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Lease Commitments (Tables)

9 Months Ended

Sep. 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:

			September 30, 2024																		December 31, 2023
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
			(In thousands)
Operating leases:
Operating lease assets, net of amortization			$	172,904					$	1,101					$	174,554					$	180,370					$	1,814					$	182,201
Current portion of operating lease liabilities			10,349						772						11,157						11,371						895						12,267
Long-term portion of operating lease liabilities			157,584						268						158,369						166,191						809						167,000

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

			September 30, 2024																		December 31, 2023
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
			(In thousands)
Financing leases:
Non-utility property			$	21,649					$	23,761					$	46,410					$	25,425					$	24,487					$	49,981
Accumulated depreciation			(10,151)						(12,476)						(22,767)						(11,984)						(11,869)						(23,905)
Non-utility property, net			11,498						11,285						23,643						13,441						12,618						26,076
Other current liabilities			$	3,698					$	4,427					$	8,374					$	4,146					$	4,616					$	8,776
Other deferred credits			7,821						6,880						15,318						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 September 30, 2024 is presented below:

			PNM						TNMP						TXNM
Weighted average remaining lease term (years):
Operating leases			16.46						1.31						16.34
Financing leases			3.41						2.86						3.15
Weighted average discount rate:
Operating leases			5.64		%				4.39		%				5.64		%
Financing leases			4.89		%				5.10		%				5.00		%

Lease, Cost

Information for the components of lease expense is as follows:

			Three Months Ended September 30, 2024																		Nine Months Ended September 30, 2024
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
			(In thousands)
Operating lease cost:
Battery storage leases			$	2,947					$	—					$	2,947					$	8,840					$	—					$	8,840
Other operating leases			1,888						217						2,124						5,855						723						6,610
Amounts capitalized			(23)						(192)						(216)						(86)						(634)						(720)
Total operating lease expense			4,812						25						4,855						14,609						89						14,730
Financing lease cost:
Amortization of right-of-use assets			1,042						1,235						2,356						3,379						3,866						7,361
Interest on lease liabilities			142						146						300						429						445						891
Amounts capitalized			(748)						(1,133)						(1,882)						(2,345)						(3,476)						(5,822)
Total financing lease expense			436						248						774						1,463						835						2,430
Variable lease expense			433						—						433						1,226						—						1,226
Short-term lease expense			182						7						276						534						19						656
Total lease expense for the period			$	5,863					$	280					$	6,338					$	17,832					$	943					$	19,042

			Three Months Ended September 30, 2023																		Nine Months Ended September 30, 2023
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
			(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

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, 2024																		September 30, 2023
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
			(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	16,694					$	36					$	16,758					$	18,714					$	113					$	18,827
Operating cash flows from financing leases			143						75						235						135						47						183
Finance cash flows from financing leases			1,305						759						2,174						1,221						565						1,836
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases			$	75					$	100					$	743					$	138,878					$	6					$	138,884
Financing leases			1,735						2,661						5,355						5,977						3,508						9,485

Lessee, Operating Lease, Liability, Maturity

Future expected lease payments are shown below:

			As of September 30, 2024
			PNM																		TNMP												TXNM
									Operating																														Operating
			Financing						Battery Storage						Other						Financing						Operating						Financing						Battery Storage						Other
			(In thousands)
Remainder of 2024			$	1,116					$	2,947					$	92					$	1,309					$	170					$	2,504					$	2,947					$	278
2025			4,023						11,786						7,092						4,673						808						8,969						11,786						7,967
2026			3,482						11,786						7,042						3,412						90						7,159						11,786						7,201
2027			2,240						11,786						7,046						1,975						14						4,458						11,786						7,131
2028			1,048						11,786						7,049						636						11						1,766						11,786						7,133
Later years			639						172,254						10,587						159						—						798						172,254						11,013
Total minimum lease payments			12,548						222,345						38,908						12,164						1,093						25,654						222,345						40,723
Less: Imputed interest			1,029						88,557						4,763						857						53						1,962						88,557						4,985
Lease liabilities			$	11,519					$	133,788					$	34,145					$	11,307					$	1,040					$	23,692					$	133,788					$	35,738

Finance Lease, Liability, Maturity

Future expected lease payments are shown below:

			As of September 30, 2024
			PNM																		TNMP												TXNM
									Operating																														Operating
			Financing						Battery Storage						Other						Financing						Operating						Financing						Battery Storage						Other
			(In thousands)
Remainder of 2024			$	1,116					$	2,947					$	92					$	1,309					$	170					$	2,504					$	2,947					$	278
2025			4,023						11,786						7,092						4,673						808						8,969						11,786						7,967
2026			3,482						11,786						7,042						3,412						90						7,159						11,786						7,201
2027			2,240						11,786						7,046						1,975						14						4,458						11,786						7,131
2028			1,048						11,786						7,049						636						11						1,766						11,786						7,133
Later years			639						172,254						10,587						159						—						798						172,254						11,013
Total minimum lease payments			12,548						222,345						38,908						12,164						1,093						25,654						222,345						40,723
Less: Imputed interest			1,029						88,557						4,763						857						53						1,962						88,557						4,985
Lease liabilities			$	11,519					$	133,788					$	34,145					$	11,307					$	1,040					$	23,692					$	133,788					$	35,738

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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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