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Lease Commitments (Tables)

9 Months Ended

Sep. 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:

			September 30, 2025																		December 31, 2024
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
			(In thousands)
Operating leases:
Operating lease assets, net of amortization			$	319,432					$	191					$	320,127					$	271,433					$	923					$	272,894
Current portion of operating lease liabilities			15,164						162						15,366						13,542						713						14,293
Long-term portion of operating lease liabilities			299,662						27						300,165						254,702						167						255,376

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

			September 30, 2025																		December 31, 2024
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
			(In thousands)
Financing leases:
Non-utility property			$	27,796					$	31,352					$	60,558					$	24,548					$	24,420					$	50,144
Accumulated depreciation			(12,395)						(14,341)						(27,175)						(10,997)						(13,411)						(24,604)
Non-utility property, net			15,401						17,011						33,383						13,551						11,009						25,540
Other current liabilities			$	5,163					$	6,012					$	11,535					$	4,311					$	4,527					$	9,126
Other deferred credits			10,263						11,028						21,931						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:

			September 30, 2025																		December 31, 2024
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
Weighted average remaining lease term (years):
Operating leases			17.48						0.73						17.45						17.52						1.10						17.45
Financing leases			3.52						3.34						3.41						3.51						2.80						3.20
Weighted average discount rate:
Operating leases			5.73		%				4.62		%				5.73		%				5.68		%				4.41		%				5.68		%
Financing leases			5.32		%				5.46		%				5.38		%				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 September 30, 2025																		Nine Months Ended September 30, 2025
			PNM						TNMP						TXNM						PNM						TNMP						TXNM
			(In thousands)
Operating lease cost:
Energy storage leases			$	5,493					$	—					$	5,493					$	15,660					$	—					$	15,660
Other operating leases			1,863						105						1,987						5,589						390						6,035
Amounts capitalized			(11)						(81)						(92)						(33)						(317)						(350)
Total operating lease expense			7,345						24						7,388						21,216						73						21,345
Financing lease cost:
Amortization of right-of-use assets			1,255						1,612						2,956						3,686						4,455						8,409
Interest on lease liabilities			189						220						421						553						577						1,171
Amounts capitalized			(941)						(1,527)						(2,468)						(2,719)						(4,177)						(6,897)
Total financing lease expense			503						305						909						1,520						855						2,683
Variable lease expense			6,555						—						6,555						19,690						—						19,690
Short-term lease expense			173						4						182						542						16						605
Total lease expense for the period			$	14,576					$	333					$	15,034					$	42,968					$	944					$	44,323

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

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, 2025																		September 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			$	22,633					$	43					$	22,725					$	16,694					$	36					$	16,758
Operating cash flows from financing leases			196						141						379						143						75						235
Finance cash flows from financing leases			1,319						722						2,296						1,305						759						2,174
Non-cash information related to right-of-use assets obtained in exchange for lease obligations:
Operating leases			$	57,920					$	9					$	57,930					$	75					$	100					$	743
Financing leases			5,562						10,521						16,345						1,735						2,661						5,355

Schedule of Future Expected Lease Payments, Operating Lease

Future expected lease payments are shown below:

			As of September 30, 2025
			PNM																		TNMP												TXNM
									Operating																														Operating
			Financing						Energy Storage						Other						Financing						Operating						Financing						Energy Storage						Other
			(In thousands)
Remainder of 2025			$	1,533					$	6,313					$	71					$	1,886					$	154					$	3,520					$	6,313					$	242
2026			5,651						25,250						7,045						6,337						16						12,381						25,250						7,130
2027			4,318						25,250						7,049						4,709						14						9,387						25,250						7,134
2028			2,872						25,250						7,052						3,193						11						6,242						25,250						7,135
2029			1,376						25,250						7,039						1,945						—						3,360						25,250						7,114
Later years			978						364,133						3,660						539						—						1,518						364,133						4,012
Total minimum lease payments			16,728						471,446						31,916						18,609						195						36,408						471,446						32,767
Less: Imputed interest			1,302						184,974						3,562						1,569						6						2,942						184,974						3,708
Lease liabilities			$	15,426					$	286,472					$	28,354					$	17,040					$	189					$	33,466					$	286,472					$	29,059

Schedule of Future Expected Lease Payments, Finance Lease

Future expected lease payments are shown below:

			As of September 30, 2025
			PNM																		TNMP												TXNM
									Operating																														Operating
			Financing						Energy Storage						Other						Financing						Operating						Financing						Energy Storage						Other
			(In thousands)
Remainder of 2025			$	1,533					$	6,313					$	71					$	1,886					$	154					$	3,520					$	6,313					$	242
2026			5,651						25,250						7,045						6,337						16						12,381						25,250						7,130
2027			4,318						25,250						7,049						4,709						14						9,387						25,250						7,134
2028			2,872						25,250						7,052						3,193						11						6,242						25,250						7,135
2029			1,376						25,250						7,039						1,945						—						3,360						25,250						7,114
Later years			978						364,133						3,660						539						—						1,518						364,133						4,012
Total minimum lease payments			16,728						471,446						31,916						18,609						195						36,408						471,446						32,767
Less: Imputed interest			1,302						184,974						3,562						1,569						6						2,942						184,974						3,708
Lease liabilities			$	15,426					$	286,472					$	28,354					$	17,040					$	189					$	33,466					$	286,472					$	29,059

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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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