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BENEFIT PLANS: Benefit Plans Level 3 (Tables)
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plan Disclosure  
Schedule of Accumulated Other Comprehensive Income (Loss) The table below presents changes in components of AOCI, net of tax, during the years ended December 31 (in thousands of dollars). Items in parentheses indicate reductions to AOCI.
202520242023
Defined benefit pension items
Balance at beginning of period$(13,592)$(17,184)$(12,922)
Other comprehensive income before reclassifications, net of tax of $(374), $851, and $(1,680)
(2,034)2,454 (4,848)
Amounts reclassified out of AOCI to net income, net of tax of $229, $394, and $203
682 1,138 586 
Net current-period other comprehensive income(1,352)3,592 (4,262)
Balance at end of period$(14,944)$(13,592)$(17,184)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of December 31 (in thousands of dollars): 
20252024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:    
Money market funds and commercial paper
IDACORP(1)
$62,012 $— $— $62,012 $146,308 $— $— $146,308 
Idaho Power110,602 — — 110,602 158,999 — — 158,999 
Derivatives— 3 — 3 — — — — 
Equity securities38,448 — — 38,448 39,772 — — 39,772 
IDACORP assets measured at NAV (not subject to hierarchy disclosure)(1)
— — — 5,948 — — — 4,099 
Liabilities:
Derivatives$8,186 $11,533 $— $19,719 $4,003 $12,256 $— $16,259 
(1) Holding company only. Does not include amounts held by Idaho Power.
Benefit Obligations [Member]  
Defined Benefit Plan Disclosure  
Schedule of Assumptions Used
The following table sets forth the weighted-average assumptions used at the end of each year to determine benefit obligations for all Idaho Power-sponsored pension and postretirement benefits plans:
Pension PlanSMSPPostretirement
Benefits
 202520242025202420252024
Discount rate5.75 %5.70 %5.65 %5.70 %5.60 %5.70 %
Rate of compensation increase(1)
4.42 %4.43 %4.75 %4.75 %— — 
Medical trend rate— — — — 7.0 %6.3 %
Dental trend rate— — — — 4.0 %3.5 %
Measurement date12/31/202512/31/202412/31/202512/31/202412/31/202512/31/2024
(1) The 2025 rate of compensation increase assumption for the pension plan includes an inflation component of 2.40% plus a 2.02% composite merit increase component that is based on employees' years of service. Merit salary increases are assumed to be 10.6% for employees in their first year of service and scale down to 3.4% for employees in their fortieth year of service and beyond.
Net Periodic Benefit Cost [Member]  
Defined Benefit Plan Disclosure  
Schedule of Assumptions Used
The following table sets forth the weighted-average assumptions used to determine net periodic benefit cost for all Idaho Power-sponsored pension and postretirement benefit plans: 
Pension PlanSMSPPostretirement
Benefits
 202520242023202520242023202520242023
Discount rate5.70 %5.10 %5.45 %5.70 %5.20 %5.50 %5.70 %5.15 %5.45 %
Expected long-term rate of return on assets
7.40 %7.40 %7.40 %— — — 6.00 %6.00 %6.00 %
Rate of compensation increase4.42 %4.43 %4.49 %4.75 %4.75 %4.75 %— — %— %
Medical trend rate— — — — — — 6.2 %7.1 %6.7 %
Dental trend rate— — — — — — 4.0 %3.5 %3.5 %
Pension Plan  
Defined Benefit Plan Disclosure  
Schedule of Defined Benefit Plans Disclosures
The following table summarizes the changes in benefit obligations and plan assets of these plans (in thousands of dollars): 
 Pension PlanSMSP
 2025202420252024
 
Change in projected benefit obligation:    
Benefit obligation at January 1$998,166 $1,028,016 $102,318 $105,809 
Service cost31,774 33,992 1,172 1,051 
Interest cost56,151 52,181 5,640 5,332 
Actuarial loss (gain)5,237 (65,972)2,401 (3,321)
Plan amendment— — 7 15 
Benefits paid(52,309)(50,051)(6,900)(6,568)
Projected benefit obligation at December 311,039,019 998,166 104,638 102,318 
Change in plan assets:  
Fair value at January 1951,142 917,513 — — 
Actual return on plan assets104,542 63,680 — — 
Employer contributions20,000 20,000 — — 
Benefits paid(52,309)(50,051)— — 
Fair value at December 311,023,375 951,142 — — 
Funded status at end of year$(15,644)$(47,024)$(104,638)$(102,318)
Amounts recognized in the balance sheet consist of:    
Other current liabilities$— $— $(6,855)$(6,827)
Noncurrent liabilities(15,644)(47,024)(97,783)(95,491)
Net amount recognized
$(15,644)$(47,024)$(104,638)$(102,318)
Amounts recognized in AOCI consist of:    
Net loss$13,142 $43,516 $18,154 $16,442 
Prior service cost18 24 1,780 1,995 
Subtotal13,160 43,540 19,934 18,437 
Less amount recorded as regulatory asset(1)
(13,160)(43,540)— — 
Net amount recognized in AOCI$— $— $19,934 $18,437 
Accumulated benefit obligation$895,190 $863,705 $99,105 $96,487 
(1) Changes in the funded status of the pension plan that would be recorded in AOCI for an unregulated entity are recorded as a regulatory asset for Idaho Power as Idaho Power believes it is probable that an amount equal to the regulatory asset will be collected through the setting of future rates.
