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INCOME TAXES: Income Taxes Level 3 (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

						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.

Schedule of Components of Income Tax Expense

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

Schedule of Deferred Tax Assets and Liabilities

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

Schedule of Cash Flow, Supplemental Disclosures

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

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