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INVESTMENTS:
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Investments in Debt and Equity Securities INVESTMENTS
 
The table below summarizes IDACORP’s and Idaho Power’s investments as of December 31 (in thousands of dollars): 
 20252024
Idaho Power investments:  
BCC (equity method investment)$16,833 $20,998 
Exchange traded short-term bond funds and cash equivalents37,232 38,873 
Held-to-maturity securities33,822 32,151 
Executive deferred compensation plan investments1,216 899 
Total Idaho Power investments89,103 92,921 
IFS investments in real estate tax credit projects, such as affordable housing developments50,422 54,654 
Ida-West joint ventures (equity method investments)9,529 9,666 
Other investments5,948 4,099 
Total IDACORP investments$155,002 $161,340 
 
Equity Method Investments

Idaho Power, through its subsidiary IERCo, is a 33 percent owner of BCC. Ida-West, through separate subsidiaries, owns 50 percent of three electric generation projects that are accounted for using the equity method: South Forks Joint Venture, Hazelton/Wilson Joint Venture, and Snow Mountain Hydro LLC. All projects are reviewed periodically for impairment. The table below presents IDACORP’s and Idaho Power’s earnings of unconsolidated equity-method investments (in thousands of dollars):
 202520242023
BCC (Idaho Power)$2,984 $2,671 $10,540 
Ida-West joint ventures1,938 1,868 1,886 
Total$4,922 $4,539 $12,426 
 
Investments in Equity Securities

Investments in equity securities are reported at fair value. Any unrealized gains or losses on equity securities are included in income. Unrealized gains and losses on equity securities were immaterial at December 31, 2025 and 2024. There were no gross realized gains or losses from the sale of equity securities in 2025, 2024, and 2023.

Held-to-Maturity Securities

Idaho Power has a rabbi trust designated to provide funding for obligations related to the SMSP. During 2025 and 2024, the rabbi trust purchased $2.9 million and $1.8 million, respectively of held-to-maturity investments in corporate fixed-income and asset-backed debt securities. Substantially all of these debt securities mature between 2027 and 2037. Held-to-maturity investments are carried at amortized cost, reflecting Idaho Power’s ability and intent to hold the securities to maturity. Held-to-maturity investments are adjusted for the amortization or accretion of premiums or discounts, which are amortized or accreted over the life of the related held-to-maturity security. Such amortization and accretion are included in the “Other income, net” line in the consolidated statements of income. Due to increases in market interest rates in 2025 and 2024, all held-to-maturity securities were in a gross unrealized holding loss position totaling $1.4 million and $2.7 million at December 31, 2025 and 2024, respectively. Based on ongoing credit evaluations of these holdings, Idaho Power does not expect material payment defaults or delinquencies and has not recorded an allowance for credit losses for these securities as of December 31, 2025 and 2024.

IDACORP Financial Services Investments

IFS invests primarily in real estate tax credit projects, such as affordable housing developments, which provide a return principally by reducing federal and state income taxes through tax credits and accelerated tax depreciation benefits. IFS has focused on a diversified approach to its investment strategy in order to limit both geographic and operational risk, with most of IFS’s investments having been made through syndicated funds. IDACORP accounts for its equity-method investments in
qualified real estate projects using the proportional amortization method and recognizes the net investment performance in the consolidated statements of income as a component of income tax expense.