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Lease Commitments (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025																		December 31, 2024
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
			(In thousands)
Operating leases:
Operating lease assets, net of amortization			$	268,291					$	581					$	269,399					$	271,433					$	923					$	272,894
Current portion of operating lease liabilities			13,958						527						14,523						13,542						713						14,293
Long-term portion of operating lease liabilities			252,963						34						253,493						254,702						167						255,376

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

			March 31, 2025																		December 31, 2024
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
			(In thousands)
Financing leases:
Non-utility property			$	24,877					$	23,938					$	50,153					$	24,548					$	24,420					$	50,144
Accumulated depreciation			(11,165)						(13,331)						(24,762)						(10,997)						(13,411)						(24,604)
Non-utility property, net			13,712						10,607						25,391						13,551						11,009						25,540
Other current liabilities			$	4,487					$	4,498					$	9,307					$	4,311					$	4,527					$	9,126
Other deferred credits			9,249						6,132						16,153						9,262						6,504						16,470

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:

			March 31, 2025																		December 31, 2024
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
Weighted average remaining lease term (years):
Operating leases			17.25						0.75						17.20						17.52						1.10						17.45
Financing leases			3.39						2.72						3.11						3.51						2.80						3.20
Weighted average discount rate:
Operating leases			5.68		%				4.43		%				5.23		%				5.68		%				4.41		%				5.68		%
Financing leases			5.19		%				5.31		%				5.68		%				5.08		%				5.19		%				5.12		%

Lease, Cost

Information for the components of lease expense is as follows:

									Three Months Ended March 31, 2025
																					PNM						TNMP						TXNM
																					(In thousands)
Operating lease cost:
Energy storage leases																					$	5,083					$	—					$	5,083
Other operating leases																					1,863						154						2,036
Amounts capitalized																					(11)						(130)						(141)
Total operating lease expense																					6,935						24						6,978
Financing lease cost:
Amortization of right-of-use assets																					1,201						1,294						2,588
Interest on lease liabilities																					180						144						339
Amounts capitalized																					(880)						(1,195)						(2,074)
Total financing lease expense																					501						243						853
Variable lease expense																					6,556						—						6,556
Short-term lease expense																					191						4						225
Total lease expense for the period																					$	14,183					$	271					$	14,612

									Three Months Ended March 31, 2024
																					PNM						TNMP						TXNM
																					(In thousands)
Operating lease cost:
Energy 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

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, 2025																		March 31, 2024
			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			$	5,116					$	13					$	5,145					$	3,826					$	14					$	3,840
Operating cash flows from financing leases			62						25						102						44						29						74
Finance cash flows from financing leases			436						217						741						464						256						728
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases			$	49					$	4					$	52					$	27					$	63					$	90
Financing leases			1,368						891						2,449						263						1,040						1,398

Lessee, Operating Lease, Liability, Maturity

Future expected lease payments are shown below:

			As of March 31, 2025
			PNM																		TNMP												TXNM
									Operating																														Operating
			Financing						Energy Storage						Other						Financing						Operating						Financing						Energy Storage						Other
			(In thousands)
Remainder of 2025			$	3,879					$	15,250					$	7,060					$	3,854					$	547					$	8,009					$	15,250					$	7,657
2026			4,672						20,333						7,045						3,867						14						8,905						20,333						7,128
2027			3,372						20,333						7,049						2,395						14						6,111						20,333						7,134
2028			1,969						20,333						7,052						982						11						3,114						20,333						7,135
2029			672						20,333						7,039						318						—						1,024						20,333						7,114
Later years			230						287,100						3,660						4						—						234						287,100						4,012
Total minimum lease payments			14,794						383,682						38,905						11,420						586						27,397						383,682						40,180
Less: Imputed interest			1,058						151,525						4,141						790						25						1,937						151,525						4,321
Lease liabilities			$	13,736					$	232,157					$	34,764					$	10,630					$	561					$	25,460					$	232,157					$	35,859

Finance Lease, Liability, Maturity

Future expected lease payments are shown below:

			As of March 31, 2025
			PNM																		TNMP												TXNM
									Operating																														Operating
			Financing						Energy Storage						Other						Financing						Operating						Financing						Energy Storage						Other
			(In thousands)
Remainder of 2025			$	3,879					$	15,250					$	7,060					$	3,854					$	547					$	8,009					$	15,250					$	7,657
2026			4,672						20,333						7,045						3,867						14						8,905						20,333						7,128
2027			3,372						20,333						7,049						2,395						14						6,111						20,333						7,134
2028			1,969						20,333						7,052						982						11						3,114						20,333						7,135
2029			672						20,333						7,039						318						—						1,024						20,333						7,114
Later years			230						287,100						3,660						4						—						234						287,100						4,012
Total minimum lease payments			14,794						383,682						38,905						11,420						586						27,397						383,682						40,180
Less: Imputed interest			1,058						151,525						4,141						790						25						1,937						151,525						4,321
Lease liabilities			$	13,736					$	232,157					$	34,764					$	10,630					$	561					$	25,460					$	232,157					$	35,859

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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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