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Lease Commitments (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Assets and Liabilities, Lessee | Information related to the Company’s operating leases recorded on the Consolidated Balance Sheets is presented below:
| December 31, 2023 |  | December 31, 2022
| PNM |  | TNMP |  | PNMR Consolidated |  | PNM |  | TNMP |  | PNMR Consolidated
| (In thousands)
Operating leases: |  |  |  |  |  |  |  |  |  |  |
Operating lease assets, net of amortization | $ | 180,370 |  |  | $ | 1,814 |  |  | $ | 182,201 |  |  | $ | 52,556 |  |  | $ | 3,426 |  |  | $ | 55,982 |
Current portion of operating lease liabilities | 11,371 |  |  | 895 |  |  | 12,267 |  |  | 17,239 |  |  | 1,543 |  |  | 18,781 |
Long-term portion of operating lease liabilities | 166,191 |  |  | 809 |  |  | 167,000 |  |  | 39,633 |  |  | 1,703 |  |  | 41,336 |
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, 2023 |  | December 31, 2022
| PNM |  | TNMP |  | PNMR Consolidated |  | PNM |  | TNMP |  | PNMR Consolidated
| (In thousands)
Financing leases: |  |  |  |  |  |  |  |  |  |  |
Non-utility property | $ | 25,425 |  |  | $ | 24,487 |  |  | $ | 49,981 |  |  | $ | 19,324 |  |  | $ | 20,084 |  |  | $ | 39,738 |
Accumulated depreciation | (11,984) |  |  | (11,869) |  |  | (23,905) |  |  | (7,726) |  |  | (8,202) |  |  | (16,189) |
Non-utility property, net | $ | 13,441 |  |  | $ | 12,618 |  |  | $ | 26,076 |  |  | $ | 11,598 |  |  | $ | 11,882 |  |  | $ | 23,549 |
Other current liabilities | $ | 4,146 |  |  | $ | 4,616 |  |  | $ | 8,776 |  |  | $ | 3,441 |  |  | $ | 3,867 |  |  | $ | 7,363 |
Other deferred credits | 9,300 |  |  | 8,023 |  |  | 17,326 |  |  | 8,079 |  |  | 8,028 |  |  | 16,123 |
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, 2023 |  | December 31, 2022
| PNM |  | TNMP |  | PNMR Consolidated |  | PNM |  | TNMP |  | PNMR Consolidated
Weighted average remaining lease term (years): |  |  |  |  |  |  |  |  |  |  |
Operating leases | 16.79 |  | 1.65 |  | 16.65 |  | 6.74 |  | 2.16 |  | 6.48
Financing leases | 3.81 |  | 3.08 |  | 3.45 |  | 3.99 |  | 3.39 |  | 3.68
Weighted average discount rate: |  |  |  |  |  |  |  |  |  |  |
Operating leases | 5.61 | % |  | 4.16 | % |  | 5.60 | % |  | 4.01 | % |  | 3.94 | % |  | 4.00 | %
Financing leases | 4.54 |  |  | 4.63 |  |  | 4.58 |  |  | 3.36 |  |  | 3.53 |  |  | 3.44 |
Information for the components of lease expense is as follows:
| Year Ended December 31, 2023
| PNM |  | TNMP |  | PNMR Consolidated
| (In thousands)
Operating lease cost: |  |  |  |  |
Battery storage leases | $ | 4,351 |  |  | $ | — |  |  | $ | 4,351 |
Other operating leases | 11,127 |  |  | 1,479 |  |  | 12,606 |
Amounts capitalized | (374) |  |  | (1,298) |  |  | (1,672) |
Total operating lease expense | 15,104 |  |  | 181 |  |  | 15,285 |
Financing lease cost: |  |  |  |  |
Amortization of right-of-use assets | 4,566 |  |  | 4,634 |  |  | 9,253 |
Interest on lease liabilities | 562 |  |  | 497 |  |  | 1,060 |
Amounts capitalized | (3,190) |  |  | (4,250) |  |  | (7,440) |
Total financing lease expense | 1,938 |  |  | 881 |  |  | 2,873 |
Variable lease expense | 1,342 |  |  | — |  |  | 1,342 |
Short-term lease expense | 675 |  |  | 29 |  |  | 782 |
Total lease expense for the period | $ | 19,059 |  |  | $ | 1,091 |  |  | $ | 20,282 |
| Year Ended December 31, 2022
| PNM |  | TNMP |  | PNMR Consolidated
| (In thousands)
Operating lease cost | $ | 26,764 |  |  | $ | 2,020 |  |  | $ | 28,835 |
Amounts capitalized | (690) |  |  | (1,728) |  |  | (2,417) |
Total operating lease expense | 26,074 |  |  | 292 |  |  | 26,418 |
Financing lease cost: |  |  |  |  |
Amortization of right-of-use assets | 3,175 |  |  | 3,279 |  |  | 6,529 |
Interest on lease liabilities | 327 |  |  | 330 |  |  | 659 |
Amounts capitalized | (2,264) |  |  | (3,208) |  |  | (5,471) |
Total financing lease expense | 1,238 |  |  | 401 |  |  | 1,717 |
Variable lease expense | 890 |  |  | — |  |  | 890 |
Short-term lease expense (1) | 3,058 |  |  | 5 |  |  | 3,109 |
Total lease expense for the period | $ | 31,260 |  |  | $ | 698 |  |  | $ | 32,134 |
