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INCOME TAXES: Income Taxes Level 3 (Tables)

12 Months Ended

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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Income Taxes [Abstract]

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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.

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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.

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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.

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