IDAHO POWER CO, 10-K filed on 2/16/2023
Annual Report
v3.22.4
Document and Entity Information Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2022
Feb. 10, 2023
Jun. 30, 2022
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Transition Report false    
Document Period End Date Dec. 31, 2022    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Entity File Number 1-14465    
Entity Registrant Name IDACORP, Inc.    
I.R.S. Employer Identification No. 82-0505802    
Entity Incorporation, State or Country Code ID    
Entity Address, Address Line One 1221 W. Idaho Street    
Entity Address, City or Town Boise,    
Entity Address, Postal Zip Code 83702-5627    
City Area Code (208)    
Local Phone Number 388-2200    
Entity Central Index Key 0001057877    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Amendment Flag false    
Title of 12(b) Security Common Stock, without par value    
Trading Symbol IDA    
Security Exchange Name NYSE    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 5,319,700,024
Entity Common Stock, Shares Outstanding   50,570,167  
Documents Incorporated by Reference
Documents Incorporated by Reference:
Part III, Items 10 - 14Portions of IDACORP, Inc.’s definitive proxy statement to be filed pursuant to Regulation 14A for the 2023 annual meeting of shareholders.
    
Entity Interactive Data Current Yes    
ICFR Auditor Attestation Flag true    
Entity Current Reporting Status Yes    
Entity Address, State or Province ID    
Idaho Power Company      
Document Information [Line Items]      
No Trading Symbol Flag true    
Document Period End Date Dec. 31, 2022    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Entity File Number 1-3198    
Entity Registrant Name Idaho Power Company    
I.R.S. Employer Identification No. 82-0130980    
Entity Central Index Key 0000049648    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Amendment Flag false    
Title of 12(g) Security Preferred Stock    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   39,150,812  
Entity Interactive Data Current Yes    
ICFR Auditor Attestation Flag true    
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Auditor [Line Items]  
Auditor Name DELOITTE & TOUCHE LLP
Auditor Firm ID 34
Auditor Location Boise, Idaho
Idaho Power Company  
Auditor [Line Items]  
Auditor Name DELOITTE & TOUCHE LLP
Auditor Firm ID 34
Auditor Location Boise, Idaho
v3.22.4
Consolidated Statements of Income Statement - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Revenues:      
Electric utility revenues $ 1,641,040 $ 1,455,410 $ 1,347,340
Other operating revenues 2,941 2,674 3,389
Revenues 1,643,981 1,458,084 1,350,729
Operating Expenses:      
Purchased power 544,345 393,691 297,417
Fuel expense 230,210 180,550 172,740
Power cost adjustment (100,659) (49,844) (33,708)
Other operations and maintenance 399,375 361,297 352,071
Energy efficiency programs 33,197 29,920 42,478
Depreciation 170,077 175,555 171,648
Other electric utility operating expenses 37,325 34,673 35,914
Total electric utility expenses 1,313,870 1,125,842 1,038,560
Other 2,933 2,591 2,648
Operating expenses 1,316,803 1,128,433 1,041,208
Operating income 327,178 329,651 309,521
Nonoperating (Income) Expense:      
Allowance for equity funds used during construction (37,285) (31,537) (29,551)
Earnings of unconsolidated equity-method investments (11,511) (11,435) (11,513)
Interest on long-term debt 87,259 84,145 84,251
Other interest 16,030 14,546 14,753
Allowance for borrowed funds used during construction (13,914) (11,993) (11,578)
Other (income) expense, net (10,805) 3,141 (3,509)
Total nonoperating expense, net 29,774 46,867 42,853
Income before income taxes 297,404 282,784 266,668
Income Tax Expense 37,844 36,912 28,700
Net Income 259,560 245,872 237,968
Adjustment for income attributable to noncontrolling interests (578) (322) (551)
Net Income Attributable to IDACORP, Inc. $ 258,982 $ 245,550 $ 237,417
Weighted Average Common Shares Outstanding - Basic (000’s) (in shares) 50,658 50,599 50,538
Weighted Average Common Shares Outstanding - Diluted (000’s) (in shares) 50,699 50,645 50,572
Earnings Per Share of Common Stock:      
Earnings Attributable to IDACORP, Inc. - Basic (in dollars per share) $ 5.11 $ 4.85 $ 4.70
Earnings Attributable to IDACORP, Inc. - Diluted (in dollars per share) $ 5.11 $ 4.85 $ 4.69
v3.22.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net Income $ 259,560 $ 245,872 $ 237,968
Other Comprehensive Income:      
Unfunded pension liability adjustment, net of tax 27,118 3,318 (7,074)
Total Comprehensive Income 286,678 249,190 230,894
Comprehensive income attributable to noncontrolling interests (578) (322) (551)
Comprehensive Income Attributable to IDACORP, Inc. $ 286,100 $ 248,868 $ 230,343
v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Current Assets:    
Cash and cash equivalents $ 177,577 $ 215,243
Receivables:    
Customer 114,173 78,819
Other 51,179 14,994
Income taxes receivable 13,734 14,770
Accrued unbilled revenues 84,862 74,843
Materials and supplies (at average cost) 92,461 77,552
Fuel stock (at average cost) 14,762 18,045
Prepayments 24,517 24,676
Current regulatory assets 80,049 71,223
Other 40,339 5,708
Total current assets 693,653 595,873
Investments 121,352 123,824
Property, Plant and Equipment:    
Utility plant in service 6,828,467 6,509,316
Accumulated provision for depreciation (2,465,279) (2,298,951)
Utility plant in service - net 4,363,188 4,210,365
Construction work in progress 785,706 670,585
Utility plant held for future use 7,130 4,511
Other property, net of accumulated depreciation 16,946 16,361
Property, plant and equipment - net 5,172,970 4,901,822
Other Assets:    
Company-owned life insurance 73,944 67,343
Regulatory assets 1,421,912 1,462,431
Other 59,427 59,222
Total other assets 1,555,283 1,588,996
Total assets 7,543,258 7,210,515
Current Liabilities:    
Accounts payable 292,719 145,980
Taxes accrued 8,565 14,229
Interest accrued 24,060 23,959
Accrued compensation 59,265 55,666
Current regulatory liabilities 63,957 11,239
Advances from customers 72,222 43,472
Other 27,777 31,079
Total current liabilities 548,565 325,624
Other Liabilities:    
Deferred income taxes 873,916 842,375
Regulatory liabilities 796,644 781,695
Pension and other postretirement benefits 238,037 521,462
Other 77,336 63,485
Total other liabilities 1,985,933 2,209,017
Long-term Debt [1] 2,194,145 2,000,640
Commitments and Contingencies
Equity:    
Common stock 882,189 874,896
Retained earnings 1,937,972 1,833,580
Accumulated other comprehensive loss (12,922) (40,040)
Total IDACORP, Inc. shareholders’ equity 2,807,239 2,668,436
Noncontrolling interests 7,376 6,798
Total equity 2,814,615 2,675,234
Total $ 7,543,258 $ 7,210,515
[1] At December 31, 2022 and 2021, the overall effective cost rate of Idaho Power's outstanding debt was 4.60 percent and 4.40 percent, respectively.
v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities:      
Net Income $ 259,560 $ 245,872 $ 237,968
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 173,555 179,444 175,941
Deferred income taxes and investment tax credits (511) 23,901 25,175
Changes in regulatory assets and liabilities (79,693) (33,705) (36,246)
Pension and postretirement benefit plan expense 29,286 33,817 28,970
Contributions to pension and postretirement benefit plans (44,192) (44,220) (45,161)
Earnings of unconsolidated equity-method investments 11,511 11,435 11,513
Distributions from unconsolidated equity-method investments 11,586 11,711 14,477
Allowance for equity funds used during construction (37,285) (31,537) (29,551)
Other non-cash adjustments to net income, net 14,892 8,929 10,457
Change in:      
Accounts receivable (81,545) (9,434) (7,630)
Accounts payable and other accrued liabilities (2,156) (6,581) (5,377)
Taxes accrued/receivable (11,626) 991 17,543
Other current assets 112,602 17,700 (356)
Other current liabilities (4,628) (17,885) 8,950
Other assets 22,951 (4,304) 4,484
Net cash provided by operating activities 351,285 363,264 388,131
Investing Activities:      
Additions to property, plant and equipment (432,589) (299,999) (310,938)
Payments received from transmission project joint funding partners 17,778 5,876 3,197
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired (9,881) (15,148) (14,338)
Proceeds from Equity Method Investment, Distribution, Return of Capital 8,489 14,439 1,073
Payments to Acquire Equity Securities, FV-NI (45,572) (17,186) (33,382)
Debt Securities, Held-to-Maturity, Purchase (31,224) 0 0
Proceeds from Sale of Debt and Equity Securities, FV-NI, Held-for-investment 63,857 11,328 25,795
Payments to Acquire Short-term Investments 25,000 25,000 25,000
Proceeds from Maturities, Prepayments and Calls of Short-term Investments 25,000 50,000 0
Other 4,875 2,037 6,335
Net cash used in investing activities (424,267) (273,653) (347,258)
Financing Activities:      
Issuance of long-term debt 198,000 0 310,000
Premium on issuance of long-term debt [Abstract] 0 0 31,384
Retirement of long-term debt (4,360) 0 (175,000)
Dividends on common stock (154,287) (146,119) (137,813)
Acquisition of treasury stock (3,111) (3,031) (4,641)
Make-whole premium on retirement of long-term debt 0 0 (3,305)
Other 926 334 3,636
Net cash used in financing activities 35,316 (149,484) 16,989
Net (decrease) increase in cash and cash equivalents (37,666) (59,873) 57,862
Cash and cash equivalents at beginning of the year 215,243 275,116 217,254
Cash and cash equivalents at end of the year 177,577 215,243 275,116
Cash paid during the period for:      
Income taxes 45,885 34,330 9,975
Interest (net of amount capitalized) 85,985 83,499 81,074
Non-cash investing activities:      
Additions to property, plant and equipment in accounts payable $ 84,324 $ 53,690 $ 45,004
v3.22.4
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Common Stock
Retained Earnings
Accumulated Other Comprehensive (Loss) Income
Treasury Stock
Noncontrolling Interest
Noncontrolling Interests            
Noncontrolling interests           $ 5,925
Total equity at end of year   $ 868,307 $ 1,634,525 $ (36,284) $ 1,920  
APIC, Share-based Payment Arrangement, Increase for Cost Recognition   7,416        
Tax withholdings on net settlements of share-based awards   (4,641)        
Stock Issued During Period, Shares, Treasury Stock Reissued   (1,920)        
Other   73        
Net income attributable to IDACORP, Inc. $ 237,417   237,417      
Common stock dividends     (137,839)      
Unfunded pension liability adjustment, net of tax (7,074)     (7,074)    
Stock Issued During Period, Value, New Issues         1,920  
Adjustment for income (loss) attributable to noncontrolling interests 551         551
Total IDACORP, Inc. shareholders’ equity at end of year 2,559,980   2,566,456      
Noncontrolling interests           6,476
Total equity at end of year   869,235 1,734,103 (43,358) 0  
APIC, Share-based Payment Arrangement, Increase for Cost Recognition   8,583        
Tax withholdings on net settlements of share-based awards   (3,031)        
Stock Issued During Period, Shares, Treasury Stock Reissued   0        
Other   109        
Net income attributable to IDACORP, Inc. 245,550   245,550      
Common stock dividends     (146,073)      
Unfunded pension liability adjustment, net of tax 3,318     3,318    
Stock Issued During Period, Value, New Issues         0  
Adjustment for income (loss) attributable to noncontrolling interests 322         322
Total IDACORP, Inc. shareholders’ equity at end of year 2,668,436   2,675,234      
Noncontrolling interests 6,798         6,798
Total equity at end of year 2,675,234 874,896 1,833,580 (40,040) 0  
APIC, Share-based Payment Arrangement, Increase for Cost Recognition   10,279        
Tax withholdings on net settlements of share-based awards   (3,111)        
Stock Issued During Period, Shares, Treasury Stock Reissued   0        
Other   125        
Net income attributable to IDACORP, Inc. 258,982   258,982      
Common stock dividends     (154,590)      
Unfunded pension liability adjustment, net of tax 27,118     27,118    
Stock Issued During Period, Value, New Issues         0  
Adjustment for income (loss) attributable to noncontrolling interests 578         578
Total IDACORP, Inc. shareholders’ equity at end of year 2,807,239   2,814,615      
Noncontrolling interests 7,376         $ 7,376
Total equity at end of year $ 2,814,615 $ 882,189 $ 1,937,972 $ (12,922) $ 0  
v3.22.4
Consolidated Statements of Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dividends Declared Per Share of Common Stock (in dollars per share) $ 3.04 $ 2.88 $ 2.72
v3.22.4
Idaho Power Company Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Revenues:      
Electric utility revenues $ 1,641,040 $ 1,455,410 $ 1,347,340
Operating Expenses:      
Purchased power 544,345 393,691 297,417
Fuel expense 230,210 180,550 172,740
Power cost adjustment (100,659) (49,844) (33,708)
Other operations and maintenance 399,375 361,297 352,071
Energy efficiency programs 33,197 29,920 42,478
Depreciation 170,077 175,555 171,648
Other electric utility operating expenses 37,325 34,673 35,914
Total electric utility expenses 1,313,870 1,125,842 1,038,560
Operating income 327,178 329,651 309,521
Nonoperating (Income) Expense:      
Allowance for equity funds used during construction (37,285) (31,537) (29,551)
Earnings of unconsolidated equity-method investments (11,511) (11,435) (11,513)
Interest on long-term debt 87,259 84,145 84,251
Other interest 16,030 14,546 14,753
Allowance for borrowed funds used during construction (13,914) (11,993) (11,578)
Other (income) expense, net (10,805) 3,141 (3,509)
Total nonoperating expense, net 29,774 46,867 42,853
Income before income taxes 297,404 282,784 266,668
Income Tax Expense 37,844 36,912 28,700
Net Income 259,560 245,872 237,968
Idaho Power Company      
Operating Revenues:      
Electric utility revenues 1,641,040 1,455,410 1,347,340
Operating Expenses:      
Purchased power 544,345 393,691 297,417
Fuel expense 230,210 180,550 172,740
Power cost adjustment (100,659) (49,844) (33,708)
Other operations and maintenance 399,375 361,297 352,071
Energy efficiency programs 33,197 29,920 42,478
Depreciation 170,077 175,555 171,648
Other electric utility operating expenses 37,325 34,673 35,914
Total electric utility expenses 1,313,870 1,125,842 1,038,560
Operating income 327,170 329,568 308,780
Nonoperating (Income) Expense:      
Allowance for equity funds used during construction (37,285) (31,537) (29,551)
Earnings of unconsolidated equity-method investments (10,211) (10,211) (10,102)
Interest on long-term debt 87,259 84,145 84,251
Other interest 15,693 14,511 14,716
Allowance for borrowed funds used during construction (13,914) (11,993) (11,578)
Other (income) expense, net (9,147) 3,171 (2,739)
Total nonoperating expense, net 32,395 48,086 44,997
Income before income taxes 294,775 281,482 263,783
Income Tax Expense 39,908 38,257 30,548
Net Income $ 254,867 $ 243,225 $ 233,235
v3.22.4
Idaho Power Company Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Net Income $ 259,560 $ 245,872 $ 237,968
Other Comprehensive Income:      
Unfunded pension liability adjustment, net of tax 27,118 3,318 (7,074)
Total Comprehensive Income 286,678 249,190 230,894
Idaho Power Company      
Net Income 254,867 243,225 233,235
Other Comprehensive Income:      
Unfunded pension liability adjustment, net of tax 27,118 3,318 (7,074)
Total Comprehensive Income $ 281,985 $ 246,543 $ 226,161
v3.22.4
Idaho Power Company Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Current Assets:    
Cash and cash equivalents $ 177,577 $ 215,243
Receivables:    
Customer 114,173 78,819
Other 51,179 14,994
Income taxes receivable 13,734 14,770
Accrued unbilled revenues 84,862 74,843
Materials and supplies (at average cost) 92,461 77,552
Fuel stock (at average cost) 14,762 18,045
Prepayments 24,517 24,676
Current regulatory assets 80,049 71,223
Other 40,339 5,708
Total current assets 693,653 595,873
Property, Plant and Equipment:    
Utility plant in service 6,828,467 6,509,316
Accumulated provision for depreciation (2,465,279) (2,298,951)
Utility plant in service - net 4,363,188 4,210,365
Construction work in progress 785,706 670,585
Utility plant held for future use 7,130 4,511
Other property, net of accumulated depreciation 16,946 16,361
Property, plant and equipment - net 5,172,970 4,901,822
Other Assets:    
Company-owned life insurance 73,944 67,343
Regulatory assets 1,421,912 1,462,431
Other 59,427 59,222
Total other assets 1,555,283 1,588,996
Total assets 7,543,258 7,210,515
Current Liabilities:    
Accounts payable 292,719 145,980
Taxes accrued 8,565 14,229
Interest accrued 24,060 23,959
Accrued compensation 59,265 55,666
Current regulatory liabilities 63,957 11,239
Advances from customers 72,222 43,472
Other 27,777 31,079
Total current liabilities 548,565 325,624
Other Liabilities:    
Deferred income taxes 873,916 842,375
Regulatory liabilities 796,644 781,695
Pension and other postretirement benefits 238,037 521,462
Other 77,336 63,485
Total other liabilities 1,985,933 2,209,017
Long-term Debt [1] 2,194,145 2,000,640
Commitments and Contingencies
Equity:    
Common stock 882,189 874,896
Retained earnings 1,937,972 1,833,580
Accumulated other comprehensive loss (12,922) (40,040)
Total equity 2,814,615 2,675,234
Total 7,543,258 7,210,515
Idaho Power Company    
Current Assets:    
Cash and cash equivalents 108,933 60,075
Receivables:    
Customer 114,173 78,819
Other 50,754 14,134
Income taxes receivable 13,108 15,328
Accrued unbilled revenues 84,862 74,843
Materials and supplies (at average cost) 92,461 77,552
Fuel stock (at average cost) 14,762 18,045
Prepayments 24,396 24,558
Current regulatory assets 80,049 71,223
Other 40,339 5,708
Total current assets 623,837 440,285
Investments and Other Property 78,791 77,108
Property, Plant and Equipment:    
Utility plant in service 6,828,467 6,509,316
Accumulated provision for depreciation (2,465,279) (2,298,951)
Utility plant in service - net 4,363,188 4,210,365
Construction work in progress 785,706 670,585
Utility plant held for future use 7,130 4,511
Other property, net of accumulated depreciation 4,558 3,647
Property, plant and equipment - net 5,160,582 4,889,108
Other Assets:    
Company-owned life insurance 73,944 67,343
Regulatory assets 1,421,912 1,462,431
Other 52,038 54,564
Total other assets 1,547,894 1,584,338
Total assets 7,411,104 6,990,839
Current Liabilities:    
Accounts payable 292,616 145,871
Accounts payable to affiliates 56,338 2,159
Taxes accrued 9,101 14,316
Interest accrued 24,060 23,959
Accrued compensation 58,959 55,491
Current regulatory liabilities 63,957 11,239
Advances from customers 72,222 43,472
Other 26,199 19,117
Total current liabilities 603,452 315,624
Other Liabilities:    
Deferred income taxes 870,692 844,871
Regulatory liabilities 796,644 781,695
Pension and other postretirement benefits 238,037 521,462
Other 76,471 62,245
Total other liabilities 1,981,844 2,210,273
Long-term Debt 2,194,145 2,000,640
Commitments and Contingencies
Equity:    
Common stock 97,877 97,877
Premium on capital stock 712,258 712,258
Capital stock expense (2,097) (2,097)
Retained earnings 1,836,547 1,696,304
Accumulated other comprehensive loss (12,922) (40,040)
Total equity 2,631,663 2,464,302
Total $ 7,411,104 $ 6,990,839
[1] At December 31, 2022 and 2021, the overall effective cost rate of Idaho Power's outstanding debt was 4.60 percent and 4.40 percent, respectively.
v3.22.4
Idaho Power Company Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Net Income $ 259,560 $ 245,872 $ 237,968
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 173,555 179,444 175,941
Deferred income taxes and investment tax credits (511) 23,901 25,175
Changes in regulatory assets and liabilities (79,693) (33,705) (36,246)
Pension and postretirement benefit plan expense 29,286 33,817 28,970
Contributions to pension and postretirement benefit plans (44,192) (44,220) (45,161)
Earnings of unconsolidated equity-method investments 11,511 11,435 11,513
Distributions from unconsolidated equity-method investments 11,586 11,711 14,477
Allowance for equity funds used during construction (37,285) (31,537) (29,551)
Other non-cash adjustments to net income, net 14,892 8,929 10,457
Change in:      
Accounts receivable (81,545) (9,434) (7,630)
Accounts payable and other accrued liabilities (2,156) (6,581) (5,377)
Taxes accrued/receivable (11,626) 991 17,543
Other current assets 112,602 17,700 (356)
Other current liabilities (4,628) (17,885) 8,950
Other assets 22,951 (4,304) 4,484
Net cash provided by operating activities 351,285 363,264 388,131
Investing Activities:      
Additions to property, plant and equipment (432,589) (299,999) (310,938)
Payments received from transmission project joint funding partners 17,778 5,876 3,197
Debt Securities, Held-to-Maturity, Purchase (31,224) 0 0
Proceeds from Equity Method Investment, Distribution, Return of Capital 8,489 14,439 1,073
Payments to Acquire Equity Securities, FV-NI (45,572) (17,186) (33,382)
Proceeds from Sale of Debt and Equity Securities, FV-NI, Held-for-investment 63,857 11,328 25,795
Other 4,875 2,037 6,335
Net cash used in investing activities (424,267) (273,653) (347,258)
Financing Activities:      
Issuance of long-term debt 198,000 0 310,000
Premium on issuance of long-term debt [Abstract] 0 0 31,384
Retirement of long-term debt (4,360) 0 (175,000)
Dividends on common stock (154,287) (146,119) (137,813)
Make-whole premium on retirement of long-term debt 0 0 (3,305)
Other 926 334 3,636
Net cash used in financing activities 35,316 (149,484) 16,989
Net (decrease) increase in cash and cash equivalents (37,666) (59,873) 57,862
Cash and cash equivalents at beginning of the year 215,243 275,116 217,254
Cash and cash equivalents at end of the year 177,577 215,243 275,116
Cash paid during the period for:      
Income taxes 45,885 34,330 9,975
Interest (net of amount capitalized) 85,985 83,499 81,074
Non-cash investing activities:      
Additions to property, plant and equipment in accounts payable 84,324 53,690 45,004
Idaho Power Company      
Net Income 254,867 243,225 233,235
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 172,976 178,847 175,334
Deferred income taxes and investment tax credits (11,744) (7,682) 1,149
Changes in regulatory assets and liabilities (79,693) (33,705) (36,246)
Pension and postretirement benefit plan expense 29,269 33,804 28,955
Contributions to pension and postretirement benefit plans (44,175) (44,207) (45,146)
Earnings of unconsolidated equity-method investments 10,211 10,211 10,102
Distributions from unconsolidated equity-method investments 10,211 10,211 12,627
Allowance for equity funds used during construction (37,285) (31,537) (29,551)
Other non-cash adjustments to net income, net 4,493 346 3,041
Change in:      
Accounts receivable (81,163) (8,345) (9,476)
Accounts payable and other accrued liabilities (2,153) (6,589) (5,368)
Taxes accrued/receivable (11,626) 991 17,543
Other current assets 166,635 17,690 (292)
Other current liabilities (2,995) (15,899) 12,685
Other assets 22,876 (4,233) 4,600
Net cash provided by operating activities 380,282 322,706 352,988
Investing Activities:      
Additions to property, plant and equipment (432,430) (299,972) (310,937)
Payments received from transmission project joint funding partners 17,778 5,876 3,197
Debt Securities, Held-to-Maturity, Purchase   0 0
Proceeds from Equity Method Investment, Distribution, Return of Capital 8,489 14,439 1,073
Payments to Acquire Equity Securities, FV-NI (43,953) (15,823) (33,382)
Proceeds from Sale of Debt and Equity Securities, FV-NI, Held-for-investment 63,857 11,328 25,795
Other 7,605 2,231 6,305
Net cash used in investing activities (409,878) (281,921) (307,949)
Financing Activities:      
Issuance of long-term debt 198,000 0 310,000
Premium on issuance of long-term debt [Abstract] 0 0 31,384
Retirement of long-term debt (4,360) 0 (175,000)
Dividends on common stock (114,447) (146,076) (137,885)
Make-whole premium on retirement of long-term debt 0 0 (3,305)
Other (739) (238) (3,579)
Net cash used in financing activities 78,454 (146,314) 21,615
Net (decrease) increase in cash and cash equivalents 48,858 (105,529) 66,654
Cash and cash equivalents at beginning of the year 60,075 165,604 98,950
Cash and cash equivalents at end of the year 108,933 60,075 165,604
Cash paid during the period for:      
Income taxes 2,532 64,003 32,118
Interest (net of amount capitalized) 85,648 83,464 81,037
Non-cash investing activities:      
Additions to property, plant and equipment in accounts payable $ 84,324 $ 53,690 $ 45,004
v3.22.4
Idaho Power Company Consolidated Statements of Retained Earnings - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]      
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance $ 2,675,234    
Net income attributable to IDACORP, Inc. 258,982 $ 245,550 $ 237,417
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 2,814,615 2,675,234  
Retained Earnings      
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]      
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance 1,833,580 1,734,103 1,634,525
Net income attributable to IDACORP, Inc. 258,982 245,550 237,417
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 1,937,972 1,833,580 1,734,103
Idaho Power Company      
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]      
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance 2,464,302    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 2,631,663 2,464,302  
Idaho Power Company | Retained Earnings      
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]      
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance 1,696,304 1,599,155 1,503,805
Net income attributable to IDACORP, Inc. 254,867 243,225 233,235
Dividends on Common Stock (114,624) (146,076) (137,885)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest $ 1,836,547 $ 1,696,304 $ 1,599,155
v3.22.4
Consolidated Statements of Income (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Other Comprehensive (loss) Income, Pension and Other Postretirement Benefit Plans, Tax $ 9,399 $ 1,150 $ (2,452)
v3.22.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]        
Accounts Receivable, Allowance for Credit Loss, Current $ 5,034 $ 4,499    
Allowance for Doubtful Other Receivables, Current $ 512 $ 517    
Common Stock, Shares Authorized 120,000,000 120,000,000    
Common Stock, Shares, Issued 50,561,892 50,516,479 50,461,885 50,420,017
v3.22.4
Idaho Power Company Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Other Comprehensive (loss) Income, Pension and Other Postretirement Benefit Plans, Tax $ 9,399 $ 1,150 $ (2,452)
Idaho Power Company      
Other Comprehensive (loss) Income, Pension and Other Postretirement Benefit Plans, Tax $ 9,399 $ 1,150 $ (2,452)
v3.22.4
Idaho Power Company Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss, Current $ 5,034 $ 4,499
Allowance for Doubtful Other Receivables, Current $ 512 $ 517
Common Stock, Shares Authorized 120,000,000 120,000,000
Common Stock, Shares, Issued 50,561,892 50,516,479
Idaho Power Company    
Accounts Receivable, Allowance for Credit Loss, Current $ 4,499 $ 5,034
Allowance for Doubtful Other Receivables, Current $ 512 $ 517
Common Stock, Par or Stated Value Per Share $ 2.50 $ 2.50
Common Stock, Shares Authorized 50,000,000 50,000,000
Common Stock, Shares, Issued 39,151,000 39,151,000
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
This Annual Report on Form 10-K is a combined report of IDACORP, Inc. (IDACORP) and Idaho Power Company (Idaho Power). Therefore, these Notes to the Consolidated Financial Statements apply to both IDACORP and Idaho Power. However, Idaho Power makes no representation as to the information relating to IDACORP’s other operations.

Nature of Business
 
IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sales, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the Federal Energy Regulatory Commission (FERC). Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint venturer in Bridger Coal Company (BCC), which mines and supplies coal to the Jim Bridger power plant (Jim Bridger plant) owned in part by Idaho Power.
 
IDACORP’s other notable wholly-owned subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate tax credit investments, and Ida-West Energy Company (Ida-West), an operator of small hydropower generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA).
 
Principles of Consolidation
 
IDACORP’s and Idaho Power’s consolidated financial statements include the assets, liabilities, revenues, and expenses of each company and its wholly-owned subsidiaries listed above, as well as any variable interest entity (VIE) for which the respective company is the primary beneficiary. Investments in VIEs for which the companies are not the primary beneficiaries, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method of accounting. 

IDACORP also consolidates one VIE, Marysville Hydro Partners (Marysville), which is a joint venture owned 50 percent by Ida-West and 50 percent by Environmental Energy Company (EEC). At December 31, 2022, Marysville had approximately $14.9 million of assets, primarily a hydropower plant, which are eliminated in consolidation. EEC has borrowed amounts from Ida-West to fund a portion of its required capital contributions to Marysville. The loans are payable from EEC’s share of distributions from Marysville and are secured by the stock of EEC and EEC’s interest in Marysville. Ida-West is identified as the primary beneficiary because the combination of its ownership interest in the joint venture with the intercompany note and the EEC note result in Ida-West's ability to control the activities of the joint venture.
 
The BCC joint venture is also a VIE, but because the power to direct the activities that most significantly impact the economic performance of BCC is shared with the joint venture partner, Idaho Power is not the primary beneficiary. The carrying value of Idaho Power's investment in BCC was $14.2 million at December 31, 2022, and Idaho Power's maximum exposure to loss is the carrying value, any additional future contributions to BCC, and a $48.2 million guarantee for mine reclamation costs. BCC has a reclamation trust fund set aside specifically for the purpose of paying the reclamation costs, the market value of which exceeded the total estimated reclamation obligation at December 31, 2022. The guarantee, reclamation obligation, and reclamation trust are discussed further in Note 9 - "Commitments."
 
IFS's affordable housing limited partnership and other real estate tax credit investments are also VIEs for which IDACORP is not the primary beneficiary. IFS's limited partnership interests range from 4 to 100 percent and were acquired between 2003 and 2021. As a limited partner, IFS does not control these entities and they are not consolidated. IFS’s maximum exposure to loss in these developments is limited to its net carrying value, which was $29.5 million at December 31, 2022.

Ida-West's other investments in PURPA facilities, Idaho Power's investment in BCC, and IFS's investments are accounted for under the equity method of accounting (see Note 14 - "Investments").

Except for amounts related to sales of electricity by Ida-West's PURPA projects to Idaho Power, all intercompany transactions and balances have been eliminated in consolidation. 
The accompanying consolidated financial statements include Idaho Power's proportionate share of utility plant and related operations resulting from its interests in jointly-owned plants (see Note 12 - "Property, Plant and Equipment and Jointly-Owned Projects"). 

Regulation of Utility Operations

As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition.

Idaho Power meets the requirements under accounting principles generally accepted in the United States of America (GAAP) to prepare its financial statements applying the specialized rules to account for the effects of cost-based rate regulation. IDACORP’s and Idaho Power’s financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. Accounting for the economics of rate regulation impacts multiple financial statement line items and disclosures, such as property, plant, and equipment; regulatory assets and liabilities; operating revenues; operation and maintenance expense; depreciation expense; and income tax expense. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense. The effects of applying these regulatory accounting principles to Idaho Power’s operations are discussed in more detail in Note 3 - "Regulatory Matters."

Management Estimates
 
Management makes estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions include those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management’s control. Accordingly, actual results could differ from those estimates.
 
System of Accounts

The accounting records of Idaho Power conform to the Uniform System of Accounts prescribed by the FERC and adopted by the public utility commissions of Idaho, Oregon, and Wyoming.
 
Cash and Cash Equivalents

Cash and cash equivalents include cash on-hand and highly liquid temporary investments that mature within 90 days of the date of acquisition.
 
Receivables and Allowance for Uncollectible Accounts

Customer receivables are recorded at the invoiced amounts and do not bear interest. A late payment fee of one percent per month may be assessed on account balances after 30 days. An allowance is recorded for potential uncollectible accounts. The measurement of expected credit losses on Idaho Power accounts receivable is based on historical experience, current economic conditions, and forecasted information that may affect collections on the outstanding balance. Generally, this includes adjustments based upon a combination of historical write-off experience, aging of accounts receivable, an analysis of specific customer accounts, and an evaluation of whether there are current or forecasted economic conditions that might cause variation in collection from the historical experience. Adjustments are charged to income. Customer accounts receivable balances that remain outstanding after reasonable collection efforts are written off.
The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables (in thousands of dollars):
Year Ended
December 31,
 20222021
Balance at beginning of period$4,499 $4,766 
Additions to the allowance3,265 2,017 
Write-offs, net of recoveries(2,730)(2,284)
Balance at end of period$5,034 $4,499 
Allowance for uncollectible accounts as a percentage of customer receivables4.2 %5.4 %

Other receivables, primarily notes receivable from business transactions, are also reviewed for impairment periodically, based upon transaction-specific facts. When it is probable that IDACORP or Idaho Power will be unable to collect all amounts due according to the contractual terms of the agreement, an allowance is established for the estimated uncollectible portion of the receivable and charged to income.