(1) Includes expense of $2.7 million for the twelve months ended December 31, 2022 for rental of temporary cooling towers associated with the SJGS Unit 1 outage. These amounts are partially offset with insurance reimbursements of $2.7 million for the twelve months ended December 31, 2022. Supplemental cash flow information related to the Company’s leases is as follows:
| Year Ended December 31, 2023 |  | Year Ended December 31, 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 | $ | 21,575 |  |  | $ | 110 |  |  | $ | 21,685 |  |  | $ | 25,687 |  |  | $ | 246 |  |  | $ | 25,984 |
Operating cash flows from financing leases | 183 |  |  | 73 |  |  | 256 |  |  | 96 |  |  | 43 |  |  | 141 |
Financing cash flows from financing leases | 1,671 |  |  | 802 |  |  | 2,527 |  |  | 1,123 |  |  | 499 |  |  | 1,711 |
Non-cash information related to right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |  |  |  |
Operating leases | $ | 138,204 |  |  | $ | 6 |  |  | $ | 138,210 |  |  | $ | 2,924 |  |  | $ | 179 |  |  | $ | 3,103 |
Financing leases | 6,421 |  |  | 5,407 |  |  | 11,828 |  |  | 4,205 |  |  | 4,061 |  |  | 8,266 |
Finance Lease, Liability, Maturity | Future expected lease payments are shown below:
| As of December 31, 2023
| PNM |  | TNMP |  | PNMR Consolidated
|  |  | Operating |  |  |  |  |  |  |  | Operating
| Financing |  | Battery Storage |  | Other |  | Financing |  | Operating |  | Financing |  | Battery Storage |  | Other
| (In thousands)
2024 | $ | 4,649 |  |  | $ | 11,786 |  |  | $ | 8,046 |  |  | $ | 5,083 |  |  | $ | 945 |  |  | $ | 9,746 |  |  | $ | 11,786 |  |  | $ | 8,991 |
2025 | 3,605 |  |  | 11,786 |  |  | 7,087 |  |  | 3,991 |  |  | 770 |  |  | 7,598 |  |  | 11,786 |  |  | 7,857 |
2026 | 3,089 |  |  | 11,786 |  |  | 7,025 |  |  | 2,781 |  |  | 76 |  |  | 5,870 |  |  | 11,786 |  |  | 7,101 |
2027 | 1,859 |  |  | 11,786 |  |  | 7,029 |  |  | 1,381 |  |  | — |  |  | 3,240 |  |  | 11,786 |  |  | 7,029 |
2028 | 889 |  |  | 11,786 |  |  | 7,032 |  |  | 310 |  |  | — |  |  | 1,199 |  |  | 11,786 |  |  | 7,032 |
Later years | 614 |  |  | 172,254 |  |  | 10,587 |  |  | 37 |  |  | — |  |  | 651 |  |  | 172,254 |  |  | 10,587 |
Total minimum lease payments | 14,705 |  |  | 231,184 |  |  | 46,806 |  |  | 13,583 |  |  | 1,791 |  |  | 28,304 |  |  | 231,184 |  |  | 48,597 |
Less: Imputed interest | 1,259 |  |  | 94,563 |  |  | 5,865 |  |  | 944 |  |  | 87 |  |  | 2,202 |  |  | 94,563 |  |  | 5,951 |
Lease liabilities | $ | 13,446 |  |  | $ | 136,621 |  |  | $ | 40,941 |  |  | $ | 12,639 |  |  | $ | 1,704 |  |  | $ | 26,102 |  |  | $ | 136,621 |  |  | $ | 42,646 |
Lessee, Operating Lease, Liability, Maturity | Future expected lease payments are shown below:
| As of December 31, 2023
| PNM |  | TNMP |  | PNMR Consolidated
|  |  | Operating |  |  |  |  |  |  |  | Operating
| Financing |  | Battery Storage |  | Other |  | Financing |  | Operating |  | Financing |  | Battery Storage |  | Other
| (In thousands)
2024 | $ | 4,649 |  |  | $ | 11,786 |  |  | $ | 8,046 |  |  | $ | 5,083 |  |  | $ | 945 |  |  | $ | 9,746 |  |  | $ | 11,786 |  |  | $ | 8,991 |
2025 | 3,605 |  |  | 11,786 |  |  | 7,087 |  |  | 3,991 |  |  | 770 |  |  | 7,598 |  |  | 11,786 |  |  | 7,857 |
2026 | 3,089 |  |  | 11,786 |  |  | 7,025 |  |  | 2,781 |  |  | 76 |  |  | 5,870 |  |  | 11,786 |  |  | 7,101 |
2027 | 1,859 |  |  | 11,786 |  |  | 7,029 |  |  | 1,381 |  |  | — |  |  | 3,240 |  |  | 11,786 |  |  | 7,029 |
2028 | 889 |  |  | 11,786 |  |  | 7,032 |  |  | 310 |  |  | — |  |  | 1,199 |  |  | 11,786 |  |  | 7,032 |
Later years | 614 |  |  | 172,254 |  |  | 10,587 |  |  | 37 |  |  | — |  |  | 651 |  |  | 172,254 |  |  | 10,587 |
Total minimum lease payments | 14,705 |  |  | 231,184 |  |  | 46,806 |  |  | 13,583 |  |  | 1,791 |  |  | 28,304 |  |  | 231,184 |  |  | 48,597 |
Less: Imputed interest | 1,259 |  |  | 94,563 |  |  | 5,865 |  |  | 944 |  |  | 87 |  |  | 2,202 |  |  | 94,563 |  |  | 5,951 |
Lease liabilities | $ | 13,446 |  |  | $ | 136,621 |  |  | $ | 40,941 |  |  | $ | 12,639 |  |  | $ | 1,704 |  |  | $ | 26,102 |  |  | $ | 136,621 |  |  | $ | 42,646 |

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- 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
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- 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
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