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Lease Commitments (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 2019												January 1, 2019
	PNM				TNMP				PNMR Consolidated				PNM				TNMP				PNMR Consolidated
	(In thousands)
Operating leases:
Operating lease assets, net of amortization	$	126,313			$	10,649			$	137,637			$	143,816			$	12,942			$	157,440
Current portion of operating lease liabilities	24,940				2,862				28,204				21,589				3,132				25,189
Long-term portion of operating lease liabilities	98,394				7,655				106,621				124,891				9,787				135,174

Information related to the Company’s financing leases recorded on the Condensed Consolidated Balance Sheets is presented below:

	September 30, 2019
	PNM				TNMP				PNMR Consolidated
	(In thousands)
Financing leases:
Non-utility property	$	4,029			$	3,678			$	7,785
Accumulated depreciation	(286		)		(264		)		(556		)
Non-utility property, net	$	3,743			$	3,414			$	7,229
Other current liabilities	$	610			$	622			$	1,252
Other deferred credits	2,789				2,794				5,637

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:

	September 30, 2019
	PNM			TNMP			PNMR Consolidated
Weighted average remaining lease term (years):
Operating leases	6.75			4.33			6.55
Financing leases	5.79			5.65			5.70
Weighted average discount rate:
Operating leases	3.89	%		3.92	%		3.89	%
Financing leases	3.77	%		3.90	%		3.82	%

Lease, Cost

Information for the components of lease expense is as follows:

	Three Months Ended September 30, 2019												Nine Months Ended September 30, 2019
	PNM				TNMP				PNMR Consolidated				PNM				TNMP				PNMR Consolidated
	(In thousands)
Operating lease cost:	$	6,873			$	726			$	7,725			$	21,260			$	2,439			$	24,051
Less: amounts capitalized	(319		)		(630		)		(949		)		(1,015		)		(1,949		)		(2,964		)
Total operating lease expense	$	6,554			$	96			$	6,776			$	20,245			$	490			$	21,087
Financing lease cost:
Amortization of right-of-use assets	143				125				274				286				264				556
Interest on lease liabilities	26				27				54				56				61				117
Less: amounts capitalized	(81		)		(114		)		(195		)		(158		)		(233		)		(391		)
Total financing lease expense	88				38				133				184				92				282
Variable lease expense	32				—				32				64				—				64
Short-term lease expense	63				5				68				212				10				263
Total lease expense for the period	$	6,737			$	139			$	7,009			$	20,705			$	592			$	21,696

Schedule of Leases, Supplemental Cash Flows

Supplemental cash flow information related to the Company’s leases is as follows:

	Nine Months Ended September 30, 2019
	PNM				TNMP				PNMR Consolidated
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	26,092			$	757			$	27,225
Operating cash flows from financing leases	28				17				45
Finance cash flows from financing leases	113				72				189
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	143,816			$	12,942			$	157,816
Financing leases	3,645				3,678				7,402

Lessee, Operating Lease, Liability, Maturity

Future expected lease payments as of September 30, 2019 and December 31, 2018 are shown below:

	As of September 30, 2019
	PNM								TNMP								PNMR Consolidated
	Financing				Operating				Financing				Operating				Financing				Operating
	(In thousands)
Remainder of 2019	$	184			$	604			$	188			$	823			$	378			$	1,574
2020	721				27,028				736				3,078				1,479				30,662
2021	697				26,576				712				2,448				1,431				29,316
2022	674				26,266				687				1,996				1,383				28,473
2023	641				17,735				590				1,508				1,238				19,423
Later years	885				42,374				878				1,642				1,762				44,321
Total minimum lease payments	3,802				140,583				3,791				11,495				7,671				153,769
Less: Imputed interest	403				17,249				375				978				782				18,944
Lease liabilities as of September 30, 2019	$	3,399			$	123,334			$	3,416			$	10,517			$	6,889			$	134,825

	Operating leases
	As of December 31, 2018
	PNM				TNMP				PNMR Consolidated
	(In thousands)
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

Finance Lease, Liability, Maturity

Future expected lease payments as of September 30, 2019 and December 31, 2018 are shown below:

	As of September 30, 2019
	PNM								TNMP								PNMR Consolidated
	Financing				Operating				Financing				Operating				Financing				Operating
	(In thousands)
Remainder of 2019	$	184			$	604			$	188			$	823			$	378			$	1,574
2020	721				27,028				736				3,078				1,479				30,662
2021	697				26,576				712				2,448				1,431				29,316
2022	674				26,266				687				1,996				1,383				28,473
2023	641				17,735				590				1,508				1,238				19,423
Later years	885				42,374				878				1,642				1,762				44,321
Total minimum lease payments	3,802				140,583				3,791				11,495				7,671				153,769
Less: Imputed interest	403				17,249				375				978				782				18,944
Lease liabilities as of September 30, 2019	$	3,399			$	123,334			$	3,416			$	10,517			$	6,889			$	134,825

Schedule of Future Minimum Rental Payments for Operating Leases

	Operating leases
	As of December 31, 2018
	PNM				TNMP				PNMR Consolidated
	(In thousands)
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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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance 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
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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
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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

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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

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-SubTopic 20
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