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Lease Commitments (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Assets and Liabilities, Lessee

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

			June 30, 2021																		December 31, 2020
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Operating leases:
Operating lease assets, net of amortization			$	85,738					$	6,366					$	92,498					$	97,461					$	7,206					$	105,133
Current portion of operating lease liabilities			24,250						2,130						26,472						25,130						2,193						27,460
Long-term portion of operating lease liabilities			61,834						3,998						66,135						75,941						4,779						81,065

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

			June 30, 2021																		December 31, 2020
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Financing leases:
Non-utility property			$	12,890					$	14,358					$	27,578					$	11,453					$	13,299					$	25,055
Accumulated depreciation			(3,178)						(3,491)						(6,812)						(2,044)						(2,241)						(4,383)
Non-utility property, net			9,712						10,867						20,766						9,409						11,058						20,672
Other current liabilities			2,305						2,612						5,003						1,993						2,397						4,470
Other deferred credits			7,206						8,262						15,573						7,176						8,669						15,972

Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities as of June 30, 2021 is presented below:

			PNM						TNMP						PNMR Consolidated
Weighted average remaining lease term (years):
Operating leases			5.60						3.24						5.45
Financing leases			4.44						4.46						4.43
Weighted average discount rate:
Operating leases			3.95		%				3.95		%				3.95		%
Financing leases			2.66		%				2.77		%				2.71		%

Lease, Cost

Information for the components of lease expense is as follows:

			Three Months Ended June 30, 2021																		Six Months Ended June 30, 2021
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Operating lease cost:			$	6,715					$	633					$	7,385					$	13,450					$	1,286					$	14,814
Amounts capitalized			(220)						(543)						(763)						(446)						(1,102)						(1,548)
Total operating lease expense			6,495						90						6,622						13,004						184						13,266
Financing lease cost:
Amortization of right-of-use assets			604						637						1,262						1,136						1,251						2,430
Interest on lease liabilities			65						76						141						127						152						281
Amounts capitalized			(417)						(632)						(1,048)						(783)						(1,258)						(2,041)
Total financing lease expense			252						81						355						480						145						670
Variable lease expense			106						—						106						168						—						168
Short-term lease expense			125						2						147						249						4						280
Total lease expense for the period			$	6,978					$	173					$	7,230					$	13,901					$	333					$	14,384

			Three Months Ended June 30, 2020																		Six Months Ended June 30, 2020
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Operating lease cost:			$	6,847					$	746					$	7,658					$	13,740					$	1,521					$	15,393
Amounts capitalized			(247)						(602)						(849)						(538)						(1,237)						(1,774)
Total operating lease expense			6,600						144						6,809						13,202						284						13,619
Financing lease cost:
Amortization of right-of-use assets			341						382						741						588						672						1,294
Interest on lease liabilities			52						68						121						97						124						224
Amounts capitalized			(226)						(369)						(594)						(401)						(653)						(1,053)
Total financing lease expense			167						81						268						284						143						465
Variable lease expense			63						—						63						95						—						95
Short-term lease expense			75						1						75						160						1						161
Total lease expense for the period			$	6,905					$	226					$	7,215					$	13,741					$	428					$	14,340

Schedule of Leases, Supplemental Cash Flows

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

			Six Months Ended																		Six Months Ended
			June 30, 2021																		June 30, 2020
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	16,291					$	188					$	16,572					$	16,511					$	331					$	17,125
Operating cash flows from financing leases			43						17						63						36						20						59
Finance cash flows from financing leases			392						156						592						207						120						360
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases			$	—					$	317					$	317					$	—					$	—					$	—
Financing leases			1,512						1,254						2,793						3,703						4,802						8,513

Lessee, Operating Lease, Liability, Maturity

Future expected lease payments are shown below:

			As of June 30, 2021
			PNM												TNMP												PNMR Consolidated
			Financing						Operating						Financing						Operating						Financing						Operating
			(In thousands)
Remainder of 2021			$	1,270					$	9,811					$	1,448					$	1,159					$	2,763					$	11,099
2022			2,493						26,266						2,812						1,972						5,393						28,449
2023			2,413						17,735						2,626						1,474						5,091						19,389
2024			1,740						7,908						2,146						896						3,897						8,853
2025			994						6,946						1,345						706						2,339						7,690
Later years			1,167						27,521						1,141						76						2,307						27,815
Total minimum lease payments			10,077						96,187						11,518						6,283						21,790						103,295
Less: Imputed interest			566						10,103						644						155						1,214						10,688
Lease liabilities as of June 30, 2021			$	9,511					$	86,084					$	10,874					$	6,128					$	20,576					$	92,607

Finance Lease, Liability, Maturity

Future expected lease payments are shown below:

			As of June 30, 2021
			PNM												TNMP												PNMR Consolidated
			Financing						Operating						Financing						Operating						Financing						Operating
			(In thousands)
Remainder of 2021			$	1,270					$	9,811					$	1,448					$	1,159					$	2,763					$	11,099
2022			2,493						26,266						2,812						1,972						5,393						28,449
2023			2,413						17,735						2,626						1,474						5,091						19,389
2024			1,740						7,908						2,146						896						3,897						8,853
2025			994						6,946						1,345						706						2,339						7,690
Later years			1,167						27,521						1,141						76						2,307						27,815
Total minimum lease payments			10,077						96,187						11,518						6,283						21,790						103,295
Less: Imputed interest			566						10,103						644						155						1,214						10,688
Lease liabilities as of June 30, 2021			$	9,511					$	86,084					$	10,874					$	6,128					$	20,576					$	92,607

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- Definition

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
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980

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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
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980

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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=123408670&loc=SL77918701-209980

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