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INCOME TAXES: | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES Reconciliations between the statutory federal income tax rate and the effective tax rate for the years ended December 31 are presented below (in thousands of dollars, except percentages):
|  | IDACORP |
|  | 2025 |  | 2024 |  | 2023 |
Income before income taxes(1) |  | $ | 309,757 |  |  |  |  | $ | 304,227 |  |  |  |  | $ | 288,491 |  |  |  |
US federal income tax expense at statutory rate |  | 65,049 |  |  | 21.0 | % |  | 63,888 |  |  | 21.0 | % |  | 60,583 |  |  | 21.0 | % |
State income taxes, net of federal income tax effect(2) |  | 12,480 |  |  | 4.0 | % |  | 14,420 |  |  | 4.7 | % |  | 13,675 |  |  | 4.7 | % |
Flow-through accounting and other effects of rate regulation: |  |  |  |  |  |  |  |  |  |  |  |  |
AFUDC |  | (20,727) |  |  | (6.7) | % |  | (17,015) |  |  | (5.6) | % |  | (13,279) |  |  | (4.6) | % |
Capitalized interest |  | 7,721 |  |  | 2.5 | % |  | 5,493 |  |  | 1.8 | % |  | 3,097 |  |  | 1.1 | % |
Removal costs |  | (5,707) |  |  | (1.8) | % |  | (5,109) |  |  | (1.7) | % |  | (6,312) |  |  | (2.2) | % |
Capitalized overhead costs |  | (2,100) |  |  | (0.7) | % |  | (2,100) |  |  | (0.7) | % |  | (2,100) |  |  | (0.7) | % |
Capitalized repair costs |  | (24,150) |  |  | (7.8) | % |  | (19,320) |  |  | (6.4) | % |  | (24,360) |  |  | (8.4) | % |
Depreciation |  | 22,001 |  |  | 7.1 | % |  | 18,705 |  |  | 6.1 | % |  | 18,041 |  |  | 6.3 | % |
Excess deferred income tax reversal |  | (9,723) |  |  | (3.1) | % |  | (10,047) |  |  | (3.3) | % |  | (10,684) |  |  | (3.7) | % |
Income tax return adjustments |  | (8,046) |  |  | (2.6) | % |  | 1,844 |  |  | 0.6 | % |  | (8,229) |  |  | (2.9) | % |
State related |  | 324 |  |  | 0.1 | % |  | 6,043 |  |  | 2.0 | % |  | 2,127 |  |  | 0.7 | % |
Other, net |  | (808) |  |  | (0.3) | % |  | 776 |  |  | 0.3 | % |  | 1,874 |  |  | 0.6 | % |
Tax credits: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment tax credits - federal |  | (7,208) |  |  | (2.3) | % |  | (4,480) |  |  | (1.5) | % |  | (2,344) |  |  | (0.8) | % |
Investment tax credits - Idaho |  | — |  |  | — | % |  | (3,791) |  |  | (1.2) | % |  | (3,107) |  |  | (1.1) | % |
Accumulated deferred investment tax credits - federal |  | (7,017) |  |  | (2.3) | % |  | (8,712) |  |  | (2.9) | % |  | — |  |  | — | % |
Accumulated deferred investment tax credits - Idaho |  | (33,319) |  |  | (10.8) | % |  | (21,119) |  |  | (6.9) | % |  | — |  |  | — | % |
Real estate-related tax credits - federal |  | (7,790) |  |  | (2.5) | % |  | (7,499) |  |  | (2.5) | % |  | (6,869) |  |  | (2.4) | % |
Nontaxable or nondeductible items |  | (229) |  |  | (0.1) | % |  | (516) |  |  | (0.2) | % |  | 120 |  |  | — | % |
Other Items: |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate-related investment distributions |  | (670) |  |  | (0.2) | % |  | (1,611) |  |  | (0.5) | % |  | (507) |  |  | (0.2) | % |
Real estate-related investment amortization |  | 6,204 |  |  | 2.0 | % |  | 5,203 |  |  | 1.7 | % |  | 5,570 |  |  | 1.9 | % |
Total income tax (benefit) expense and effective tax rate |  | $ | (13,715) |  |  | (4.4) | % |  | $ | 15,053 |  |  | 4.9 | % |  | $ | 27,296 |  |  | 9.5 | % |
(1) Net of adjustment for income attributable to noncontrolling interests. (2) State taxes in Idaho made up the majority (greater than 50%) of the tax effect in this category.
