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Lease Commitments (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Assets and Liabilities, Lessee

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

			March 31, 2022																		December 31, 2021
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Operating leases:
Operating lease assets, net of amortization			$	69,022					$	4,782					$	74,126					$	73,903					$	5,264					$	79,511
Current portion of operating lease liabilities			25,826						1,853						27,722						25,278						1,882						27,218
Long-term portion of operating lease liabilities			44,377						2,713						47,369						52,552						3,155						55,993

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

			March 31, 2022																		December 31, 2021
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Financing leases:
Non-utility property			$	15,613					$	16,232					$	32,188					$	15,171					$	16,181					$	31,695
Accumulated depreciation			(5,282)						(5,679)						(11,171)						(4,550)						(4,923)						(9,660)
Non-utility property, net			10,331						10,553						21,017						10,621						11,258						22,035
Other current liabilities			2,818						2,975						5,881						2,731						2,994						5,813
Other deferred credits			7,373						7,586						15,008						7,732						8,273						16,075

Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities as of March 31, 2022 is presented below:

			PNM						TNMP						PNMR Consolidated
Weighted average remaining lease term (years):
Operating leases			6.23						2.75						6.02
Financing leases			4.10						3.93						4.00
Weighted average discount rate:
Operating leases			4.03		%				4.00		%				4.02		%
Financing leases			2.62		%				2.71		%				2.66		%

Lease, Cost

Information for the components of lease expense is as follows:

									Three Months Ended March 31, 2022
																					PNM						TNMP						PNMR Consolidated
																					(In thousands)
Operating lease cost:																					$	6,683					$	528					$	7,237
Amounts capitalized																					(185)						(469)						(654)
Total operating lease expense																					6,498						59						6,583
Financing lease cost:
Amortization of right-of-use assets																					732						757						1,511
Interest on lease liabilities																					68						73						141
Amounts capitalized																					(497)						(717)						(1,213)
Total financing lease expense																					303						113						439
Variable lease expense																					106						—						106
Short-term lease expense (1)																					1,132						—						1,169
Total lease expense for the period																					$	8,039					$	172					$	8,297

(1) Includes expense of $1.1 million for the three months ended March 31, 2022 for rental of temporary cooling towers associated with the SJGS Unit 1 outage. These amounts are offset with insurance reimbursements of $1.1 million for the three months ended March 31, 2022. For additional information on the SJGS Unit 1 outage see Note 12.

									Three Months Ended March 31, 2021
																					PNM						TNMP						PNMR Consolidated
																					(In thousands)
Operating lease cost:																					$	6,735					$	653					$	7,429
Amounts capitalized																					(226)						(559)						(785)
Total operating lease expense																					6,509						94						6,644
Financing lease cost:
Amortization of right-of-use assets																					532						613						1,167
Interest on lease liabilities																					62						76						139
Amounts capitalized																					(368)						(625)						(993)
Total financing lease expense																					226						64						313
Variable lease expense																					63						—						63
Short-term lease expense																					124						2						132
Total lease expense for the period																					$	6,922					$	160					$	7,152

Schedule of Leases, Supplemental Cash Flows

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

			Three Months Ended																		Three Months Ended
			March 31, 2022																		March 31, 2021
			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			$	9,244					$	49					$	9,318					$	9,246					$	97					$	9,401
Operating cash flows from financing leases			22						8						31						21						8						30
Finance cash flows from financing leases			260						104						386						186						71						278
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases			$	1,079					$	—					$	1,079					$	—					$	317					$	317
Financing leases			441						51						492						758						387						1,164

Lessee, Operating Lease, Liability, Maturity

Future expected lease payments are shown below:

			As of March 31, 2022
			PNM												TNMP												PNMR Consolidated
			Financing						Operating						Financing						Operating						Financing						Operating
			(In thousands)
Remainder of 2022			$	2,293					$	16,918					$	2,435					$	1,496					$	4,797					$	18,630
2023			2,952						17,778						3,028						1,546						6,035						19,558
2024			2,267						7,953						2,557						943						4,838						8,958
2025			1,450						6,992						1,648						770						3,100						7,802
2026			1,048						6,928						844						76						1,892						7,042
Later years			801						22,132						613						—						1,414						22,315
Total minimum lease payments			10,811						78,701						11,125						4,831						22,076						84,305
Less: Imputed interest			620						8,498						564						265						1,187						9,214
Lease liabilities as of March 31, 2022			$	10,191					$	70,203					$	10,561					$	4,566					$	20,889					$	75,091

Finance Lease, Liability, Maturity

Future expected lease payments are shown below:

			As of March 31, 2022
			PNM												TNMP												PNMR Consolidated
			Financing						Operating						Financing						Operating						Financing						Operating
			(In thousands)
Remainder of 2022			$	2,293					$	16,918					$	2,435					$	1,496					$	4,797					$	18,630
2023			2,952						17,778						3,028						1,546						6,035						19,558
2024			2,267						7,953						2,557						943						4,838						8,958
2025			1,450						6,992						1,648						770						3,100						7,802
2026			1,048						6,928						844						76						1,892						7,042
Later years			801						22,132						613						—						1,414						22,315
Total minimum lease payments			10,811						78,701						11,125						4,831						22,076						84,305
Less: Imputed interest			620						8,498						564						265						1,187						9,214
Lease liabilities as of March 31, 2022			$	10,191					$	70,203					$	10,561					$	4,566					$	20,889					$	75,091

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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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