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INCOME TAXES: | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Taxes [Abstract] |
Income Taxes | INCOME TAXES A reconciliation between the statutory federal income tax rate and the effective tax rate is as follows:
|  | IDACORP |  | Idaho Power
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
|  | (thousands of dollars)
Federal income tax expense at statutory rate |  | $ | 60,583 |  |  | $ | 62,333 |  |  | $ | 59,317 |  |  | $ | 60,005 |  |  | $ | 61,903 |  |  | $ | 59,111 |
Change in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
AFUDC |  | (13,279) |  |  | (10,752) |  |  | (9,141) |  |  | (13,279) |  |  | (10,752) |  |  | (9,141) |
Capitalized interest |  | 3,097 |  |  | 1,633 |  |  | 1,077 |  |  | 3,097 |  |  | 1,633 |  |  | 1,077 |
Investment tax credits |  | (5,451) |  |  | (3,119) |  |  | (2,866) |  |  | (5,451) |  |  | (3,119) |  |  | (2,866) |
Removal costs |  | (6,312) |  |  | (4,900) |  |  | (3,302) |  |  | (6,312) |  |  | (4,900) |  |  | (3,302) |
Capitalized overhead costs |  | (2,100) |  |  | (3,150) |  |  | (8,190) |  |  | (2,100) |  |  | (3,150) |  |  | (8,190) |
Capitalized repair costs |  | (24,360) |  |  | (19,320) |  |  | (17,430) |  |  | (24,360) |  |  | (19,320) |  |  | (17,430) |
State income taxes, net of federal benefit |  | 15,802 |  |  | 18,139 |  |  | 11,359 |  |  | 16,081 |  |  | 18,352 |  |  | 11,633 |
Depreciation |  | 18,041 |  |  | 11,897 |  |  | 14,233 |  |  | 18,041 |  |  | 11,897 |  |  | 14,233 |
Excess deferred income tax reversal |  | (10,684) |  |  | (11,405) |  |  | (8,958) |  |  | (10,684) |  |  | (11,405) |  |  | (8,958) |
Income tax return adjustments |  | (8,229) |  |  | (2,692) |  |  | 3,169 |  |  | (7,732) |  |  | (2,827) |  |  | 1,759 |
Real Estate-related tax credits |  | (6,869) |  |  | (6,362) |  |  | (6,245) |  |  | — |  |  | — |  |  | — |
Real Estate-related investment distributions |  | (507) |  |  | (812) |  |  | (1,010) |  |  | — |  |  | — |  |  | — |
Real Estate-related investment amortization |  | 5,570 |  |  | 4,355 |  |  | 4,095 |  |  | — |  |  | — |  |  | — |
Other, net |  | 1,994 |  |  | 1,999 |  |  | 804 |  |  | 1,620 |  |  | 1,596 |  |  | 331 |
Total income tax expense |  | $ | 27,296 |  |  | $ | 37,844 |  |  | $ | 36,912 |  |  | $ | 28,926 |  |  | $ | 39,908 |  |  | $ | 38,257 |
Effective tax rate |  | 9.5% |  | 12.7% |  | 13.1% |  | 10.1% |  | 13.5% |  | 13.6%
The items comprising income tax expense are as follows:
|  | IDACORP |  | Idaho Power
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
|  | (thousands of dollars)
Income taxes current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (13,253) |  |  | $ | 31,668 |  |  | $ | 15,210 |  |  | $ | (4,757) |  |  | $ | 37,696 |  |  | $ | 40,525 |
State |  | 5,634 |  |  | 5,474 |  |  | 6,630 |  |  | 3,627 |  |  | 11,715 |  |  | 12,932 |
Total |  | (7,619) |  |  | 37,142 |  |  | 21,840 |  |  | (1,130) |  |  | 49,411 |  |  | 53,457 |
Income taxes deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | (18,419) |  |  | (13,696) |  |  | (1,787) |  |  | (19,086) |  |  | (13,127) |  |  | (21,737) |
State |  | (3,269) |  |  | 4,087 |  |  | 1,154 |  |  | (1,051) |  |  | (2,202) |  |  | (5,295) |
Total |  | (21,688) |  |  | (9,609) |  |  | (633) |  |  | (20,137) |  |  | (15,329) |  |  | (27,032) |
Investment tax credits: |  |  |  |  |  |  |  |  |  |  |  |
Deferred |  | 55,644 |  |  | 8,945 |  |  | 14,698 |  |  | 55,644 |  |  | 8,945 |  |  | 14,698 |
