XML 66 R51.htm IDEA: XBRL DOCUMENT v3.23.3

Lease Commitments (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Assets and Liabilities, Lessee

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

			September 30, 2023																		December 31, 2022
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Operating leases:
Operating lease assets, net of amortization			$	183,889					$	2,099					$	185,989					$	52,556					$	3,426					$	55,982
Current portion of operating lease liabilities			10,992						991						11,983						17,239						1,543						18,781
Long-term portion of operating lease liabilities			167,891						959						168,849						39,633						1,703						41,336

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

			September 30, 2023																		December 31, 2022
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Financing leases:
Non-utility property			$	25,144					$	22,931					$	48,143					$	19,324					$	20,084					$	39,738
Accumulated depreciation			(10,905)						(10,898)						(21,851)						(7,726)						(8,202)						(16,189)
Non-utility property, net			14,239						12,033						26,292						11,598						11,882						23,549
Other current liabilities			$	4,339					$	4,459					$	8,813					$	3,441					$	3,867					$	7,363
Other deferred credits			9,888						7,593						17,486						8,079						8,028						16,123

Information concerning the weighted average remaining lease terms and the weighted average discount rates used to determine the Company’s lease liabilities as of September 30, 2023 is presented below:

			PNM						TNMP						PNMR Consolidated
Weighted average remaining lease term (years):
Operating leases			17.08						1.84						16.92
Financing leases			3.91						3.08						3.53
Weighted average discount rate:
Operating leases			5.61		%				4.15		%				5.60		%
Financing leases			4.43		%				4.24		%				4.34		%

Lease, Cost

Information for the components of lease expense is as follows:

			Three Months Ended September 30, 2023																		Nine Months Ended September 30, 2023
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Operating lease cost:			$	4,001					$	345					$	4,346					$	10,377					$	1,175					$	11,552
Amounts capitalized			(71)						(302)						(373)						(334)						(1,031)						(1,365)
Total operating lease expense			3,930						43						3,973						10,043						144						10,187
Financing lease cost:
Amortization of right-of-use assets			1,193						1,183						2,389						3,325						3,345						6,718
Interest on lease liabilities			148						126						274						411						349						760
Amounts capitalized			(844)						(1,071)						(1,915)						(2,313)						(3,076)						(5,389)
Total financing lease expense			497						238						748						1,423						618						2,089
Variable lease expense			360						—						360						982						—						982
Short-term lease expense			174						7						190						438						22						490
Total lease expense for the period			$	4,961					$	288					$	5,271					$	12,886					$	784					$	13,748

			Three Months Ended September 30, 2022																		Nine Months Ended September 30, 2022
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Operating lease cost:			$	6,736					$	466					$	7,205					$	20,085					$	1,489					$	21,623
Amounts capitalized			(166)						(410)						(577)						(524)						(1,336)						(1,860)
Total operating lease expense			6,570						56						6,628						19,561						153						19,763
Financing lease cost:
Amortization of right-of-use assets			792						779						1,585						2,293						2,334						4,680
Interest on lease liabilities			84						85						170						231						238						471
Amounts capitalized			(588)						(829)						(1,417)						(1,648)						(2,309)						(3,957)
Total financing lease expense			288						35						338						876						263						1,194
Variable lease expense			262						—						262						629						—						629
Short-term lease expense (1)			568						1						567						2,837						4						2,884
Total lease expense for the period			$	7,688					$	92					$	7,795					$	23,903					$	420					$	24,470

(1) Includes expense of $0.4 million and $2.7 million for the three and nine months ended September 30, 2022 for rental of temporary cooling towers associated with the SJGS Unit 1 outage. These amounts are offset with insurance reimbursements of $0.4 million and $2.7 million for the three and nine months ended September 30, 2022.

Schedule of Leases, Supplemental Cash Flows

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

			Nine Months Ended																		Nine Months Ended
			September 30, 2023																		September 30, 2022
			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			$	18,714					$	113					$	18,827					$	25,503					$	118					$	25,670
Operating cash flows from financing leases			135						47						183						67						32						101
Finance cash flows from financing leases			1,221						565						1,836						810						371						1,249
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases			$	138,878					$	6					$	138,884					$	2,924					$	—					$	2,924
Financing leases			5,977						3,508						9,485						3,032						2,349						5,381

Lessee, Operating Lease, Liability, Maturity

Future expected lease payments are shown below:

			As of September 30, 2023
			PNM																		TNMP												PNMR Consolidated
									Operating																														Operating
			Financing						Battery Storage						Other						Financing						Operating						Financing						Battery Storage						Other
			(In thousands)
Remainder of 2023			$	1,344					$	2,947					$	145					$	1,298					$	264					$	2,646					$	2,947					$	409
2024			4,510						11,786						8,154						4,564						945						9,088						11,786						9,099
2025			3,522						11,786						7,433						3,480						770						7,004						11,786						8,203
2026			3,010						11,786						7,024						2,299						76						5,309						11,786						7,100
2027			1,788						11,786						7,028						1,010						—						2,798						11,786						7,028
Later years			1,386						184,041						17,619						219						—						1,605						184,041						17,619
Total minimum lease payments			15,560						234,132						47,403						12,870						2,055						28,450						234,132						49,458
Less: Imputed interest			1,333						95,916						6,736						818						105						2,151						95,916						6,842
Lease liabilities			$	14,227					$	138,216					$	40,667					$	12,052					$	1,950					$	26,299					$	138,216					$	42,616

Finance Lease, Liability, Maturity

Future expected lease payments are shown below:

			As of September 30, 2023
			PNM																		TNMP												PNMR Consolidated
									Operating																														Operating
			Financing						Battery Storage						Other						Financing						Operating						Financing						Battery Storage						Other
			(In thousands)
Remainder of 2023			$	1,344					$	2,947					$	145					$	1,298					$	264					$	2,646					$	2,947					$	409
2024			4,510						11,786						8,154						4,564						945						9,088						11,786						9,099
2025			3,522						11,786						7,433						3,480						770						7,004						11,786						8,203
2026			3,010						11,786						7,024						2,299						76						5,309						11,786						7,100
2027			1,788						11,786						7,028						1,010						—						2,798						11,786						7,028
Later years			1,386						184,041						17,619						219						—						1,605						184,041						17,619
Total minimum lease payments			15,560						234,132						47,403						12,870						2,055						28,450						234,132						49,458
Less: Imputed interest			1,333						95,916						6,736						818						105						2,151						95,916						6,842
Lease liabilities			$	14,227					$	138,216					$	40,667					$	12,052					$	1,950					$	26,299					$	138,216					$	42,616

X

- Definition

Assets and Liabilities, Lessee [Table Text Block]

+ References

No definition available.

+ Details

Name:	pnm_AssetsAndLiabilitiesLesseeTableTextBlock
Namespace Prefix:	pnm_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule Of Leases, Supplemental Cash Flows [Table Text Block]

+ References

No definition available.

+ Details

Name:	pnm_ScheduleOfLeasesSupplementalCashFlowsTableTextBlock
Namespace Prefix:	pnm_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6

+ Details

Name:	us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-4

+ Details

Name:	us-gaap_LeaseCostTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_LeasesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6

+ Details

Name:	us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration