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Lease Commitments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024																		December 31, 2023
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Operating leases:
Operating lease assets, net of amortization			$	177,865					$	1,615					$	179,480					$	180,370					$	1,814					$	182,201
Current portion of operating lease liabilities			10,925						887						11,811						11,371						895						12,267
Long-term portion of operating lease liabilities			165,199						643						165,842						166,191						809						167,000

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

			March 31, 2024																		December 31, 2023
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Financing leases:
Non-utility property			$	23,262					$	25,400					$	48,826					$	25,425					$	24,487					$	49,981
Accumulated depreciation			(10,975)						(13,058)						(24,095)						(11,984)						(11,869)						(23,905)
Non-utility property, net			12,287						12,342						24,731						13,441						12,618						26,076
Other current liabilities			$	3,836					$	4,604					$	8,473					$	4,146					$	4,616					$	8,776
Other deferred credits			8,469						7,760						16,299						9,300						8,023						17,326

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, 2024 is presented below:

			PNM						TNMP						PNMR Consolidated
Weighted average remaining lease term (years):
Operating leases			16.59						1.57						16.46
Financing leases			3.67						3.02						3.35
Weighted average discount rate:
Operating leases			5.61		%				4.22		%				5.60		%
Financing leases			4.65		%				4.80		%				4.72		%

Lease, Cost

Information for the components of lease expense is as follows:

									Three Months Ended March 31, 2024
																					PNM						TNMP						PNMR Consolidated
																					(In thousands)
Operating lease cost:
Battery storage leases																					$	2,947					$	—					$	2,947
Other operating leases																					2,059						270						2,329
Amounts capitalized																					(35)						(232)						(267)
Total operating lease expense																					4,971						38						5,009
Financing lease cost:
Amortization of right-of-use assets																					1,218						1,316						2,542
Interest on lease liabilities																					144						152						297
Amounts capitalized																					(841)						(1,182)						(2,023)
Total financing lease expense																					521						286						816
Variable lease expense																					360						—						360
Short-term lease expense																					204						6						216
Total lease expense for the period																					$	6,056					$	330					$	6,401

									Three Months Ended March 31, 2023
																					PNM						TNMP						PNMR Consolidated
																					(In thousands)
Operating lease cost:																					$	3,908					$	429					$	4,337
Amounts capitalized																					(160)						(353)						(513)
Total operating lease expense																					3,748						76						3,824
Financing lease cost:
Amortization of right-of-use assets																					1,008						1,064						2,093
Interest on lease liabilities																					122						111						234
Amounts capitalized																					(690)						(1,000)						(1,690)
Total financing lease expense																					440						175						637
Variable lease expense																					262						—						262
Short-term lease expense																					147						—						151
Total lease expense for the period																					$	4,597					$	251					$	4,874

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, 2024																		March 31, 2023
			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			$	3,826					$	14					$	3,840					$	9,193					$	126					$	9,319
Operating cash flows from financing leases			44						29						74						42						14						55
Finance cash flows from financing leases			464						256						728						377						161						560
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases			$	27					$	63					$	90					$	—					$	—					$	—
Financing leases			263						1,040						1,398						2,730						1,347						4,077

Lessee, Operating Lease, Liability, Maturity

Future expected lease payments are shown below:

			As of March 31, 2024
			PNM																		TNMP												PNMR Consolidated
									Operating																														Operating
			Financing						Battery Storage						Other						Financing						Operating						Financing						Battery Storage						Other
			(In thousands)
Remainder of 2024			$	3,333					$	8,840					$	7,117					$	3,909					$	708					$	7,271					$	8,840					$	7,825
2025			3,636						11,786						7,082						4,262						785						7,926						11,786						7,867
2026			3,117						11,786						7,031						3,038						90						6,181						11,786						7,121
2027			1,885						11,786						7,035						1,615						14						3,526						11,786						7,049
2028			856						11,786						7,038						383						11						1,241						11,786						7,049
Later years			614						172,254						10,587						93						—						707						172,254						10,587
Total minimum lease payments			13,441						228,238						45,890						13,300						1,608						26,852						228,238						47,498
Less: Imputed interest			1,136						92,547						5,457						936						78						2,080						92,547						5,536
Lease liabilities			$	12,305					$	135,691					$	40,433					$	12,364					$	1,530					$	24,772					$	135,691					$	41,962

Finance Lease, Liability, Maturity

Future expected lease payments are shown below:

			As of March 31, 2024
			PNM																		TNMP												PNMR Consolidated
									Operating																														Operating
			Financing						Battery Storage						Other						Financing						Operating						Financing						Battery Storage						Other
			(In thousands)
Remainder of 2024			$	3,333					$	8,840					$	7,117					$	3,909					$	708					$	7,271					$	8,840					$	7,825
2025			3,636						11,786						7,082						4,262						785						7,926						11,786						7,867
2026			3,117						11,786						7,031						3,038						90						6,181						11,786						7,121
2027			1,885						11,786						7,035						1,615						14						3,526						11,786						7,049
2028			856						11,786						7,038						383						11						1,241						11,786						7,049
Later years			614						172,254						10,587						93						—						707						172,254						10,587
Total minimum lease payments			13,441						228,238						45,890						13,300						1,608						26,852						228,238						47,498
Less: Imputed interest			1,136						92,547						5,457						936						78						2,080						92,547						5,536
Lease liabilities			$	12,305					$	135,691					$	40,433					$	12,364					$	1,530					$	24,772					$	135,691					$	41,962

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

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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
-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

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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

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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

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