There were no impaired receivables without related allowances at December 31, 2022 and 2021. Once a receivable is determined to be impaired, any further interest income recognized is fully reserved.

Derivative Financial Instruments

Financial instruments such as commodity futures, forwards, options, and swaps are used to manage exposure to commodity price risk in the electricity and natural gas markets. All derivative instruments are recognized as either assets or liabilities at fair value on the balance sheet unless they are designated as normal purchases and normal sales. With the exception of forward contracts for the purchase of natural gas for use at Idaho Power's natural gas generation facilities and a nominal number of power transactions, Idaho Power’s physical forward contracts are designated as normal purchases and normal sales. Because of Idaho Power’s regulatory accounting mechanisms, Idaho Power records the unrealized changes in fair value of derivative instruments related to power supply as regulatory assets or liabilities.
 
Revenues

Operating revenues are generally recorded when service is rendered or energy is delivered to customers. Idaho Power accrues estimated unbilled revenues for electric services delivered to customers but not yet billed at year-end. Idaho Power does not report any collections of franchise fees and similar taxes related to energy consumption on the income statement. In addition, regulatory mechanisms in place in Idaho and Oregon affect the reported amount of revenue. The effects of applying these regulatory mechanisms are discussed in more detail in Note 4 - "Revenues."
 
Property, Plant and Equipment and Depreciation

The cost of utility plant in service represents the original cost of contracted services, direct labor and material, allowance for funds used during construction (AFUDC), and indirect charges for engineering, supervision, and similar overhead items. Repair and maintenance costs associated with planned major maintenance are expensed as the costs are incurred, as are maintenance and repairs of property and replacements and renewals of items determined to be less than units of property. For utility property replaced or renewed, the original cost plus removal cost less salvage is charged to accumulated provision for depreciation, while the cost of related replacements and renewals is added to property, plant and equipment.
 
All utility plant in service is depreciated using the straight-line method at rates approved by regulatory authorities. Annual depreciation provisions as a percent of average depreciable utility plant in service approximated 2.7 percent in 2022, and 2.9 percent in 2021 and 2020.

During the period of construction, costs expected to be included in the final value of the constructed asset, and depreciated once the asset is complete and placed in service, are classified as construction work in progress on the consolidated balance sheets. If the project becomes probable of being abandoned, these costs are expensed in the period such determination is made. Idaho Power may seek recovery of these costs in customer rates, although there can be no guarantee such recovery would be granted.
 
Long-lived assets are periodically reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted expected future cash flows from an asset is less than the carrying value of the asset, impairment is recognized in the financial statements. There were no material impairments of long-lived assets in 2022, 2021, or 2020.
 
Allowance for Funds Used During Construction

AFUDC represents the cost of financing construction projects with borrowed funds and equity funds. With one exception, for the Hells Canyon Complex (HCC) relicensing project, cash is not realized currently from such allowance; it is realized under the ratemaking process over the service life of the related property through increased revenues resulting from a higher rate base and higher depreciation expense. The component of AFUDC attributable to borrowed funds is included as a reduction to total interest expense. Idaho Power’s weighted-average monthly AFUDC rate was 7.4 percent for 2022, and 7.5 percent for 2021 and 2020.

Income Taxes

IDACORP and Idaho Power account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method (commonly referred to as normalized accounting), deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In general, deferred income tax expense or benefit for a reporting period is recognized as the change in deferred tax assets and liabilities from the beginning to the end of the period. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date unless Idaho Power's primary regulator, the Idaho Public Utilities Commission (IPUC), orders direct deferral of the effect of the change in tax rates over a longer period of time.

Consistent with orders and directives of the IPUC, unless contrary to applicable income tax guidance, Idaho Power does not record deferred income tax expense or benefit for certain income tax temporary differences and instead recognizes the tax impact currently (commonly referred to as flow-through accounting) for rate making and financial reporting. Therefore, Idaho Power's effective income tax rate is impacted as these differences arise and reverse. Idaho Power recognizes such adjustments as regulatory assets or liabilities if it is probable that such amounts will be recovered from or returned to customers in future rates.

IDACORP and Idaho Power use judgment, estimation, and historical data in developing the provision for income taxes and the reporting of tax-related assets and liabilities, including development of current year tax depreciation, capitalized repair costs, capitalized overheads, and other items. Income taxes can be impacted by changes in tax laws and regulations, interpretations by taxing authorities, changes to accounting guidance, and actions by federal or state public utility regulators. Actual income taxes could vary from estimated amounts and may result in favorable or unfavorable impacts to net income, cash flows, and tax-related assets and liabilities.

In compliance with the federal income tax requirements for the use of accelerated tax depreciation, Idaho Power records deferred income taxes related to its plant assets for the difference between income tax depreciation and book depreciation used for financial statement purposes. Deferred income taxes are recorded for other temporary differences unless accounted for using flow-through.
 
Investment tax credits earned on regulated assets are deferred and amortized to income over the estimated service lives of the related properties.
 
Income taxes are discussed in more detail in Note 2 - "Income Taxes."

Other Accounting Policies

Debt discount, expense, and premium are deferred and amortized over the terms of the respective debt issuances. Losses on reacquired debt and associated costs are amortized over the life of the associated replacement debt, as allowed under regulatory accounting.
Reclassifications

IDACORP and Idaho Power changed the presentation of their respective consolidated statements of cash flows for the year ended December 31, 2022, from one acceptable presentation to another, to increase transparency. Prior year respective consolidated statements of cash flows have been reclassified to conform with current year presentation. The reclassification includes certain lines of changes in assets and liabilities, presented in operating activities, and does not affect prior year net cash provided by operating activities in the respective consolidated statements of cash flows.

New and Recently Adopted Accounting Pronouncements

There have been no recently issued accounting pronouncements that have had or are expected to have a material impact on IDACORP's or Idaho Power's consolidated financial statements.
Reclassifications
Reclassifications

IDACORP and Idaho Power changed the presentation of their respective consolidated statements of cash flows for the year ended December 31, 2022, from one acceptable presentation to another, to increase transparency. Prior year respective consolidated statements of cash flows have been reclassified to conform with current year presentation. The reclassification includes certain lines of changes in assets and liabilities, presented in operating activities, and does not affect prior year net cash provided by operating activities in the respective consolidated statements of cash flows.
v3.22.4
INCOME TAXES:
 12 Months Ended
Dec. 31, 2022
Income Taxes [Abstract]  
Income Taxes INCOME TAXES
 
A reconciliation between the statutory federal income tax rate and the effective tax rate is as follows:
 IDACORPIdaho Power
 202220212020202220212020
(thousands of dollars)
Federal income tax expense at statutory rate$62,333 $59,317 $55,885 $61,903 $59,111 $55,394 
Change in taxes resulting from:     
AFUDC(10,752)(9,141)(8,637)(10,752)(9,141)(8,637)
Capitalized interest1,633 1,077 1,044 1,633 1,077 1,044 
Investment tax credits(3,119)(2,866)(2,906)(3,119)(2,866)(2,906)
Removal costs(4,900)(3,302)(3,148)(4,900)(3,302)(3,148)
Capitalized overhead costs(3,150)(8,190)(7,560)(3,150)(8,190)(7,560)
Capitalized repair costs(19,320)(17,430)(18,480)(19,320)(17,430)(18,480)
Bond redemption costs— — (726)— — (726)
State income taxes, net of federal benefit18,139 11,359 8,804 18,352 11,633 9,052 
Depreciation11,897 14,233 13,589 11,897 14,233 13,589 
Excess deferred income tax reversal(11,405)(8,958)(4,885)(11,405)(8,958)(4,885)
Income tax return adjustments(2,692)3,169 (2,552)(2,827)1,759 (2,508)
Real Estate-related tax credits(6,362)(6,245)(5,315)— — — 
Real Estate-related investment distributions(812)(1,010)(13)— — — 
Real Estate-related investment amortization4,355 4,095 3,754 — — — 
Other, net1,999 804 (154)1,596 331 319 
Total income tax expense$37,844 $36,912 $28,700 $39,908 $38,257 $30,548 
Effective tax rate12.7%13.1%10.8%13.5%13.6%11.6%
The items comprising income tax expense are as follows:
 IDACORPIdaho Power
 202220212020202220212020
(thousands of dollars)
Income taxes current:      
Federal$31,668 $15,210 $7,800 $37,696 $40,525 $30,464 
State5,474 6,630 3,215 11,715 12,932 6,409 
Total37,142 21,840 11,015 49,411 53,457 36,873 
Income taxes deferred:      
Federal(13,696)(1,787)11,543 (13,127)(21,737)(4,905)
State4,087 1,154 (1,414)(2,202)(5,295)(4,241)
Total(9,609)(633)10,129 (15,329)(27,032)(9,146)
Investment tax credits:      
Deferred8,945 14,698 5,727 8,945 14,698 5,727 
Restored(3,119)(2,866)(2,906)(3,119)(2,866)(2,906)
Total5,826 11,832 2,821 5,826 11,832 2,821 
Real estate-related investments at IFS4,485 3,873 4,735 — — — 
Total income tax expense$37,844 $36,912 $28,700 $39,908 $38,257 $30,548 

The components of the net deferred tax liability are as follows:
 IDACORPIdaho Power
 2022202120222021
 (thousands of dollars)
Deferred tax assets:    
Regulatory liabilities$94,946 $96,880 $94,946 $96,880 
Deferred compensation24,495 23,333 24,495 23,333 
Deferred revenue53,418 48,318 53,418 48,318 
Tax credits44,727 41,896 44,727 35,781 
Partnership investments15,259 12,265 15,259 11,949 
Retirement benefits38,687 110,997 38,687 110,997 
Other19,657 17,066 19,526 16,893 
Total291,189 350,755 291,058 344,151 
Deferred tax liabilities:  
Property, plant and equipment249,452 272,530 249,452 272,530 
Regulatory assets739,689 721,276 739,689 721,276 
Power cost adjustments33,116 9,015 33,116 9,015 
Partnership investments3,355 2,824 — — 
Retirement benefits80,777 138,154 80,777 138,154 
Other58,716 49,331 58,716 48,047 
Total1,165,105 1,193,130 1,161,750 1,189,022 
Net deferred tax liabilities$873,916 $842,375 $870,692 $844,871 

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.

Tax Credit Carryforwards

As of December 31, 2022, IDACORP had $44.7 million of Idaho investment tax credit carryforwards, which expire from 2026 to 2036.
Uncertain Tax Positions

IDACORP and Idaho Power believe that they have no material income tax uncertainties for 2022 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 2020-2022 for federal and 2016-2022 for Idaho. The Idaho State Tax Commission began its examination of the 2016-2018 tax years in March of 2020. In May 2009, IDACORP formally entered the U.S. Internal Revenue Service (IRS) Compliance Assurance Process (CAP) program for its 2009 tax year and has remained in the CAP program for all subsequent years. The CAP program provides for Internal Revenue Service (IRS) examination and issue resolution throughout the current year with the objective of return filings containing no contested items. IDACORP was in the bridge phase of CAP for both the 2020 and 2021 tax years. The IRS moved IDACORP from the bridge phase of CAP to the maintenance phase for the 2022 tax year.

Inflation Reduction Act
On August 16, 2022, the Inflation Reduction Act of 2022 (the 2022 IRA) was signed into law. The 2022 IRA provides for, among other things, numerous renewable energy tax credits, for example: extension of the current investment (ITC) and production (PTC) tax credits, a new ITC for standalone energy storage, application of the PTC to solar, transition to a technology-neutral ITC and PTC after 2024 and created a transferability option that allows credits to be sold to an unrelated taxpayer. The 2022 IRA modifies the calculation of most of the energy tax credits by introducing the concept of a “base credit” (e.g., 6 percent ITC) and a “bonus credit” (e.g., an additional 24 percent ITC) if certain wage and apprenticeship requirements are met in the construction and ongoing maintenance of the renewable energy facilities. Additionally, the 2022 IRA also established a 15 percent alternative minimum tax for C-corporations with an average financial statement income of more than $1 billion for the previous three taxable years. IDACORP and Idaho Power are not subject to the alternative minimum tax.
v3.22.4
REGULATORY MATTERS:
 12 Months Ended
Dec. 31, 2022
Regulated Operations [Abstract]  
Regulatory Matters REGULATORY MATTERS
IDACORP’s and Idaho Power’s financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. Included below is a summary of Idaho Power's regulatory assets and liabilities, as well as a discussion of notable regulatory matters.
 
Regulatory Assets and Liabilities
 
The application of accounting principles related to regulated operations sometimes results in Idaho Power recording some expenses and revenues in a different period than when an unregulated enterprise would record those expenses and revenues. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense.
The following table presents a summary of Idaho Power’s regulatory assets and liabilities (in thousands of dollars):
As of December 31, 2022
Remaining
Amortization Period
Earning a Return(1)
Not Earning a ReturnTotal as of December 31,
Description20222021
Regulatory Assets:    
Income taxes(2)
 $— $739,689 $739,689 $721,276 
Unfunded postretirement benefits(3)
 — 70,254 70,254 315,011 
Pension expense deferrals(4)
220,648 28,855 249,503 234,437 
Energy efficiency program costs(5)
3,767 — 3,767 7,622 
Power supply costs(6)
2023-2024145,321 (16,012)129,309 33,529 
Fixed cost adjustment(6)
2023-202424,859 17,042 41,901 54,944 
North Valmy plant settlements(6)
2023-202890,747 — 90,747 97,852 
Jim Bridger plant settlement(6)
2023-203076,392 4,139 80,531 
—
Asset retirement obligations(7)
 — 28,780 28,780 22,585 
Wildfire Mitigation Plan deferral(6)
—
27,078 27,078 6,075 
Long-term service agreement2023-204313,363 8,751 22,114 23,273 
Other2023-20562,790 15,498 18,288 17,050 
Total $577,887 $924,074 $1,501,961 $1,533,654 
Regulatory Liabilities:     
Income taxes(8)
 $— $94,946 $94,946 $96,880 
Depreciation-related excess deferred income taxes(9)
158,634 — 158,634 170,039 
Removal costs(7)
 — 180,087 180,087 184,670 
Investment tax credits — 115,285 115,285 109,460 
Deferred revenue-AFUDC(10)
 159,001 48,527 207,528 187,717 
Energy efficiency program costs(5)
154 — 154 — 
Settlement agreement sharing mechanism(6)
2023— — — 569 
Mark-to-market liabilities — 59,544 59,544 8,581 
Tax reform accrual for future amortization(11)
— 32,793 32,793 24,522 
Other6,553 5,077 11,630 10,496 
Total $324,342 $536,259 $860,601 $792,934 
(1) Earning a return includes either interest or a return on the investment as a component of rate base at the allowed rate of return.
(2) Represents flow-through income tax accounting differences which have a corresponding deferred tax liability disclosed in Note 2 - "Income Taxes."
(3) Represents the unfunded obligation of Idaho Power’s pension and postretirement benefit plans, which are discussed in Note 11 - "Benefit Plans."
(4) Idaho Power records a regulatory asset for the difference between net periodic pension cost and pension cost considered for rate-making purposes relating to Idaho Power's defined benefit pension plan. In its Idaho jurisdiction, Idaho Power’s inclusion of pension costs for the establishment of retail rates is based upon contributions made to the pension plan. This regulatory asset account represents the difference between cumulative cash contributions and amounts collected in rates. Deferred costs are amortized into expense as the amounts are provided for in Idaho retail revenues.
(5)    The energy efficiency asset and liability represent the separate Idaho and Oregon jurisdiction balances at December 31, 2022.
(6) This item is discussed in more detail in this Note 3 - "Regulatory Matters."
(7) Asset retirement obligations and removal costs are discussed in Note 13 - "Asset Retirement Obligations (ARO)."
(8) Represents the tax gross-up related to the depreciation-related excess deferred income taxes and investment tax credits included in this table and has a corresponding deferred tax asset disclosed in Note 2 - "Income Taxes."
(9) In 2017, income tax reform reduced deferred income tax assets and liabilities. For depreciation-related temporary differences under the normalized tax accounting method, the resulting excess deferred taxes will flow back to customers ratably over the remaining regulatory lives of Idaho Power's plant assets under the alternative method provided in the statute.
(10) Idaho Power is collecting revenue in the Idaho jurisdiction for AFUDC on HCC relicensing costs but is deferring revenue recognition of the amounts collected until the license is issued and the asset is placed in service under the new license.
(11) Represents amount accrued under the May 2018 Idaho Tax Reform Settlement Stipulation (described below) for the future amortization of existing or future unspecified regulatory deferrals that would otherwise be a future liability recoverable from Idaho customers.

Idaho Power’s regulatory assets and liabilities are typically amortized over the period in which they are reflected in customer rates. In the event that recovery of Idaho Power’s costs through rates becomes unlikely or uncertain, regulatory accounting would no longer apply to some or all of Idaho Power’s operations and the items above may represent stranded investments. If
not allowed full recovery of these items, Idaho Power would be required to write off the applicable portion, which could have a materially adverse financial impact.

Power Cost Adjustment Mechanisms and Deferred Power Supply Costs

In both its Idaho and Oregon jurisdictions, Idaho Power's power cost adjustment mechanisms address the volatility of power supply costs and provide for annual adjustments to the rates charged to its retail customers. The power cost adjustment mechanisms compare Idaho Power's actual net power supply costs (primarily fuel and purchased power less wholesale energy sales) against net power supply costs being recovered in Idaho Power's retail rates. Under the power cost adjustment mechanisms, certain differences between actual net power supply costs incurred by Idaho Power and costs being recovered in retail rates are recorded as a deferred charge or credit on the balance sheets for future recovery or refund. The power supply costs deferred primarily result from changes in the levels of Idaho Power's own hydroelectric generation, changes in contracted power purchase prices and volumes, changes in wholesale market prices and transaction volumes, and changes in fuel prices.

Idaho Jurisdiction Power Cost Adjustment Mechanism: In the Idaho jurisdiction, the annual power cost adjustment (PCA) consists of (a) a forecast component, based on a forecast of net power supply costs in the coming year as compared with net power supply costs included in base rates; and (b) a balancing component that trues up the difference between the previous year’s actual net power supply costs and the costs collected in the previous year's forecast component. The latter component ensures that, over time, the actual collection or refund of net power supply costs matches the amounts authorized. The PCA mechanism includes:

•a cost or benefit sharing ratio that allocates the deviations in net power supply expenses between customers (95 percent) and Idaho Power (5 percent), with the exceptions of expenses associated with PURPA power purchases and demand response incentive payments, which are allocated 100 percent to customers; and
•a sales-based adjustment intended to ensure that power supply expense recovery resulting solely from sales volume changes does not distort the results of the mechanism.

The Idaho deferral period or Idaho-jurisdiction PCA year runs from April 1 through March 31. Amounts deferred during the PCA year are primarily recovered or refunded during the subsequent June 1 through May 31 period.

The table below summarizes the three most recent Idaho-jurisdiction PCA rate adjustments, which also include non-PCA-related rate adjustments as ordered by the IPUC:
Effective Date$ Change (millions)Notes
June 1, 2022$94.9 The $94.9 million increase in PCA rates reflects a forecasted reduction in low-cost hydroelectric generation as well as higher costs associated with market energy prices and natural gas prices. The rate also reflects $0.6 million of 2021 earnings shared with customers under the May 2018 Idaho Tax Reform Settlement Stipulation described below.
June 1, 2021$39.1 The net increase in PCA rates reflects a forecasted reduction in low-cost hydroelectric generation as well as higher costs associated with forecasted PURPA power purchases. The net increase in PCA revenues also reflects a smaller credit to customers through the true-up component.
June 1, 2020$58.7 
The $58.7 million increase in PCA rates reflects a return to a more normal level of power supply costs as wholesale market energy prices came down from unusually high levels in the previous year's PCA and a forecasted reduction in low-cost hydropower generation.
 
Oregon Jurisdiction Power Cost Adjustment Mechanism: Idaho Power’s power cost recovery mechanism in Oregon has two components: an annual power cost update (APCU) and a power cost adjustment mechanism (PCAM). The APCU allows Idaho Power to reestablish its Oregon base net power supply costs annually, separate from a general rate case, and to forecast net power supply costs for the upcoming water year. The PCAM is a true-up filed annually in February. The filing calculates the deviation between actual net power supply expenses incurred for the preceding calendar year and the net power supply expenses recovered through the APCU for the same period. Actual 2022 Oregon-jurisdiction power supply costs exceeded the amount recovered through the APCU, resulting in a $1.1 million deferral of costs for future recovery. Oregon jurisdiction power supply cost changes during 2021 and 2020 did not have a material impact on the companies' financial statements.
 
Notable Idaho Base Rate Adjustments

Idaho base rates were most recently established through a general rate case in 2012, and adjusted in 2014, 2017, 2018, and 2019.

January 2012 and June 2014 Idaho Base Rate Adjustments: Effective January 1, 2012, Idaho Power implemented new Idaho base rates resulting from IPUC approval of a settlement stipulation that provided for a 7.86 percent authorized overall rate of return on an Idaho-jurisdiction rate base of approximately $2.36 billion. The settlement stipulation resulted in a 4.07 percent, or $34.0 million, overall increase in Idaho Power's annual Idaho-jurisdiction base rate revenues. Idaho base rates were subsequently adjusted again in 2012, in connection with Idaho Power's completion of the Langley Gulch power plant. In June 2012, the IPUC issued an order approving a $58.1 million increase in annual Idaho-jurisdiction base rates, effective July 1, 2012. The order also provided for a $335.9 million increase in Idaho rate base. Neither the settlement stipulation nor the IPUC orders adjusting base rates specified an authorized rate of return on equity or imposed a moratorium on Idaho Power filing a general rate case at a future date.

The IPUC issued a March 2014 order approving Idaho Power's request for an increase in the normalized or "base level" net power supply expense to be used to update base rates and in the determination of the PCA rate that became effective June 1, 2014.

May 2018 Idaho Tax Reform Settlement Stipulation: In December 2017, the Tax Cuts and Jobs Act was signed into law, which, among other things, lowered the corporate federal income tax rate from 35 percent to 21 percent and modified or eliminated certain federal income tax deductions for corporations. In March 2018, Idaho House Bill 463 was signed into law reducing the Idaho state corporate income tax rate from 7.4 percent to 6.925 percent.

In May 2018, the IPUC issued an order approving a settlement stipulation (May 2018 Idaho Tax Reform Settlement Stipulation) related to income tax reform. Beginning June 1, 2018, the settlement stipulation provided an annual (a) $18.7 million reduction to Idaho customer base rates and (b) $7.4 million amortization of existing regulatory deferrals for specified items or future amortization of other existing or future unspecified regulatory deferrals that would otherwise be a future regulatory asset recoverable from Idaho customers. The May 2018 Idaho Tax Reform Settlement Stipulation also provided for the indefinite extension, with modifications, of a previous settlement stipulation beyond its termination date of December 31, 2019.

The May 2018 settlement stipulation provides Idaho Power the ability to earn a minimum Idaho-Jurisdiction return on year-end equity (Idaho ROE) of 9.4 percent by amortizing up to $25 million of additional ADITC in any calendar year, so long as the cumulative amount of additional accumulated deferred investment tax credits (ADITC) used does not exceed $45 million; however, Idaho Power may seek approval from the IPUC to replenish the total amount of additional ADITC it is permitted to amortize and if there are no remaining amounts of additional ADITC authorized to be amortized, the remainder of the revenue sharing provisions below would not be applicable until additional ADITC is replenished.

If Idaho Power’s annual Idaho ROE in any year exceeds 10.0 percent, the amount of earnings exceeding 10.0 percent and up to and including 10.5 percent will be allocated 80 percent to Idaho Power’s Idaho customers as a rate reduction to be effective at the time of the subsequent year’s PCA, and 20 percent to Idaho Power.

If Idaho Power’s annual Idaho ROE in any year exceeds 10.5 percent, the amount of earnings exceeding a 10.5 percent Idaho ROE will be allocated 55 percent to Idaho Power’s Idaho customers as a rate reduction to be effective at the time of the subsequent year’s PCA, 25 percent to Idaho Power’s Idaho customers in the form of a reduction to the pension regulatory asset balancing account (to reduce the amount to be collected in the future from Idaho customers) and 20 percent to Idaho Power.

In the event the IPUC approves a change to Idaho Power's allowed annual Idaho ROE as part of a general rate case proceeding effective on or after January 1, 2020, the Idaho ROE thresholds will be adjusted on a prospective basis as follows: (a) the Idaho ROE under which Idaho Power will be permitted to amortize an additional amount of ADITC will be set at 95 percent of the newly authorized Idaho ROE, (b) sharing with customers on an 80 percent basis as a customer rate reduction will begin at the newly authorized Idaho ROE, and (c) sharing with customers on an 80 percent basis but allocated 55 percent to a rate reduction, and 25 percent to a pension expense deferral regulatory asset, will begin at 105 percent of the newly authorized Idaho ROE.

The May 2018 Idaho Tax Reform Settlement Stipulation did not impose a moratorium on Idaho Power filing a general rate case or other form of rate proceeding in Idaho during its respective term.
In 2022, Idaho Power recorded no provision against current revenue for sharing with customers or additional amortization of ADITC, as its full-year Idaho ROE was between 9.4 percent and 10.0 percent. In 2021, Idaho Power recorded a $0.6 million provision against current revenue for sharing with customers, as its Idaho ROE exceeded 10.0 percent. Accordingly, at December 31, 2022, the full $45 million of additional ADITC remained available for future use under the terms of the May 2018 Idaho Tax Reform Settlement Stipulation.

Valmy Base Rate Adjustment Settlement Stipulations: Idaho Power has settlement stipulations in place in Idaho and Oregon related to the planned early retirement of both units of its jointly-owned North Valmy coal-fired power plant. Idaho Power ceased coal-fired operations at unit 1 in 2019, as planned, and plans to cease coal-fired operations at unit 2 in 2025. Both commissions have approved this plan. The IPUC-approved settlement stipulation provides for (1) accelerated depreciation for the North Valmy plant to allow the coal-related plant assets to be fully depreciated and recovered by December 31, 2028, (2) Idaho Power to use prudent and commercially reasonable efforts to end its participation in coal-fired operations at North Valmy as described above, (3) a balancing account to track the incremental costs, benefits, and required regulatory accounting associated with ceasing participation in coal-fired operations at the North Valmy plant, and (4) increased customer rates related to the associated incremental annual levelized revenue requirement. If actual costs incurred differ from forecasted amounts included in the settlement stipulation, collection or refund of any differences would be subject to regulatory approval.

Jim Bridger Power Plant Rate Base Adjustment and Recovery: In June 2022, the IPUC issued an order approving, with modifications, Idaho Power’s amended application requesting authorization to (1) accelerate depreciation for the Jim Bridger plant to allow the coal-related plant assets to be fully depreciated and recovered by December 31, 2030, (2) establish a balancing account to track the incremental costs, benefits, and required regulatory accounting associated with ceasing participation in coal-fired operations at the Jim Bridger plant, and (3) increase customer rates related to the associated incremental annual levelized revenue requirement (Bridger Order).

The Bridger Order allows for regulatory accounting entries and establishes balancing accounts (recorded as regulatory assets or liabilities on Idaho Power’s and IDACORP’s consolidated balance sheets) to track differences between amounts recovered in rates and actual incremental costs and benefits associated with Idaho Power’s cessation of coal-fired operations at the Jim Bridger plant. The incremental costs and benefits include the revenue requirement associated with the incremental Jim Bridger plant coal-related investments made from 2012 through the end of 2020, forecasted coal-related investments, and near-term decommissioning costs, offset by other operations and maintenance (O&M) cost savings. The Bridger Order deemed all coal-related investments at the Jim Bridger plant from 2012 through 2020 to be prudent for recovery. In the Bridger Order, the IPUC reduced Idaho Power's requested rate increase from 2.1 percent in its amended filing to 1.5 percent, a reduction from a requested $27.1 million to $18.8 million annually. The Bridger Order provides that any uncollected amount resulting from the reduction in the rate increase will be recorded in the balancing account for future recovery with no carrying charge. Idaho Power anticipates making future filings with the IPUC that may result in periodic adjustments to rates to true up variances between revenue collections and actual revenue requirement amounts.

The Bridger Order allows Idaho Power to earn a return on and recover through 2030 the net book value of coal-related assets at the Jim Bridger plant as of December 31, 2020, as well as forecasted coal-related investments, which resulted in Idaho Power's deferral of certain depreciation expense during the full year of 2022. The deferral and impacts of the Bridger Order resulted in an increase in net income for 2022 of approximately $20 million.

Other Notable Idaho Regulatory Matters

Fixed Cost Adjustment: The Idaho jurisdiction fixed cost adjustment (FCA) mechanism, applicable to Idaho residential and small commercial customers, is designed to remove a portion of Idaho Power’s financial disincentive to invest in energy efficiency programs by separating (or decoupling) the recovery of fixed costs from the variable kilowatt-hour (kWh) charge and linking it instead to a set amount per customer. Under Idaho Power's current rate design, recovery of a portion of fixed costs is included in the variable kWh charge, which may result in over-collection or under-collection of fixed costs. To return over-collection to customers or to collect under-collection from customers, the FCA mechanism allows Idaho Power to accrue, or defer, the difference between the authorized fixed-cost recovery amount per customer and the actual fixed costs per customer recovered by Idaho Power during the year. The IPUC has discretion to cap the annual increase in the FCA recovery at 3 percent of base revenue, with any excess deferred for collection in a subsequent year.
The following table summarizes FCA amounts approved for collection in the prior three FCA years:
FCA YearPeriod Rates in EffectAnnual Amount
 (in millions)
2021June 1, 2022-May 31, 2023$35.2
2020June 1, 2021-May 31, 2022$38.3
2019June 1, 2020-May 31, 2021$35.5

Wildfire Mitigation Cost Recovery: In June 2021, the IPUC authorized Idaho Power to defer for future amortization incremental O&M and depreciation expense for certain capital investments necessary to implement Idaho Power's Wildfire Mitigation Plan (WMP). The IPUC also authorized Idaho Power to record these deferred expenses as a regulatory asset until Idaho Power can request amortization of the deferred costs in a future IPUC proceeding, at which time the IPUC will have the opportunity to review actual costs and determine the amount of prudently incurred costs that Idaho Power can recover through retail rates. In its 2021 application with the IPUC, Idaho Power projected spending approximately $47 million in incremental wildfire mitigation-related O&M and roughly $35 million in wildfire mitigation system-hardening incremental capital expenditures over a five-year period. The IPUC authorized a deferral period of five years, or until rates go into effect from Idaho Power's next general rate case, whichever is first. As of December 31, 2022, Idaho Power's deferral of Idaho-jurisdiction costs related to the WMP was $27.1 million.

During the 2021 and 2022 wildfire seasons, Idaho Power identified needs for expanded mitigation measures by gaining additional insights and knowledge on wildfires and wildfire mitigation activities. In October 2022, Idaho Power filed an updated WMP with the IPUC along with an application requesting authorization to defer an estimated $16 million of newly identified incremental costs expected to be incurred between 2022 and 2025 associated with expanded wildfire mitigation efforts. As of the date of this report, the application with the IPUC is pending.

Notable Oregon Regulatory Matters

Oregon Base Rate Changes: Oregon base rates were most recently established in a general rate case in 2012. In February 2012, the Public Utility Commission of Oregon (OPUC) issued an order approving a settlement stipulation that provided for a $1.8 million base rate increase, a return on equity of 9.9 percent, and an overall rate of return of 7.757 percent in the Oregon jurisdiction. New rates in conformity with the settlement stipulation were effective March 1, 2012. Subsequently, in September 2012, the OPUC issued an order approving an approximately $3.0 million increase in annual Oregon jurisdiction base rates, effective October 1, 2012, for inclusion of the Langley Gulch power plant in Idaho Power's Oregon rate base. Additionally, in October 2020, the OPUC approved an increase in Oregon customer rates of $0.4 million annually associated with amortization of deferred Langley Gulch power plant revenue requirement variances, effective November 1, 2020, through October 31, 2024.

In May 2018, the OPUC issued an order approving a settlement stipulation that provides for an annual $1.5 million reduction to Oregon customer base rates beginning June 1, 2018 through May 31, 2020, related to income tax reform. In May 2020, the OPUC issued an order to approve the quantification of $1.5 million in annualized Oregon jurisdictional benefits associated with federal and state income tax changes resulting from tax reform and adjusting customer rates to reflect this amount, effective June 1, 2020, until its next general rate case or other proceeding where the tax-related revenue requirement components are reflected in rates.

The OPUC has also approved settlement stipulations that provide for the accelerated cost recovery of jointly-owned North Valmy unit 1 through 2019 and unit 2 through 2025. The net rate impact of the Oregon settlement stipulations is immaterial.

