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Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended
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Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022
Income Taxes [Line Items] |  |  |
Federal income tax at statutory rates | $ 58,850 | $ 19,011 | $ 44,375
Amortization of accumulated investment tax credits | (170) | (1,181) | (1,182)
Amortization of excess deferred income tax | (23,362) | (22,859) | (23,599)
Flow-through of depreciation items | 1,003 | 1,281 | 2,795
(Earnings) attributable to non-controlling interest in Valencia | (3,368) | (3,892) | (3,176)
State income tax (benefit), net of federal (benefit) | 6,284 | (2,239) | 6,826
Allowance for equity funds used during construction | (3,756) | (3,145) | (2,898)
Allocation of tax (benefit) related to stock compensation awards | (17) | (261) | 91
Non-deductible compensation | 1,332 | 1,659 | 1,125
Non-deductible merger related costs | 0 | (1,959) | 74
Sale of NMRD | (15,822) | 0 | 0
R&D credit | (1,500) | (2,050) | (1,320)
Other | 2,044 | (715) | 3,019
Total income taxes (benefits) | $ 21,518 | $ (16,350) | $ 26,130
Effective tax rate (as a percent) | 7.68% | (18.06%) | 12.37%
PNM |  |  |
Income Taxes [Line Items] |  |  |
Federal income tax at statutory rates | $ 49,868 | $ 7,972 | $ 29,026
Amortization of accumulated investment tax credits | (170) | (171) | (172)
Amortization of excess deferred income tax | (20,750) | (14,252) | (14,421)
Flow-through of depreciation items | 796 | 1,114 | 2,641
(Earnings) attributable to non-controlling interest in Valencia | (3,368) | (3,892) | (3,176)
State income tax (benefit), net of federal (benefit) | 6,594 | (2,216) | 5,694
Allowance for equity funds used during construction | (2,739) | (2,065) | (1,958)
Allocation of tax (benefit) related to stock compensation awards | (10) | (185) | 65
Non-deductible compensation | 822 | 1,015 | 701
Non-deductible merger related costs | 0 | (33) | 10
R&D credit | (1,450) | (2,000) | (1,300)
Other | (376) | (2,045) | 2,088
Total income taxes (benefits) | $ 29,217 | $ (16,758) | $ 19,198
Effective tax rate (as a percent) | 12.30% | (44.15%) | 13.89%
TNMP |  |  |
Income Taxes [Line Items] |  |  |
Federal income tax at statutory rates | $ 27,435 | $ 23,569 | $ 22,560
Amortization of excess deferred income tax | (2,612) | (8,607) | (9,177)
State income tax (benefit), net of federal (benefit) | 2,606 | 2,414 | 2,103
Allocation of tax (benefit) related to stock compensation awards | (4) | (77) | 26
Non-deductible compensation | 509 | 642 | 422
Non-deductible merger related costs | 0 | 3 | 1
Other | (820) | (647) | (774)
Total income taxes (benefits) | $ 27,114 | $ 17,297 | $ 15,161
Effective tax rate (as a percent) | 20.75% | 15.41% | 14.11%

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