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INCOME TAXES: Income Taxes Level 3 (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation | 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%
Schedule of Components of Income Tax Expense | 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 |
Schedule of Deferred Tax Assets and Liabilities | 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 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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