Federal Regulatory Matters - Open Access Transmission Tariff Rates

Idaho Power uses a formula rate for transmission service provided under its OATT, which allows transmission rates to be updated annually based primarily on actual financial and operational data Idaho Power files with the FERC and allows Idaho
Power to recover costs associated with its transmission system. Idaho Power's OATT rates submitted to the FERC in Idaho Power's four most recent annual OATT Final Informational Filings were as follows:
Applicable PeriodOATT Rate (per kW-year)
October 1, 2022 to September 30, 2023$31.42 
October 1, 2021 to September 30, 2022$31.19 
October 1, 2020 to September 30, 2021$29.95 
October 1, 2019 to September 30, 2020$27.32 
Idaho Power's current OATT rate is based on a net annual transmission revenue requirement of $132.7 million, which represents the OATT formulaic determination of Idaho Power's net cost of providing OATT-based transmission service.
v3.22.4
REVENUES:
 12 Months Ended
Dec. 31, 2020
Revenues [Abstract]  
REVENUES REVENUES
 
The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power (in thousands):
Year Ended December 31,
 202220212020
Electric utility operating revenues:
Revenue from contracts with customers$1,557,974 $1,382,653 $1,286,637 
Alternative revenue programs and derivative revenues83,066 72,757 60,703 
Total electric utility operating revenues$1,641,040 $1,455,410 $1,347,340 

Revenues from Contracts with Customers

Revenues from contracts with customers are primarily related to Idaho Power’s regulated tariff-based sales of energy or related services. Generally, tariff-based sales do not involve a written contract, but are classified as revenues from contracts with customers. Idaho Power assesses revenues on a contract-by-contract basis to determine the nature, amount, timing, and uncertainty, if any, of revenues being recognized.
The following table presents revenues from contracts with customers disaggregated by revenue source (in thousands):

Year Ended December 31,
 202220212020
Revenues from contracts with customers:
Retail revenues:
 Residential (includes $22,595, $34,835, and $34,409, respectively, related to the FCA(1))
$645,236 $583,061 $547,404 
 Commercial (includes $922, $1,407, and $1,543, respectively, related to the FCA(1))
347,970 314,745 293,057 
Industrial217,368 195,214 181,258 
Irrigation170,964 168,664 154,791 
Provision for sharing— (569)— 
Deferred revenue related to HCC relicensing AFUDC(2)
(8,780)(8,780)(8,780)
Total retail revenues1,372,758 1,252,335 1,167,730 
Less: FCA mechanism revenues(1)
(23,517)(36,242)(35,952)
Wholesale energy sales66,519 40,839 33,656 
Transmission wheeling-related revenues80,527 67,997 51,592 
Energy efficiency program revenues33,197 29,920 42,478 
Other revenues from contracts with customers28,490 27,804 27,133 
Total revenues from contracts with customers$1,557,974 $1,382,653 $1,286,637 
(1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers.
(2) The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service.

Retail Revenues: Idaho Power’s retail revenues primarily relate to the sale of electricity to customers based on regulated tariff-based prices. Idaho Power recognizes retail revenues in amounts for which it has the right to invoice the customer in the period when energy is delivered or services are provided to customers. The total energy price generally has a fixed component related to having service available and a usage-based component related to the demand, delivery, and consumption of energy. The revenues recognized reflect the consideration Idaho Power expects to be entitled to in exchange for energy and services. Retail customers are classified as residential, commercial, industrial, or irrigation. Approximately 95 percent of Idaho Power's retail revenue originates from customers located in Idaho, with the remainder originating from customers located in Oregon. Idaho Power’s retail customer rates are based on Idaho Power’s cost of service and are determined through general rate case proceedings, settlement stipulations, and other filings with the IPUC and OPUC. Changes in rates and changes in customer demand are typically the primary causes of fluctuations in retail revenue from period to period. The primary influences on changes in customer demand for electricity are weather, economic conditions (including growth in the number of Idaho Power customers), and energy efficiency. Idaho Power's utility revenues are not earned evenly during the year.

Retail revenues are billed monthly based on meter readings taken throughout the month. Payments for amounts billed are generally due from the customer within 15 days of billing. Idaho Power accrues estimated unbilled revenues for energy or related services delivered to customers but not yet billed at period-end based on actual meter readings at period-end and estimated rates.

Residential Customers: Idaho Power’s energy sales to residential customers typically peak during the summer cooling season and winter heating season. Extreme temperatures increase sales to residential customers who use electricity for cooling and heating, compared with normal temperatures. Idaho Power's rate structure provides for higher rates during the summer when overall system loads are at their highest, and includes tiers such that rates increase as a customer's consumption level increases. These seasonal and tiered rate structures contribute to the seasonal fluctuations in revenues and earnings. Economic and demographic conditions can also affect residential customer demand; strong job growth and population growth in Idaho Power’s service area have led to higher customer growth in recent years. Residential demand is also impacted by energy efficiency initiatives. Idaho Power’s FCA mechanism mitigates some of the fluctuations caused by weather and energy efficiency initiatives.
Commercial Customers: Most businesses are included in Idaho Power's commercial customer class, as are small industrial companies, and public street and highway lighting accounts. Idaho Power’s commercial customers are less influenced by weather conditions than residential customers, although weather does still affect commercial customer energy use. Economic conditions, including manufacturing activity levels, and energy efficiency initiatives also affect energy use of commercial customers.

Industrial Customers: Industrial customers consist of large industrial companies, including special contract customers. Energy use of industrial customers is primarily driven by economic conditions, with weather having little impact on this customer class.

Irrigation Customers: Irrigation customers use electricity to operate irrigation pumps, primarily during the agricultural growing season. The amount and timing of precipitation as well as temperature levels affect the timing and amounts of sales to irrigation customers, with increased precipitation during the agricultural growing season generally resulting in decreased sales.

Provision for Sharing: Idaho Power has regulatory settlement stipulations in Idaho that provide for the potential sharing between Idaho Power and its Idaho customers of Idaho-jurisdictional earnings in excess of 10.0 percent of Idaho ROE. Based on full-year 2022 Idaho ROE, Idaho Power recorded no provision against current revenues for sharing of earnings with customers for 2022. Idaho Power recorded $0.6 million of sharing of earnings with customers during 2021 and no provision during 2020. The regulatory settlement stipulations are described further in Note 3 - "Regulatory Matters."

Wholesale Energy Sales: As a public utility under the Federal Power Act (FPA), Idaho Power has the authority to charge market-based rates for wholesale energy sales under its FERC tariff. Idaho Power’s wholesale electricity sales are primarily to utilities and power marketers and are predominantly short-term and consist of a single performance obligation satisfied as energy is transferred to the counterparty. Idaho Power's wholesale energy sales depend largely on the availability of generation resources in excess of the amount necessary to serve customer loads as well as adequate market power prices and demand at the time when those resources are available. A reduction in any of those factors may lead to lower wholesale energy sales.

Transmission Wheeling-Related Revenues: As a public utility under the FPA, Idaho Power has the authority to provide cost-based wholesale and retail access transmission services under its OATT. Services under the OATT are offered on a nondiscriminatory basis such that all potential customers have an equal opportunity to access the transmission system. Idaho Power’s transmission revenue is primarily related to third parties reserving capacity on Idaho Power’s transmission system to transmit electricity through Idaho Power’s service area. Reservations are predominantly short-term contracts or on-demand when available, but may be part of a long-term capacity contract. Transmission wheeling-related revenues consist of a single performance obligation satisfied as capacity on Idaho Power’s transmission system is provided to the third party. Transmission wheeling-related revenues are affected by changes in Idaho Power’s OATT rate and customer demand. Demand for transmission services can be affected by regional market factors, such as loads and generation of utilities in Idaho Power’s region.

Energy Efficiency Program Revenues: Idaho Power collects most of its energy efficiency program costs through an energy efficiency rider on customer bills. The rider collections are deferred until expenditures are incurred. Energy efficiency program expenditures funded through the rider are reported as an operating expense with an equal amount recognized in revenues, resulting in no net impact on earnings. Fewer energy efficiency projects were completed in 2021 and 2022 due mostly to impacts of the COVID-19 public health crisis and other economic conditions which decreased energy efficiency program revenues compared with prior years. The cumulative variance between expenditures and amounts collected through the rider is recorded as a regulatory asset or liability. A liability balance indicates that Idaho Power has collected more than it has spent, and an asset balance indicates that Idaho Power has spent more than it has collected. At December 31, 2022, Idaho Power's energy efficiency rider balances were a $3.8 million regulatory asset in the Idaho jurisdiction and a $0.2 million regulatory liability in the Oregon jurisdiction.

Alternative Revenue Programs and Other Revenues

While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of an additional regulatory mechanism, the Idaho FCA mechanism, which may increase or decrease tariff-based customer rates. The Idaho FCA mechanism is described in Note 3 - "Regulatory Matters." The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service and billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues.
Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the consolidated statements of income. For more information on settled electricity swaps, see Note 15 - "Derivative Financial Instruments."

The table below presents the FCA mechanism revenues and derivative revenues (in thousands):
Year Ended December 31,
 202220212020
Alternative revenue programs and derivative revenues:
FCA mechanism revenues$23,517 $36,242 $35,952 
Derivative revenues59,549 36,515 24,751 
Total alternative revenue programs and derivative revenues$83,066 $72,757 $60,703 

IDACORP's Other Operating Revenues
Other operating revenues on IDACORP's consolidated statements of income are primarily comprised of revenues from IDACORP’s subsidiary, Ida-West. Ida-West operates small hydropower generation projects that satisfy the requirements of PURPA.
v3.22.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Long-term Debt LONG-TERM DEBT
 
The following table summarizes IDACORP's and Idaho Power's long-term debt at December 31 (in thousands of dollars):
20222021
First mortgage bonds:
2.50% Series due 2023
$75,000 $75,000 
1.90% Series due 2030
80,000 80,000 
6.00% Series due 2032
100,000 100,000 
4.99% Series due 2032
23,000 — 
5.50% Series due 2033
70,000 70,000 
5.50% Series due 2034
50,000 50,000 
5.875% Series due 2034
55,000 55,000 
5.30% Series due 2035
60,000 60,000 
6.30% Series due 2037
140,000 140,000 
6.25% Series due 2037
100,000 100,000 
4.85% Series due 2040
100,000 100,000 
4.30% Series due 2042
75,000 75,000 
5.06% Series due 2042
25,000 — 
4.00% Series due 2043
75,000 75,000 
3.65% Series due 2045
250,000 250,000 
4.05% Series due 2046
120,000 120,000 
4.20% Series due 2048
450,000 450,000 
Total first mortgage bonds1,848,000 1,800,000 
Pollution control revenue bonds:
1.45% Series due 2024(1)
49,800 49,800 
1.70% Series due 2026(1)
116,300 116,300 
Variable Rate Series 2000 (redeemed in 2022)— 4,360 
Total pollution control revenue bonds166,100 170,460 
Floating Rate Term Loan Facility due 2024150,000 — 
American Falls Variable Rate bond guarantee due 202519,885 19,885 
Unamortized premium/discount and issuance costs10,160 10,295 
Total IDACORP and Idaho Power outstanding debt(2)
2,194,145 2,000,640 
Current maturities of long-term debt— — 
Total long-term debt$2,194,145 $2,000,640 
(1) Humboldt County and Sweetwater County Pollution Control Revenue Bonds are secured by the first mortgage bonds, bringing the total first mortgage bonds outstanding at December 31, 2022, to $2.014 billion.
(2) At December 31, 2022 and 2021, the overall effective cost rate of Idaho Power's outstanding debt was 4.60 percent and 4.40 percent, respectively.

At December 31, 2022, the maturities for the aggregate amount of IDACORP and Idaho Power long-term debt outstanding were as follows (in thousands of dollars):
20232024202520262027Thereafter
$75,000 $199,800 $19,885 $116,300 $— $1,773,000 

Long-Term Debt Issuances, Maturities, and Redemptions

On its consolidated balance sheet as of December 31, 2022, Idaho Power classified the $75 million in principal amount of 2.50% first mortgage bonds, Series I, maturing on April 1, 2023, as long-term debt based upon Idaho Power's intent and ability to refinance the bonds on a long-term basis.
On December 22, 2022, Idaho Power entered into a Bond Purchase Agreement (Bond Purchase Agreement) with certain institutional purchasers relating to the sale by Idaho Power of $170 million of first mortgage bonds secured medium-term-term notes, Series N (Series N Notes), as described in more detail below. At December 31, 2022, $48 million in principal amount of Series N Notes had been issued and was outstanding.

On December 1, 2022, Idaho Power redeemed at par $4.36 million in principal amount of variable-rate pollution control revenue bonds due in 2027.

On March 4, 2022, Idaho Power entered into a floating rate term loan credit agreement (Term Loan Facility). The Term Loan Facility is a two-year senior unsecured term loan facility. It provided for the issuance of loans not to exceed the aggregate principal amount of $150 million with a maturity date of March 4, 2024. The interest rates for the floating rate advances under the Term Loan Facility were based on the highest of (1) the prime commercial lending rate of the lender acting as administrative agent, (2) the federal funds rate, plus 0.5 percent, (3) Term Secured Overnight Financing Rate administered by the Federal Reserve Bank of New York (SOFR) (as defined in the Term Loan Facility) for a one-month tenor that is published by CME Group Benchmark Administration limited (or the successor administrator of such rate), plus 1 percent, and (4) zero percent. The interest rates for SOFR Advances (as defined in the Term Loan Facility) were based on the Term SOFR rate for the borrower-selected period plus the Applicable Margin. The “Applicable Margin” is based on Idaho Power's senior unsecured non-credit enhanced long-term indebtedness credit rating, as set forth on a schedule to the Term Loan Facility. At December 31, 2022, $150 million in principal amount of one month term SOFR advances had been drawn and was outstanding on the Term Loan Facility.

Idaho Power First Mortgage Bonds

Idaho Power's issuance of long-term indebtedness is subject to the approval of the IPUC, OPUC, and Wyoming Public Service Commission (WPSC). In May and June 2022, Idaho Power received orders from the IPUC, OPUC, and WPSC authorizing the company to issue and sell from time to time up to $1.2 billion in aggregate principal amount of debt securities and first mortgage bonds, subject to conditions specified in the orders. Authority from the IPUC is effective through May 31, 2025, subject to extensions upon request to the IPUC. The OPUC's and WPSC's orders do not impose a time limitation for issuances, but the OPUC order does impose a number of other conditions, including a requirement that the interest rates for the debt securities or first mortgage bonds fall within either (a) designated spreads over comparable U.S. Treasury rates or (b) a maximum interest rate limit of 8.0 percent. At December 31, 2022, $1.15 billion remains available for debt issuance under the regulatory orders, prior to the commitment to draw the remaining $122 million of Series N Notes in March 2023.

In May 2022, Idaho Power filed a shelf registration statement with the SEC, which became effective upon filing, for the offer and sale of an unspecified principal amount of its first mortgage bonds. The issuance of first mortgage bonds requires that Idaho Power meet interest coverage and security provisions set forth in Idaho Power's Indenture of Mortgage and Deed of Trust, dated as of October 1, 1937, as amended and supplemented from time to time (Indenture). Future issuances of first mortgage bonds are subject to satisfaction of covenants and security provisions set forth in the Indenture, market conditions, regulatory authorizations, and covenants contained in other financing agreements.

In June 2022, Idaho Power entered into a selling agency agreement with six banks named in the agreement in
connection with the potential issuance and sale from time to time of up to $1.2 billion aggregate principal amount of first
mortgage bonds, secured medium term notes, Series M (Series M Notes), under Idaho Power’s Indenture. Also in June 2022, Idaho Power entered into the Fiftieth Supplemental Indenture, dated effective as of June 30, 2022, to the Indenture (Fiftieth Supplemental Indenture). The Fiftieth Supplemental Indenture provides for, among other items, the issuance of up to $1.2 billion in aggregate principal amount of Series M Notes pursuant to the Indenture. In October 2022, Idaho Power entered into the Fifty-first Supplemental Indenture to increase the limit of the amount of first mortgage bonds at any one time outstanding to $3.5 billion as provided in the Indenture. The amount issuable is also restricted by property, earnings, and other provisions of the Indenture and supplemental indentures to the Indenture. The Indenture requires that Idaho Power's net earnings be at least twice the annual interest requirements on all outstanding debt of equal or prior rank, including the bonds that Idaho Power may propose to issue. Under certain circumstances, the net earnings test does not apply, including the issuance of refunding bonds to retire outstanding bonds that mature in less than two years or that are of an equal or higher interest rate, or prior lien bonds.

In December 2022, Idaho Power entered into the Bond Purchase Agreement with certain institutional purchasers, relating to the sale by Idaho Power of $170 million in aggregate principal amount of Series N Notes. Also in December 2022, Idaho Power entered into the Fifty-second Supplemental Indenture, dated effective as of December 30, 2022, to the Indenture (Fifty-second
Supplemental Indenture). The Fifty-second Supplemental Indenture provides for, among other items, the issuance of Series N Notes pursuant to the Indenture. The Series N Notes consist of:

•$23 million in aggregate principal amount of Idaho Power’s 4.99% first mortgage bonds due 2032, Series N Notes, Tranche 1 (Tranche 1 Bonds);
•$25 million in aggregate principal amount of Idaho Power’s 5.06% first mortgage bonds due 2042, Series N Notes, Tranche 2 (Tranche 2 Bonds);
•$60 million in aggregate principal amount of Idaho Power’s 5.06% first mortgage bonds due 2043, Series N Notes, Tranche 3 (Tranche 3 Bonds); and
•$62 million in aggregate principal amount of Idaho Power’s 5.20% first mortgage bonds due 2053, Series N Notes, Tranche 4 (Tranche 4 Bonds).

The Tranche 1 Bonds and Tranche 2 Bonds were issued on December 22, 2022, and Idaho Power has a commitment to issue the Tranche 3 Bonds and Tranche 4 Bonds on March 8, 2023, each under the Indenture.

The mortgage of the Indenture secures all bonds issued under the Indenture equally and ratably, without preference, priority, or distinction. First mortgage bonds issued in the future will also be secured by the mortgage of the Indenture. The lien constitutes a first mortgage on all the properties of Idaho Power, subject only to certain limited exceptions including liens for taxes and assessments that are not delinquent and minor excepted encumbrances. Certain of the properties of Idaho Power are subject to easements, leases, contracts, covenants, workmen's compensation awards, and similar encumbrances and minor defects common to properties. The mortgage of the Indenture does not create a lien on revenues or profits, or notes or accounts receivable, contracts or choses in action, except as permitted by law during a completed default, securities, or cash, except when pledged, or merchandise or equipment manufactured or acquired for resale. The mortgage of the Indenture creates a lien on the interest of Idaho Power in property subsequently acquired, other than excepted property, subject to limitations in the case of consolidation, merger, or sale of all or substantially all of the assets of Idaho Power. The Indenture requires Idaho Power to spend or appropriate 15 percent of its annual gross operating revenues for maintenance, retirement, or amortization of its properties. Idaho Power may, however, anticipate or make up these expenditures or appropriations within the 5 years that immediately follow or precede a particular year.
As of December 31, 2022, the maximum amount of additional first mortgage bonds Idaho Power could issue, which excludes commitments to issue that have not already funded, is approximately $1.5 billion, though as of the date of this report the amount is limited to the $1.15 billion amount authorized by the IPUC, OPUC, and WPSC. Separately, the Indenture also limits the amount of additional first mortgage bonds that Idaho Power may issue to the sum of (a) the principal amount of retired first mortgage bonds and (b) 60 percent of total unfunded property additions, as defined in the Indenture. As of December 31, 2022, Idaho Power could issue approximately $2.3 billion of additional first mortgage bonds based on retired first mortgage bonds and total unfunded property additions.
v3.22.4
COMMON STOCK:
 12 Months Ended
Dec. 31, 2022
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]  
Common Stock COMMON STOCK
 
IDACORP Common Stock

The following table summarizes IDACORP common stock transactions during the last three years and shares reserved at December 31, 2022:
 Shares issuedShares reserved
 202220212020December 31, 2022
Balance at beginning of year50,516,47950,461,88550,420,017 
Continuous equity program (inactive)———3,000,000
Dividend reinvestment and stock purchase plan———2,840,117
Employee savings plan———3,567,954
Long-term incentive and compensation plan(1)
45,41354,59441,8681,214,854
Balance at end of year50,561,89250,516,47950,461,885 
(1) During 2022, 2021, and 2020, IDACORP granted 73,131, 76,147, and 75,030 restricted stock unit awards, respectively, to employees and 12,021, 14,025, and 10,296 shares of common stock, respectively, to directors. During 2022, 2021, and 2020 IDACORP issued 45,413, 54,594, and 41,868 shares of common stock, respectively, using original issuances of shares pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan, including 8,674, 12,784, and 8,938 shares of common stock, respectively, issued to members of the board of directors.
Restrictions on Dividends
 
Idaho Power’s ability to pay dividends on its common stock held by IDACORP and IDACORP’s ability to pay dividends on its common stock are limited to the extent payment of such dividends would violate the covenants in their respective Credit Facilities or Idaho Power’s Revised Code of Conduct. A covenant under IDACORP’s credit facility and Idaho Power’s credit facility requires IDACORP and Idaho Power to maintain leverage ratios of consolidated indebtedness to consolidated total capitalization, as defined therein, of no more than 65 percent at the end of each fiscal quarter. At December 31, 2022, the leverage ratios for IDACORP and Idaho Power were 45 percent and 46 percent, respectively. Based on these restrictions, IDACORP’s and Idaho Power’s dividends were limited to $1.6 billion and $1.4 billion, respectively, at December 31, 2022. There are additional facility covenants, subject to exceptions, that prohibit or restrict the sale or disposition of property without consent and any agreements restricting dividend payments to IDACORP and Idaho Power from any material subsidiary. At December 31, 2022, IDACORP and Idaho Power were in compliance with those covenants.

Idaho Power’s Revised Policy and Code of Conduct relating to transactions between and among Idaho Power, IDACORP, and other affiliates, which was approved by the IPUC in April 2008, provides that Idaho Power will not pay any dividends to IDACORP that will reduce Idaho Power’s common equity capital below 35 percent of its total adjusted capital without IPUC approval. At December 31, 2022, Idaho Power's common equity capital was 55 percent of its total adjusted capital. Further, Idaho Power must obtain approval from the OPUC before it can directly or indirectly loan funds or issue notes or give credit on its books to IDACORP.

Idaho Power’s articles of incorporation contain restrictions on the payment of dividends on its common stock if preferred stock dividends are in arrears. As of the date of this report, Idaho Power has no preferred stock outstanding.
In addition to contractual restrictions on the amount and payment of dividends, the FPA prohibits the payment of dividends from "capital accounts." The term "capital account" is undefined in the FPA or its regulations, but Idaho Power does not believe the restriction would limit Idaho Power's ability to pay dividends out of current year earnings or retained earnings.
v3.22.4
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION:
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Share-based compensation SHARE-BASED COMPENSATION
 
IDACORP has one share-based compensation plan — the 2000 Long-Term Incentive and Compensation Plan (LTICP). The LTICP (for officers, key employees, and directors) permits the grant of stock options, restricted stock and restricted stock units, performance shares and performance-based units, and several other types of share-based awards. At December 31, 2022, the maximum number of shares available under the LTICP was 350,763.
 
Restricted Stock Unit and Performance-Based Unit Awards

Restricted stock unit awards have three-year vesting periods, entitle the recipients to dividend equivalents, and units do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition and subject to forfeiture under certain circumstances. The fair value of these awards is based on the closing market price of common stock on the grant date and is charged to compensation expense over the vesting period, reduced for any forfeitures during the vesting period.
 
Performance-based unit awards have three-year vesting periods and do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition, subject to forfeiture under certain circumstances, and subject to the attainment of specific performance conditions over the three-year vesting period. The performance conditions are two equally-weighted metrics, cumulative earnings per share (CEPS) and total shareholder return (TSR) relative to a peer group. Depending on the level of attainment of the performance conditions and the year issued, the final number of shares awarded can range from zero to 200 percent of the target award. Dividend equivalents are accrued during the vesting period and paid out based on the final number of shares awarded.
 
The grant-date fair value of the CEPS portion is based on the closing market value at the date of grant, reduced by the loss in time-value of the estimated future dividend payments. The fair value of this portion of the awards is charged to compensation expense over the requisite service period based on the estimated achievement of performance targets, reduced for any forfeitures during the vesting period. The grant-date fair value of the TSR portion is estimated using the market value at the date of grant and a statistical model that incorporates the probability of meeting performance targets based on historical returns relative to the peer group. The fair value of this portion of the awards is charged to compensation expense over the requisite service period, provided the requisite service period is rendered, regardless of the level of TSR metric attained.
A summary of restricted stock units and performance-based units award activity is presented below. Idaho Power unit amounts represent the portion of IDACORP amounts related to Idaho Power employees:
 IDACORPIdaho Power
Number of
Units		Weighted-Average
Grant Date
Fair Value		Number of
Units		Weighted-Average
Grant Date
Fair Value
Nonvested units at January 1, 2022175,256 $99.61 174,209 $99.61 
Units granted88,512 100.76 87,685 100.76 
Units forfeited(8,791)97.35 (8,144)97.29 
Units vested(66,509)100.59 (65,934)100.59 
Nonvested units at December 31, 2022188,468 $99.92 187,816 $99.91 
 
The total fair value of shares vested was $6.9 million in 2022, $6.7 million in 2021, and $10.5 million in 2020. At December 31, 2022, IDACORP had $8.3 million of total unrecognized compensation cost related to nonvested share-based compensation, nearly all of which was Idaho Power's share. These costs are expected to be recognized over a weighted-average period of 1.7 years. IDACORP uses original issue shares for these awards.
 
In 2022, a total of 12,021 shares were awarded to directors at an average grant date fair value of $103.95 per share. Directors elected to defer receipt of 4,616 of these shares, which are being held as deferred stock units with dividend equivalents reinvested in additional stock units.

Compensation Expense: The following table shows the compensation cost recognized in income and the tax benefits resulting from the LTICP, as well as the amounts allocated to Idaho Power for those costs associated with Idaho Power’s employees (in thousands of dollars): 
 IDACORPIdaho Power
 202220212020202220212020
Compensation cost$10,279 $8,583 $7,416 $10,204 $8,497 $7,339 
Income tax benefit2,646 2,209 1,909 2,627 2,187 1,889 
No equity compensation costs have been capitalized. These costs are primarily reported within "Other operations and maintenance" expense on the consolidated statements of income.
v3.22.4
EARNINGS PER SHARE:
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
 
The following table presents the computation of IDACORP’s basic and diluted earnings per share for the years ended December 31, 2022, 2021, and 2020 (in thousands, except for per share amounts):
Year Ended December 31,
 202220212020
Numerator:   
Net income attributable to IDACORP, Inc.$258,982 $245,550 $237,417 
Denominator:  
Weighted-average common shares outstanding - basic50,658 50,599 50,538 
Effect of dilutive securities414634
Weighted-average common shares outstanding - diluted50,699 50,645 50,572 
Basic earnings per share$5.11 $4.85 $4.70 
Diluted earnings per share$5.11 $4.85 $4.69 
v3.22.4
COMMITMENTS:
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments COMMITMENTS
 
Purchase Obligations

At December 31, 2022, Idaho Power had the following long-term commitments relating to purchases of energy, capacity, transmission rights, and fuel (in thousands of dollars):
 20232024202520262027Thereafter
Cogeneration and power production$321,321 $327,054 $319,588 $319,852 $322,043 $2,597,922 
Fuel144,856 31,559 8,239 8,492 8,659 50,884 

As of December 31, 2022, Idaho Power had 1,137 megawatt (MW) nameplate capacity of PURPA-related projects on-line, with an additional 75 MW nameplate capacity of projects projected to be on-line by 2024. The power purchase contracts for these projects have original contract terms ranging from one to 35 years. Idaho Power's expenses associated with PURPA-related projects were approximately $189 million in 2022, $200 million in 2021, and $194 million in 2020.

In January 2023, Idaho Power entered into an additional new non-PURPA-qualifying solar facility power purchase contract, subject to regulatory approval, which increased Idaho Power's contractual purchase obligations by approximately $228 million over the 25-year term of the contract. The facility is scheduled to be online in June 2024.

As of December 31, 2022, Idaho Power had a remaining $95 million commitment related to two contracts to acquire and own battery storage systems expected to be in service in 2023. Also, in January 2023, Idaho Power entered into a commitment to acquire and own a 60 MW battery storage system for $129 million, due upon its expected completion in 2024.

Idaho Power also has the following long-term commitments (in thousands of dollars):
 20232024202520262027Thereafter
Joint-operating agreement payments(1)
$3,243 $3,243 $3,243 $3,243 $3,243 $16,217 
Easements and other payments2,075 2,119 2,163 2,209 2,255 12,005 
Maintenance, service, and materials agreements(1)
174,619 11,931 9,652 7,623 11,660 38,729 
FERC and other industry-related fees(1)
17,402 15,619 15,562 15,839 15,348 75,272 
(1) Approximately $34 million, $18 million, and $152 million of the obligations included in joint-operating agreement payments, maintenance, service, and materials agreements, and FERC and other industry-related fees, respectively, have contracts that do not specify terms related to expiration. As these contracts are presumed to continue indefinitely, ten years of information, estimated based on current contract terms, has been included in the table for presentation purposes.

At IDACORP, long-term purchase commitments of $2 million are mostly comprised of other long-term liabilities at Ida-West. At December 31, 2022, IDACORP had a commitment to invest an additional $7.5 million into a private market investment fund, which is expected to occur over the next few years. IDACORP’s expense for operating leases was not material for the years ended 2022, 2021, and 2020.
 
Guarantees
 
Idaho Power guarantees its portion of reclamation activities and obligations at BCC, of which IERCo owns a one-third interest. This guarantee, which is renewed annually with the Wyoming Department of Environmental Quality, was $48.2 million at December 31, 2022, representing IERCo's one-third share of BCC's total reclamation obligation of $144.7 million. BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs. At December 31, 2022, the value of the reclamation trust fund was $196.1 million. During 2022, the reclamation trust fund made $3.9 million of distributions for reclamation activity costs associated with the BCC surface mine. BCC periodically assesses the adequacy of the reclamation trust fund and its estimate of future reclamation costs. To ensure that the reclamation trust fund maintains adequate reserves, BCC has the ability to, and does, add a per-ton surcharge to coal sales, all of which are made to the Jim Bridger plant. Because of the existence of the fund and the ability to apply a per-ton surcharge, the estimated fair value of this guarantee is minimal.
 
IDACORP and Idaho Power enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP
and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of December 31, 2022, management believes the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective consolidated balance sheets with respect to these indemnification obligations.
v3.22.4
CONTINGENCIES:
 12 Months Ended
Dec. 31, 2022
Loss Contingency [Abstract]  
Contingencies CONTINGENCIES
 
IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, some of which involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power's operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred, although there is no assurance that such recovery would be granted.

IDACORP and Idaho Power are parties to legal claims and legal, tax, and regulatory actions and proceedings in the ordinary course of business and, as noted above, record an accrual for associated loss contingencies when they are probable and reasonably estimable. In connection with its utility operations, Idaho Power is subject to claims by individuals, entities, and governmental agencies for damages for alleged personal injury, property damage, and economic losses, relating to the company’s provision of electric service and the operation of its generation, transmission, and distribution facilities. Some of those claims relate to electrical contacts, service quality, property damage, and wildfires. In recent years, utilities in the western United States have been subject to significant liability for personal injury, loss of life, property damage, trespass, and economic losses, and in some cases, punitive damages and criminal charges, associated with wildfires that originated from utility property, most commonly transmission and distribution lines. Idaho Power has also regularly received claims by governmental agencies and private landowners for damages for fires allegedly originating from Idaho Power’s transmission and distribution system. As of the date of this report, the companies believe that resolution of existing claims will not have a material adverse effect on their respective consolidated financial statements.

Idaho Power is also actively monitoring various pending environmental regulations and executive orders related to environmental matters that may have a significant impact on its future operations. Given uncertainties regarding the outcome, timing, and compliance plans for these environmental matters, Idaho Power is unable to estimate the financial impact of these regulations.
v3.22.4
BENEFIT PLANS:
 12 Months Ended
Dec. 31, 2022
Retirement Benefits, Description [Abstract]  
Benefit Plans BENEFIT PLANS
 
Idaho Power sponsors defined benefit and other postretirement benefit plans that cover the majority of its employees. Idaho Power also sponsors a defined contribution 401(k) employee savings plan and provides certain post-employment benefits.

Pension Plans

Idaho Power has pension plans–a noncontributory defined benefit pension plan (pension plan) and two nonqualified defined benefit pension plans for certain senior management employees called the Security Plan for Senior Management Employees I and Security Plan for Senior Management Employees II (together, SMSP). Idaho Power also has a nonqualified defined benefit pension plan for directors that was frozen in 2002. Remaining vested benefits from that plan are included with the SMSP in the disclosures below. The benefits under these plans are based on years of service and the employee's final average earnings.
 
