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Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Assets and Liabilities, Lessee

Information related to the Company’s operating leases recorded on the Consolidated Balance Sheets, including amounts recognized upon adoption of ASU 2016-02, is presented below:

	December 31, 2019												January 1, 2019
	PNM				TNMP				PNMR Consolidated				PNM				TNMP				PNMR Consolidated
	(In thousands)
Operating leases:
Operating lease assets, net of amortization	$	120,585			$	9,954			$	131,212			$	143,816			$	12,942			$	157,440
Current portion of operating lease liabilities	25,927				2,753				29,068				21,589				3,132				25,189
Long-term portion of operating lease liabilities	97,992				7,039				105,512				124,891				9,787				135,174

As discussed above, the Company classifies its fleet vehicle and equipment leases and its office equipment leases commencing on or after January 1, 2019 as financing leases. Information related to the Company’s financing leases recorded on the Consolidated Balance Sheets is presented below:

	December 31, 2019
	PNM				TNMP				PNMR Consolidated
	(In thousands)
Financing leases:
Non-utility property	$	4,857			$	4,910			$	10,028
Accumulated depreciation	(482		)		(466		)		(973		)
Non-utility property, net	$	4,375			$	4,444			$	9,055
Other current liabilities	$	722			$	850			$	1,637
Other deferred credits	3,333				3,597				7,102

Lease, Cost

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:

	December 31, 2019
	PNM			TNMP			PNMR Consolidated
Weighted average remaining lease term (years):
Operating leases	6.70			4.10			6.49
Financing leases	5.64			5.54			5.54
Weighted average discount rate:
Operating leases	3.89	%		3.95	%		3.90	%
Financing leases	3.68	%		3.65	%		3.64	%

Information for the components of lease expense is as follows:

	Year Ended December 31, 2019
	PNM				TNMP				PNMR Consolidated
	(In thousands)
Operating lease cost	$	28,254			$	3,341			$	31,963
Less: amounts capitalized	(1,319		)		(2,594		)		(3,913		)
Total operating lease expense	26,935				747				28,050
Financing lease cost:
Amortization of right-of-use assets	481				466				973
Interest on lease liabilities	92				100				194
Less: amounts capitalized	(280		)		(423		)		(704		)
Total financing lease expense	293				143				463
Variable lease expense	96				—				96
Short-term lease expense	346				26				414
Total lease expense for the period	$	27,670			$	916			$	29,023

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

	Year Ended December 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	$	26,392			$	935			$	27,849
Operating cash flows from financing leases	44				25				71
Finance cash flows from financing leases	183				109				313
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	4,473				4,910				9,645

Finance Lease, Liability, Maturity

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

	As of December 31, 2019
	PNM								TNMP								PNMR Consolidated
	Financing				Operating				Financing				Operating				Financing				Operating
	(In thousands)
2020	$	857			$	27,028			$	998			$	3,078			$	1,925			$	30,660
2021	830				26,576				966				2,448				1,866				29,316
2022	803				26,266				934				1,996				1,807				28,473
2023	767				17,735				819				1,508				1,624				19,423
2024	505				7,908				648				877				1,153				8,833
Later years	723				34,466				526				765				1,249				35,489
Total minimum lease payments	4,485				139,979				4,891				10,672				9,624				152,194
Less: Imputed interest	430				16,060				444				880				885				17,614
Lease liabilities as of December 31, 2019	$	4,055			$	123,919			$	4,447			$	9,792			$	8,739			$	134,580

Lessee, Operating Lease, Liability, Maturity

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

	As of December 31, 2019
	PNM								TNMP								PNMR Consolidated
	Financing				Operating				Financing				Operating				Financing				Operating
	(In thousands)
2020	$	857			$	27,028			$	998			$	3,078			$	1,925			$	30,660
2021	830				26,576				966				2,448				1,866				29,316
2022	803				26,266				934				1,996				1,807				28,473
2023	767				17,735				819				1,508				1,624				19,423
2024	505				7,908				648				877				1,153				8,833
Later years	723				34,466				526				765				1,249				35,489
Total minimum lease payments	4,485				139,979				4,891				10,672				9,624				152,194
Less: Imputed interest	430				16,060				444				880				885				17,614
Lease liabilities as of December 31, 2019	$	4,055			$	123,919			$	4,447			$	9,792			$	8,739			$	134,580

Schedule of Future Minimum Operating Lease Payments

	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.

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+ References

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-Publisher FASB
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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

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-Section 50
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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.

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