Schedule of Costs of Retirement Plans
The following table shows the components of net periodic pension cost for these plans (in thousands of dollars). For purposes of calculating the expected return on plan assets, the market-related value of assets is equal to the fair value of the assets.
 Pension PlanSMSP
 202520242023202520242023
Service cost$31,774 $33,992 $29,843 $1,172 $1,051 $612 
Interest cost56,151 52,181 51,277 5,640 5,332 5,322 
Expected return on assets(68,931)(66,533)(61,728)— — — 
Amortization of net loss— 1,700 — 690 1,312 570 
Amortization of prior service cost6 6 6 221 220 219 
Net periodic pension cost19,000 21,346 19,398 7,723 7,915 6,723 
Regulatory deferral of net periodic pension cost(1)
(18,159)(20,425)(18,553)— — — 
Previously deferred pension cost recognized(1)
35,182 35,182 17,154 — — — 
Net periodic pension cost recognized for financial reporting(1)(2)
$36,023 $36,103 $17,999 $7,723 $7,915 $6,723 
(1) Net periodic pension costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under an IPUC order, the Idaho portion of net periodic pension cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates.
(2)  Of total net periodic pension cost recognized for financial reporting $37.8 million, $35.9 million, and $18.2 million respectively, was recognized in "Other operations and maintenance" and $6.0 million, $8.1 million, and $6.5 million respectively, was recognized in "Other income, net" on the consolidated statements of income of the companies for the twelve months ended December 31, 2025, 2024, and 2023.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table shows the components of other comprehensive income (loss) for the plans (in thousands of dollars):
 Pension PlanSMSP
 202520242023202520242023
Actuarial gain (loss) during the year$30,374 $63,119 $(25,071)$(2,401)$3,320 $(6,517)
Plan amendment service cost— — — (7)(15)(11)
Reclassification adjustments for:
Amortization of net loss— 1,700 — 690 1,312 570 
Amortization of prior service cost6 6 6 221 220 219 
Adjustment for deferred tax effects(7,604)(16,686)6,452 145 (1,245)1,477 
Adjustment due to the effects of regulation
(22,776)(48,139)18,613 — — — 
Other comprehensive income (loss) recognized related to pension benefit plans$— $— $— $(1,352)$3,592 $(4,262)
Schedule of Expected Benefit Payments
The following table summarizes the expected future benefit payments of these plans (in thousands of dollars):
 202620272028202920302031-2035
Pension Plan$53,000 $54,713 $56,371 $58,110 $59,898 $331,936 
SMSP6,855 6,883 7,079 7,360 7,438 37,939 
Schedule of Allocation of Plan Assets
Pension Asset Allocation Policy: The target allocation and actual allocations at December 31, 2025, for the pension asset portfolio by asset class is set forth below:
Asset ClassTarget
Allocation		Actual
Allocation
December 31, 2025
Debt securities25 %25 %
Equity securities56 %59 %
Real estate8 %8 %
Other plan assets11 %8 %
Total100 %100 %
Postretirement Benefits  
Defined Benefit Plan Disclosure  
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table shows the components of other comprehensive income for the plan (in thousands of dollars):
 202520242023
Actuarial gain during the year$619 $3,616 $7,572 
Reclassification adjustments for:
Amortization of net loss(1,765)(1,494)(1,237)
Amortization of prior service cost1,375 1,548 1,665 
Adjustment for deferred tax effects(57)(945)(2,059)
Adjustment due to the effects of regulation
(172)(2,725)(5,941)
Other comprehensive income related to postretirement benefit plans
$— $— $— 
Schedule of Changes in Projected Benefit Obligations
The following table summarizes the changes in benefit obligation and plan assets (in thousands of dollars):
 20252024
Change in accumulated benefit obligation:  
Benefit obligation at January 1$54,604 $56,064 
Service cost672 698 
Interest cost2,973 2,824 
Actuarial loss (gain)1,976 (778)
Benefits paid(1)
(4,714)(4,204)
Benefit obligation at December 3155,511 54,604 
Change in plan assets:  
Fair value of plan assets at January 131,128 31,804 
Actual return on plan assets4,381 4,669 
Employer contributions(1)
736 (1,141)
Benefits paid(1)
(4,714)(4,204)
Fair value of plan assets at December 3131,531 31,128 
Funded status at end of year (included in noncurrent liabilities)$(23,980)$(23,476)
(1) Contributions and benefits paid are each net of $2.3 million and $2.3 million of plan participant contributions for 2025 and 2024, respectively.