The following table summarizes the changes in benefit obligations and plan assets of these plans (in thousands of dollars): 
 Pension PlanSMSP
 2022202120222021
 
Change in projected benefit obligation:    
Benefit obligation at January 1$1,346,530 $1,337,395 $133,012 $134,791 
Service cost52,025 54,202 1,185 813 
Interest cost39,670 37,317 3,897 3,557 
Actuarial (gain) loss(438,297)(35,833)(32,009)33 
Benefits paid(46,159)(46,551)(6,109)(6,182)
Projected benefit obligation at December 31953,769 1,346,530 99,976 133,012 
Change in plan assets:  
Fair value at January 1984,464 871,603 — — 
Actual return on plan assets(138,577)119,412 — — 
Employer contributions40,000 40,000 — — 
Benefits paid(46,159)(46,551)— — 
Fair value at December 31839,728 984,464 — — 
Funded status at end of year$(114,041)$(362,066)$(99,976)$(133,012)
Amounts recognized in the balance sheet consist of:    
Other current liabilities$— $— $(6,514)$(6,226)
Noncurrent liabilities(114,041)(362,066)(93,462)(126,786)
Net amount recognized
$(114,041)$(362,066)$(99,976)$(133,012)
Amounts recognized in accumulated other comprehensive income consist of:
    
Net loss$83,263 $322,908 $15,127 $51,365 
Prior service cost37 43 2,408 2,687 
Subtotal83,300 322,951 17,535 54,052 
Less amount recorded as regulatory asset(1)
(83,300)(322,951)— — 
Net amount recognized in accumulated other comprehensive income
$— $— $17,535 $54,052 
Accumulated benefit obligation$837,377 $1,120,036 $93,995 $121,591 
(1) Changes in the funded status of the pension plan that would be recorded in accumulated other comprehensive income 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.
 
The actuarial gains reflected in the benefit obligations for the pension and SMSP plans in 2022 are due primarily to increases in the assumed discount rates of both plans from December 31, 2021, to December 31, 2022. The actuarial gains reflected in the benefit obligations for the pension and SMSP plans in 2021 are due primarily to increases in the assumed discount rates of both plans from December 31, 2020 to December 31, 2021. For more information on discount rates, see “Plan Assumptions” below in this Note 11.

As a non-qualified plan, the SMSP has no plan assets. However, Idaho Power has a Rabbi trust designated to provide funding for SMSP obligations. The Rabbi trust holds investments in marketable securities and corporate-owned life insurance. The recorded value of these investments was approximately $134.2 million and $117.1 million at December 31, 2022 and 2021, respectively, and is reflected in Investments and in Company-owned life insurance on the consolidated balance sheets.
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
 202220212020202220212020
Service cost$52,025 $54,202 $42,987 $1,185 $813 $213 
Interest cost39,670 37,317 40,013 3,897 3,557 4,350 
Expected return on assets(72,348)(64,090)(56,239)— — — 
Amortization of net loss12,273 23,796 17,325 4,229 4,205 3,734 
Amortization of prior service cost6 6 6 279 296 290 
Net periodic pension cost31,626 51,231 44,092 9,590 8,871 8,587 
Regulatory deferral of net periodic pension cost(1)
(30,197)(48,962)(42,042)— — — 
Previously deferred pension cost recognized(1)
17,154 17,154 17,154 — — — 
Net periodic pension cost recognized for financial reporting(1)(2)
$18,583 $19,423 $19,204 $9,590 $8,871 $8,587 
(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 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 $19.0 million, $17.8 million, and $15.9 million respectively, was recognized in "Other operations and maintenance" and $9.2 million, and $10.5 million, and $11.9 million respectively, was recognized in "Other (income) expense, net" on the consolidated statements of income of the companies for the twelve months ended December 31, 2022, 2021, and 2020.

The following table shows the components of other comprehensive income (loss) for the plans (in thousands of dollars):
 Pension PlanSMSP
 202220212020202220212020
Actuarial (loss) gain during the year$227,372 $91,156 $(107,399)$32,009 $(33)$(13,420)
Plan amendment service cost— — — — — (130)
Reclassification adjustments for:
Amortization of net (gain) loss12,273 23,796 17,325 4,229 4,205 3,734 
Amortization of prior service cost6 6 6 279 296 290 
Adjustment for deferred tax effects(61,686)(29,590)23,184 (9,399)(1,150)2,452 
Adjustment due to the effects of regulation
(177,965)(85,368)66,884 — — — 
Other comprehensive income (loss) recognized related to pension benefit plans$— $— $— $27,118 $3,318 $(7,074)

The following table summarizes the expected future benefit payments of these plans (in thousands of dollars):
 202320242025202620272026-2030
Pension Plan$47,477 $48,972 $50,666 $52,490 $54,209 $298,823 
SMSP6,514 6,558 6,656 6,695 6,725 35,197 
 
Idaho Power’s funding policy for the pension plan is to contribute at least the minimum required under the Employee Retirement Income Security Act of 1974 (ERISA) but not more than the maximum amount deductible for income tax purposes. In 2022, 2021, and 2020, Idaho Power elected to contribute more than the minimum required amounts in order to bring the pension plan to a more funded position, to reduce future required contributions, and to reduce Pension Benefit Guaranty Corporation premiums. As of the date of this report, IDACORP and Idaho Power have no estimated minimum required contributions to the pension plan for 2023. Depending on market conditions and cash flow considerations in 2023, Idaho Power could contribute up to $40 million to the pension plan during 2023 in order to help balance the regulatory collection of these expenditures with the amount and timing of contributions and to mitigate the cost of being in an underfunded position.
Postretirement Benefits

Idaho Power maintains a defined benefit postretirement benefit plan (consisting of health care and death benefits) that covers all employees who were enrolled in the active-employee group plan at the time of retirement as well as their spouses and qualifying dependents. Retirees hired on or after January 1, 1999, have access to the standard medical option at full cost, with no contribution by Idaho Power. Benefits for employees who retire after December 31, 2002, are limited to a fixed amount, which has limited the growth of Idaho Power’s future obligations under this plan.
 
The following table summarizes the changes in benefit obligation and plan assets (in thousands of dollars):
 20222021
Change in accumulated benefit obligation:  
Benefit obligation at January 1$74,075 $80,952 
Service cost1,071 1,063 
Interest cost2,112 2,059 
Actuarial gain(21,845)(5,805)
Benefits paid(1)
(4,379)(4,194)
Plan amendments8,065 — 
Benefit obligation at December 3159,099 74,075 
Change in plan assets:  
Fair value of plan assets at January 141,464 41,311 
Actual return on plan assets(6,586)6,308 
Employer contributions(1)
(1,934)(1,961)
Benefits paid(1)
(4,379)(4,194)
Fair value of plan assets at December 3128,565 41,464 
Funded status at end of year (included in noncurrent liabilities)$(30,534)$(32,611)
(1) Contributions and benefits paid are each net of $2.9 million and $3.0 million of plan participant contributions for 2022 and 2021, respectively.

Amounts recognized in accumulated other comprehensive income consist of the following (in thousands of dollars):
 20222021
Net gain$(20,896)$(8,020)
Prior service cost7,849 80 
Subtotal(13,047)(7,940)
Less amount recognized in regulatory assets13,047 7,940 
Net amount recognized in accumulated other comprehensive income$— $— 

The net periodic postretirement benefit cost was as follows (in thousands of dollars):

 202220212020
Service cost$1,071 $1,063 $1,029 
Interest cost2,112 2,059 2,493 
Expected return on plan assets(2,351)(2,395)(2,404)
Immediate recognition of loss from temporary deviation(1)
— 4,736 — 
Amortization of net loss(31)— — 
Amortization of prior service cost295 47 47 
Net periodic postretirement benefit cost$1,096 $5,510 $1,165 
(1) In 2021, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other (income) expense, net" on the consolidated statements of income of the companies.
The following table shows the components of other comprehensive income for the plan (in thousands of dollars):
 202220212020
Actuarial gain (loss) during the year$12,908 $9,718 $(6,515)
Prior service cost arising during the year(8,065)— — 
Reclassification adjustments for:
Amortization of net loss(31)— — 
Immediate recognition of loss from temporary deviation(1)
— 4,736 — 
Reclassification adjustments for amortization of prior service cost295 47 47 
Adjustment for deferred tax effects(1,315)(2,514)1,665 
Adjustment due to the effects of regulation
(3,792)(11,987)4,803 
Other comprehensive income related to postretirement benefit plans
$— $— $— 
(1) In 2021, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other (income) expense, net" on the consolidated statements of income of the companies.
 
The following table summarizes the expected future benefit payments of the postretirement benefit plan (in thousands of dollars):
 202320242025202620272028-2032
Expected benefit payments$4,736 $4,864 $4,959 $4,860 $4,693 $21,912 
 
Plan Assumptions
 
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
 202220212022202120222021
Discount rate5.45 %3.05 %5.50 %3.00 %5.45 %2.95 %
Rate of compensation increase(1)
4.49 %4.49 %4.75 %4.75 %— — 
Medical trend rate— — — 6.7 %6.3 %
Dental trend rate— — — 3.5 %3.5 %
Measurement date12/31/202212/31/202112/31/202212/31/202112/31/202212/31/2021
(1) The 2022 rate of compensation increase assumption for the pension plan includes an inflation component of 2.40% plus a 2.09% composite merit increase component that is based on employees' years of service. Merit salary increases are assumed to be 8.0% for employees in their first year of service and scale down to 0.6% for employees in their fortieth year of service and beyond.

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
 202220212020202220212020202220212020
Discount rate3.05 %2.80 %3.60 %3.00 %2.70 %3.65 %2.95 %2.70 %3.60 %
Expected long-term rate of return on assets
7.40 %7.40 %7.40 %— — — 6.00 %6.00 %6.50 %
Rate of compensation increase4.49 %4.49 %4.43 %4.75 %4.75 %4.75 %— — %— %
Medical trend rate— — — — — — 5.8 %6.3 %6.8 %
Dental trend rate— — — — — — 3.5 %3.5 %4.0 %
  
The assumed health care cost trend rate used to measure the expected cost of health benefits covered by the postretirement plan was 5.8 percent in 2022 and is assumed to increase to 6.7 percent in 2023, 7.1 percent in 2024, decrease to 6.5 percent in 2025,
and to gradually decrease to 3.8 percent by 2074. The assumed dental cost trend rate used to measure the expected cost of dental benefits covered by the plan was 3.5 percent, or equal to the medical trend rate if lower, for all years.

Plan Assets

Pension Asset Allocation Policy: The target allocation and actual allocations at December 31, 2022, for the pension asset portfolio by asset class is set forth below:
Asset ClassTarget
Allocation		Actual
Allocation
December 31, 2022
Debt securities24 %24 %
Equity securities59 %59 %
Real estate9 %10 %
Other plan assets8 %7 %
Total100 %100 %
 
Assets are rebalanced as necessary to keep the portfolio close to target allocations. The plan’s principal investment objective is to maximize total return (defined as the sum of realized interest and dividend income and realized and unrealized gain or loss in market price) consistent with prudent parameters of risk and the liability profile of the portfolio. Emphasis is placed on preservation and growth of capital along with adequacy of cash flow sufficient to fund current and future payments to plan participants.
 
The three major goals in Idaho Power’s asset allocation process are to:

•determine if the investments have the potential to earn the rate of return assumed in the actuarial liability calculations;
•match the cash flow needs of the plan. Idaho Power sets bond allocations sufficient to cover approximately five years of benefit payments. Idaho Power then utilizes growth instruments (equities, real estate, venture capital) to fund the longer-term liabilities of the plan; and
•maintain a prudent risk profile consistent with ERISA fiduciary standards.
 
Allowable plan investments include stocks and stock funds, investment-grade bonds and bond funds, real estate funds, private equity funds, and cash and cash equivalents. With the exception of real estate holdings and private equity, investments must be readily marketable so that an entire holding can be disposed of quickly with only a minor effect upon market price.

Rate-of-return projections for plan assets are based on historical risk/return relationships among asset classes. The primary measure is the historical risk premium each asset class has delivered versus the yield on the Moody's Investors Service (Moody's) AA Corporate Bond Index. This historical risk premium is then added to the current yield on the Moody's AA Corporate Bond Index. Additional analysis is performed to measure the expected range of returns, as well as worst-case and best-case scenarios. Based on the current interest rate environment, current rate-of-return expectations are lower than the nominal returns generated over the past 30 years when interest rates were generally higher.

Idaho Power’s asset modeling process also utilizes historical market returns to measure the portfolio’s exposure to a “worst-case” market scenario, to determine how much performance could vary from the expected “average” performance over various time periods. This “worst-case” modeling, in addition to cash flow matching and diversification by asset class and investment style, provides the basis for managing the risk associated with investing portfolio assets.
Fair Value of Plan Assets: Idaho Power classifies its pension plan and postretirement benefit plan investments using the three-level fair value hierarchy described in Note 16 - "Fair Value Measurements." 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, 2022    
Cash and cash equivalents$11,679 $— $— $11,679 
Intermediate bonds33,305 166,530 — 199,835 
Equity Securities: Large-Cap85,617 — — 85,617 
Equity Securities: Mid-Cap90,049 — — 90,049 
Equity Securities: Small-Cap65,505 — — 65,505 
Equity Securities: Micro-Cap33,438 — — 33,438 
Equity Securities: Global and International52,876 — — 52,876 
Equity Securities: Emerging Markets6,964 — — 6,964 
Plan assets measured at NAV (not subject to hierarchy disclosure)
Commingled Fund: Equity Securities: Global and International117,631 
Commingled Fund: Equity Securities: Emerging Markets42,119 
Real estate83,676 
Private market investments50,339 
Total$379,433 $166,530 $— $839,728 
Postretirement plan assets(1)
$2,009 $26,556 $— $28,565 
 Level 1Level 2Level 3Total
Assets at December 31, 2021
    
Cash and cash equivalents$24,636 $— $— $24,636 
Intermediate bonds39,133 187,048 — 226,181 
Equity Securities: Large-Cap104,318 — — 104,318 
Equity Securities: Mid-Cap113,621 — — 113,621 
Equity Securities: Small-Cap85,244 — — 85,244 
Equity Securities: Micro-Cap42,915 — — 42,915 
Equity Securities: Global and International67,625 — — 67,625 
Equity Securities: Emerging Markets7,393 — — 7,393 
Plan assets measured at NAV (not subject to hierarchy disclosure)
Commingled Fund: Equity Securities: Global and International134,752 
Commingled Fund: Equity Securities: Emerging Markets47,332 
Real estate73,958 
Private market investments56,489 
Total$484,885 $187,048 $— $984,464 
Postretirement plan assets(1)
$2,391 $39,073 $— $41,464 
(1) The postretirement benefits assets are primarily life insurance contracts.

For the years ended December 31, 2022 and 2021, there were no material transfers into or out of Levels 1, 2, or 3.

Fair Value Measurement of Level 2 Plan assets and Plan assets measured at net asset value(NAV):

Level 2 Bonds: These investments represent United States government, agency bonds, and corporate bonds. The United States government and agency bonds, as well as the corporate bonds, are not traded on an exchange and are valued utilizing market prices for similar assets or liabilities in active markets.

Level 2 Postretirement Asset: This asset represents an investment in a life insurance contract and is recorded at fair value, which is the cash surrender value, less any unpaid expenses. The cash surrender value of this insurance contract is contractually
equal to the insurance contract's proportionate share of the market value of an associated investment account held by the insurer. The investments held by the insurer's investment account are all instruments traded on exchanges with readily determinable market prices.

Commingled Funds: These funds, made up of global, international and emerging markets equity securities are measured at NAV, are not publicly traded, and therefore no publicly quoted market price is readily available. The values of the commingled funds are presented at estimated fair value, which is determined based on the unit value of the fund. The values of these investments are calculated by the custodian for the fund company on a monthly or more frequent basis, and are based on market prices of the assets held by each of the commingled funds divided by the number of fund shares outstanding for the respective fund. The investments in commingled funds have redemption limitations that permit monthly redemption following notice requirements of 5 to 7 days.

Real Estate: Real estate holdings represent investments in open-end and closed-end commingled real estate funds. As the property interests held in these real estate funds are not frequently traded, establishing the market value of the property interests held by the fund, and the resulting unit value of fund shareholders, is based on unobservable inputs including property appraisals by the fund companies, property appraisals by independent appraisal firms, analysis of the replacement cost of the property, discounted cash flows generated by property rents and changes in property values, and comparisons with sale prices of similar properties in similar markets. These real estate funds also furnish annual audited financial statements that are also used to further validate the information provided. Redemptions on the open-end funds are generally available on a quarterly basis, with 10 to 35 days written notice, depending on the individual fund. If the fund has sufficient liquidity, the redemption will be processed at the fund NAV or the fund’s estimate of fair value at the end of the quarter. If the fund does not have sufficient liquidity to honor the full redemption, the remainder will be set for redemption the following quarter on a pro-rata basis with other redemption requests. This same process will repeat until the redemption request has been completed. To protect other fund holders, real estate funds have no duty to liquidate or encumber funds to meet redemption requests. The closed-end funds are formed for a stated life of 7 to 10 years. The fund can be further extended with the approval of the limited partners. There are generally no redemption rights associated with these funds. The limited partner must hold the fund for the life of the fund or find a third-party buyer.

Private Market Investments: Private market investments represent two categories: fund of hedge funds and venture capital funds. These funds are valued by the fund companies based on the estimated fair values of the underlying fund holdings divided by the fund shares outstanding or multiplied by the ownership percentages of the holder. Some hedge fund strategies utilize securities with readily available market prices, while others utilize less liquid investment vehicles that are valued based on unobservable inputs including cost, operating results, recent funding activity, or comparisons with similar investment vehicles. Redemptions are available on a quarterly basis with 70 days written notice. Redemptions will be processed at the quarterly NAV or fair value within 60 days following quarter end. In the event of a full redemption, a reserve amount of 5% to 10% of the redemption amount may be held in reserve until the audited financial statements of the fund are published. This allows the fund to adjust the redemption so that other fund holders are not adversely impacted. Venture capital fund investments are valued by the fund companies based on estimated fair value of the underlying fund holdings divided by the fund shares outstanding. Some venture capital investments have progressed to the point that they have readily available exchange-based market valuations. Early stage venture investments are valued based on unobservable inputs including cost, operating results, discounted cash flows, the price of recent funding events, or pending offers from other viable entities. These private market investments furnish annual audited financial statements that are also used to further validate the information provided. These funds are formed for a stated life of 10 to 15 years. The general partner can extend the fund life for 2 or 3 one-year periods. The fund can be further extended with the approval of the limited partners. There are generally no redemption rights associated with these funds. The limited partner must hold the fund for the life of the fund or find a third-party buyer.

Employee Savings Plan

Idaho Power has a defined contribution plan designed to comply with Section 401(k) of the Internal Revenue Code and that covers substantially all employees. Idaho Power matches specified percentages of employee contributions to the plan. Matching annual contributions were approximately $8.8 million, $8.2 million, and $7.9 million in 2022, 2021, and 2020, respectively.
 
Post-employment Benefits

Idaho Power provides certain benefits to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement, in addition to the health care benefits required under the Consolidated Omnibus Budget Reconciliation Act. These benefits include salary continuation, health care and life insurance for those employees found to be disabled under Idaho Power’s disability plans, and health care for surviving spouses and dependents. Idaho Power accrues a
liability for such benefits. The post-employment benefits included in other deferred credits on both IDACORP’s and Idaho Power’s consolidated balance sheets at December 31, 2022 and 2021, were approximately $2 million.
v3.22.4
PROPERTY, PLANT AND EQUIPMENT AND JOINTLY-OWNED PROJECTS:
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure PROPERTY, PLANT AND EQUIPMENT AND JOINTLY-OWNED PROJECTS
 
The following table presents the major classifications of Idaho Power’s utility plant in service, annual depreciation provisions as a percent of average depreciable balance, and accumulated provision for depreciation for the years ended December 31, 2022 and 2021 (in thousands of dollars):
 20222021
 BalanceAvg RateBalanceAvg Rate
Production$2,700,494 2.89 %$2,597,285 3.15 %
Transmission1,346,463 1.91 %1,309,143 1.89 %
Distribution2,192,135 2.15 %2,058,819 2.25 %
General and Other589,375 5.36 %544,069 6.17 %
Total in service6,828,467 2.66 %6,509,316 2.85 %
Accumulated provision for depreciation(2,465,279) (2,298,951) 
In service - net$4,363,188  $4,210,365  
 
At December 31, 2022, Idaho Power's construction work in progress balance of $785.7 million included relicensing costs of $423.1 million for the HCC, Idaho Power's largest hydropower complex. In 2022, 2021, and 2020, Idaho Power had IPUC authorization to include in its Idaho jurisdiction rates $6.5 million annually ($8.8 million when grossed-up for the effect of income taxes) of AFUDC relating to the HCC relicensing project. Collecting these amounts will reduce the amount collected in the future once the HCC relicensing costs are approved for recovery in base rates. At December 31, 2022, Idaho Power's regulatory liability for collection of AFUDC relating to the HCC was $207.5 million.

Idaho Power's ownership interest in two jointly-owned generating facilities is included in the table above. Under the joint operating agreements for these facilities, each participating utility is responsible for financing its share of construction, operating, and leasing costs. Idaho Power's proportionate share of operating expenses for each facility is included in the Consolidated Statements of Income. These jointly-owned facilities, including balance sheet amounts and the extent of Idaho Power’s participation, were as follows at December 31, 2022 (in thousands of dollars): 
Name of PlantLocationUtility Plant in ServiceConstruction
Work in Progress		Accumulated
Provision for Depreciation		Ownership %
MW(1)(2)
Jim Bridger units 1-4Rock Springs, WY$775,778 $19,258 $485,289 33775
North Valmy unit 2(2)
Winnemucca, NV259,099 1,233 210,467 50145
(1) Idaho Power’s share of nameplate capacity.
(2) Pursuant to an agreement with NV Energy, Idaho Power's participation in coal-fired operations of North Valmy ended in December 2019 at unit 1 and is planned to end no later than the end of 2025 at unit 2.
 
IERCo, Idaho Power’s wholly-owned subsidiary, is a joint venturer in BCC. Idaho Power’s coal purchases from the joint venture were $60.4 million in 2022, $59.7 million in 2021, and $68.3 million in 2020.
 
Idaho Power has contracts to purchase the energy from four PURPA qualifying facilities that are 50 percent owned by Ida-West. Idaho Power’s power purchases from these facilities were $7.9 million in 2022, $8.2 million in 2021, and $9.3 million in 2020.
 
IDACORP's consolidated VIE, Marysville, owns a hydropower plant with a net book value of $13.3 million and $13.7 million at December 31, 2022 and 2021, respectively.
v3.22.4
ASSET RETIREMENT OBLIGATIONS
 12 Months Ended
Dec. 31, 2022
Asset Retirement Obligation [Abstract]  
Asset Retirement Obligation Disclosure ASSET RETIREMENT OBLIGATIONS (ARO)
 
The guidance relating to accounting for AROs requires that legal obligations associated with the retirement of property, plant, and equipment be recognized as a liability at fair value when incurred and when a reasonable estimate of the fair value of the liability can be made. Under the guidance, when a liability is initially recorded, the entity increases the carrying amount of the
related long-lived asset to reflect the future retirement cost. Over time, the liability is accreted to its estimated settlement value and paid, and the capitalized cost is depreciated over the useful life of the related asset. If, at the end of the asset’s life, the recorded liability differs from the actual obligations paid, a gain or loss would be recognized. As a rate-regulated entity, Idaho Power defers accretion, depreciation, and gains or losses as regulatory assets, as approved by the IPUC, until such asset retirement obligation costs are included in customer rates for collection. The regulatory assets recorded under this order do not earn a return on investment.
 
Idaho Power’s recorded AROs relate to the reclamation and removal costs at its jointly-owned coal-fired generation facilities.

Idaho Power also has additional AROs associated with its transmission system and generation facilities; however, due to the indeterminate removal date, the fair value of the associated liabilities currently cannot be estimated and no amounts are recognized in the consolidated financial statements.
 
Idaho Power also collects removal costs in rates for certain assets that do not have associated AROs. Idaho Power is required to classify these removal costs as regulatory liabilities, see Note 3 - "Regulatory Matters" for the removal costs recorded as regulatory liabilities on IDACORP’s and Idaho Power’s consolidated balance sheets as of December 31, 2022 and 2021.
 
The following table presents the changes in the carrying amount of AROs (in thousands of dollars): 
 20222021
Balance at beginning of year$36,698 $27,691 
Accretion expense1,106 1,021 
Revisions in estimated cash flows1,412 9,415 
Liability settled(1,659)(1,429)
Balance at end of year$37,557 $36,698 
v3.22.4
INVESTMENTS:
 12 Months Ended
Dec. 31, 2022
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): 
 20222021
Idaho Power investments:  
Bridger Coal Company (equity method investment)$14,187 $22,677 
Exchange traded short-term bond funds and cash equivalents33,687 54,078 
Held-to-Maturity securities30,475 — 
Executive deferred compensation plan investments442 353 
Total Idaho Power investments78,791 77,108 
IFS investments in real estate tax credit projects, such as affordable housing developments29,454 34,967 
Ida-West joint ventures (equity method investments)10,311 10,386 
Other investments2,796 1,363 
Total IDACORP investments$121,352 $123,824 
 
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):
 202220212020
Bridger Coal Company (Idaho Power)$10,211 $10,211 $10,102 
Ida-West joint ventures1,300 1,224 1,411 
Total$11,511 $11,435 $11,513 
 
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, 2022 and 2021. The following table summarizes sales of equity securities (in thousands of dollars):
 202220212020
Proceeds from sales$63,857 $11,328 $25,795 
Gross realized gains from sales— — — 

Held-to-Maturity Securities

Idaho Power has a rabbi trust designated to provide funding for obligations related to the SMSP. During 2022, the rabbi trust purchased $31.2 million 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 2022, all held-to-maturity securities were in a gross unrealized holding loss position totaling $5.0 million at December 31, 2022. Based on ongoing credit evaluations of these holdings, Idaho Power does not expect payment defaults or delinquencies and has not recorded an allowance for credit losses for these securities as of December 31, 2022.

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.
v3.22.4
DERIVATIVE FINANCIAL INSTRUMENTS:
 12 Months Ended
Dec. 31, 2022
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Derivative Financial Instruments DERIVATIVE FINANCIAL INSTRUMENTS
 
Commodity Price Risk
 
Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop.
 
All of Idaho Power's derivative instruments have been entered into for the purpose of securing energy resources for future periods or economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). These types of transactions are excluded from the offsetting presented in the derivative fair value and offsetting table that follows.
The table below presents the gains and losses on derivatives not designated as hedging instruments for the years ended December 31, 2022, 2021, and 2020 (in thousands of dollars):
Location of Realized Gain/(Loss) on Derivatives Recognized in Income
Gain/(Loss) on Derivatives Recognized in Income(1)
202220212020
Financial swapsOperating revenues$(6,249)$1,046 $2,173 
Financial swapsPurchased power2,373 1,959 (3,531)
Financial swapsFuel expense68,489 12,180 (4,791)
Forward contractsOperating revenues1,090 1,966 421 
Forward contractsPurchased power(2,994)(1,099)(384)
Forward contractsFuel expense(136)(194)(36)
(1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities.
 
Settlement gains and losses on electricity swap contracts are recorded on the income statement in operating revenues or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other O&M expense. See Note 16 - "Fair Value Measurements" for additional information concerning the determination of fair value for Idaho Power’s assets and liabilities from price risk management activities.

Credit Risk
 
At December 31, 2022, Idaho Power did not have material credit risk exposure from financial instruments, including derivatives. Idaho Power monitors credit risk exposure through reviews of counterparty credit quality, corporate-wide counterparty credit exposure, and corporate-wide counterparty concentration levels. Idaho Power manages these risks by establishing credit and concentration limits on transactions with counterparties and requiring contractual guarantees, cash deposits, or letters of credit from counterparties or their affiliates, as deemed necessary. Idaho Power’s physical power contracts are commonly under WSPP, Inc. agreements, physical gas contracts are usually under North American Energy Standards Board contracts, and financial transactions are usually under International Swaps and Derivatives Association, Inc. contracts. These contracts typically contain adequate assurance clauses requiring collateralization if a counterparty has debt that is downgraded below investment grade by at least one rating agency.
 
Credit-Contingent Features
 
Certain of Idaho Power's derivative instruments contain provisions that require Idaho Power's unsecured debt to maintain an investment grade credit rating from Moody's and Standard & Poor's Ratings Services. If Idaho Power's unsecured debt were to fall below investment grade, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position at December 31, 2022, was $15.7 million. Idaho Power did not post any cash collateral related to this amount. If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2022, Idaho Power would have been required to pay or post collateral to its counterparties up to an additional $66.1 million to cover open liability positions as well as completed transactions that have not yet been paid.
Derivative Instrument Summary

The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at December 31, 2022 and 2021 (in thousands of dollars):
Asset DerivativesLiability Derivatives
 Balance Sheet LocationGross Fair ValueAmounts OffsetNet AssetsGross Fair ValueAmounts OffsetNet Liabilities
December 31, 2022
Current:   
Financial swapsOther current assets$72,548 $(32,609)(1)$39,939 $13,982 $(13,982)$— 
Financial swapsOther current liabilities132 (132)— 1,577 (132)1,445 
Forward contractsOther current assets400 — 400 — — — 
Forward contractsOther current liabilities— — — 2,071 — 2,071 
Long-term:  
Financial swapsOther assets622 (43)579 43 (43)— 
Financial swapsOther liabilities644 (644)— 2,136 (644)1,492 
Forward contractsOther liabilities— — — 1,780 — 1,780 
Total $74,346 $(33,428)$40,918 $21,589 $(14,801)$6,788 
December 31, 2021
Current:   
Financial swapsOther current assets$10,599 $(4,893)(2)$5,706 $2,910 $(2,910)$— 
Financial swapsOther current liabilities— — — 20 — 20 
Forward contractsOther current assets6 (4)2 4 (4)— 
Forward contractsOther current liabilities— — — 1,970 — 1,970 
Long-term:   
Financial swapsOther assets899 (9)890 9 (9)— 
Financial swapsOther liabilities— — — 14 — 14 
Forward contractsOther liabilities— — — 3,743 — 3,743 
Total $11,504 $(4,906)$6,598 $8,670 $(2,923)$5,747 
(1) Current asset derivative amounts offset include $18.6 million of collateral payable at December 31, 2022.
(2) Current asset derivative amounts offset include $2.0 million of collateral payable at December 31, 2021.

The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at December 31, 2022 and 2021 (in thousands of units):
December 31,
CommodityUnits20222021
Electricity purchasesMWh898 529 
Electricity salesMWh32 129 
Natural gas purchasesMMBtu26,773 11,740 
Natural gas salesMMBtu310 — 
v3.22.4
FAIR VALUE MEASUREMENTS:
 12 Months Ended
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
 
IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.
 
Financial assets and liabilities recorded on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:
 
•      Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access.
 
•      Level 2: Financial assets and liabilities whose values are based on the following:
a) quoted prices for similar assets or liabilities in active markets;
b) quoted prices for identical or similar assets or liabilities in non-active markets;
c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and
d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.
 
IDACORP and Idaho Power Level 2 inputs for derivative instruments are based on quoted market prices adjusted for location using corroborated, observable market data.
 
•      Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.
 
IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. There were no transfers between levels or material changes in valuation techniques or inputs during the years ended December 31, 2022 and 2021.

Certain instruments have been valued using NAV as a practical expedient. The NAV is generally not published and publicly available, nor are these instruments traded on an exchange. Instruments valued using NAV as a practical expedient are included in the fair value disclosures below; however, in accordance with GAAP are not classified within the fair value hierarchy levels.

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, 2022 and 2021 (in thousands of dollars): 
December 31, 2022December 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:    
Money market funds and commercial paper
IDACORP(1)
$16,505 $— $— $16,505 $80,406 $— $— $80,406 
Idaho Power34,468 — — 34,468 10,393 — — 10,393 
Derivatives40,518 400 — 40,918 6,596 2 — 6,598 
Equity securities34,129 — — 34,129 54,431 — — 54,431 
IDACORP assets measured at NAV (not subject to hierarchy disclosure)(1)
— — — 2,796 — — — 1,363 
Liabilities:
Derivatives$2,937 $3,851 $— $6,788 $34 $5,713 $— $5,747 
(1) Holding company only. Does not include amounts held by Idaho Power.

Idaho Power’s derivatives are contracts entered into as part of its management of loads and resources. Electricity swap derivatives are valued on the Intercontinental Exchange with quoted prices in an active market. Electricity forward contract derivatives are valued using a blend of two electricity exchanges, adjusted for location basis, as specified in the forward contract. Natural gas and diesel derivatives are valued using New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE) pricing, adjusted for location basis, which are also quoted under NYMEX and ICE pricing. Equity securities at Idaho Power consist of employee-directed investments related to an executive deferred compensation plan and actively traded money market and exchange traded funds related to the SMSP. The investments are measured using quoted prices in active markets and are held in a rabbi trust.
The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, as of December 31, 2022 and 2021, using available market information and appropriate valuation methodologies (in thousands).
 December 31, 2022December 31, 2021
 Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
 (thousands of dollars)
IDACORP    
Assets:    
Notes receivable(1)
$3,871 $3,871 $3,804 $3,804 
Held-to-maturity securities(1)
30,475 25,452 — — 
Liabilities:    
Long-term debt (including current portion)(1)
2,194,145 1,953,470 2,000,640 2,381,172 
Idaho Power    
Assets:
Held-to-maturity securities(1)
$30,475 $25,452 $— $— 
Liabilities:    
Long-term debt (including current portion)(1)
2,194,145 1,953,470 2,000,640 2,381,172 
(1) Notes receivable are categorized as Level 3 and held-to-maturity securities and long-term debt are categorized as Level 2 of the fair value hierarchy, as defined earlier in this Note 16 - "Fair Value Measurements."

