 157,440 |
Financing leases | 1,635 |  |  | 1,268 |  |  | 2,904 |
Lessee, Operating Lease, Liability, Maturity | Future expected lease payments as of March 31, 2019 and December 31, 2018 are shown below:
| As of March 31, 2019
| PNM |  | TNMP |  | PNMR Consolidated
| Financing |  | Operating |  | Financing |  | Operating |  | Financing |  | Operating
| (In thousands)
Remainder of 2019 | $ | 266 |  |  | $ | 17,917 |  |  | $ | 209 |  |  | $ | 2,622 |  |  | $ | 475 |  |  | $ | 20,980 |
2020 | 344 |  |  | 27,045 |  |  | 269 |  |  | 2,993 |  |  | 613 |  |  | 30,555 |
2021 | 332 |  |  | 26,505 |  |  | 259 |  |  | 2,398 |  |  | 591 |  |  | 29,158 |
2022 | 319 |  |  | 26,235 |  |  | 249 |  |  | 1,846 |  |  | 568 |  |  | 28,255 |
2023 | 307 |  |  | 17,457 |  |  | 181 |  |  | 1,281 |  |  | 488 |  |  | 18,879 |
Later years | 224 |  |  | 42,328 |  |  | 214 |  |  | 1,151 |  |  | 438 |  |  | 43,490 |
Total minimum lease payments | 1,792 |  |  | 157,487 |  |  | 1,381 |  |  | 12,291 |  |  | 3,173 |  |  | 171,317 |
Less: Imputed interest | 476 |  |  | 19,289 |  |  | 158 |  |  | 180 |  |  | 634 |  |  | 20,183 |
Lease liabilities as of March 31, 2019 | $ | 1,316 |  |  | $ | 138,198 |  |  | $ | 1,223 |  |  | $ | 12,111 |  |  | $ | 2,539 |  |  | $ | 151,134 |
Finance Lease, Liability, Maturity | Future expected lease payments as of March 31, 2019 and December 31, 2018 are shown below:
| As of March 31, 2019
| PNM |  | TNMP |  | PNMR Consolidated
| Financing |  | Operating |  | Financing |  | Operating |  | Financing |  | Operating
| (In thousands)
Remainder of 2019 | $ | 266 |  |  | $ | 17,917 |  |  | $ | 209 |  |  | $ | 2,622 |  |  | $ | 475 |  |  | $ | 20,980 |
2020 | 344 |  |  | 27,045 |  |  | 269 |  |  | 2,993 |  |  | 613 |  |  | 30,555 |
2021 | 332 |  |  | 26,505 |  |  | 259 |  |  | 2,398 |  |  | 591 |  |  | 29,158 |
2022 | 319 |  |  | 26,235 |  |  | 249 |  |  | 1,846 |  |  | 568 |  |  | 28,255 |
2023 | 307 |  |  | 17,457 |  |  | 181 |  |  | 1,281 |  |  | 488 |  |  | 18,879 |
Later years | 224 |  |  | 42,328 |  |  | 214 |  |  | 1,151 |  |  | 438 |  |  | 43,490 |
Total minimum lease payments | 1,792 |  |  | 157,487 |  |  | 1,381 |  |  | 12,291 |  |  | 3,173 |  |  | 171,317 |
Less: Imputed interest | 476 |  |  | 19,289 |  |  | 158 |  |  | 180 |  |  | 634 |  |  | 20,183 |
Lease liabilities as of March 31, 2019 | $ | 1,316 |  |  | $ | 138,198 |  |  | $ | 1,223 |  |  | $ | 12,111 |  |  | $ | 2,539 |  |  | $ | 151,134 |
Schedule of Future Minimum Rental Payments for Operating Leases |
| As of December 31, 2018
| Operating leases
| PNM |  | TNMP |  | PNMR Consolidated
| (In thousands)
Remainder of 2019 | $ | 27,691 |  |  | $ | 3,664 |  |  | $ | 31,772 |
2020 | 27,000 |  |  | 3,102 |  |  | 30,404 |
2021 | 26,462 |  |  | 2,324 |  |  | 29,012 |
2022 | 26,217 |  |  | 1,795 |  |  | 28,175 |
2023 | 17,447 |  |  | 1,279 |  |  | 18,868 |
Later years | 42,329 |  |  | 1,150 |  |  | 43,489 |
Total minimum lease payments | 167,146 |  |  | 13,314 |  |  | 181,720 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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