Schedule of Accumulated Other Comprehensive Income (Loss)
Amounts recognized in AOCI consist of the following (in thousands of dollars):
 20252024
Net gain$(28,207)$(29,353)
Prior service cost3,262 4,636 
Subtotal(24,945)(24,717)
Less amount recognized in regulatory assets24,945 24,717 
Net amount recognized in AOCI$— $— 
Schedule of Net Benefit Costs
The net periodic postretirement benefit cost was as follows (in thousands of dollars):

 202520242023
Service cost$672 $698 $658 
Interest cost2,973 2,824 2,980 
Expected return on plan assets(1,786)(1,831)(1,650)
Amortization of net loss(1,765)(1,494)(1,237)
Amortization of prior service cost1,374 1,548 1,665 
Net periodic postretirement benefit cost$1,468 $1,745 $2,416 
Schedule of Expected Benefit Payments
The following table summarizes the expected future benefit payments of the postretirement benefit plan (in thousands of dollars):
 202620272028202920302031-2035
Expected benefit payments$4,855 $4,715 $4,620 $4,580 $4,511 $21,157 
Other Pension Plan [Member]  
Defined Benefit Plan Disclosure  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The following table presents the fair value of the plans' investments by asset category (in thousands of dollars).
 Level 1Level 2Level 3Total
Assets at December 31, 2025    
Cash and cash equivalents$11,625 $— $— $11,625 
Intermediate bonds42,326 204,129 — 246,455 
Equity Securities: Large-Cap54,168 — — 54,168 
Equity Securities: Mid-Cap106,437 — — 106,437 
Equity Securities: Small-Cap85,047 — — 85,047 
Equity Securities: Micro-Cap43,752 — — 43,752 
Equity Securities: Global and International63,998 — — 63,998 
Equity Securities: Emerging Markets3,433 — — 3,433 
Plan assets measured at NAV (not subject to hierarchy disclosure)
Commingled Fund: Equity Securities: Large-Cap52,830 
Commingled Fund: Equity Securities: Global and International146,047 
Commingled Fund: Equity Securities: Emerging Markets52,305 
Direct Lending Fund: Fixed Income8,377 
Real estate77,141 
Other Private market investments71,760 
Total$410,786 $204,129 $— $1,023,375 
Postretirement plan assets(1)
$1,224 $30,307 $— $31,531 
 Level 1Level 2Level 3Total
Assets at December 31, 2024
    
Cash and cash equivalents$24,946 $— $— $24,946 
Intermediate bonds40,177 184,528 — 224,705 
Equity Securities: Large-Cap49,848 — — 49,848 
Equity Securities: Mid-Cap103,117 — — 103,117 
Equity Securities: Small-Cap82,932 — — 82,932 
Equity Securities: Micro-Cap38,871 — — 38,871 
Equity Securities: Global and International58,767 — — 58,767 
Equity Securities: Emerging Markets6,093 — — 6,093 
Plan assets measured at NAV (not subject to hierarchy disclosure)
Commingled Fund: Equity Securities: Large-Cap54,346 
Commingled Fund: Equity Securities: Global and International124,559 
Commingled Fund: Equity Securities: Emerging Markets41,590 
Direct Lending Fund: Fixed Income5,479 
Real estate72,913 
Other Private market investments62,976 
Total$404,751 $184,528 $— $951,142 
Postretirement plan assets(1)
$3,054 $28,074 $— $31,128 
(1) The postretirement benefits assets are primarily life insurance contracts.