Notes receivable are related to Ida-West and are valued based on unobservable inputs, including forecasted cash flows, which are partially based on expected hydropower conditions. Held-to-maturity securities are held in a rabbi trust and are generally valued using quoted prices, which may be in non-active markets. Long-term debt is not traded on an exchange and is valued using quoted rates for similar debt in active markets. Carrying values for cash and cash equivalents, deposits, customer and other receivables, notes payable, accounts payable, interest accrued, and taxes accrued approximate fair value.
v3.22.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
 
IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the generation, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated joint venture.
 
IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the “All Other” category in the table below. This category is comprised of IFS’s investments in affordable housing and other real estate tax credits, Ida-West’s joint venture investments in small hydropower generation projects, and IDACORP’s holding company expenses.
The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands):
Utility
Operations		All
Other		EliminationsConsolidated
Total
2022    
Revenues$1,641,040 $2,941 $— $1,643,981 
Operating income327,170 8 — 327,178 
Other income, net33,876 (187)— 33,689 
Interest income12,556 2,776 (931)14,401 
Equity-method income10,211 1,300 — 11,511 
Interest expense89,038 1,268 (931)89,375 
Income before income taxes294,775 2,629 — 297,404 
Income tax expense (benefit)39,908 (2,064)— 37,844 
Income attributable to IDACORP, Inc.254,867 4,115 — 258,982 
Total assets7,411,104 245,762 (113,608)7,543,258 
Expenditures for long-lived assets432,430 159 — 432,589 
2021    
Revenues$1,455,410 $2,674 $— $1,458,084 
Operating income329,568 83 — 329,651 
Other income, net21,243 (138)— 21,105 
Interest income7,123 216 (47)7,292 
Equity-method income10,211 1,224 — 11,435 
Interest expense86,663 82 (47)86,698 
Income before income taxes281,482 1,302 — 282,784 
Income tax expense (benefit)38,257 (1,345)— 36,912 
Income attributable to IDACORP, Inc.243,225 2,325 — 245,550 
Total assets6,990,839 281,999 (62,323)7,210,515 
Expenditures for long-lived assets299,972 27 — 299,999 
2020    
Revenues$1,347,340 $3,389 $— $1,350,729 
Operating income308,780 741 — 309,521 
Other income, net22,555 (8)— 22,547 
Interest income9,733 1,275 (496)10,512 
Equity-method income10,102 1,411 — 11,513 
Interest expense87,389 533 (496)87,426 
Income before income taxes263,783 2,885 — 266,668 
Income tax expense (benefit)30,548 (1,848)— 28,700 
Income attributable to IDACORP, Inc.233,235 4,182 — 237,417 
Total assets6,906,110 253,060 (63,926)7,095,244 
Expenditures for long-lived assets310,937 1 — 310,938 
v3.22.4
OTHER INCOME AND EXPENSE
 12 Months Ended
Dec. 31, 2022
OTHER INCOME AND EXPENSE [Abstract]  
Other Income and Other Expense Disclosure OTHER INCOME AND EXPENSE
 
The following table presents the components of IDACORP’s other income (expense), net and Idaho Power's other income (expense), net (in thousands of dollars):
IDACORP202220212020
Interest and dividend income, net$5,952 $1,408 $3,813 
Carrying charges on regulatory assets7,032 5,034 7,063 
Pension and postretirement non-service costs(1)
(9,196)(15,249)(11,865)
Income from life insurance investments7,107 5,203 4,036 
Other income (expense)(90)463 462 
Total other income (expense), net$10,805 $(3,141)$3,509 
Idaho Power
Interest and dividend income, net$4,094 $1,241 $3,034 
Carrying charges on regulatory assets7,032 5,034 7,063 
Pension and postretirement non-service costs(1)
(9,196)(15,240)(11,862)
Income from life insurance investments7,012 5,203 4,036 
Other income (expense) 205 591 468 
Total other income (expense), net$9,147 $(3,171)$2,739 
(1) The 2021 pension and postretirement non-service costs includes $4.7 million of expense for a temporary deviation from the cost-sharing provisions of the substantive postretirement plan as described in Note 11 - "Benefit Plans."
v3.22.4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Notes)
 12 Months Ended
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]  
Changes in Accumulated Other Comprehensive Income [Text Block] CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME
Comprehensive income includes net income and amounts related to the SMSP. The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the years ended December 31, 2022, 2021, and 2020 (in thousands of dollars). Items in parentheses indicate reductions to AOCI.
Year Ended December 31,
202220212020
Defined benefit pension items
Balance at beginning of period$(40,040)$(43,358)$(36,284)
Other comprehensive income before reclassifications, net of tax of $8,239, $(8), and $(3,488)
23,770 (25)(10,062)
Amounts reclassified out of AOCI to net income, net of tax of $1,160, $1,158, and $1,036
3,348 3,343 2,988 
Net current-period other comprehensive income27,118 3,318 (7,074)
Balance at end of period$(12,922)$(40,040)$(43,358)
The table below presents the effects on net income of amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the years ended December 31, 2022, 2021, and 2020 (in thousands of dollars). Items in parentheses indicate increases to net income.
Amount Reclassified from AOCI
Year Ended December 31,
202220212020
Amortization of defined benefit pension items(1)
Prior service cost$279 $296 $290 
Net loss4,229 4,205 3,734 
Total before tax4,508 4,501 4,024 
Tax benefit(2)
(1,160)(1,158)(1,036)
Net of tax3,348 3,343 2,988 
Total reclassification for the period$3,348 $3,343 $2,988 
(1) Amortization of these items is included in "Other (income) expense, net" in the consolidated income statements of both IDACORP and Idaho Power.
(2) The tax benefit is included in "Income tax expense" in the consolidated income statements of both IDACORP and Idaho Power.
v3.22.4
RELATED PARTY TRANSACTIONS:
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
 
IDACORP: Idaho Power performs corporate functions such as financial, legal, and management services for IDACORP and its subsidiaries. Idaho Power charges IDACORP for the costs of these services based on service agreements and other specifically identified costs. For these services, Idaho Power billed IDACORP $0.9 million in 2022, $0.8 million in 2021, and $0.7 million in 2020.

At December 31, 2022 and 2021, Idaho Power had a $56.2 million and $2.0 million payable to IDACORP, respectively, which was included in its accounts payable to affiliates balance on its consolidated balance sheets, primarily related to income tax payments. At IDACORP, the receivable from Idaho Power is eliminated in consolidation.
 
Ida-West: Idaho Power purchases all of the power generated by four of Ida-West’s hydropower projects located in Idaho. Idaho Power purchased $7.9 million in 2022, $8.2 million in 2021, and $9.3 million in 2020 of power from Ida-West.
v3.22.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
 Year Ended December 31,
 202220212020
 (thousands of dollars)
Income:  
Equity in income of subsidiaries$258,540 $245,591 $237,233 
Investment income1,795 148 748 
Total income260,335 245,739 237,981 
Expenses:   
Operating expenses444 679 692 
Interest expense1,267 82 534 
Other expenses250 192 145 
Total expenses1,961 953 1,371 
Income Before Income Taxes258,374 244,786 236,610 
Income Tax Benefit(608)(764)(807)
Net Income Attributable to IDACORP, Inc.258,982 245,550 237,417 
Other comprehensive income (loss) 27,118 3,318 (7,074)
Comprehensive Income Attributable to IDACORP, Inc.$286,100 $248,868 $230,343 
The accompanying note is an integral part of these statements.
IDACORP, INC.
CONDENSED STATEMENTS OF CASH FLOWS
 Year Ended December 31,
 202220212020
 (thousands of dollars)
Operating Activities:   
Net cash provided by operating activities$77,048 $174,209 $168,699 
Investing Activities:   
Purchase of investments(26,620)(26,363)(25,000)
Maturities of investments25,000 50,000 — 
Net cash (used in) provided by investing activities(1,620)23,637 (25,000)
Financing Activities:   
Dividends on common stock(154,287)(146,119)(137,856)
Change in intercompany notes payable(3,811)(2,167)(9,732)
Other(3,184)(3,124)(4,663)
Net cash used in financing activities(161,282)(151,410)(152,251)
Net (decrease) increase in cash and cash equivalents(85,854)46,436 (8,552)
Cash and cash equivalents at beginning of year153,025 106,589 115,141 
Cash and cash equivalents at end of year$67,171 $153,025 $106,589 
The accompanying note is an integral part of these statements.
IDACORP, INC.
CONDENSED BALANCE SHEETS
 December 31,
 20222021
Assets(thousands of dollars)
Current Assets:  
Cash and cash equivalents$67,171 $153,025 
Receivables56,446 2,050 
Income taxes receivable1,098 — 
Other98 102 
Total current assets124,813 155,177 
Investments2,739,616 2,570,150 
Other Assets: 
Deferred income taxes131 5,004 
Other286 299 
Total other assets417 5,303 
Total assets$2,864,846 $2,730,630 
Liabilities and Shareholders’ Equity 
Current Liabilities: 
Taxes accrued$— $850 
Other— 777 
Total current liabilities— 1,627 
Other Liabilities: 
Intercompany notes payable57,048 59,928 
Other559 639 
Total other liabilities57,607 60,567 
IDACORP, Inc. Shareholders’ Equity2,807,239 2,668,436 
Total Liabilities and Shareholders' Equity$2,864,846 $2,730,630 
The accompanying note is an integral part of these statements.
BASIS OF PRESENTATION
 
Pursuant to rules and regulations of the U.S. Securities and Exchange Commission, the unconsolidated condensed financial statements of IDACORP, Inc. do not reflect all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States of America. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and related notes included in the 2022 Form 10-K, Part II, Item 8.

Accounting for Subsidiaries: IDACORP has accounted for the earnings of its subsidiaries under the equity method of accounting in these unconsolidated condensed financial statements. Included in net cash provided by operating activities in the condensed statements of cash flows are dividends that IDACORP subsidiaries paid to IDACORP of $117 million, $149 million, and $141 million in 2022, 2021, and 2020, respectively.
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Organization, Consolidation, Presentation, and Significant Accounting Policies Level 2 (Policies)
 12 Months Ended
Dec. 31, 2022
Significant Accounting Policies  
Nature of Business
Nature of Business
 
IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sales, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the Federal Energy Regulatory Commission (FERC). Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint venturer in Bridger Coal Company (BCC), which mines and supplies coal to the Jim Bridger power plant (Jim Bridger plant) owned in part by Idaho Power.
 
IDACORP’s other notable wholly-owned subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate tax credit investments, and Ida-West Energy Company (Ida-West), an operator of small hydropower generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA).
Principles of Consolidation
Principles of Consolidation
 
IDACORP’s and Idaho Power’s consolidated financial statements include the assets, liabilities, revenues, and expenses of each company and its wholly-owned subsidiaries listed above, as well as any variable interest entity (VIE) for which the respective company is the primary beneficiary. Investments in VIEs for which the companies are not the primary beneficiaries, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method of accounting. 

IDACORP also consolidates one VIE, Marysville Hydro Partners (Marysville), which is a joint venture owned 50 percent by Ida-West and 50 percent by Environmental Energy Company (EEC). At December 31, 2022, Marysville had approximately $14.9 million of assets, primarily a hydropower plant, which are eliminated in consolidation. EEC has borrowed amounts from Ida-West to fund a portion of its required capital contributions to Marysville. The loans are payable from EEC’s share of distributions from Marysville and are secured by the stock of EEC and EEC’s interest in Marysville. Ida-West is identified as the primary beneficiary because the combination of its ownership interest in the joint venture with the intercompany note and the EEC note result in Ida-West's ability to control the activities of the joint venture.
 
The BCC joint venture is also a VIE, but because the power to direct the activities that most significantly impact the economic performance of BCC is shared with the joint venture partner, Idaho Power is not the primary beneficiary. The carrying value of Idaho Power's investment in BCC was $14.2 million at December 31, 2022, and Idaho Power's maximum exposure to loss is the carrying value, any additional future contributions to BCC, and a $48.2 million guarantee for mine reclamation costs. BCC has a reclamation trust fund set aside specifically for the purpose of paying the reclamation costs, the market value of which exceeded the total estimated reclamation obligation at December 31, 2022. The guarantee, reclamation obligation, and reclamation trust are discussed further in Note 9 - "Commitments."
 
IFS's affordable housing limited partnership and other real estate tax credit investments are also VIEs for which IDACORP is not the primary beneficiary. IFS's limited partnership interests range from 4 to 100 percent and were acquired between 2003 and 2021. As a limited partner, IFS does not control these entities and they are not consolidated. IFS’s maximum exposure to loss in these developments is limited to its net carrying value, which was $29.5 million at December 31, 2022.

Ida-West's other investments in PURPA facilities, Idaho Power's investment in BCC, and IFS's investments are accounted for under the equity method of accounting (see Note 14 - "Investments").

Except for amounts related to sales of electricity by Ida-West's PURPA projects to Idaho Power, all intercompany transactions and balances have been eliminated in consolidation. 
The accompanying consolidated financial statements include Idaho Power's proportionate share of utility plant and related operations resulting from its interests in jointly-owned plants (see Note 12 - "Property, Plant and Equipment and Jointly-Owned Projects").
Regulation of Utility Operations
Regulation of Utility Operations

As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition.
Idaho Power meets the requirements under accounting principles generally accepted in the United States of America (GAAP) to prepare its financial statements applying the specialized rules to account for the effects of cost-based rate regulation. IDACORP’s and Idaho Power’s financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. Accounting for the economics of rate regulation impacts multiple financial statement line items and disclosures, such as property, plant, and equipment; regulatory assets and liabilities; operating revenues; operation and maintenance expense; depreciation expense; and income tax expense. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense.
Management Estimates
Management Estimates
 
Management makes estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions include those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management’s control. Accordingly, actual results could differ from those estimates.
System of Accounts
System of Accounts

The accounting records of Idaho Power conform to the Uniform System of Accounts prescribed by the FERC and adopted by the public utility commissions of Idaho, Oregon, and Wyoming.
Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents include cash on-hand and highly liquid temporary investments that mature within 90 days of the date of acquisition.
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy
Receivables and Allowance for Uncollectible Accounts

Customer receivables are recorded at the invoiced amounts and do not bear interest. A late payment fee of one percent per month may be assessed on account balances after 30 days. An allowance is recorded for potential uncollectible accounts. The measurement of expected credit losses on Idaho Power accounts receivable is based on historical experience, current economic conditions, and forecasted information that may affect collections on the outstanding balance. Generally, this includes adjustments based upon a combination of historical write-off experience, aging of accounts receivable, an analysis of specific customer accounts, and an evaluation of whether there are current or forecasted economic conditions that might cause variation in collection from the historical experience. Adjustments are charged to income. Customer accounts receivable balances that remain outstanding after reasonable collection efforts are written off.
The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables (in thousands of dollars):
Year Ended
December 31,
 20222021
Balance at beginning of period$4,499 $4,766 
Additions to the allowance3,265 2,017 
Write-offs, net of recoveries(2,730)(2,284)
Balance at end of period$5,034 $4,499 
Allowance for uncollectible accounts as a percentage of customer receivables4.2 %5.4 %

Other receivables, primarily notes receivable from business transactions, are also reviewed for impairment periodically, based upon transaction-specific facts. When it is probable that IDACORP or Idaho Power will be unable to collect all amounts due according to the contractual terms of the agreement, an allowance is established for the estimated uncollectible portion of the receivable and charged to income.

There were no impaired receivables without related allowances at December 31, 2022 and 2021. Once a receivable is determined to be impaired, any further interest income recognized is fully reserved.
Derivative Financial Instruments
Derivative Financial Instruments

Financial instruments such as commodity futures, forwards, options, and swaps are used to manage exposure to commodity price risk in the electricity and natural gas markets. All derivative instruments are recognized as either assets or liabilities at fair value on the balance sheet unless they are designated as normal purchases and normal sales. With the exception of forward contracts for the purchase of natural gas for use at Idaho Power's natural gas generation facilities and a nominal number of power transactions, Idaho Power’s physical forward contracts are designated as normal purchases and normal sales. Because of Idaho Power’s regulatory accounting mechanisms, Idaho Power records the unrealized changes in fair value of derivative instruments related to power supply as regulatory assets or liabilities.
Revenues RevenuesOperating revenues are generally recorded when service is rendered or energy is delivered to customers. Idaho Power accrues estimated unbilled revenues for electric services delivered to customers but not yet billed at year-end. Idaho Power does not report any collections of franchise fees and similar taxes related to energy consumption on the income statement. In addition, regulatory mechanisms in place in Idaho and Oregon affect the reported amount of revenue.
Property, Plant and Equipment and Depreciation
Property, Plant and Equipment and Depreciation

The cost of utility plant in service represents the original cost of contracted services, direct labor and material, allowance for funds used during construction (AFUDC), and indirect charges for engineering, supervision, and similar overhead items. Repair and maintenance costs associated with planned major maintenance are expensed as the costs are incurred, as are maintenance and repairs of property and replacements and renewals of items determined to be less than units of property. For utility property replaced or renewed, the original cost plus removal cost less salvage is charged to accumulated provision for depreciation, while the cost of related replacements and renewals is added to property, plant and equipment.
 
All utility plant in service is depreciated using the straight-line method at rates approved by regulatory authorities. Annual depreciation provisions as a percent of average depreciable utility plant in service approximated 2.7 percent in 2022, and 2.9 percent in 2021 and 2020.

During the period of construction, costs expected to be included in the final value of the constructed asset, and depreciated once the asset is complete and placed in service, are classified as construction work in progress on the consolidated balance sheets. If the project becomes probable of being abandoned, these costs are expensed in the period such determination is made. Idaho Power may seek recovery of these costs in customer rates, although there can be no guarantee such recovery would be granted.
 
Long-lived assets are periodically reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted expected future cash flows from an asset is less than the carrying value of the asset, impairment is recognized in the financial statements. There were no material impairments of long-lived assets in 2022, 2021, or 2020.
Allowance for Funds Used During Construction
Allowance for Funds Used During Construction

AFUDC represents the cost of financing construction projects with borrowed funds and equity funds. With one exception, for the Hells Canyon Complex (HCC) relicensing project, cash is not realized currently from such allowance; it is realized under the ratemaking process over the service life of the related property through increased revenues resulting from a higher rate base and higher depreciation expense. The component of AFUDC attributable to borrowed funds is included as a reduction to total interest expense. Idaho Power’s weighted-average monthly AFUDC rate was 7.4 percent for 2022, and 7.5 percent for 2021 and 2020.
Income Taxes
Income Taxes

IDACORP and Idaho Power account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method (commonly referred to as normalized accounting), deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In general, deferred income tax expense or benefit for a reporting period is recognized as the change in deferred tax assets and liabilities from the beginning to the end of the period. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date unless Idaho Power's primary regulator, the Idaho Public Utilities Commission (IPUC), orders direct deferral of the effect of the change in tax rates over a longer period of time.

Consistent with orders and directives of the IPUC, unless contrary to applicable income tax guidance, Idaho Power does not record deferred income tax expense or benefit for certain income tax temporary differences and instead recognizes the tax impact currently (commonly referred to as flow-through accounting) for rate making and financial reporting. Therefore, Idaho Power's effective income tax rate is impacted as these differences arise and reverse. Idaho Power recognizes such adjustments as regulatory assets or liabilities if it is probable that such amounts will be recovered from or returned to customers in future rates.

IDACORP and Idaho Power use judgment, estimation, and historical data in developing the provision for income taxes and the reporting of tax-related assets and liabilities, including development of current year tax depreciation, capitalized repair costs, capitalized overheads, and other items. Income taxes can be impacted by changes in tax laws and regulations, interpretations by taxing authorities, changes to accounting guidance, and actions by federal or state public utility regulators. Actual income taxes could vary from estimated amounts and may result in favorable or unfavorable impacts to net income, cash flows, and tax-related assets and liabilities.

In compliance with the federal income tax requirements for the use of accelerated tax depreciation, Idaho Power records deferred income taxes related to its plant assets for the difference between income tax depreciation and book depreciation used for financial statement purposes. Deferred income taxes are recorded for other temporary differences unless accounted for using flow-through.
 
Investment tax credits earned on regulated assets are deferred and amortized to income over the estimated service lives of the related properties.
Other Accounting Policies
Other Accounting Policies

Debt discount, expense, and premium are deferred and amortized over the terms of the respective debt issuances. Losses on reacquired debt and associated costs are amortized over the life of the associated replacement debt, as allowed under regulatory accounting.
New and Recently Adopted Accounting Pronouncements There have been no recently issued accounting pronouncements that have had or are expected to have a material impact on IDACORP's or Idaho Power's consolidated financial statements.
Uncertain Tax Positions
Uncertain Tax Positions

IDACORP and Idaho Power believe that they have no material income tax uncertainties for 2022 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 2020-2022 for federal and 2016-2022 for Idaho. The Idaho State Tax Commission began its examination of the 2016-2018 tax years in March of 2020. In May 2009, IDACORP formally entered the U.S. Internal Revenue Service (IRS) Compliance Assurance Process (CAP) program for its 2009 tax year and has remained in the CAP program for all subsequent years. The CAP program provides for Internal Revenue Service (IRS) examination and issue resolution throughout the current year with the objective of return filings containing no contested items. IDACORP was in the bridge phase of CAP for both the 2020 and 2021 tax years. The IRS moved IDACORP from the bridge phase of CAP to the maintenance phase for the 2022 tax year.

Inflation Reduction Act
On August 16, 2022, the Inflation Reduction Act of 2022 (the 2022 IRA) was signed into law. The 2022 IRA provides for, among other things, numerous renewable energy tax credits, for example: extension of the current investment (ITC) and production (PTC) tax credits, a new ITC for standalone energy storage, application of the PTC to solar, transition to a technology-neutral ITC and PTC after 2024 and created a transferability option that allows credits to be sold to an unrelated taxpayer. The 2022 IRA modifies the calculation of most of the energy tax credits by introducing the concept of a “base credit” (e.g., 6 percent ITC) and a “bonus credit” (e.g., an additional 24 percent ITC) if certain wage and apprenticeship requirements are met in the construction and ongoing maintenance of the renewable energy facilities. Additionally, the 2022 IRA also established a 15 percent alternative minimum tax for C-corporations with an average financial statement income of more than $1 billion for the previous three taxable years. IDACORP and Idaho Power are not subject to the alternative minimum tax.
Share-based compensation, stock awards policy
Restricted stock unit awards have three-year vesting periods, entitle the recipients to dividend equivalents, and units do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition and subject to forfeiture under certain circumstances. The fair value of these awards is based on the closing market price of common stock on the grant date and is charged to compensation expense over the vesting period, reduced for any forfeitures during the vesting period.
 
Performance-based unit awards have three-year vesting periods and do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition, subject to forfeiture under certain circumstances, and subject to the attainment of specific performance conditions over the three-year vesting period. The performance conditions are two equally-weighted metrics, cumulative earnings per share (CEPS) and total shareholder return (TSR) relative to a peer group. Depending on the level of attainment of the performance conditions and the year issued, the final number of shares awarded can range from zero to 200 percent of the target award. Dividend equivalents are accrued during the vesting period and paid out based on the final number of shares awarded.
 
The grant-date fair value of the CEPS portion is based on the closing market value at the date of grant, reduced by the loss in time-value of the estimated future dividend payments. The fair value of this portion of the awards is charged to compensation expense over the requisite service period based on the estimated achievement of performance targets, reduced for any forfeitures during the vesting period. The grant-date fair value of the TSR portion is estimated using the market value at the date of grant and a statistical model that incorporates the probability of meeting performance targets based on historical returns relative to the peer group. The fair value of this portion of the awards is charged to compensation expense over the requisite service period, provided the requisite service period is rendered, regardless of the level of TSR metric attained.
Guarantees IDACORP and Idaho Power enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of December 31, 2022, management believes the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective consolidated balance sheets with respect to these indemnification obligations.
Contingencies IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, some of which involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power's operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred, although there is no assurance that such recovery would be granted.IDACORP and Idaho Power are parties to legal claims and legal, tax, and regulatory actions and proceedings in the ordinary course of business and, as noted above, record an accrual for associated loss contingencies when they are probable and reasonably estimable.
Asset Retirement Obligations The guidance relating to accounting for AROs requires that legal obligations associated with the retirement of property, plant, and equipment be recognized as a liability at fair value when incurred and when a reasonable estimate of the fair value of the liability can be made. Under the guidance, when a liability is initially recorded, the entity increases the carrying amount of the
related long-lived asset to reflect the future retirement cost. Over time, the liability is accreted to its estimated settlement value and paid, and the capitalized cost is depreciated over the useful life of the related asset. If, at the end of the asset’s life, the recorded liability differs from the actual obligations paid, a gain or loss would be recognized. As a rate-regulated entity, Idaho Power defers accretion, depreciation, and gains or losses as regulatory assets, as approved by the IPUC, until such asset retirement obligation costs are included in customer rates for collection. The regulatory assets recorded under this order do not earn a return on investment.
 
Idaho Power’s recorded AROs relate to the reclamation and removal costs at its jointly-owned coal-fired generation facilities.

Idaho Power also has additional AROs associated with its transmission system and generation facilities; however, due to the indeterminate removal date, the fair value of the associated liabilities currently cannot be estimated and no amounts are recognized in the consolidated financial statements.
 
Idaho Power also collects removal costs in rates for certain assets that do not have associated AROs. Idaho Power is required to classify these removal costs as regulatory liabilities
Equity Method Investments Equity Method InvestmentsIdaho 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.
Available-for-sale Securities Investments in Equity SecuritiesInvestments in equity securities are reported at fair value. Any unrealized gains or losses on equity securities are included in income.
Debt Securities, Held-to-Maturity 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.
Investments in Affordable Housing 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.
Derivatives not designated as hedges
Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop.
 
All of Idaho Power's derivative instruments have been entered into for the purpose of securing energy resources for future periods or economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). These types of transactions are excluded from the offsetting presented in the derivative fair value and offsetting table that follows.
Reporting of derivative activity Settlement gains and losses on electricity swap contracts are recorded on the income statement in operating revenues or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other O&M expense.
Fair value of financial instruments IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.
 
Financial assets and liabilities recorded on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:
 
•      Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access.
 
•      Level 2: Financial assets and liabilities whose values are based on the following:
a) quoted prices for similar assets or liabilities in active markets;
b) quoted prices for identical or similar assets or liabilities in non-active markets;
c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and
d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.
 
IDACORP and Idaho Power Level 2 inputs for derivative instruments are based on quoted market prices adjusted for location using corroborated, observable market data.
 
•      Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.
 
IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. There were no transfers between levels or material changes in valuation techniques or inputs during the years ended December 31, 2022 and 2021.
Segment reporting
IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the generation, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated joint venture.
 
IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the “All Other” category in the table below. This category is comprised of IFS’s investments in affordable housing and other real estate tax credits, Ida-West’s joint venture investments in small hydropower generation projects, and IDACORP’s holding company expenses.
Pension Plan  
Significant Accounting Policies  
Fair value of financial instruments
Fair Value Measurement of Level 2 Plan assets and Plan assets measured at net asset value(NAV):

Level 2 Bonds: These investments represent United States government, agency bonds, and corporate bonds. The United States government and agency bonds, as well as the corporate bonds, are not traded on an exchange and are valued utilizing market prices for similar assets or liabilities in active markets.

Level 2 Postretirement Asset: This asset represents an investment in a life insurance contract and is recorded at fair value, which is the cash surrender value, less any unpaid expenses. The cash surrender value of this insurance contract is contractually
equal to the insurance contract's proportionate share of the market value of an associated investment account held by the insurer. The investments held by the insurer's investment account are all instruments traded on exchanges with readily determinable market prices.

Commingled Funds: These funds, made up of global, international and emerging markets equity securities are measured at NAV, are not publicly traded, and therefore no publicly quoted market price is readily available. The values of the commingled funds are presented at estimated fair value, which is determined based on the unit value of the fund. The values of these investments are calculated by the custodian for the fund company on a monthly or more frequent basis, and are based on market prices of the assets held by each of the commingled funds divided by the number of fund shares outstanding for the respective fund. The investments in commingled funds have redemption limitations that permit monthly redemption following notice requirements of 5 to 7 days.

Real Estate: Real estate holdings represent investments in open-end and closed-end commingled real estate funds. As the property interests held in these real estate funds are not frequently traded, establishing the market value of the property interests held by the fund, and the resulting unit value of fund shareholders, is based on unobservable inputs including property appraisals by the fund companies, property appraisals by independent appraisal firms, analysis of the replacement cost of the property, discounted cash flows generated by property rents and changes in property values, and comparisons with sale prices of similar properties in similar markets. These real estate funds also furnish annual audited financial statements that are also used to further validate the information provided. Redemptions on the open-end funds are generally available on a quarterly basis, with 10 to 35 days written notice, depending on the individual fund. If the fund has sufficient liquidity, the redemption will be processed at the fund NAV or the fund’s estimate of fair value at the end of the quarter. If the fund does not have sufficient liquidity to honor the full redemption, the remainder will be set for redemption the following quarter on a pro-rata basis with other redemption requests. This same process will repeat until the redemption request has been completed. To protect other fund holders, real estate funds have no duty to liquidate or encumber funds to meet redemption requests. The closed-end funds are formed for a stated life of 7 to 10 years. The fund can be further extended with the approval of the limited partners. There are generally no redemption rights associated with these funds. The limited partner must hold the fund for the life of the fund or find a third-party buyer.

Private Market Investments: Private market investments represent two categories: fund of hedge funds and venture capital funds. These funds are valued by the fund companies based on the estimated fair values of the underlying fund holdings divided by the fund shares outstanding or multiplied by the ownership percentages of the holder. Some hedge fund strategies utilize securities with readily available market prices, while others utilize less liquid investment vehicles that are valued based on unobservable inputs including cost, operating results, recent funding activity, or comparisons with similar investment vehicles. Redemptions are available on a quarterly basis with 70 days written notice. Redemptions will be processed at the quarterly NAV or fair value within 60 days following quarter end. In the event of a full redemption, a reserve amount of 5% to 10% of the redemption amount may be held in reserve until the audited financial statements of the fund are published. This allows the fund to adjust the redemption so that other fund holders are not adversely impacted. Venture capital fund investments are valued by the fund companies based on estimated fair value of the underlying fund holdings divided by the fund shares outstanding. Some venture capital investments have progressed to the point that they have readily available exchange-based market valuations. Early stage venture investments are valued based on unobservable inputs including cost, operating results, discounted cash flows, the price of recent funding events, or pending offers from other viable entities. These private market investments furnish annual audited financial statements that are also used to further validate the information provided. These funds are formed for a stated life of 10 to 15 years. The general partner can extend the fund life for 2 or 3 one-year periods. The fund can be further extended with the approval of the limited partners. There are generally no redemption rights associated with these funds. The limited partner must hold the fund for the life of the fund or find a third-party buyer.
IDACORP  
Significant Accounting Policies  
Principles of Consolidation Accounting for Subsidiaries: IDACORP has accounted for the earnings of its subsidiaries under the equity method of accounting in these unconsolidated condensed financial statements.
v3.22.4
REVENUES: (Policies)
 12 Months Ended
Dec. 31, 2022
Revenues [Abstract]  
Revenue Recognition, Policy RevenuesOperating revenues are generally recorded when service is rendered or energy is delivered to customers. Idaho Power accrues estimated unbilled revenues for electric services delivered to customers but not yet billed at year-end. Idaho Power does not report any collections of franchise fees and similar taxes related to energy consumption on the income statement. In addition, regulatory mechanisms in place in Idaho and Oregon affect the reported amount of revenue.
v3.22.4
SEC Schedule, Article 12-04, Condensed Financial Information of Registrant (Policies)
 12 Months Ended
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]  
Principles of Consolidation
Principles of Consolidation
 
IDACORP’s and Idaho Power’s consolidated financial statements include the assets, liabilities, revenues, and expenses of each company and its wholly-owned subsidiaries listed above, as well as any variable interest entity (VIE) for which the respective company is the primary beneficiary. Investments in VIEs for which the companies are not the primary beneficiaries, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method of accounting. 

IDACORP also consolidates one VIE, Marysville Hydro Partners (Marysville), which is a joint venture owned 50 percent by Ida-West and 50 percent by Environmental Energy Company (EEC). At December 31, 2022, Marysville had approximately $14.9 million of assets, primarily a hydropower plant, which are eliminated in consolidation. EEC has borrowed amounts from Ida-West to fund a portion of its required capital contributions to Marysville. The loans are payable from EEC’s share of distributions from Marysville and are secured by the stock of EEC and EEC’s interest in Marysville. Ida-West is identified as the primary beneficiary because the combination of its ownership interest in the joint venture with the intercompany note and the EEC note result in Ida-West's ability to control the activities of the joint venture.
 
