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Lease Commitments (Tables)

6 Months Ended

Jun. 30, 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:

			June 30, 2024																		December 31, 2023
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Operating leases:
Operating lease assets, net of amortization			$	175,363					$	1,362					$	177,285					$	180,370					$	1,814					$	182,201
Current portion of operating lease liabilities			9,963						835						10,834						11,371						895						12,267
Long-term portion of operating lease liabilities			158,609						457						159,592						166,191						809						167,000

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

			June 30, 2024																		December 31, 2023
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Financing leases:
Non-utility property			$	22,594					$	24,054					$	47,023					$	25,425					$	24,487					$	49,981
Accumulated depreciation			(10,859)						(12,261)						(23,199)						(11,984)						(11,869)						(23,905)
Non-utility property, net			11,735						11,793						23,824						13,441						12,618						26,076
Other current liabilities			$	3,710					$	4,476					$	8,268					$	4,146					$	4,616					$	8,776
Other deferred credits			8,045						7,338						15,601						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 June 30, 2024 is presented below:

			PNM						TNMP						PNMR Consolidated
Weighted average remaining lease term (years):
Operating leases			16.74						1.41						16.60
Financing leases			3.54						2.95						3.25
Weighted average discount rate:
Operating leases			5.65		%				4.26		%				5.64		%
Financing leases			4.77		%				4.96		%				4.87		%

Lease, Cost

Information for the components of lease expense is as follows:

			Three Months Ended June 30, 2024																		Six Months Ended June 30, 2024
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Operating lease cost:
Battery storage leases			$	2,947					$	—					$	2,947					$	5,893					$	—					$	5,893
Other operating leases			1,908						237						2,157						3,967						507						4,486
Amounts capitalized			(28)						(209)						(237)						(63)						(442)						(505)
Total operating lease expense			4,827						28						4,867						9,797						65						9,874
Financing lease cost:
Amortization of right-of-use assets			1,120						1,315						2,463						2,337						2,631						5,005
Interest on lease liabilities			143						147						294						287						299						591
Amounts capitalized			(756)						(1,161)						(1,917)						(1,597)						(2,343)						(3,940)
Total financing lease expense			507						301						840						1,027						587						1,656
Variable lease expense			433						—						433						793						—						793
Short-term lease expense			148						7						165						352						12						381
Total lease expense for the period			$	5,915					$	336					$	6,305					$	11,969					$	664					$	12,704

			Three Months Ended June 30, 2023																		Six Months Ended June 30, 2023
			PNM						TNMP						PNMR Consolidated						PNM						TNMP						PNMR Consolidated
			(In thousands)
Operating lease cost:			$	2,468					$	401					$	2,869					$	6,376					$	830					$	7,206
Amounts capitalized			(103)						(331)						(434)						(263)						(684)						(947)
Total operating lease expense			2,365						70						2,435						6,113						146						6,259
Financing lease cost:
Amortization of right-of-use assets			1,123						1,098						2,235						2,132						2,162						4,329
Interest on lease liabilities			140						112						252						262						223						486
Amounts capitalized			(778)						(699)						(1,477)						(1,469)						(1,699)						(3,167)
Total financing lease expense			485						511						1,010						925						686						1,648
Variable lease expense			360						—						360						622						—						622
Short-term lease expense			145						1						149						292						1						299
Total lease expense for the period			$	3,355					$	582					$	3,954					$	7,952					$	833					$	8,828

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, 2024																		June 30, 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			$	13,701					$	26					$	13,737					$	16,208					$	155					$	16,363
Operating cash flows from financing leases			94						53						152						88						38						127
Finance cash flows from financing leases			919						533						1,487						792						646						1,474
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases			$	27					$	69					$	663					$	94					$	6					$	100
Financing leases			831						1,736						2,885						4,793						1,783						6,576

Lessee, Operating Lease, Liability, Maturity

Future expected lease payments are shown below:

			As of June 30, 2024
			PNM																		TNMP												PNMR Consolidated
									Operating																														Operating
			Financing						Battery Storage						Other						Financing						Operating						Financing						Battery Storage						Other
			(In thousands)
Remainder of 2024			$	2,202					$	5,893					$	161					$	2,595					$	454					$	4,846					$	5,893					$	648
2025			3,797						11,786						7,082						4,471						787						8,357						11,786						7,935
2026			3,269						11,786						7,031						3,235						90						6,592						11,786						7,190
2027			2,026						11,786						7,035						1,800						14						3,914						11,786						7,120
2028			913						11,786						7,038						501						11						1,426						11,786						7,122
Later years			614						172,254						10,587						113						—						728						172,254						11,013
Total minimum lease payments			12,821						225,291						38,934						12,715						1,356						25,863						225,291						41,028
Less: Imputed interest			1,066						90,546						5,107						901						64						1,994						90,546						5,347
Lease liabilities			$	11,755					$	134,745					$	33,827					$	11,814					$	1,292					$	23,869					$	134,745					$	35,681

Finance Lease, Liability, Maturity

Future expected lease payments are shown below:

			As of June 30, 2024
			PNM																		TNMP												PNMR Consolidated
									Operating																														Operating
			Financing						Battery Storage						Other						Financing						Operating						Financing						Battery Storage						Other
			(In thousands)
Remainder of 2024			$	2,202					$	5,893					$	161					$	2,595					$	454					$	4,846					$	5,893					$	648
2025			3,797						11,786						7,082						4,471						787						8,357						11,786						7,935
2026			3,269						11,786						7,031						3,235						90						6,592						11,786						7,190
2027			2,026						11,786						7,035						1,800						14						3,914						11,786						7,120
2028			913						11,786						7,038						501						11						1,426						11,786						7,122
Later years			614						172,254						10,587						113						—						728						172,254						11,013
Total minimum lease payments			12,821						225,291						38,934						12,715						1,356						25,863						225,291						41,028
Less: Imputed interest			1,066						90,546						5,107						901						64						1,994						90,546						5,347
Lease liabilities			$	11,755					$	134,745					$	33,827					$	11,814					$	1,292					$	23,869					$	134,745					$	35,681

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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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