|  | Idaho Power
|  | 2025 |  | 2024 |  | 2023
Income before income taxes |  | $ | 302,685 |  |  |  |  | $ | 298,286 |  |  |  |  | $ | 285,736 |  |  |
US federal income tax expense at statutory rate |  | 63,564 |  |  | 21.0 | % |  | 62,640 |  |  | 21.0 | % |  | 60,005 |  |  | 21.0 | %
State income taxes, net of federal income tax effect(1) |  | 12,195 |  |  | 4.0 | % |  | 14,139 |  |  | 4.7 | % |  | 13,544 |  |  | 4.7 | %
Flow-through accounting and other effects of rate regulation: |  |  |  |  |  |  |  |  |  |  |  |
AFUDC |  | (20,727) |  |  | (6.8) | % |  | (17,015) |  |  | (5.7) | % |  | (13,279) |  |  | (4.6) | %
Capitalized interest |  | 7,721 |  |  | 2.6 | % |  | 5,493 |  |  | 1.8 | % |  | 3,097 |  |  | 1.1 | %
Removal costs |  | (5,707) |  |  | (1.9) | % |  | (5,109) |  |  | (1.7) | % |  | (6,312) |  |  | (2.2) | %
Capitalized overhead costs |  | (2,100) |  |  | (0.7) | % |  | (2,100) |  |  | (0.7) | % |  | (2,100) |  |  | (0.7) | %
Capitalized repair costs |  | (24,150) |  |  | (8.0) | % |  | (19,320) |  |  | (6.5) | % |  | (24,360) |  |  | (8.5) | %
Depreciation |  | 22,001 |  |  | 7.3 | % |  | 18,705 |  |  | 6.3 | % |  | 18,041 |  |  | 6.3 | %
Excess deferred income tax reversal |  | (9,723) |  |  | (3.2) | % |  | (10,047) |  |  | (3.4) | % |  | (10,684) |  |  | (3.7) | %
Income tax return adjustments |  | (8,581) |  |  | (2.8) | % |  | 1,794 |  |  | 0.6 | % |  | (7,732) |  |  | (2.7) | %
State related |  | 684 |  |  | 0.2 | % |  | 6,361 |  |  | 2.1 | % |  | 2,537 |  |  | 0.9 | %
Other, net |  | (577) |  |  | (0.2) | % |  | 759 |  |  | 0.3 | % |  | 1,499 |  |  | 0.5 | %
Tax credits: |  |  |  |  |  |  |  |  |  |  |  |
Investment tax credits - federal |  | (7,208) |  |  | (2.4) | % |  | (4,480) |  |  | (1.5) | % |  | (2,344) |  |  | (0.8) | %
Investment tax credits - Idaho |  | — |  |  | — | % |  | (3,791) |  |  | (1.3) | % |  | (3,107) |  |  | (1.1) | %
Accumulated deferred investment tax credits - federal |  | (7,017) |  |  | (2.3) | % |  | (8,712) |  |  | (2.9) | % |  | — |  |  | — | %
Accumulated deferred investment tax credits - Idaho |  | (33,319) |  |  | (11.0) | % |  | (21,119) |  |  | (7.1) | % |  | — |  |  | — | %
Nontaxable or nondeductible items |  | (233) |  |  | (0.1) | % |  | (517) |  |  | (0.2) | % |  | 121 |  |  | — | %
Total income tax (benefit) expense and effective tax rate |  | $(13,177) |  | (4.4) | % |  | $17,681 |  | 5.9 | % |  | $28,926 |  | 10.1 | %
(1) State taxes in Idaho made up the majority (greater than 50%) of the tax effect in this category. The items comprising income tax expense for the years ended December 31 are presented below (in thousands of dollars):
|  | IDACORP |  | Idaho Power
|  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Income taxes current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 13,684 |  |  | $ | 19,252 |  |  | $ | (13,253) |  |  | $ | 27,816 |  |  | $ | 20,447 |  |  | $ | (4,757) |
State |  | 5,754 |  |  | 15,750 |  |  | 5,634 |  |  | 8,128 |  |  | 12,674 |  |  | 3,627 |
Total |  | 19,438 |  |  | 35,002 |  |  | (7,619) |  |  | 35,944 |  |  | 33,121 |  |  | (1,130) |
Income taxes deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | (28,931) |  |  | (73,565) |  |  | (18,419) |  |  | (35,697) |  |  | (67,549) |  |  | (19,086) |
State |  | (16,431) |  |  | (15,608) |  |  | (3,269) |  |  | (18,826) |  |  | (12,735) |  |  | (1,051) |
Total |  | (45,362) |  |  | (89,173) |  |  | (21,688) |  |  | (54,523) |  |  | (80,284) |  |  | (20,137) |
Investment tax credits: |  |  |  |  |  |  |  |  |  |  |  |