The BCC joint venture is also a VIE, but because the power to direct the activities that most significantly impact the economic performance of BCC is shared with the joint venture partner, Idaho Power is not the primary beneficiary. The carrying value of Idaho Power's investment in BCC was $14.2 million at December 31, 2022, and Idaho Power's maximum exposure to loss is the carrying value, any additional future contributions to BCC, and a $48.2 million guarantee for mine reclamation costs. BCC has a reclamation trust fund set aside specifically for the purpose of paying the reclamation costs, the market value of which exceeded the total estimated reclamation obligation at December 31, 2022. The guarantee, reclamation obligation, and reclamation trust are discussed further in Note 9 - "Commitments."
 
IFS's affordable housing limited partnership and other real estate tax credit investments are also VIEs for which IDACORP is not the primary beneficiary. IFS's limited partnership interests range from 4 to 100 percent and were acquired between 2003 and 2021. As a limited partner, IFS does not control these entities and they are not consolidated. IFS’s maximum exposure to loss in these developments is limited to its net carrying value, which was $29.5 million at December 31, 2022.

Ida-West's other investments in PURPA facilities, Idaho Power's investment in BCC, and IFS's investments are accounted for under the equity method of accounting (see Note 14 - "Investments").

Except for amounts related to sales of electricity by Ida-West's PURPA projects to Idaho Power, all intercompany transactions and balances have been eliminated in consolidation. 
The accompanying consolidated financial statements include Idaho Power's proportionate share of utility plant and related operations resulting from its interests in jointly-owned plants (see Note 12 - "Property, Plant and Equipment and Jointly-Owned Projects").
IDACORP  
Condensed Financial Statements, Captions [Line Items]  
Principles of Consolidation Accounting for Subsidiaries: IDACORP has accounted for the earnings of its subsidiaries under the equity method of accounting in these unconsolidated condensed financial statements.
v3.22.4
Organization, Consolidation and Presentation of Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Accounts Receivable, Allowance for Credit Loss
The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables (in thousands of dollars):
Year Ended
December 31,
 20222021
Balance at beginning of period$4,499 $4,766 
Additions to the allowance3,265 2,017 
Write-offs, net of recoveries(2,730)(2,284)
Balance at end of period$5,034 $4,499 
Allowance for uncollectible accounts as a percentage of customer receivables4.2 %5.4 %
v3.22.4
INCOME TAXES: Income Taxes Level 3 (Tables)
 12 Months Ended
Dec. 31, 2022
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:
 IDACORPIdaho Power
 202220212020202220212020
(thousands of dollars)
Federal income tax expense at statutory rate$62,333 $59,317 $55,885 $61,903 $59,111 $55,394 
Change in taxes resulting from:     
AFUDC(10,752)(9,141)(8,637)(10,752)(9,141)(8,637)
Capitalized interest1,633 1,077 1,044 1,633 1,077 1,044 
Investment tax credits(3,119)(2,866)(2,906)(3,119)(2,866)(2,906)
Removal costs(4,900)(3,302)(3,148)(4,900)(3,302)(3,148)
Capitalized overhead costs(3,150)(8,190)(7,560)(3,150)(8,190)(7,560)
Capitalized repair costs(19,320)(17,430)(18,480)(19,320)(17,430)(18,480)
Bond redemption costs— — (726)— — (726)
State income taxes, net of federal benefit18,139 11,359 8,804 18,352 11,633 9,052 
Depreciation11,897 14,233 13,589 11,897 14,233 13,589 
Excess deferred income tax reversal(11,405)(8,958)(4,885)(11,405)(8,958)(4,885)
Income tax return adjustments(2,692)3,169 (2,552)(2,827)1,759 (2,508)
Real Estate-related tax credits(6,362)(6,245)(5,315)— — — 
Real Estate-related investment distributions(812)(1,010)(13)— — — 
Real Estate-related investment amortization4,355 4,095 3,754 — — — 
Other, net1,999 804 (154)1,596 331 319 
Total income tax expense$37,844 $36,912 $28,700 $39,908 $38,257 $30,548 
Effective tax rate12.7%13.1%10.8%13.5%13.6%11.6%
Schedule of Components of Income Tax Expense
The items comprising income tax expense are as follows:
 IDACORPIdaho Power
 202220212020202220212020
(thousands of dollars)
Income taxes current:      
Federal$31,668 $15,210 $7,800 $37,696 $40,525 $30,464 
State5,474 6,630 3,215 11,715 12,932 6,409 
Total37,142 21,840 11,015 49,411 53,457 36,873 
Income taxes deferred:      
Federal(13,696)(1,787)11,543 (13,127)(21,737)(4,905)
State4,087 1,154 (1,414)(2,202)(5,295)(4,241)
Total(9,609)(633)10,129 (15,329)(27,032)(9,146)
Investment tax credits:      
Deferred8,945 14,698 5,727 8,945 14,698 5,727 
Restored(3,119)(2,866)(2,906)(3,119)(2,866)(2,906)
Total5,826 11,832 2,821 5,826 11,832 2,821 
Real estate-related investments at IFS4,485 3,873 4,735 — — — 
Total income tax expense$37,844 $36,912 $28,700 $39,908 $38,257 $30,548 
Schedule of Deferred Tax Assets and Liabilities
The components of the net deferred tax liability are as follows:
 IDACORPIdaho Power
 2022202120222021
 (thousands of dollars)
Deferred tax assets:    
Regulatory liabilities$94,946 $96,880 $94,946 $96,880 
Deferred compensation24,495 23,333 24,495 23,333 
Deferred revenue53,418 48,318 53,418 48,318 
Tax credits44,727 41,896 44,727 35,781 
Partnership investments15,259 12,265 15,259 11,949 
Retirement benefits38,687 110,997 38,687 110,997 
Other19,657 17,066 19,526 16,893 
Total291,189 350,755 291,058 344,151 
Deferred tax liabilities:  
Property, plant and equipment249,452 272,530 249,452 272,530 
Regulatory assets739,689 721,276 739,689 721,276 
Power cost adjustments33,116 9,015 33,116 9,015 
Partnership investments3,355 2,824 — — 
Retirement benefits80,777 138,154 80,777 138,154 
Other58,716 49,331 58,716 48,047 
Total1,165,105 1,193,130 1,161,750 1,189,022 
Net deferred tax liabilities$873,916 $842,375 $870,692 $844,871 
v3.22.4
REGULATORY MATTERS: Regulatory Matters Level 3 (Tables)
 12 Months Ended
Dec. 31, 2022
Regulatory Assets and Liabilities, Other Disclosure [Abstract]  
Schedule of Regulatory Assets and Liabilities
The following table presents a summary of Idaho Power’s regulatory assets and liabilities (in thousands of dollars):
As of December 31, 2022
Remaining
Amortization Period
Earning a Return(1)
Not Earning a ReturnTotal as of December 31,
Description20222021
Regulatory Assets:    
Income taxes(2)
 $— $739,689 $739,689 $721,276 
Unfunded postretirement benefits(3)
 — 70,254 70,254 315,011 
Pension expense deferrals(4)
220,648 28,855 249,503 234,437 
Energy efficiency program costs(5)
3,767 — 3,767 7,622 
Power supply costs(6)
2023-2024145,321 (16,012)129,309 33,529 
Fixed cost adjustment(6)
2023-202424,859 17,042 41,901 54,944 
North Valmy plant settlements(6)
2023-202890,747 — 90,747 97,852 
Jim Bridger plant settlement(6)
2023-203076,392 4,139 80,531 
—
Asset retirement obligations(7)
 — 28,780 28,780 22,585 
Wildfire Mitigation Plan deferral(6)
—
27,078 27,078 6,075 
Long-term service agreement2023-204313,363 8,751 22,114 23,273 
Other2023-20562,790 15,498 18,288 17,050 
Total $577,887 $924,074 $1,501,961 $1,533,654 
Regulatory Liabilities:     
Income taxes(8)
 $— $94,946 $94,946 $96,880 
Depreciation-related excess deferred income taxes(9)
158,634 — 158,634 170,039 
Removal costs(7)
 — 180,087 180,087 184,670 
Investment tax credits — 115,285 115,285 109,460 
Deferred revenue-AFUDC(10)
 159,001 48,527 207,528 187,717 
Energy efficiency program costs(5)
154 — 154 — 
Settlement agreement sharing mechanism(6)
2023— — — 569 
Mark-to-market liabilities — 59,544 59,544 8,581 
Tax reform accrual for future amortization(11)
— 32,793 32,793 24,522 
Other6,553 5,077 11,630 10,496 
Total $324,342 $536,259 $860,601 $792,934 
(1) Earning a return includes either interest or a return on the investment as a component of rate base at the allowed rate of return.
(2) Represents flow-through income tax accounting differences which have a corresponding deferred tax liability disclosed in Note 2 - "Income Taxes."
(3) Represents the unfunded obligation of Idaho Power’s pension and postretirement benefit plans, which are discussed in Note 11 - "Benefit Plans."
(4) Idaho Power records a regulatory asset for the difference between net periodic pension cost and pension cost considered for rate-making purposes relating to Idaho Power's defined benefit pension plan. In its Idaho jurisdiction, Idaho Power’s inclusion of pension costs for the establishment of retail rates is based upon contributions made to the pension plan. This regulatory asset account represents the difference between cumulative cash contributions and amounts collected in rates. Deferred costs are amortized into expense as the amounts are provided for in Idaho retail revenues.
(5)    The energy efficiency asset and liability represent the separate Idaho and Oregon jurisdiction balances at December 31, 2022.
(6) This item is discussed in more detail in this Note 3 - "Regulatory Matters."
(7) Asset retirement obligations and removal costs are discussed in Note 13 - "Asset Retirement Obligations (ARO)."
(8) Represents the tax gross-up related to the depreciation-related excess deferred income taxes and investment tax credits included in this table and has a corresponding deferred tax asset disclosed in Note 2 - "Income Taxes."
(9) In 2017, income tax reform reduced deferred income tax assets and liabilities. For depreciation-related temporary differences under the normalized tax accounting method, the resulting excess deferred taxes will flow back to customers ratably over the remaining regulatory lives of Idaho Power's plant assets under the alternative method provided in the statute.
(10) Idaho Power is collecting revenue in the Idaho jurisdiction for AFUDC on HCC relicensing costs but is deferring revenue recognition of the amounts collected until the license is issued and the asset is placed in service under the new license.
(11) Represents amount accrued under the May 2018 Idaho Tax Reform Settlement Stipulation (described below) for the future amortization of existing or future unspecified regulatory deferrals that would otherwise be a future liability recoverable from Idaho customers.
Schedule of Power Cost Adjustment Changes
The table below summarizes the three most recent Idaho-jurisdiction PCA rate adjustments, which also include non-PCA-related rate adjustments as ordered by the IPUC:
Effective Date$ Change (millions)Notes
June 1, 2022$94.9 The $94.9 million increase in PCA rates reflects a forecasted reduction in low-cost hydroelectric generation as well as higher costs associated with market energy prices and natural gas prices. The rate also reflects $0.6 million of 2021 earnings shared with customers under the May 2018 Idaho Tax Reform Settlement Stipulation described below.
June 1, 2021$39.1 The net increase in PCA rates reflects a forecasted reduction in low-cost hydroelectric generation as well as higher costs associated with forecasted PURPA power purchases. The net increase in PCA revenues also reflects a smaller credit to customers through the true-up component.
June 1, 2020$58.7 
The $58.7 million increase in PCA rates reflects a return to a more normal level of power supply costs as wholesale market energy prices came down from unusually high levels in the previous year's PCA and a forecasted reduction in low-cost hydropower generation.
Schedule of Fixed Cost Rate Adjustments
The following table summarizes FCA amounts approved for collection in the prior three FCA years:
FCA YearPeriod Rates in EffectAnnual Amount
 (in millions)
2021June 1, 2022-May 31, 2023$35.2
2020June 1, 2021-May 31, 2022$38.3
2019June 1, 2020-May 31, 2021$35.5
Schedule of Open Access Transmission Rates Idaho Power's OATT rates submitted to the FERC in Idaho Power's four most recent annual OATT Final Informational Filings were as follows:
Applicable PeriodOATT Rate (per kW-year)
October 1, 2022 to September 30, 2023$31.42 
October 1, 2021 to September 30, 2022$31.19 
October 1, 2020 to September 30, 2021$29.95 
October 1, 2019 to September 30, 2020$27.32 
v3.22.4
REVENUES: Electric utility operating revenues (Tables)
 12 Months Ended
Dec. 31, 2022
Electric utility operating revenues [Line Items]  
Electric utility operating revenues
The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power (in thousands):
Year Ended December 31,
 202220212020
Electric utility operating revenues:
Revenue from contracts with customers$1,557,974 $1,382,653 $1,286,637 
Alternative revenue programs and derivative revenues83,066 72,757 60,703 
Total electric utility operating revenues$1,641,040 $1,455,410 $1,347,340 
Disaggregation of Revenue Revenues from contracts with customers are primarily related to Idaho Power’s regulated tariff-based sales of energy or related services. Generally, tariff-based sales do not involve a written contract, but are classified as revenues from contracts with customers. Idaho Power assesses revenues on a contract-by-contract basis to determine the nature, amount, timing, and uncertainty, if any, of revenues being recognized.
The following table presents revenues from contracts with customers disaggregated by revenue source (in thousands):

Year Ended December 31,
 202220212020
Revenues from contracts with customers:
Retail revenues:
 Residential (includes $22,595, $34,835, and $34,409, respectively, related to the FCA(1))
$645,236 $583,061 $547,404 
 Commercial (includes $922, $1,407, and $1,543, respectively, related to the FCA(1))
347,970 314,745 293,057 
Industrial217,368 195,214 181,258 
Irrigation170,964 168,664 154,791 
Provision for sharing— (569)— 
Deferred revenue related to HCC relicensing AFUDC(2)
(8,780)(8,780)(8,780)
Total retail revenues1,372,758 1,252,335 1,167,730 
Less: FCA mechanism revenues(1)
(23,517)(36,242)(35,952)
Wholesale energy sales66,519 40,839 33,656 
Transmission wheeling-related revenues80,527 67,997 51,592 
Energy efficiency program revenues33,197 29,920 42,478 
Other revenues from contracts with customers28,490 27,804 27,133 
Total revenues from contracts with customers$1,557,974 $1,382,653 $1,286,637 
(1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers.
(2) The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service.
Alternative revenue programs and other revenues
The table below presents the FCA mechanism revenues and derivative revenues (in thousands):
Year Ended December 31,
 202220212020
Alternative revenue programs and derivative revenues:
FCA mechanism revenues$23,517 $36,242 $35,952 
Derivative revenues59,549 36,515 24,751 
Total alternative revenue programs and derivative revenues$83,066 $72,757 $60,703 
v3.22.4
LONG-TERM DEBT: Long-term Debt Level 3 (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Instrument [Line Items]  
Schedule of Long-term Debt Instruments
The following table summarizes IDACORP's and Idaho Power's long-term debt at December 31 (in thousands of dollars):
20222021
First mortgage bonds:
2.50% Series due 2023
$75,000 $75,000 
1.90% Series due 2030
80,000 80,000 
6.00% Series due 2032
100,000 100,000 
4.99% Series due 2032
23,000 — 
5.50% Series due 2033
70,000 70,000 
5.50% Series due 2034
50,000 50,000 
5.875% Series due 2034
55,000 55,000 
5.30% Series due 2035
60,000 60,000 
6.30% Series due 2037
140,000 140,000 
6.25% Series due 2037
100,000 100,000 
4.85% Series due 2040
100,000 100,000 
4.30% Series due 2042
75,000 75,000 
5.06% Series due 2042
25,000 — 
4.00% Series due 2043
75,000 75,000 
3.65% Series due 2045
250,000 250,000 
4.05% Series due 2046
120,000 120,000 
4.20% Series due 2048
450,000 450,000 
Total first mortgage bonds1,848,000 1,800,000 
Pollution control revenue bonds:
1.45% Series due 2024(1)
49,800 49,800 
1.70% Series due 2026(1)
116,300 116,300 
Variable Rate Series 2000 (redeemed in 2022)— 4,360 
Total pollution control revenue bonds166,100 170,460 
Floating Rate Term Loan Facility due 2024150,000 — 
American Falls Variable Rate bond guarantee due 202519,885 19,885 
Unamortized premium/discount and issuance costs10,160 10,295 
Total IDACORP and Idaho Power outstanding debt(2)
2,194,145 2,000,640 
Current maturities of long-term debt— — 
Total long-term debt$2,194,145 $2,000,640 
(1) Humboldt County and Sweetwater County Pollution Control Revenue Bonds are secured by the first mortgage bonds, bringing the total first mortgage bonds outstanding at December 31, 2022, to $2.014 billion.
(2) At December 31, 2022 and 2021, the overall effective cost rate of Idaho Power's outstanding debt was 4.60 percent and 4.40 percent, respectively.
Schedule of Maturities of Long-term Debt
At December 31, 2022, the maturities for the aggregate amount of IDACORP and Idaho Power long-term debt outstanding were as follows (in thousands of dollars):
20232024202520262027Thereafter
$75,000 $199,800 $19,885 $116,300 $— $1,773,000 
v3.22.4
COMMON STOCK: Common Stock Level 3 (Tables)
 12 Months Ended
Dec. 31, 2022
Class of Stock Disclosures [Abstract]  
Schedule of Stock by Class
The following table summarizes IDACORP common stock transactions during the last three years and shares reserved at December 31, 2022:
 Shares issuedShares reserved
 202220212020December 31, 2022
Balance at beginning of year50,516,47950,461,88550,420,017 
Continuous equity program (inactive)———3,000,000
Dividend reinvestment and stock purchase plan———2,840,117
Employee savings plan———3,567,954
Long-term incentive and compensation plan(1)
45,41354,59441,8681,214,854
Balance at end of year50,561,89250,516,47950,461,885 
(1) During 2022, 2021, and 2020, IDACORP granted 73,131, 76,147, and 75,030 restricted stock unit awards, respectively, to employees and 12,021, 14,025, and 10,296 shares of common stock, respectively, to directors. During 2022, 2021, and 2020 IDACORP issued 45,413, 54,594, and 41,868 shares of common stock, respectively, using original issuances of shares pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan, including 8,674, 12,784, and 8,938 shares of common stock, respectively, issued to members of the board of directors.
v3.22.4
SHARE-BASED COMPENSATION Share-based Compensation Level 3 (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of restricted stock and performance-based shares award activity
A summary of restricted stock units and performance-based units award activity is presented below. Idaho Power unit amounts represent the portion of IDACORP amounts related to Idaho Power employees:
 IDACORPIdaho Power
Number of
Units		Weighted-Average
Grant Date
Fair Value		Number of
Units		Weighted-Average
Grant Date
Fair Value
Nonvested units at January 1, 2022175,256 $99.61 174,209 $99.61 
Units granted88,512 100.76 87,685 100.76 
Units forfeited(8,791)97.35 (8,144)97.29 
Units vested(66,509)100.59 (65,934)100.59 
Nonvested units at December 31, 2022188,468 $99.92 187,816 $99.91 
Compensation cost recognized in income
Compensation Expense: The following table shows the compensation cost recognized in income and the tax benefits resulting from the LTICP, as well as the amounts allocated to Idaho Power for those costs associated with Idaho Power’s employees (in thousands of dollars): 
 IDACORPIdaho Power
 202220212020202220212020
Compensation cost$10,279 $8,583 $7,416 $10,204 $8,497 $7,339 
Income tax benefit2,646 2,209 1,909 2,627 2,187 1,889 
v3.22.4
EARNINGS PER SHARE: Earnings Per Share Level 3 (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Diluted
The following table presents the computation of IDACORP’s basic and diluted earnings per share for the years ended December 31, 2022, 2021, and 2020 (in thousands, except for per share amounts):
Year Ended December 31,
 202220212020
Numerator:   
Net income attributable to IDACORP, Inc.$258,982 $245,550 $237,417 
Denominator:  
Weighted-average common shares outstanding - basic50,658 50,599 50,538 
Effect of dilutive securities414634
Weighted-average common shares outstanding - diluted50,699 50,645 50,572 
Basic earnings per share$5.11 $4.85 $4.70 
Diluted earnings per share$5.11 $4.85 $4.69 
v3.22.4
COMMITMENTS: Commitments Level 3 (Tables)
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Long-term Contracts for Purchase of Electric Power At December 31, 2022, Idaho Power had the following long-term commitments relating to purchases of energy, capacity, transmission rights, and fuel (in thousands of dollars):
 20232024202520262027Thereafter
Cogeneration and power production$321,321 $327,054 $319,588 $319,852 $322,043 $2,597,922 
Fuel144,856 31,559 8,239 8,492 8,659 50,884 
Long-term Purchase Commitment
Idaho Power also has the following long-term commitments (in thousands of dollars):
 20232024202520262027Thereafter
Joint-operating agreement payments(1)
$3,243 $3,243 $3,243 $3,243 $3,243 $16,217 
Easements and other payments2,075 2,119 2,163 2,209 2,255 12,005 
Maintenance, service, and materials agreements(1)
174,619 11,931 9,652 7,623 11,660 38,729 
FERC and other industry-related fees(1)
17,402 15,619 15,562 15,839 15,348 75,272 
(1) Approximately $34 million, $18 million, and $152 million of the obligations included in joint-operating agreement payments, maintenance, service, and materials agreements, and FERC and other industry-related fees, respectively, have contracts that do not specify terms related to expiration. As these contracts are presumed to continue indefinitely, ten years of information, estimated based on current contract terms, has been included in the table for presentation purposes.
v3.22.4
BENEFIT PLANS: Benefit Plans Level 3 (Tables)
 12 Months Ended
Dec. 31, 2022
Defined Benefit Plan Disclosure  
Schedule of Accumulated Other Comprehensive Income (Loss) The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the years ended December 31, 2022, 2021, and 2020 (in thousands of dollars). Items in parentheses indicate reductions to AOCI.
Year Ended December 31,
202220212020
Defined benefit pension items
Balance at beginning of period$(40,040)$(43,358)$(36,284)
Other comprehensive income before reclassifications, net of tax of $8,239, $(8), and $(3,488)
23,770 (25)(10,062)
Amounts reclassified out of AOCI to net income, net of tax of $1,160, $1,158, and $1,036
3,348 3,343 2,988 
Net current-period other comprehensive income27,118 3,318 (7,074)
Balance at end of period$(12,922)$(40,040)$(43,358)
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, 2022 and 2021 (in thousands of dollars): 
December 31, 2022December 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:    
Money market funds and commercial paper
IDACORP(1)
$16,505 $— $— $16,505 $80,406 $— $— $80,406 
Idaho Power34,468 — — 34,468 10,393 — — 10,393 
Derivatives40,518 400 — 40,918 6,596 2 — 6,598 
Equity securities34,129 — — 34,129 54,431 — — 54,431 
IDACORP assets measured at NAV (not subject to hierarchy disclosure)(1)
— — — 2,796 — — — 1,363 
Liabilities:
Derivatives$2,937 $3,851 $— $6,788 $34 $5,713 $— $5,747 
(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
 202220212022202120222021
Discount rate5.45 %3.05 %5.50 %3.00 %5.45 %2.95 %
Rate of compensation increase(1)
4.49 %4.49 %4.75 %4.75 %— — 
Medical trend rate— — — 6.7 %6.3 %
Dental trend rate— — — 3.5 %3.5 %
Measurement date12/31/202212/31/202112/31/202212/31/202112/31/202212/31/2021
(1) The 2022 rate of compensation increase assumption for the pension plan includes an inflation component of 2.40% plus a 2.09% composite merit increase component that is based on employees' years of service. Merit salary increases are assumed to be 8.0% for employees in their first year of service and scale down to 0.6% 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
 202220212020202220212020202220212020
Discount rate3.05 %2.80 %3.60 %3.00 %2.70 %3.65 %2.95 %2.70 %3.60 %
Expected long-term rate of return on assets
7.40 %7.40 %7.40 %— — — 6.00 %6.00 %6.50 %
Rate of compensation increase4.49 %4.49 %4.43 %4.75 %4.75 %4.75 %— — %— %
Medical trend rate— — — — — — 5.8 %6.3 %6.8 %
Dental trend rate— — — — — — 3.5 %3.5 %4.0 %
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
 2022202120222021
 
Change in projected benefit obligation:    
Benefit obligation at January 1$1,346,530 $1,337,395 $133,012 $134,791 
Service cost52,025 54,202 1,185 813 
Interest cost39,670 37,317 3,897 3,557 
Actuarial (gain) loss(438,297)(35,833)(32,009)33 
Benefits paid(46,159)(46,551)(6,109)(6,182)
Projected benefit obligation at December 31953,769 1,346,530 99,976 133,012 
Change in plan assets:  
Fair value at January 1984,464 871,603 — — 
Actual return on plan assets(138,577)119,412 — — 
Employer contributions40,000 40,000 — — 
Benefits paid(46,159)(46,551)— — 
Fair value at December 31839,728 984,464 — — 
Funded status at end of year$(114,041)$(362,066)$(99,976)$(133,012)
Amounts recognized in the balance sheet consist of:    
Other current liabilities$— $— $(6,514)$(6,226)
Noncurrent liabilities(114,041)(362,066)(93,462)(126,786)
Net amount recognized
$(114,041)$(362,066)$(99,976)$(133,012)
Amounts recognized in accumulated other comprehensive income consist of:
    
Net loss$83,263 $322,908 $15,127 $51,365 
Prior service cost37 43 2,408 2,687 
Subtotal83,300 322,951 17,535 54,052 
Less amount recorded as regulatory asset(1)
(83,300)(322,951)— — 
Net amount recognized in accumulated other comprehensive income
$— $— $17,535 $54,052 
Accumulated benefit obligation$837,377 $1,120,036 $93,995 $121,591 
(1) Changes in the funded status of the pension plan that would be recorded in accumulated other comprehensive income 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
 202220212020202220212020
Service cost$52,025 $54,202 $42,987 $1,185 $813 $213 
Interest cost39,670 37,317 40,013 3,897 3,557 4,350 
Expected return on assets(72,348)(64,090)(56,239)— — — 
Amortization of net loss12,273 23,796 17,325 4,229 4,205 3,734 
Amortization of prior service cost6 6 6 279 296 290 
Net periodic pension cost31,626 51,231 44,092 9,590 8,871 8,587 
Regulatory deferral of net periodic pension cost(1)
(30,197)(48,962)(42,042)— — — 
Previously deferred pension cost recognized(1)
17,154 17,154 17,154 — — — 
Net periodic pension cost recognized for financial reporting(1)(2)
$18,583 $19,423 $19,204 $9,590 $8,871 $8,587 
(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 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 $19.0 million, $17.8 million, and $15.9 million respectively, was recognized in "Other operations and maintenance" and $9.2 million, and $10.5 million, and $11.9 million respectively, was recognized in "Other (income) expense, net" on the consolidated statements of income of the companies for the twelve months ended December 31, 2022, 2021, and 2020.
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
 202220212020202220212020
Actuarial (loss) gain during the year$227,372 $91,156 $(107,399)$32,009 $(33)$(13,420)
Plan amendment service cost— — — — — (130)
Reclassification adjustments for:
Amortization of net (gain) loss12,273 23,796 17,325 4,229 4,205 3,734 
Amortization of prior service cost6 6 6 279 296 290 
Adjustment for deferred tax effects(61,686)(29,590)23,184 (9,399)(1,150)2,452 
Adjustment due to the effects of regulation
(177,965)(85,368)66,884 — — — 
Other comprehensive income (loss) recognized related to pension benefit plans$— $— $— $27,118 $3,318 $(7,074)
Schedule of Expected Benefit Payments
The following table summarizes the expected future benefit payments of these plans (in thousands of dollars):
 202320242025202620272026-2030
Pension Plan$47,477 $48,972 $50,666 $52,490 $54,209 $298,823 
SMSP6,514 6,558 6,656 6,695 6,725 35,197 
Schedule of Allocation of Plan Assets
Pension Asset Allocation Policy: The target allocation and actual allocations at December 31, 2022, for the pension asset portfolio by asset class is set forth below:
Asset ClassTarget
Allocation		Actual
Allocation
December 31, 2022
Debt securities24 %24 %
Equity securities59 %59 %
Real estate9 %10 %
Other plan assets8 %7 %
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):
 202220212020
Actuarial gain (loss) during the year$12,908 $9,718 $(6,515)
Prior service cost arising during the year(8,065)— — 
Reclassification adjustments for:
Amortization of net loss(31)— — 
Immediate recognition of loss from temporary deviation(1)
— 4,736 — 
Reclassification adjustments for amortization of prior service cost295 47 47 
Adjustment for deferred tax effects(1,315)(2,514)1,665 
Adjustment due to the effects of regulation
(3,792)(11,987)4,803 
Other comprehensive income related to postretirement benefit plans
$— $— $— 
(1) In 2021, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other (income) expense, net" on the consolidated statements of income of the companies.
Schedule of Changes in Projected Benefit Obligations
The following table summarizes the changes in benefit obligation and plan assets (in thousands of dollars):
 20222021
Change in accumulated benefit obligation:  
Benefit obligation at January 1$74,075 $80,952 
Service cost1,071 1,063 
Interest cost2,112 2,059 
Actuarial gain(21,845)(5,805)
Benefits paid(1)
(4,379)(4,194)
Plan amendments8,065 — 
Benefit obligation at December 3159,099 74,075 
Change in plan assets:  
Fair value of plan assets at January 141,464 41,311 
Actual return on plan assets(6,586)6,308 
Employer contributions(1)
(1,934)(1,961)
Benefits paid(1)
(4,379)(4,194)
Fair value of plan assets at December 3128,565 41,464 
Funded status at end of year (included in noncurrent liabilities)$(30,534)$(32,611)
(1) Contributions and benefits paid are each net of $2.9 million and $3.0 million of plan participant contributions for 2022 and 2021, respectively.
Schedule of Accumulated Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income consist of the following (in thousands of dollars):
 20222021
Net gain$(20,896)$(8,020)
Prior service cost7,849 80 
Subtotal(13,047)(7,940)
Less amount recognized in regulatory assets13,047 7,940 
Net amount recognized in accumulated other comprehensive income$— $— 
Schedule of Net Benefit Costs
The net periodic postretirement benefit cost was as follows (in thousands of dollars):

 202220212020
Service cost$1,071 $1,063 $1,029 
Interest cost2,112 2,059 2,493 
Expected return on plan assets(2,351)(2,395)(2,404)
Immediate recognition of loss from temporary deviation(1)
— 4,736 — 
Amortization of net loss(31)— — 
Amortization of prior service cost295 47 47 
Net periodic postretirement benefit cost$1,096 $5,510 $1,165 
(1) In 2021, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other (income) expense, net" on the consolidated statements of income of the companies.
Schedule of Expected Benefit Payments
The following table summarizes the expected future benefit payments of the postretirement benefit plan (in thousands of dollars):
 202320242025202620272028-2032
Expected benefit payments$4,736 $4,864 $4,959 $4,860 $4,693 $21,912 
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, 2022    
Cash and cash equivalents$11,679 $— $— $11,679 
Intermediate bonds33,305 166,530 — 199,835 
Equity Securities: Large-Cap85,617 — — 85,617 
Equity Securities: Mid-Cap90,049 — — 90,049 
Equity Securities: Small-Cap65,505 — — 65,505 
Equity Securities: Micro-Cap33,438 — — 33,438 
Equity Securities: Global and International52,876 — — 52,876 
Equity Securities: Emerging Markets6,964 — — 6,964 
Plan assets measured at NAV (not subject to hierarchy disclosure)
Commingled Fund: Equity Securities: Global and International117,631 
Commingled Fund: Equity Securities: Emerging Markets42,119 
Real estate83,676 
Private market investments50,339 
Total$379,433 $166,530 $— $839,728 
Postretirement plan assets(1)
$2,009 $26,556 $— $28,565 
 Level 1Level 2Level 3Total
Assets at December 31, 2021
    
