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Lease Commitments (Tables)

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Schedule of Assets and Liabilities, Lessee

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

			June 30, 2025																		December 31, 2024
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
			(In thousands)
Operating leases:
Operating lease assets, net of amortization			$	265,016					$	388					$	265,919					$	271,433					$	923					$	272,894
Current portion of operating lease liabilities			13,253						348						13,640						13,542						713						14,293
Long-term portion of operating lease liabilities			245,330						31						245,847						254,702						167						255,376

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

			June 30, 2025																		December 31, 2024
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
			(In thousands)
Financing leases:
Non-utility property			$	25,717					$	27,843					$	54,912					$	24,548					$	24,420					$	50,144
Accumulated depreciation			(11,814)						(13,825)						(25,989)						(10,997)						(13,411)						(24,604)
Non-utility property, net			13,903						14,018						28,923						13,551						11,009						25,540
Other current liabilities			$	4,685					$	5,270					$	10,284					$	4,311					$	4,527					$	9,126
Other deferred credits			9,242						8,776						18,716						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:

			June 30, 2025																		December 31, 2024
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
Weighted average remaining lease term (years):
Operating leases			17.30						0.67						17.26						17.52						1.10						17.45
Financing leases			3.31						3.16						3.23						3.51						2.80						3.20
Weighted average discount rate:
Operating leases			5.70		%				4.46		%				5.70		%				5.68		%				4.41		%				5.68		%
Financing leases			5.26		%				5.43		%				5.33		%				5.08		%				5.19		%				5.12		%

Schedule of Components of Lease Expense

Information for the components of lease expense is as follows:

			Three Months Ended June 30, 2025																		Six Months Ended June 30, 2025
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
			(In thousands)
Operating lease cost:
Energy storage leases			$	5,084					$	—					$	5,084					$	10,167					$	—					$	10,167
Other operating leases			1,863						131						2,012						3,726						285						4,048
Amounts capitalized			(11)						(106)						(117)						(22)						(236)						(258)
Total operating lease expense			6,936						25						6,979						13,871						49						13,957
Financing lease cost:
Amortization of right-of-use assets			1,230						1,549						2,864						2,431						2,843						5,452
Interest on lease liabilities			184						213						411						364						357						750
Amounts capitalized			(898)						(1,455)						(2,354)						(1,778)						(2,650)						(4,428)
Total financing lease expense			516						307						921						1,017						550						1,774
Variable lease expense			6,579						—						6,579						13,135						—						13,135
Short-term lease expense			178						8						198						369						12						423
Total lease expense for the period			$	14,209					$	340					$	14,677					$	28,392					$	611					$	29,289

			Three Months Ended June 30, 2024																		Six Months Ended June 30, 2024
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
			(In thousands)
Operating lease cost:
Energy 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

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, 2025																		June 30, 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			$	17,114					$	27					$	17,173					$	13,701					$	26					$	13,737
Operating cash flows from financing leases			131						97						256						94						53						152
Finance cash flows from financing leases			884						447						1,499						919						533						1,487
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases			$	49					$	9					$	58					$	27					$	69					$	663
Financing leases			2,789						5,855						8,848						831						1,736						2,885

Schedule of Future Expected Lease Payments, Operating Lease

Future expected lease payments are shown below:

			As of June 30, 2025
			PNM																		TNMP												TXNM
									Operating																														Operating
			Financing						Energy Storage						Other						Financing						Operating						Financing						Energy Storage						Other
			(In thousands)
Remainder of 2025			$	2,748					$	10,167					$	135					$	3,184					$	346					$	6,117					$	10,167					$	514
2026			5,045						20,333						7,045						5,122						16						10,537						20,333						7,130
2027			3,727						20,333						7,049						3,561						14						7,637						20,333						7,134
2028			2,307						20,333						7,052						2,090						11						4,564						20,333						7,135
2029			876						20,333						7,039						1,125						—						2,035						20,333						7,114
Later years			277						287,100						3,660						180						—						456						287,100						4,012
Total minimum lease payments			14,980						378,599						31,980						15,262						387						31,346						378,599						33,039
Less: Imputed interest			1,053						148,145						3,851						1,216						8						2,346						148,145						4,006
Lease liabilities			$	13,927					$	230,454					$	28,129					$	14,046					$	379					$	29,000					$	230,454					$	29,033

Schedule of Future Expected Lease Payments, Finance Lease

Future expected lease payments are shown below:

			As of June 30, 2025
			PNM																		TNMP												TXNM
									Operating																														Operating
			Financing						Energy Storage						Other						Financing						Operating						Financing						Energy Storage						Other
			(In thousands)
Remainder of 2025			$	2,748					$	10,167					$	135					$	3,184					$	346					$	6,117					$	10,167					$	514
2026			5,045						20,333						7,045						5,122						16						10,537						20,333						7,130
2027			3,727						20,333						7,049						3,561						14						7,637						20,333						7,134
2028			2,307						20,333						7,052						2,090						11						4,564						20,333						7,135
2029			876						20,333						7,039						1,125						—						2,035						20,333						7,114
Later years			277						287,100						3,660						180						—						456						287,100						4,012
Total minimum lease payments			14,980						378,599						31,980						15,262						387						31,346						378,599						33,039
Less: Imputed interest			1,053						148,145						3,851						1,216						8						2,346						148,145						4,006
Lease liabilities			$	13,927					$	230,454					$	28,129					$	14,046					$	379					$	29,000					$	230,454					$	29,033

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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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