Restored |  | (5,451) |  |  | (3,119) |  |  | (2,866) |  |  | (5,451) |  |  | (3,119) |  |  | (2,866) |
Total |  | 50,193 |  |  | 5,826 |  |  | 11,832 |  |  | 50,193 |  |  | 5,826 |  |  | 11,832 |
Real estate-related investments at IFS |  | 6,410 |  |  | 4,485 |  |  | 3,873 |  |  | — |  |  | — |  |  | — |
Total income tax expense |  | $ | 27,296 |  |  | $ | 37,844 |  |  | $ | 36,912 |  |  | $ | 28,926 |  |  | $ | 39,908 |  |  | $ | 38,257 |
The components of the net deferred tax liability are as follows:
|  | IDACORP |  | Idaho Power
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | (thousands of dollars)
Deferred tax assets: |  |  |  |  |  |  |  |
Regulatory liabilities |  | $ | 108,641 |  |  | $ | 94,946 |  |  | $ | 108,641 |  |  | $ | 94,946 |
Deferred compensation |  | 24,288 |  |  | 24,495 |  |  | 24,288 |  |  | 24,495 |
Deferred revenue |  | 58,860 |  |  | 53,418 |  |  | 58,860 |  |  | 53,418 |
Tax credits |  | 52,010 |  |  | 44,727 |  |  | 49,734 |  |  | 44,727 |
Partnership investments |  | 12,652 |  |  | 15,259 |  |  | 12,652 |  |  | 15,259 |
Retirement benefits |  | 44,803 |  |  | 38,687 |  |  | 44,803 |  |  | 38,687 |
Other |  | 26,537 |  |  | 19,657 |  |  | 26,416 |  |  | 19,526 |
Total |  | 327,791 |  |  | 291,189 |  |  | 325,394 |  |  | 291,058 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, plant and equipment |  | 266,992 |  |  | 249,452 |  |  | 266,992 |  |  | 249,452 |
Regulatory assets |  | 774,672 |  |  | 739,689 |  |  | 774,672 |  |  | 739,689 |
Power cost adjustment |  | 29,742 |  |  | 33,116 |  |  | 29,742 |  |  | 33,116 |
Partnership investments |  | 3,593 |  |  | 3,355 |  |  | — |  |  | — |
Retirement benefits |  | 94,231 |  |  | 80,777 |  |  | 94,231 |  |  | 80,777 |
Other |  | 41,285 |  |  | 58,716 |  |  | 40,807 |  |  | 58,716 |
Total |  | 1,210,515 |  |  | 1,165,105 |  |  | 1,206,444 |  |  | 1,161,750 |
Net deferred tax liabilities |  | $ | 882,724 |  |  | $ | 873,916 |  |  | $ | 881,050 |  |  | $ | 870,692 |
IDACORP's tax allocation agreement provides that each member of its consolidated group compute its income taxes on a separate company basis. Amounts payable or refundable are settled through IDACORP and are reported as taxes accrued or income taxes receivable, respectively, on the consolidated balance sheets of Idaho Power. See Note 1 - "Summary of Significant Accounting Policies" for further discussion of accounting policies related to income taxes. Tax Credit Carryforwards As of December 31, 2023, IDACORP had $52.0 million of Idaho investment tax credit carryforward, which expire from 2029 to 2037. Uncertain Tax Positions IDACORP and Idaho Power believe that they have no material income tax uncertainties for 2023 and prior tax years. Both companies recognize interest accrued related to unrecognized tax benefits as interest expense and penalties as other expense. IDACORP and Idaho Power are subject to examination by their major tax jurisdictions - United States federal and the State of Idaho. The open tax years for examination are 2020-2021 and 2023 for federal and 2022-2023 for Idaho. In May 2009, IDACORP formally entered the U.S. Internal Revenue Service (IRS) Compliance Assurance Process (CAP) program for its 2009 tax year and has remained in the CAP program for all subsequent years. In 2023, the IRS completed its examination of IDACORP’s 2022 tax year with no unresolved income tax issues.

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