Cash and cash equivalents$24,636 $— $— $24,636 
Intermediate bonds39,133 187,048 — 226,181 
Equity Securities: Large-Cap104,318 — — 104,318 
Equity Securities: Mid-Cap113,621 — — 113,621 
Equity Securities: Small-Cap85,244 — — 85,244 
Equity Securities: Micro-Cap42,915 — — 42,915 
Equity Securities: Global and International67,625 — — 67,625 
Equity Securities: Emerging Markets7,393 — — 7,393 
Plan assets measured at NAV (not subject to hierarchy disclosure)
Commingled Fund: Equity Securities: Global and International134,752 
Commingled Fund: Equity Securities: Emerging Markets47,332 
Real estate73,958 
Private market investments56,489 
Total$484,885 $187,048 $— $984,464 
Postretirement plan assets(1)
$2,391 $39,073 $— $41,464 
(1) The postretirement benefits assets are primarily life insurance contracts.
v3.22.4
PROPERTY, PLANT AND EQUIPMENT AND JOINTLY-OWNED PROJECTS: Property, Plant and Equipment Level 3 (Tables)
 12 Months Ended
Dec. 31, 2022
Public Utility, Property, Plant and Equipment  
Schedule of Public Utility Property, Plant, and Equipment
The following table presents the major classifications of Idaho Power’s utility plant in service, annual depreciation provisions as a percent of average depreciable balance, and accumulated provision for depreciation for the years ended December 31, 2022 and 2021 (in thousands of dollars):
 20222021
 BalanceAvg RateBalanceAvg Rate
Production$2,700,494 2.89 %$2,597,285 3.15 %
Transmission1,346,463 1.91 %1,309,143 1.89 %
Distribution2,192,135 2.15 %2,058,819 2.25 %
General and Other589,375 5.36 %544,069 6.17 %
Total in service6,828,467 2.66 %6,509,316 2.85 %
Accumulated provision for depreciation(2,465,279) (2,298,951) 
In service - net$4,363,188  $4,210,365  
Schedule of Jointly Owned Utility Plants
Idaho Power's ownership interest in two jointly-owned generating facilities is included in the table above. Under the joint operating agreements for these facilities, each participating utility is responsible for financing its share of construction, operating, and leasing costs. Idaho Power's proportionate share of operating expenses for each facility is included in the Consolidated Statements of Income. These jointly-owned facilities, including balance sheet amounts and the extent of Idaho Power’s participation, were as follows at December 31, 2022 (in thousands of dollars): 
Name of PlantLocationUtility Plant in ServiceConstruction
Work in Progress		Accumulated
Provision for Depreciation		Ownership %
MW(1)(2)
Jim Bridger units 1-4Rock Springs, WY$775,778 $19,258 $485,289 33775
North Valmy unit 2(2)
Winnemucca, NV259,099 1,233 210,467 50145
(1) Idaho Power’s share of nameplate capacity.
(2) Pursuant to an agreement with NV Energy, Idaho Power's participation in coal-fired operations of North Valmy ended in December 2019 at unit 1 and is planned to end no later than the end of 2025 at unit 2.
v3.22.4
ASSET RETIREMENT OBLIGATIONS Asset Retirement Obligations Level 3 (Tables)
 12 Months Ended
Dec. 31, 2022
Asset Retirement Obligation [Abstract]  
Schedule of Change in Asset Retirement Obligation
The following table presents the changes in the carrying amount of AROs (in thousands of dollars): 
 20222021
Balance at beginning of year$36,698 $27,691 
Accretion expense1,106 1,021 
Revisions in estimated cash flows1,412 9,415 
Liability settled(1,659)(1,429)
Balance at end of year$37,557 $36,698 
v3.22.4
INVESTMENTS: Investments Level 3 (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments
The table below summarizes IDACORP’s and Idaho Power’s investments as of December 31 (in thousands of dollars): 
 20222021
Idaho Power investments:  
Bridger Coal Company (equity method investment)$14,187 $22,677 
Exchange traded short-term bond funds and cash equivalents33,687 54,078 
Held-to-Maturity securities30,475 — 
Executive deferred compensation plan investments442 353 
Total Idaho Power investments78,791 77,108 
IFS investments in real estate tax credit projects, such as affordable housing developments29,454 34,967 
Ida-West joint ventures (equity method investments)10,311 10,386 
Other investments2,796 1,363 
Total IDACORP investments$121,352 $123,824 
Schedule of Equity in Earnings (Losses) of Equity Method Investments The table below presents IDACORP’s and Idaho Power’s earnings of unconsolidated equity-method investments (in thousands of dollars):
 202220212020
Bridger Coal Company (Idaho Power)$10,211 $10,211 $10,102 
Ida-West joint ventures1,300 1,224 1,411 
Total$11,511 $11,435 $11,513 
Schedule of Realized Gain (Loss) The following table summarizes sales of equity securities (in thousands of dollars):
 202220212020
Proceeds from sales$63,857 $11,328 $25,795 
Gross realized gains from sales— — — 
v3.22.4
DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Financial Instruments Level 3 (Tables)
 12 Months Ended
Dec. 31, 2022
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The table below presents the gains and losses on derivatives not designated as hedging instruments for the years ended December 31, 2022, 2021, and 2020 (in thousands of dollars):
Location of Realized Gain/(Loss) on Derivatives Recognized in Income
Gain/(Loss) on Derivatives Recognized in Income(1)
202220212020
Financial swapsOperating revenues$(6,249)$1,046 $2,173 
Financial swapsPurchased power2,373 1,959 (3,531)
Financial swapsFuel expense68,489 12,180 (4,791)
Forward contractsOperating revenues1,090 1,966 421 
Forward contractsPurchased power(2,994)(1,099)(384)
Forward contractsFuel expense(136)(194)(36)
(1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at December 31, 2022 and 2021 (in thousands of dollars):
Asset DerivativesLiability Derivatives
 Balance Sheet LocationGross Fair ValueAmounts OffsetNet AssetsGross Fair ValueAmounts OffsetNet Liabilities
December 31, 2022
Current:   
Financial swapsOther current assets$72,548 $(32,609)(1)$39,939 $13,982 $(13,982)$— 
Financial swapsOther current liabilities132 (132)— 1,577 (132)1,445 
Forward contractsOther current assets400 — 400 — — — 
Forward contractsOther current liabilities— — — 2,071 — 2,071 
Long-term:  
Financial swapsOther assets622 (43)579 43 (43)— 
Financial swapsOther liabilities644 (644)— 2,136 (644)1,492 
Forward contractsOther liabilities— — — 1,780 — 1,780 
Total $74,346 $(33,428)$40,918 $21,589 $(14,801)$6,788 
December 31, 2021
Current:   
Financial swapsOther current assets$10,599 $(4,893)(2)$5,706 $2,910 $(2,910)$— 
Financial swapsOther current liabilities— — — 20 — 20 
Forward contractsOther current assets6 (4)2 4 (4)— 
Forward contractsOther current liabilities— — — 1,970 — 1,970 
Long-term:   
Financial swapsOther assets899 (9)890 9 (9)— 
Financial swapsOther liabilities— — — 14 — 14 
Forward contractsOther liabilities— — — 3,743 — 3,743 
Total $11,504 $(4,906)$6,598 $8,670 $(2,923)$5,747 
(1) Current asset derivative amounts offset include $18.6 million of collateral payable at December 31, 2022.
(2) Current asset derivative amounts offset include $2.0 million of collateral payable at December 31, 2021.
Schedule of Derivative Instruments
The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at December 31, 2022 and 2021 (in thousands of units):
December 31,
CommodityUnits20222021
Electricity purchasesMWh898 529 
Electricity salesMWh32 129 
Natural gas purchasesMMBtu26,773 11,740 
Natural gas salesMMBtu310 — 
v3.22.4
FAIR VALUE MEASUREMENTS: Fair Value Measurements Level 3 (Tables)
 12 Months Ended
Dec. 31, 2022
Fair value measurements [Abstract]  
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, 2022 and 2021 (in thousands of dollars): 
December 31, 2022December 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:    
Money market funds and commercial paper
IDACORP(1)
$16,505 $— $— $16,505 $80,406 $— $— $80,406 
Idaho Power34,468 — — 34,468 10,393 — — 10,393 
Derivatives40,518 400 — 40,918 6,596 2 — 6,598 
Equity securities34,129 — — 34,129 54,431 — — 54,431 
IDACORP assets measured at NAV (not subject to hierarchy disclosure)(1)
— — — 2,796 — — — 1,363 
Liabilities:
Derivatives$2,937 $3,851 $— $6,788 $34 $5,713 $— $5,747 
(1) Holding company only. Does not include amounts held by Idaho Power.
Fair Value, by Balance Sheet Grouping
The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, as of December 31, 2022 and 2021, using available market information and appropriate valuation methodologies (in thousands).
 December 31, 2022December 31, 2021
 Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
 (thousands of dollars)
IDACORP    
Assets:    
Notes receivable(1)
$3,871 $3,871 $3,804 $3,804 
Held-to-maturity securities(1)
30,475 25,452 — — 
Liabilities:    
Long-term debt (including current portion)(1)
2,194,145 1,953,470 2,000,640 2,381,172 
Idaho Power    
Assets:
Held-to-maturity securities(1)
$30,475 $25,452 $— $— 
Liabilities:    
Long-term debt (including current portion)(1)
2,194,145 1,953,470 2,000,640 2,381,172 
(1) Notes receivable are categorized as Level 3 and held-to-maturity securities and long-term debt are categorized as Level 2 of the fair value hierarchy, as defined earlier in this Note 16 - "Fair Value Measurements."
v3.22.4
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands):
Utility
Operations		All
Other		EliminationsConsolidated
Total
2022    
Revenues$1,641,040 $2,941 $— $1,643,981 
Operating income327,170 8 — 327,178 
Other income, net33,876 (187)— 33,689 
Interest income12,556 2,776 (931)14,401 
Equity-method income10,211 1,300 — 11,511 
Interest expense89,038 1,268 (931)89,375 
Income before income taxes294,775 2,629 — 297,404 
Income tax expense (benefit)39,908 (2,064)— 37,844 
Income attributable to IDACORP, Inc.254,867 4,115 — 258,982 
Total assets7,411,104 245,762 (113,608)7,543,258 
Expenditures for long-lived assets432,430 159 — 432,589 
2021    
Revenues$1,455,410 $2,674 $— $1,458,084 
Operating income329,568 83 — 329,651 
Other income, net21,243 (138)— 21,105 
Interest income7,123 216 (47)7,292 
Equity-method income10,211 1,224 — 11,435 
Interest expense86,663 82 (47)86,698 
Income before income taxes281,482 1,302 — 282,784 
Income tax expense (benefit)38,257 (1,345)— 36,912 
Income attributable to IDACORP, Inc.243,225 2,325 — 245,550 
Total assets6,990,839 281,999 (62,323)7,210,515 
Expenditures for long-lived assets299,972 27 — 299,999 
2020    
Revenues$1,347,340 $3,389 $— $1,350,729 
Operating income308,780 741 — 309,521 
Other income, net22,555 (8)— 22,547 
Interest income9,733 1,275 (496)10,512 
Equity-method income10,102 1,411 — 11,513 
Interest expense87,389 533 (496)87,426 
Income before income taxes263,783 2,885 — 266,668 
Income tax expense (benefit)30,548 (1,848)— 28,700 
Income attributable to IDACORP, Inc.233,235 4,182 — 237,417 
Total assets6,906,110 253,060 (63,926)7,095,244 
Expenditures for long-lived assets310,937 1 — 310,938 
v3.22.4
OTHER INCOME AND EXPENSE Other Income and Expense Level 3 (Tables)
 12 Months Ended
Dec. 31, 2022
Schedule of other nonoperating income (expense) [Line Items]  
Schedule of Other Nonoperating Income, by Component [Table Text Block]
The following table presents the components of IDACORP’s other income (expense), net and Idaho Power's other income (expense), net (in thousands of dollars):
IDACORP202220212020
Interest and dividend income, net$5,952 $1,408 $3,813 
Carrying charges on regulatory assets7,032 5,034 7,063 
Pension and postretirement non-service costs(1)
(9,196)(15,249)(11,865)
Income from life insurance investments7,107 5,203 4,036 
Other income (expense)(90)463 462 
Total other income (expense), net$10,805 $(3,141)$3,509 
Idaho Power
Interest and dividend income, net$4,094 $1,241 $3,034 
Carrying charges on regulatory assets7,032 5,034 7,063 
Pension and postretirement non-service costs(1)
(9,196)(15,240)(11,862)
Income from life insurance investments7,012 5,203 4,036 
Other income (expense) 205 591 468 
Total other income (expense), net$9,147 $(3,171)$2,739 
(1) The 2021 pension and postretirement non-service costs includes $4.7 million of expense for a temporary deviation from the cost-sharing provisions of the substantive postretirement plan as described in Note 11 - "Benefit Plans."
v3.22.4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 12 Months Ended
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the years ended December 31, 2022, 2021, and 2020 (in thousands of dollars). Items in parentheses indicate reductions to AOCI.
Year Ended December 31,
202220212020
Defined benefit pension items
Balance at beginning of period$(40,040)$(43,358)$(36,284)
Other comprehensive income before reclassifications, net of tax of $8,239, $(8), and $(3,488)
23,770 (25)(10,062)
Amounts reclassified out of AOCI to net income, net of tax of $1,160, $1,158, and $1,036
3,348 3,343 2,988 
Net current-period other comprehensive income27,118 3,318 (7,074)
Balance at end of period$(12,922)$(40,040)$(43,358)
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
The table below presents the effects on net income of amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the years ended December 31, 2022, 2021, and 2020 (in thousands of dollars). Items in parentheses indicate increases to net income.
Amount Reclassified from AOCI
Year Ended December 31,
202220212020
Amortization of defined benefit pension items(1)
Prior service cost$279 $296 $290 
Net loss4,229 4,205 3,734 
Total before tax4,508 4,501 4,024 
Tax benefit(2)
(1,160)(1,158)(1,036)
Net of tax3,348 3,343 2,988 
Total reclassification for the period$3,348 $3,343 $2,988 
(1) Amortization of these items is included in "Other (income) expense, net" in the consolidated income statements of both IDACORP and Idaho Power.
(2) The tax benefit is included in "Income tax expense" in the consolidated income statements of both IDACORP and Idaho Power.
v3.22.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Tables)
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Condensed Income Statement
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
 Year Ended December 31,
 202220212020
 (thousands of dollars)
Income:  
Equity in income of subsidiaries$258,540 $245,591 $237,233 
Investment income1,795 148 748 
Total income260,335 245,739 237,981 
Expenses:   
Operating expenses444 679 692 
Interest expense1,267 82 534 
Other expenses250 192 145 
Total expenses1,961 953 1,371 
Income Before Income Taxes258,374 244,786 236,610 
Income Tax Benefit(608)(764)(807)
Net Income Attributable to IDACORP, Inc.258,982 245,550 237,417 
Other comprehensive income (loss) 27,118 3,318 (7,074)
Comprehensive Income Attributable to IDACORP, Inc.$286,100 $248,868 $230,343 
The accompanying note is an integral part of these statements.
Condensed Cash Flow Statement
IDACORP, INC.
CONDENSED STATEMENTS OF CASH FLOWS
 Year Ended December 31,
 202220212020
 (thousands of dollars)
Operating Activities:   
Net cash provided by operating activities$77,048 $174,209 $168,699 
Investing Activities:   
Purchase of investments(26,620)(26,363)(25,000)
Maturities of investments25,000 50,000 — 
Net cash (used in) provided by investing activities(1,620)23,637 (25,000)
Financing Activities:   
Dividends on common stock(154,287)(146,119)(137,856)
Change in intercompany notes payable(3,811)(2,167)(9,732)
Other(3,184)(3,124)(4,663)
Net cash used in financing activities(161,282)(151,410)(152,251)
Net (decrease) increase in cash and cash equivalents(85,854)46,436 (8,552)
Cash and cash equivalents at beginning of year153,025 106,589 115,141 
Cash and cash equivalents at end of year$67,171 $153,025 $106,589 
The accompanying note is an integral part of these statements.
Condensed Balance Sheet
IDACORP, INC.
CONDENSED BALANCE SHEETS
 December 31,
 20222021
Assets(thousands of dollars)
Current Assets:  
Cash and cash equivalents$67,171 $153,025 
Receivables56,446 2,050 
Income taxes receivable1,098 — 
Other98 102 
Total current assets124,813 155,177 
Investments2,739,616 2,570,150 
Other Assets: 
Deferred income taxes131 5,004 
Other286 299 
Total other assets417 5,303 
Total assets$2,864,846 $2,730,630 
Liabilities and Shareholders’ Equity 
Current Liabilities: 
Taxes accrued$— $850 
Other— 777 
Total current liabilities— 1,627 
Other Liabilities: 
Intercompany notes payable57,048 59,928 
Other559 639 
Total other liabilities57,607 60,567 
IDACORP, Inc. Shareholders’ Equity2,807,239 2,668,436 
Total Liabilities and Shareholders' Equity$2,864,846 $2,730,630 
The accompanying note is an integral part of these statements.
v3.22.4
Schedule II - Consolidated Valuation and Qualifying Accounts (Tables)
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]  
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]
IDACORP, INC. AND IDAHO POWER COMPANY
SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
Years Ended December 31, 2022, 2021, and 2020
 
  Additions  
   Charged  
 Balance atCharged(Credited) Balance at
 Beginningtoto OtherEnd
Classificationof YearIncomeAccounts
Deductions(1)
of Year
 (thousands of dollars)
2022:
Reserve for uncollectible accounts$5,016 $3,294 $540 $3,304 $5,546 
Injuries and damages3,780 2,495 — 3,473 2,802 
2021:     
Reserve for uncollectible accounts$5,263 $2,083 $640 $2,970 $5,016 
Injuries and damages2,484 2,032 — 736 3,780 
2020:     
Reserve for uncollectible accounts$1,744 $5,239 $438 $2,158 $5,263 
Injuries and damages1,748 1,203 — 467 2,484 
(1) Represents deductions from the reserves for purposes for which the reserves were created. In the case of uncollectible accounts, and notes reserves, includes reversals of amounts previously reserved.
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Summary of Significant Accounting Policies Level 4 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Significant Accounting Policies      
Payments for (Proceeds from) Other Investing Activities $ (4,875) $ (2,037) $ (6,335)
Other assets, noncurrent 59,427 59,222  
Utility plant in service - net $ 4,363,188 4,210,365  
Maturity period of short-term investments 90 days    
Late Payment Fee Customer Billings 1.00%    
Impairment of Receivables $ 0 $ 0  
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service 2.70% 2.90% 2.90%
Impairment of Long-Lived Assets Held-for-use $ 0 $ 0 $ 0
Public Utilities, Allowance for Funds Used During Construction, Rate 7.40% 7.50% 7.50%
Other Nonoperating Income (Expense) $ 10,805 $ (3,141) $ 3,509
Other electric utility operating expenses 37,325 34,673 35,914
Other property, net of accumulated depreciation $ 16,946 16,361  
Period of Time After Which Unpaid Accounts Are Deemed Late 30 days    
Marysville Hydro Partners      
Significant Accounting Policies      
Variable Interest Entity Ownership Percentage of Partner 50.00%    
Utility plant in service - net $ 14,900    
Ida-West Energy      
Significant Accounting Policies      
Jointly Owned Utility Plant, Proportionate Ownership Share 50.00%    
Bridger Coal Company      
Significant Accounting Policies      
Investments and Other Property $ 14,200    
IERCo guarantee of BCC reclamation obligation 144,700    
Idaho Power Company      
Significant Accounting Policies      
Payments for (Proceeds from) Other Investing Activities (7,605) (2,231) (6,305)
Other assets, noncurrent 52,038 54,564  
Utility plant in service - net 4,363,188 4,210,365  
Investments and Other Property 78,791 $ 77,108  
IERCo guarantee of BCC reclamation obligation $ 48,200    
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service 2.66% 2.85%  
Other Nonoperating Income (Expense) $ 9,147 $ (3,171) 2,739
Other electric utility operating expenses 37,325 34,673 $ 35,914
Other property, net of accumulated depreciation $ 4,558 $ 3,647  
IDACORP Financial Services Limited Partnership Interests      
Significant Accounting Policies      
Variable interest entities ownership percentage minimum 4.00%    
Variable interest entities ownership percentage maximum 100.00%    
IDACORP Financial Services Limited Partnership Interests | Variable Interest Entity, Primary Beneficiary [Member]      
Significant Accounting Policies      
Net Assets $ 29,500    
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Rollforward of the allowance for uncollectible accounts related to customer receivables (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period $ 4,499 $ 4,766
Additions to the allowance 3,265 2,017
Write-offs, net of recoveries (2,730) (2,284)
Balance at end of period $ 5,034 $ 4,499
Allowance for uncollectible accounts as a percentage of customer receivables 4.20% 5.40%
v3.22.4
INCOME TAXES: Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation      
Federal income tax expense at statutory rate $ 62,333 $ 59,317 $ 55,885
AFUDC (10,752) (9,141) (8,637)
Capitalized interest 1,633 1,077 1,044
Investment tax credits (3,119) (2,866) (2,906)
Removal costs (4,900) (3,302) (3,148)
Capitalized overhead costs (3,150) (8,190) (7,560)
Capitalized repair costs (19,320) (17,430) (18,480)
Bond redemption costs 0 0 (726)
State income taxes, net of federal benefit 18,139 11,359 8,804
Depreciation 11,897 14,233 13,589
Excess deferred income tax reversal (11,405) (8,958) (4,885)
Income tax return adjustments (2,692) 3,169 (2,552)
Affordable housing tax credits (6,362) (6,245) (5,315)
Affordable housing investment distributions (812) (1,010) (13)
Affordable housing investment amortization 4,355 4,095 3,754
Other, net 1,999 804 (154)
Total income tax expense $ 37,844 $ 36,912 $ 28,700
Effective tax rate 12.70% 13.10% 10.80%
Idaho Power Company      
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation      
Federal income tax expense at statutory rate $ 61,903 $ 59,111 $ 55,394
AFUDC (10,752) (9,141) (8,637)
Capitalized interest 1,633 1,077 1,044
Investment tax credits (3,119) (2,866) (2,906)
Removal costs (4,900) (3,302) (3,148)
Capitalized overhead costs (3,150) (8,190) (7,560)
Capitalized repair costs (19,320) (17,430) (18,480)
Bond redemption costs 0 0 (726)
State income taxes, net of federal benefit 18,352 11,633 9,052
Depreciation 11,897 14,233 13,589
Excess deferred income tax reversal (11,405) (8,958) (4,885)
Income tax return adjustments (2,827) 1,759 (2,508)
Affordable housing tax credits 0 0 0
Affordable housing investment distributions 0 0 0
Affordable housing investment amortization 0 0 0
Other, net 1,596 331 319
Total income tax expense $ 39,908 $ 38,257 $ 30,548
Effective tax rate 13.50% 13.60% 11.60%
v3.22.4
INCOME TAXES: Components of Income Tax Expense (Benefit), Continuing Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income taxes current:      
Federal $ 31,668 $ 15,210 $ 7,800
State 5,474 6,630 3,215
Total 37,142 21,840 11,015
Income taxes deferred:      
Federal (13,696) (1,787) 11,543
State 4,087 1,154 (1,414)
Total (9,609) (633) 10,129
Investment tax credits:      
Deferred 8,945 14,698 5,727
Restored (3,119) (2,866) (2,906)
Total 5,826 11,832 2,821
Affordable housing investments 4,485 3,873 4,735
Total income tax expense 37,844 36,912 28,700
Idaho Power Company      
Income taxes current:      
Federal 37,696 40,525 30,464
State 11,715 12,932 6,409
Total 49,411 53,457 36,873
Income taxes deferred:      
Federal (13,127) (21,737) (4,905)
State (2,202) (5,295) (4,241)
Total (15,329) (27,032) (9,146)
Investment tax credits:      
Deferred 8,945 14,698 5,727
Restored (3,119) (2,866) (2,906)
Total 5,826 11,832 2,821
Affordable housing investments 0 0 0
Total income tax expense $ 39,908 $ 38,257 $ 30,548
v3.22.4
INCOME TAXES: Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:    
Regulatory liabilities $ 94,946 $ 96,880
Deferred compensation 24,495 23,333
Deferred revenue 53,418 48,318
Tax credits 44,727 41,896
Partnership investments 15,259 12,265
Retirement benefits 38,687 110,997
Other 19,657 17,066
Total 291,189 350,755
Deferred tax liabilities:    
Property, plant and equipment 249,452 272,530
Regulatory assets 739,689 721,276
Deferred Tax Liabilities, Regulatory Assets 33,116 9,015
Partnership investments 3,355 2,824
Retirement benefits 80,777 138,154
Other 58,716 49,331
Total 1,165,105 1,193,130
Net deferred tax liabilities 873,916 842,375
Idaho Power Company    
Deferred tax assets:    
Regulatory liabilities 94,946 96,880
Deferred compensation 24,495 23,333
Deferred revenue 53,418 48,318
Tax credits 44,727 35,781
Partnership investments 15,259 11,949
Retirement benefits 38,687 110,997
Other 19,526 16,893
Total 291,058 344,151
Deferred tax liabilities:    
Property, plant and equipment 249,452 272,530
Regulatory assets 739,689 721,276
Deferred Tax Liabilities, Regulatory Assets 33,116 9,015
Partnership investments 0 0
Retirement benefits 80,777 138,154
Other 58,716 48,047
Total 1,161,750 1,189,022
Net deferred tax liabilities $ 870,692 $ 844,871
v3.22.4
INCOME TAXES: Income Taxes Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosures      
Unrecognized Tax Benefits $ 0.0 $ 0.0 $ 0.0
IDACORP | Investment Tax Credit Carryforward      
Income Tax Disclosures      
Additional ADITC amortization available for use $ 44.7    
v3.22.4
REGULATORY MATTERS: Regulatory Assets and Liabilities Table (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets $ 1,501,961 $ 1,533,654
Regulatory Liabilities 860,601 792,934
Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [1] 577,887  
Regulatory Liabilities [1] 324,342  
Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets 924,074  
Regulatory Liabilities 536,259  
Income taxes    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [2] 94,946 96,880
Income taxes | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [1],[2] 0  
Income taxes | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [2] 94,946  
Depreciation-related excess deferred income taxes    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [3] 158,634 170,039
Depreciation-related excess deferred income taxes | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [1],[3] 158,634  
Depreciation-related excess deferred income taxes | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [3] 0  
Removal costs    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [4] 180,087 184,670
Removal costs | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [1],[4] 0  
Removal costs | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [4] 180,087  
Investment tax credits    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities 115,285 109,460
Investment tax credits | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [1] 0  
Investment tax credits | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities 115,285  
Deferred revenue-AFUDC    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [5] 207,528 187,717
Deferred revenue-AFUDC | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [1],[5] 159,001  
Deferred revenue-AFUDC | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [5] 48,527  
Settlement agreement sharing mechanism    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [6] 0 569
Settlement agreement sharing mechanism | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [1],[6] 0  
Settlement agreement sharing mechanism | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [6] 0  
Other regulatory assets (liabilities)    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities 11,630 10,496
Other regulatory assets (liabilities) | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [1] 6,553  
Other regulatory assets (liabilities) | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities 5,077  
Tax reform accrual for future amortization [Member]    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [7] 32,793 24,522
Tax reform accrual for future amortization [Member] | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [1],[7] 0  
Tax reform accrual for future amortization [Member] | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [7] 32,793  
Derivative    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities 59,544 8,581
Derivative | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [1] 0  
Derivative | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities 59,544  
Energy efficiency regulatory liability    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [8] 154 0
Energy efficiency regulatory liability | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [1],[8] 154  
Energy efficiency regulatory liability | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Liabilities [8] 0  
Income taxes    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [9] 739,689 721,276
Income taxes | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [1],[9] 0  
Income taxes | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [9] 739,689  
Unfunded postretirement benefits    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [10] 70,254 315,011
Unfunded postretirement benefits | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [1],[10] 0  
Unfunded postretirement benefits | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [10] 70,254  
Pension expense deferrals    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [11] 249,503 234,437
Pension expense deferrals | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [1],[11] 220,648  
Pension expense deferrals | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [11] 28,855  
Energy efficiency regulatory asset    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [8] 3,767 7,622
Energy efficiency regulatory asset | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [1],[8] 3,767  
Energy efficiency regulatory asset | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [8] 0  
Power supply costs    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [6] 129,309 33,529
Power supply costs | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [1],[6] 145,321  
Power supply costs | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [6] 16,012  
Fixed cost adjustment    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [6] 41,901 54,944
Fixed cost adjustment | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [1],[6] 24,859  
Fixed cost adjustment | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [6] 17,042  
Valmy Plant settlements    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [6] 90,747 97,852
Valmy Plant settlements | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [1],[6] 90,747  
Valmy Plant settlements | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [6] 0  
Asset retirement obligation    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [4] 28,780 22,585
Asset retirement obligation | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [1],[4] 0  
Asset retirement obligation | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [4] 28,780  
Wildfire Mitigation Plan Deferral    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [6] 27,078 6,075
Wildfire Mitigation Plan Deferral | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [1],[6] 0  
Wildfire Mitigation Plan Deferral | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [6] 27,078  
Long-term service agreement    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets 22,114 23,273
Long-term service agreement | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [1] 13,363  
Long-term service agreement | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets 8,751  
Other regulatory assets (liabilities)    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets 18,288 17,050
Other regulatory assets (liabilities) | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [1] 2,790  
Other regulatory assets (liabilities) | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets 15,498  
Jim Bridger Plant    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [6] 80,531 $ 0
Jim Bridger Plant | Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [1],[6] 76,392  
Jim Bridger Plant | Not Earning a Return    
Regulatory Assets and Liabilities [Line Items]    
Regulatory Assets [6] $ 4,139  
[1] Earning a return includes either interest or a return on the investment as a component of rate base at the allowed rate of return.
[2] Represents the tax gross-up related to the depreciation-related excess deferred income taxes and investment tax credits included in this table and has a corresponding deferred tax asset disclosed in Note 2 - "Income Taxes."
[3] In 2017, income tax reform reduced deferred income tax assets and liabilities. For depreciation-related temporary differences under the normalized tax accounting method, the resulting excess deferred taxes will flow back to customers ratably over the remaining regulatory lives of Idaho Power's plant assets under the alternative method provided in the statute.
[4] Asset retirement obligations and removal costs are discussed in Note 13 - "Asset Retirement Obligations (ARO)."
[5] Idaho Power is collecting revenue in the Idaho jurisdiction for AFUDC on HCC relicensing costs but is deferring revenue recognition of the amounts collected until the license is issued and the asset is placed in service under the new license.
[6] This item is discussed in more detail in this Note 3 - "Regulatory Matters."
[7] Represents amount accrued under the May 2018 Idaho Tax Reform Settlement Stipulation (described below) for the future amortization of existing or future unspecified regulatory deferrals that would otherwise be a future liability recoverable from Idaho customers.
[8] The energy efficiency asset and liability represent the separate Idaho and Oregon jurisdiction balances at December 31, 2022.
[9] Represents flow-through income tax accounting differences which have a corresponding deferred tax liability disclosed in Note 2 - "Income Taxes."
[10] Represents the unfunded obligation of Idaho Power’s pension and postretirement benefit plans, which are discussed in Note 11 - "Benefit Plans."
[11] Idaho Power records a regulatory asset for the difference between net periodic pension cost and pension cost considered for rate-making purposes relating to Idaho Power's defined benefit pension plan. In its Idaho jurisdiction, Idaho Power’s inclusion of pension costs for the establishment of retail rates is based upon contributions made to the pension plan. This regulatory asset account represents the difference between cumulative cash contributions and amounts collected in rates. Deferred costs are amortized into expense as the amounts are provided for in Idaho retail revenues.
v3.22.4
REGULATORY MATTERS: Idaho Jurisdiction Power Cost Adjustment Mechanism (Details) - USD ($)
$ in Thousands
Jun. 01, 2022
Jun. 01, 2021
Jun. 01, 2020
Dec. 31, 2022
Dec. 31, 2021
Idaho Power Cost Adjustment Mechanism [Line Items]          
Regulatory Liabilities       $ 860,601 $ 792,934
Idaho Power Cost Adjustment          
Idaho Power Cost Adjustment Mechanism [Line Items]          
Percentage to be Shared with Customers       95.00%  
Percentage to be Shared with Entity       5.00%  
Approved Rate Increase (Decrease), Amount $ 94,900 $ 39,100 $ 58,700    
v3.22.4
REGULATORY MATTERS: Idaho Base Rate Changes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 01, 2022
Jul. 01, 2012
Jan. 01, 2012
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
May 31, 2018
Idaho Base Rate Changes [Line Items]              
Net income attributable to IDACORP, Inc.       $ 258,982 $ 245,550 $ 237,417  
Revenue from contracts with customers       1,557,974 1,382,653 $ 1,286,637  
Settlement agreement sharing mechanism              
Idaho Base Rate Changes [Line Items]              
Revenue from contracts with customers       0 $ (600)    
2011 Idaho General Rate Case Settlement              
Idaho Base Rate Changes [Line Items]              
Authorized Rate of Return in Rate Case     7.86%        
Total Retail Rate Base     $ 2,360,000        
Approved Rate Increase (Decrease), Percentage     4.07%        
Approved Rate Increase (Decrease), Amount     $ 34,000        
May 2018 Tax Reform Settlement Stipulation              
Idaho Base Rate Changes [Line Items]              
Investment Tax Credits, Maximum, in Rate Case       45,000      
Authorized Return on Equity in Rate Case, Mid-point             10.00%
IDAHO | Jim Bridger Plant              
Idaho Base Rate Changes [Line Items]              
Approved Rate Increase (Decrease), Percentage 1.50%            
Approved Rate Increase (Decrease), Amount $ 18,800            
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount $ 27,100            
Public Utilities, Requested Rate Increase (Decrease), Percentage 2.10%            
IDAHO | Jim Bridger Plant | Idaho Power Company              
Idaho Base Rate Changes [Line Items]              
Net income attributable to IDACORP, Inc.       20,000      
IDAHO | 2011 Idaho General Rate Case Settlement              
Idaho Base Rate Changes [Line Items]              
Approved Rate Increase (Decrease), Amount   $ 58,100          
Increase (Decrease) In Rate Base   $ 335,900          
IDAHO | May 2018 Tax Reform Settlement Stipulation              
Idaho Base Rate Changes [Line Items]              
Authorized Return on Equity in Rate Case, Minimum             9.40%
Amortization of Regulatory Asset       7,400      
Investment Tax Credits Maximum In One Year In Rate Case             $ 25,000
Investment Tax Credits, Maximum, in Rate Case             $ 45,000
Authorized Return on Equity in Rate Case, Mid-point             10.00%
Authorized Return on Equity in Rate Case, Maximum             10.50%
Percentage to be Shared with Customers             80.00%
Percentage to be Shared with Entity             20.00%
Percent To Be Shared With Customers, Power Cost Adjustment             55.00%
Percent To Be Shared With Customers, Pension Balancing             25.00%
Percentage of target ROE, minimum             95.00%
Percentage of target ROE, maximum             105.00%
IDAHO | May 2018 Tax Reform Settlement Stipulation | Annual recurring              
Idaho Base Rate Changes [Line Items]              
Approved Rate Increase (Decrease), Amount       $ (18,700)      
v3.22.4
REGULATORY MATTERS: Idaho Fixed Cost Adjustment (Details) - USD ($)
$ in Millions
Jun. 01, 2022
Jun. 01, 2021
Jun. 01, 2020
Jun. 01, 2019
Idaho Fixed Cost Adjustment [Line Items]        
Annual fixed cost adjustment mechanism deferral $ 35.2 $ 38.3 $ 35.5  
Idaho fixed cost adjustment mechanism        
Idaho Fixed Cost Adjustment [Line Items]        
Percentage cap on the FCA adjustment       3.00%
v3.22.4
REGULATORY MATTERS: Regulatory Requests (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Oct. 31, 2022
Dec. 31, 2021
Jun. 30, 2021
Public Utilities, General Disclosures [Line Items]        
Regulatory Assets $ 1,501,961   $ 1,533,654  
IDAHO | Wildfire mitigation plan costs        
Public Utilities, General Disclosures [Line Items]        
Regulatory Assets $ 27,100      
IDAHO | Wildfire mitigation plan costs | Plant in service        
Public Utilities, General Disclosures [Line Items]        
Requested deferral of costs       $ 35,000
Other Operating and Maintenance Expenses | IDAHO | Wildfire mitigation plan costs        
Public Utilities, General Disclosures [Line Items]        
Requested deferral of costs   $ 16,000   $ 47,000
v3.22.4
REGULATORY MATTERS: Oregon Base Rate Changes (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
May 01, 2020
Oct. 01, 2012
Mar. 01, 2012
Oct. 31, 2020
May 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Oregon Base Rate Changes [Line Items]              
Regulatory Assets           $ 1,501,961 $ 1,533,654
Power supply costs              
Oregon Base Rate Changes [Line Items]              
Regulatory Assets [1]           129,309 $ 33,529
Oregon Base Rate Changes              
Oregon Base Rate Changes [Line Items]              
Approved Rate Increase (Decrease), Amount     $ 1,800        
Approved Return on Equity, Percentage     9.90%        
Authorized Rate of Return in Rate Case     7.757%        
OREGON | Power supply costs              
Oregon Base Rate Changes [Line Items]              
Regulatory Assets           $ 1,100  
OREGON | Oregon Base Rate Changes              
Oregon Base Rate Changes [Line Items]              
Approved Rate Increase (Decrease), Amount   $ 3,000   $ 400      
Annual recurring | OREGON | May 2018 Tax Reform Settlement Stipulation              
Oregon Base Rate Changes [Line Items]              
Approved Rate Increase (Decrease), Amount $ (1,500)       $ (1,500)    
[1] This item is discussed in more detail in this Note 3 - "Regulatory Matters."
v3.22.4
REGULATORY MATTERS: Open Access Transmission Tariff Rates (Details) - Federal Open Access Transmission Tariff Rates - USD ($)
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Open Access Transmission Tariff Rates [Line Items]        
Open Access Transmission Tariff Rate $ 31.42 $ 31.19 $ 29.95 $ 27.32
Net Annual Transmission Revenue Requirement $ 132,700,000      
v3.22.4
REVENUES: Electric utility operating revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenue from contracts with customers $ 1,557,974 $ 1,382,653 $ 1,286,637
Alternative revenue programs and other revenues 83,066 72,757 60,703
Electric utility revenues $ 1,641,040 $ 1,455,410 $ 1,347,340
v3.22.4
REVENUES: Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers $ 1,557,974 $ 1,382,653 $ 1,286,637
Regulatory Liabilities (860,601) (792,934)  
Regulatory Assets 1,501,961 1,533,654  
Retail revenues      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers 1,372,758 1,252,335 1,167,730
Idaho fixed cost adjustment mechanism      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers [1] (23,517) (36,242) (35,952)
Other revenues      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers 28,490 27,804 27,133
Wholesale energy sales      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers 66,519 40,839 33,656
Transmission services (wheeling)      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers 80,527 67,997 51,592
Energy efficiency program revenues      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers 33,197 29,920 42,478
Residential Retail Revenue | Retail revenues      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers 645,236 583,061 547,404
Residential Retail Revenue | Idaho fixed cost adjustment mechanism      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers 22,595 34,835 34,409
Commercial Retail Revenue | Retail revenues      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers 347,970 314,745 293,057
Commercial Retail Revenue | Idaho fixed cost adjustment mechanism      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers 922 1,407 1,543
Industrial Retail Revenue | Retail revenues      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers 217,368 195,214 181,258
Irrigation Retail Revenue | Retail revenues      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers 170,964 168,664 154,791
Settlement agreement sharing mechanism      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers 0 (600)  
Settlement agreement sharing mechanism | Retail revenues      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers 0 (569) 0
Deferred revenue-AFUDC | Retail revenues      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers [2] (8,780) (8,780) $ (8,780)
IPUC authorized AFUDC Collection HCC Relicensing - Gross | Idaho Power Company | Hells Canyon Complex      
Disaggregation of Revenue [Line Items]      
Regulatory Liabilities (8,800)    
Energy efficiency regulatory asset | OREGON      
Disaggregation of Revenue [Line Items]      
Regulatory Liabilities (200)    
Energy efficiency regulatory asset      
Disaggregation of Revenue [Line Items]      
Regulatory Assets [3] $ 3,767 $ 7,622  
[1] The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers.
[2] The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service.
[3] The energy efficiency asset and liability represent the separate Idaho and Oregon jurisdiction balances at December 31, 2022.
v3.22.4
REVENUES: Alternative Revenue Program and Other Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Alternative Revenue Program and Other Revenues [Line Items]      
Alternative revenue programs and other revenues $ 83,066 $ 72,757 $ 60,703
Idaho fixed cost adjustment mechanism      
Alternative Revenue Program and Other Revenues [Line Items]      
Alternative revenue programs and other revenues 23,517 36,242 35,952
Derivative revenues      
Alternative Revenue Program and Other Revenues [Line Items]      
Alternative revenue programs and other revenues $ 59,549 $ 36,515 $ 24,751
v3.22.4
REVENUES: Revenues Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]      
Revenue from contracts with customers $ 1,557,974 $ 1,382,653 $ 1,286,637
Regulatory Assets 1,501,961 1,533,654  
Regulatory Liabilities $ 860,601 $ 792,934  
v3.22.4
LONG-TERM DEBT: Long-term Debt Level 4 (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Total first mortgage bonds $ 1,848,000 $ 1,800,000
Pollution control revenue bonds Variable Rate Series 2000 due 2027 0 4,360
Total pollution control revenue bonds 166,100 170,460
American Falls bond guarantee 19,885 19,885
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net 10,160 10,295
Total outstanding debt [1] 2,194,145 2,000,640
Current maturities of long-term debt 0 0
Long-Term Debt 2,194,145 2,000,640
Idaho Power Company    
Debt Instrument [Line Items]    
Total outstanding debt $ 2,194,145 $ 2,000,640
Effective cost of outstanding debt 4.60% 4.40%
First Mortgage Bonds 2.50 Series due 2023    
Debt Instrument [Line Items]    
First mortgage bonds $ 75,000 $ 75,000
Debt Instrument, Interest Rate, Stated Percentage 2.50% 2.50%
First Mortgage Bonds 2.50 Series due 2023 | Idaho Power Company    
Debt Instrument [Line Items]    
First mortgage bonds $ 75,000  
First mortgage bonds 6.00 Series due 2032    
Debt Instrument [Line Items]    
First mortgage bonds $ 100,000 $ 100,000
Debt Instrument, Interest Rate, Stated Percentage 6.00% 6.00%
First Mortgage Bonds 4.99 Series Due 2032    
Debt Instrument [Line Items]    
First mortgage bonds $ 23,000 $ 0
Debt Instrument, Interest Rate, Stated Percentage 4.99% 4.99%
First Mortgage Bonds 4.99 Series Due 2032 | Idaho Power Company    
Debt Instrument [Line Items]    
First mortgage bonds $ 23,000  
First mortgage bonds 5.50 Series due 2033    
Debt Instrument [Line Items]    
First mortgage bonds $ 70,000 $ 70,000
Debt Instrument, Interest Rate, Stated Percentage 5.50% 5.50%
First mortgage bonds 5.50 Series due 2034    
Debt Instrument [Line Items]    
First mortgage bonds $ 50,000 $ 50,000
Debt Instrument, Interest Rate, Stated Percentage 5.50% 5.50%
First mortgage bonds 5.875 Series due 2034    
Debt Instrument [Line Items]    
First mortgage bonds $ 55,000 $ 55,000
Debt Instrument, Interest Rate, Stated Percentage 5.875% 5.875%
First mortgage bonds 5.30 Series due 2035    
Debt Instrument [Line Items]    
First mortgage bonds $ 60,000 $ 60,000
Debt Instrument, Interest Rate, Stated Percentage 5.30% 5.30%
First mortgage bonds 6.30 Series due 2037    
Debt Instrument [Line Items]    
First mortgage bonds $ 140,000 $ 140,000
Debt Instrument, Interest Rate, Stated Percentage 6.30% 6.30%
First mortgage bonds 6.25 Series due 2037    
Debt Instrument [Line Items]    
First mortgage bonds $ 100,000 $ 100,000
Debt Instrument, Interest Rate, Stated Percentage 6.25% 6.25%
First mortgage bonds 4.85 Series due 2040    
Debt Instrument [Line Items]    
First mortgage bonds $ 100,000 $ 100,000
Debt Instrument, Interest Rate, Stated Percentage 4.85% 4.85%
First Mortgage Bonds 4.30 Series Due 2042    
Debt Instrument [Line Items]    
First mortgage bonds $ 75,000 $ 75,000
Debt Instrument, Interest Rate, Stated Percentage 4.30% 4.30%
First Mortgage Bonds 5.06 Series Due 2042    
Debt Instrument [Line Items]    
First mortgage bonds $ 25,000 $ 0
Debt Instrument, Interest Rate, Stated Percentage 5.06% 5.06%
First Mortgage Bonds 5.06 Series Due 2042 | Idaho Power Company    
Debt Instrument [Line Items]    
First mortgage bonds $ 25,000  
First Mortgage Bonds 4.00 Series due 2043    
Debt Instrument [Line Items]    
First mortgage bonds $ 75,000 $ 75,000
Debt Instrument, Interest Rate, Stated Percentage 4.00% 4.00%
First mortgage bonds 3.65% Series due 2045    
Debt Instrument [Line Items]    
First mortgage bonds $ 250,000 $ 250,000
Debt Instrument, Interest Rate, Stated Percentage 3.65% 3.65%
First mortgage bonds 4.05 Series due 2046    
Debt Instrument [Line Items]    
First mortgage bonds $ 120,000 $ 120,000
Debt Instrument, Interest Rate, Stated Percentage 4.05% 4.05%
First Mortgage Bonds 4.20 K Series due 2048    
Debt Instrument [Line Items]    
First mortgage bonds $ 450,000 $ 450,000
Debt Instrument, Interest Rate, Stated Percentage 4.20% 4.20%
Pollution Control Bonds 1.45 due 2024    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 1.45% 1.45%
Pollution control revenue bonds 5.15 Series due 2024 [2] $ 49,800 $ 49,800
Floating Rate Term Loan Facility Due 2024    
Debt Instrument [Line Items]    
Floating Rate Term Loan Facility due 2024 $ 150,000 $ 0
Pollution Control Bond 1.70 due 2026    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 1.70% 1.70%
Pollution control revenue bonds 5.25 Series due 2026 [2] $ 116,300 $ 116,300
Secured debt including Humboldt County and Sweetwater County pollution control revenue bonds    
Debt Instrument [Line Items]    
Total first mortgage bonds 2,014,000  
First Mortgage Bonds 1.90 Series L Due July 15 2030    
Debt Instrument [Line Items]    
First mortgage bonds $ 80,000 $ 80,000
Debt Instrument, Interest Rate, Stated Percentage 1.90% 1.90%
[1] At December 31, 2022 and 2021, the overall effective cost rate of Idaho Power's outstanding debt was 4.60 percent and 4.40 percent, respectively.
[2] Humboldt County and Sweetwater County Pollution Control Revenue Bonds are secured by the first mortgage bonds, bringing the total first mortgage bonds outstanding at December 31, 2022, to $2.014 billion
v3.22.4
LONG-TERM DEBT: Maturities of Long-term Debt Level 4 (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Debt Instrument [Line Items]  
2023 $ 75,000
2024 199,800
2025 19,885
2026 116,300
2027 0
Thereafter $ 1,773,000
v3.22.4
LONG-TERM DEBT: Long-term debt narrative Level 4 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Mar. 08, 2023
Dec. 22, 2022
Mar. 04, 2022
Aug. 01, 2020
Jun. 05, 2020
Debt Instrument [Line Items]                
Make-Whole Premium $ 0 $ 0 $ 3,305          
Repayments of Debt $ 4,360 0 175,000          
Long-term Debt LONG-TERM DEBT
 