Deferred |  | 52,946 |  |  | 102,946 |  |  | 55,644 |  |  | 52,946 |  |  | 102,946 |  |  | 55,644 |
Restored |  | (47,544) |  |  | (38,102) |  |  | (5,451) |  |  | (47,544) |  |  | (38,102) |  |  | (5,451) |
Total |  | 5,402 |  |  | 64,844 |  |  | 50,193 |  |  | 5,402 |  |  | 64,844 |  |  | 50,193 |
Real estate-related investments at IFS |  | 6,807 |  |  | 4,380 |  |  | 6,410 |  |  | — |  |  | — |  |  | — |
Total income tax (benefit) expense |  | $ | (13,715) |  |  | $ | 15,053 |  |  | $ | 27,296 |  |  | $ | (13,177) |  |  | $ | 17,681 |  |  | $ | 28,926 |
The components of the net deferred tax liability as of December 31 are presented below (in thousands of dollars):
|  | IDACORP |  | Idaho Power
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Deferred tax assets: |  |  |  |  |  |  |  |
Regulatory liabilities |  | $ | 121,489 |  |  | $ | 127,634 |  |  | $ | 121,489 |  |  | $ | 127,634 |
Deferred compensation |  | 24,483 |  |  | 24,782 |  |  | 24,483 |  |  | 24,782 |
Deferred revenue |  | 70,326 |  |  | 64,592 |  |  | 70,326 |  |  | 64,592 |
Tax credits |  | 70,854 |  |  | 66,783 |  |  | 67,930 |  |  | 53,859 |
Partnership investments |  | 24,157 |  |  | 18,450 |  |  | 24,157 |  |  | 18,450 |
Retirement benefits |  | 19,533 |  |  | 26,495 |  |  | 19,533 |  |  | 26,495 |
Other |  | 37,884 |  |  | 24,869 |  |  | 37,831 |  |  | 24,826 |
Total |  | 368,726 |  |  | 353,605 |  |  | 365,749 |  |  | 340,638 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, plant and equipment |  | 235,849 |  |  | 243,454 |  |  | 235,849 |  |  | 243,454 |
Regulatory assets |  | 821,346 |  |  | 811,054 |  |  | 821,346 |  |  | 811,054 |
Partnership investments |  | 4,309 |  |  | 4,613 |  |  | — |  |  | — |
Retirement benefits |  | 65,214 |  |  | 75,716 |  |  | 65,214 |  |  | 75,716 |
Wildfire mitigation plan deferral |  | 22,252 |  |  | 16,272 |  |  | 22,252 |  |  | 16,272 |
Other |  | 22,641 |  |  | 24,727 |  |  | 22,027 |  |  | 23,588 |
Total |  | 1,171,611 |  |  | 1,175,836 |  |  | 1,166,688 |  |  | 1,170,084 |
Net deferred tax liabilities |  | $ | 802,885 |  |  | $ | 822,231 |  |  | $ | 800,939 |  |  | $ | 829,446 |
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. Supplemental Disclosure of Cash Flow Information Supplemental cash flow information related to cash paid for income taxes for the years ended December 31 are presented below (in thousands of dollars):
|  | IDACORP
|  | 2025 |  | 2024 |  | 2023
Federal |  | $ | 18,000 |  |  | $ | 14,000 |  |  | $ | — |
Idaho |  | 5,600 |  |  | 10,300 |  |  | 5,300 |
Other |  | 892 |  |  | 900 |  |  | 900 |
Total cash paid for income taxes |  | $ | 24,492 |  |  | $ | 25,200 |  |  | $ | 6,200 |
|  | Idaho Power
|  | 2025 |  | 2024 |  | 2023
Federal |  | $ | 18,382 |  |  | $ | 30,615 |  |  | $ | 34,604 |
Idaho |  | 7,522 |  |  | 5,598 |  |  | 15,765 |
Other |  | 841 |  |  | 905 |  |  | 1,446 |
Total cash paid to IDACORP related to income taxes |  | $ | 26,745 |  |  | $ | 37,118 |  |  | $ | 51,815 |
Tax Credit Carryforwards As of December 31, 2025, IDACORP had $70.9 million of Idaho investment tax credit carryforward which expires from 2034 to 2039. Uncertain Tax Positions IDACORP and Idaho Power believe that they have no material income tax uncertainties for 2025 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 2023 through 2025 for federal and 2022 through 2025 for Idaho. In May 2009, IDACORP formally entered the U.S. Internal Revenue Service Compliance Assurance Process (CAP) program for its 2009 tax year and has remained in the CAP program for all subsequent years.

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