The following table summarizes IDACORP's and Idaho Power's long-term debt at December 31 (in thousands of dollars):
20222021
First mortgage bonds:
2.50% Series due 2023
$75,000 $75,000 
1.90% Series due 2030
80,000 80,000 
6.00% Series due 2032
100,000 100,000 
4.99% Series due 2032
23,000 — 
5.50% Series due 2033
70,000 70,000 
5.50% Series due 2034
50,000 50,000 
5.875% Series due 2034
55,000 55,000 
5.30% Series due 2035
60,000 60,000 
6.30% Series due 2037
140,000 140,000 
6.25% Series due 2037
100,000 100,000 
4.85% Series due 2040
100,000 100,000 
4.30% Series due 2042
75,000 75,000 
5.06% Series due 2042
25,000 — 
4.00% Series due 2043
75,000 75,000 
3.65% Series due 2045
250,000 250,000 
4.05% Series due 2046
120,000 120,000 
4.20% Series due 2048
450,000 450,000 
Total first mortgage bonds1,848,000 1,800,000 
Pollution control revenue bonds:
1.45% Series due 2024(1)
49,800 49,800 
1.70% Series due 2026(1)
116,300 116,300 
Variable Rate Series 2000 (redeemed in 2022)— 4,360 
Total pollution control revenue bonds166,100 170,460 
Floating Rate Term Loan Facility due 2024150,000 — 
American Falls Variable Rate bond guarantee due 202519,885 19,885 
Unamortized premium/discount and issuance costs10,160 10,295 
Total IDACORP and Idaho Power outstanding debt(2)
2,194,145 2,000,640 
Current maturities of long-term debt— — 
Total long-term debt$2,194,145 $2,000,640 
(1) Humboldt County and Sweetwater County Pollution Control Revenue Bonds are secured by the first mortgage bonds, bringing the total first mortgage bonds outstanding at December 31, 2022, to $2.014 billion.
(2) At December 31, 2022 and 2021, the overall effective cost rate of Idaho Power's outstanding debt was 4.60 percent and 4.40 percent, respectively.

At December 31, 2022, the maturities for the aggregate amount of IDACORP and Idaho Power long-term debt outstanding were as follows (in thousands of dollars):
20232024202520262027Thereafter
$75,000 $199,800 $19,885 $116,300 $— $1,773,000 

Long-Term Debt Issuances, Maturities, and Redemptions

On its consolidated balance sheet as of December 31, 2022, Idaho Power classified the $75 million in principal amount of 2.50% first mortgage bonds, Series I, maturing on April 1, 2023, as long-term debt based upon Idaho Power's intent and ability to refinance the bonds on a long-term basis.
On December 22, 2022, Idaho Power entered into a Bond Purchase Agreement (Bond Purchase Agreement) with certain institutional purchasers relating to the sale by Idaho Power of $170 million of first mortgage bonds secured medium-term-term notes, Series N (Series N Notes), as described in more detail below. At December 31, 2022, $48 million in principal amount of Series N Notes had been issued and was outstanding.

On December 1, 2022, Idaho Power redeemed at par $4.36 million in principal amount of variable-rate pollution control revenue bonds due in 2027.

On March 4, 2022, Idaho Power entered into a floating rate term loan credit agreement (Term Loan Facility). The Term Loan Facility is a two-year senior unsecured term loan facility. It provided for the issuance of loans not to exceed the aggregate principal amount of $150 million with a maturity date of March 4, 2024. The interest rates for the floating rate advances under the Term Loan Facility were based on the highest of (1) the prime commercial lending rate of the lender acting as administrative agent, (2) the federal funds rate, plus 0.5 percent, (3) Term Secured Overnight Financing Rate administered by the Federal Reserve Bank of New York (SOFR) (as defined in the Term Loan Facility) for a one-month tenor that is published by CME Group Benchmark Administration limited (or the successor administrator of such rate), plus 1 percent, and (4) zero percent. The interest rates for SOFR Advances (as defined in the Term Loan Facility) were based on the Term SOFR rate for the borrower-selected period plus the Applicable Margin. The “Applicable Margin” is based on Idaho Power's senior unsecured non-credit enhanced long-term indebtedness credit rating, as set forth on a schedule to the Term Loan Facility. At December 31, 2022, $150 million in principal amount of one month term SOFR advances had been drawn and was outstanding on the Term Loan Facility.

Idaho Power First Mortgage Bonds

Idaho Power's issuance of long-term indebtedness is subject to the approval of the IPUC, OPUC, and Wyoming Public Service Commission (WPSC). In May and June 2022, Idaho Power received orders from the IPUC, OPUC, and WPSC authorizing the company to issue and sell from time to time up to $1.2 billion in aggregate principal amount of debt securities and first mortgage bonds, subject to conditions specified in the orders. Authority from the IPUC is effective through May 31, 2025, subject to extensions upon request to the IPUC. The OPUC's and WPSC's orders do not impose a time limitation for issuances, but the OPUC order does impose a number of other conditions, including a requirement that the interest rates for the debt securities or first mortgage bonds fall within either (a) designated spreads over comparable U.S. Treasury rates or (b) a maximum interest rate limit of 8.0 percent. At December 31, 2022, $1.15 billion remains available for debt issuance under the regulatory orders, prior to the commitment to draw the remaining $122 million of Series N Notes in March 2023.

In May 2022, Idaho Power filed a shelf registration statement with the SEC, which became effective upon filing, for the offer and sale of an unspecified principal amount of its first mortgage bonds. The issuance of first mortgage bonds requires that Idaho Power meet interest coverage and security provisions set forth in Idaho Power's Indenture of Mortgage and Deed of Trust, dated as of October 1, 1937, as amended and supplemented from time to time (Indenture). Future issuances of first mortgage bonds are subject to satisfaction of covenants and security provisions set forth in the Indenture, market conditions, regulatory authorizations, and covenants contained in other financing agreements.

In June 2022, Idaho Power entered into a selling agency agreement with six banks named in the agreement in
connection with the potential issuance and sale from time to time of up to $1.2 billion aggregate principal amount of first
mortgage bonds, secured medium term notes, Series M (Series M Notes), under Idaho Power’s Indenture. Also in June 2022, Idaho Power entered into the Fiftieth Supplemental Indenture, dated effective as of June 30, 2022, to the Indenture (Fiftieth Supplemental Indenture). The Fiftieth Supplemental Indenture provides for, among other items, the issuance of up to $1.2 billion in aggregate principal amount of Series M Notes pursuant to the Indenture. In October 2022, Idaho Power entered into the Fifty-first Supplemental Indenture to increase the limit of the amount of first mortgage bonds at any one time outstanding to $3.5 billion as provided in the Indenture. The amount issuable is also restricted by property, earnings, and other provisions of the Indenture and supplemental indentures to the Indenture. The Indenture requires that Idaho Power's net earnings be at least twice the annual interest requirements on all outstanding debt of equal or prior rank, including the bonds that Idaho Power may propose to issue. Under certain circumstances, the net earnings test does not apply, including the issuance of refunding bonds to retire outstanding bonds that mature in less than two years or that are of an equal or higher interest rate, or prior lien bonds.

In December 2022, Idaho Power entered into the Bond Purchase Agreement with certain institutional purchasers, relating to the sale by Idaho Power of $170 million in aggregate principal amount of Series N Notes. Also in December 2022, Idaho Power entered into the Fifty-second Supplemental Indenture, dated effective as of December 30, 2022, to the Indenture (Fifty-second
Supplemental Indenture). The Fifty-second Supplemental Indenture provides for, among other items, the issuance of Series N Notes pursuant to the Indenture. The Series N Notes consist of:

•$23 million in aggregate principal amount of Idaho Power’s 4.99% first mortgage bonds due 2032, Series N Notes, Tranche 1 (Tranche 1 Bonds);
•$25 million in aggregate principal amount of Idaho Power’s 5.06% first mortgage bonds due 2042, Series N Notes, Tranche 2 (Tranche 2 Bonds);
•$60 million in aggregate principal amount of Idaho Power’s 5.06% first mortgage bonds due 2043, Series N Notes, Tranche 3 (Tranche 3 Bonds); and
•$62 million in aggregate principal amount of Idaho Power’s 5.20% first mortgage bonds due 2053, Series N Notes, Tranche 4 (Tranche 4 Bonds).

The Tranche 1 Bonds and Tranche 2 Bonds were issued on December 22, 2022, and Idaho Power has a commitment to issue the Tranche 3 Bonds and Tranche 4 Bonds on March 8, 2023, each under the Indenture.

The mortgage of the Indenture secures all bonds issued under the Indenture equally and ratably, without preference, priority, or distinction. First mortgage bonds issued in the future will also be secured by the mortgage of the Indenture. The lien constitutes a first mortgage on all the properties of Idaho Power, subject only to certain limited exceptions including liens for taxes and assessments that are not delinquent and minor excepted encumbrances. Certain of the properties of Idaho Power are subject to easements, leases, contracts, covenants, workmen's compensation awards, and similar encumbrances and minor defects common to properties. The mortgage of the Indenture does not create a lien on revenues or profits, or notes or accounts receivable, contracts or choses in action, except as permitted by law during a completed default, securities, or cash, except when pledged, or merchandise or equipment manufactured or acquired for resale. The mortgage of the Indenture creates a lien on the interest of Idaho Power in property subsequently acquired, other than excepted property, subject to limitations in the case of consolidation, merger, or sale of all or substantially all of the assets of Idaho Power. The Indenture requires Idaho Power to spend or appropriate 15 percent of its annual gross operating revenues for maintenance, retirement, or amortization of its properties. Idaho Power may, however, anticipate or make up these expenditures or appropriations within the 5 years that immediately follow or precede a particular year.
As of December 31, 2022, the maximum amount of additional first mortgage bonds Idaho Power could issue, which excludes commitments to issue that have not already funded, is approximately $1.5 billion, though as of the date of this report the amount is limited to the $1.15 billion amount authorized by the IPUC, OPUC, and WPSC. Separately, the Indenture also limits the amount of additional first mortgage bonds that Idaho Power may issue to the sum of (a) the principal amount of retired first mortgage bonds and (b) 60 percent of total unfunded property additions, as defined in the Indenture. As of December 31, 2022, Idaho Power could issue approximately $2.3 billion of additional first mortgage bonds based on retired first mortgage bonds and total unfunded property additions. 		             
First Mortgage Bonds 4.20 K Series due 2048                
Debt Instrument [Line Items]                
First mortgage bonds $ 450,000 $ 450,000            
Debt Instrument, Interest Rate, Stated Percentage 4.20% 4.20%            
First mortgage bonds 4.20% Series due 2046                
Debt Instrument [Line Items]                
First mortgage bonds $ 120,000 $ 120,000            
Debt Instrument, Interest Rate, Stated Percentage 4.05% 4.05%            
Pollution Control Bonds 5.15 due 2024 [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 1.45% 1.45%            
Pollution Control Bond 5.25 due 2026 [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 1.70% 1.70%            
First Mortgage Bonds 1.90 Series L Due July 15 2030                
Debt Instrument [Line Items]                
First mortgage bonds $ 80,000 $ 80,000            
Debt Instrument, Interest Rate, Stated Percentage 1.90% 1.90%            
Bond Purchase Agreement Series N [Domain]                
Debt Instrument [Line Items]                
First mortgage bonds $ 48,000              
Term Loan Facility                
Debt Instrument [Line Items]                
Long-Term Line of Credit, Noncurrent           $ 150,000    
First Mortgage Bonds 4.99 Series Due 2032                
Debt Instrument [Line Items]                
First mortgage bonds $ 23,000 $ 0            
Debt Instrument, Interest Rate, Stated Percentage 4.99% 4.99%            
First Mortgage Bonds 5.06 Series Due 2042                
Debt Instrument [Line Items]                
First mortgage bonds $ 25,000 $ 0            
Debt Instrument, Interest Rate, Stated Percentage 5.06% 5.06%            
First Mortgage Bonds 2.50 Series due 2023                
Debt Instrument [Line Items]                
First mortgage bonds $ 75,000 $ 75,000            
Debt Instrument, Interest Rate, Stated Percentage 2.50% 2.50%            
Idaho Power Company                
Debt Instrument [Line Items]                
Make-Whole Premium $ 0 $ 0 3,305          
Debt Instrument, Interest Rate, Effective Percentage 4.60% 4.40%            
Repayments of Debt $ 4,360 $ 0 $ 175,000          
Debt instrument interest rate limit 8.00%              
Indenture, Unused Borrowing Capacity, Amount $ 2,300,000              
Percent of Operating Revenues Required to be Spent or Appropriated 15.00%              
Time Period Expenditures or Appropriations can be Made Up 5 years              
Earnings test does not apply to refunding bonds that mature in less than this period of time 2 years              
Principal amount of debt securities and first mortgage bonds authorized $ 1,200,000              
Idaho Power Company | Public Utility Commisions - Idaho, Oregon, and Washington                
Debt Instrument [Line Items]                
Indenture, Unused Borrowing Capacity, Amount 1,500,000              
Idaho Power Company | Principal amount of debt securities in Selling Agreement                
Debt Instrument [Line Items]                
Debt Instrument, Unused Borrowing Capacity, Amount               $ 3,500,000
Idaho Power Company | Bond Purchase Agreement Series N [Domain]                
Debt Instrument [Line Items]                
Bond Purchase Agreement Series N Commitment Amount         $ 170,000      
Idaho Power Company | First Mortgage Bonds 4.99 Series Due 2032                
Debt Instrument [Line Items]                
First mortgage bonds 23,000              
Idaho Power Company | First Mortgage Bonds 5.06 Series Due 2042                
Debt Instrument [Line Items]                
First mortgage bonds 25,000              
Idaho Power Company | First Mortgage Bonds 4.99 Series Due 2043 | Subsequent Event [Member]                
Debt Instrument [Line Items]                
First mortgage bonds       $ 60,000        
Idaho Power Company | First Mortgage Bonds 5.20 Series Due 2053 | Subsequent Event [Member]                
Debt Instrument [Line Items]                
First mortgage bonds       $ 62,000        
Idaho Power Company | First Mortgage Bonds 2.50 Series due 2023                
Debt Instrument [Line Items]                
First mortgage bonds $ 75,000              
Idaho Power Company | First mortgage bonds 3.40 Series due 2020                
Debt Instrument [Line Items]                
Debt Instrument, Repurchased Face Amount             $ 4,360  
v3.22.4
COMMON STOCK: Common Stock, Number of Shares, Par Value and Other Disclosures (Details) - shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Class of Stock [Line Items]      
Common Stock, Shares, Issued 50,516,479 50,461,885 50,420,017
Shares issued during the year 45,413 54,594 41,868
Common Stock, Shares, Issued 50,561,892 50,516,479 50,461,885
Shares granted (in shares) 73,131 76,147 75,030
Directors      
Class of Stock [Line Items]      
Shares granted (in shares) 12,021 14,025 10,296
Directors | 2000 Long-Term Incentive and Compensation Plan      
Class of Stock [Line Items]      
Shares granted (in shares) 8,674 12,784 8,938
Continuous equity program (inactive)      
Class of Stock [Line Items]      
Shares issued during the year 0 0 0
Shares reserved for future issuance 3,000,000    
Dividend reinvestment and stock purchase plan      
Class of Stock [Line Items]      
Shares issued during the year 0 0 0
Shares reserved for future issuance 2,840,117    
Employee savings plan      
Class of Stock [Line Items]      
Shares issued during the year 0 0 0
Shares reserved for future issuance 3,567,954    
Long-term incentive and compensation plan      
Class of Stock [Line Items]      
Shares issued during the year [1] 45,413 54,594 41,868
Shares reserved for future issuance 1,214,854    
Restricted stock plan | Directors      
Class of Stock [Line Items]      
Shares granted (in shares) 12,021    
[1] During 2022, 2021, and 2020, IDACORP granted 73,131, 76,147, and 75,030 restricted stock unit awards, respectively, to employees and 12,021, 14,025, and 10,296 shares of common stock, respectively, to directors. During 2022, 2021, and 2020 IDACORP issued 45,413, 54,594, and 41,868 shares of common stock, respectively, using original issuances of shares pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan, including 8,674, 12,784, and 8,938 shares of common stock, respectively, issued to members of the board of directors.
v3.22.4
COMMON STOCK: Common Stock Narrative (Details)
$ in Billions
 12 Months Ended
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
shares
Dec. 31, 2020
shares
Class of Stock [Line Items]      
Shares granted (in shares) 73,131 76,147 75,030
Shares issued during the year 45,413 54,594 41,868
IDACORP      
Class of Stock [Line Items]      
Maximum leverage ratio requirement 0.65    
Leverage ratio 0.45    
Amount dividends were limited to based on covenant restrictions | $ $ 1.6    
Idaho Power Company      
Class of Stock [Line Items]      
Leverage ratio 0.46    
Amount dividends were limited to based on covenant restrictions | $ $ 1.4    
Percentage of capital threshold below which Idaho Power will not pay dividends to IDACORP 0.35    
Equity Capital Ratio 0.55    
Shares of preferred stock outstanding 0    
v3.22.4
SHARE-BASED COMPENSATION Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]      
Shares granted (in shares) 73,131 76,147 75,030
Restricted stock plan | IDACORP      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]      
Nonvested shares, beginning (in shares) 175,256    
Shares granted (in shares) 88,512    
Shares forfeited (in shares) (8,791)    
Shares vested (in shares) (66,509)    
Nonvested shares, ending (in shares) 188,468 175,256  
Nonvested shares, period start - weighted average grant-date fair value (in dollars per share) $ 99.61    
Shares granted - weighted average grant-date fair value (in dollars per share) 100.76    
Shares forfeited - weighted average grant-date fair value (in dollars per share) 97.35    
Shares vested - weighted average grant-date fair value (in dollars per share) 100.59    
Nonvested shares, period end - weighted average grant-date fair value (in dollars per share) $ 99.92 $ 99.61  
Restricted stock plan | Idaho Power Company      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]      
Nonvested shares, beginning (in shares) 174,209    
Shares granted (in shares) 87,685    
Shares forfeited (in shares) (8,144)    
Shares vested (in shares) (65,934)    
Nonvested shares, ending (in shares) 187,816 174,209  
Nonvested shares, period start - weighted average grant-date fair value (in dollars per share) $ 99.61    
Shares granted - weighted average grant-date fair value (in dollars per share) 100.76    
Shares forfeited - weighted average grant-date fair value (in dollars per share) 97.29    
Shares vested - weighted average grant-date fair value (in dollars per share) 100.59    
Nonvested shares, period end - weighted average grant-date fair value (in dollars per share) $ 99.91 $ 99.61  
v3.22.4
SHARE-BASED COMPENSATION Schedule of Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
IDACORP      
Share-based Compensation Arrangement by Share-based Payment Award      
Compensation cost $ 10,279 $ 8,583 $ 7,416
Income tax benefit 2,646 2,209 1,909
Idaho Power Company      
Share-based Compensation Arrangement by Share-based Payment Award      
Compensation cost 10,204 8,497 7,339
Income tax benefit $ 2,627 $ 2,187 $ 1,889
v3.22.4
SHARE-BASED COMPENSATION Share-based Compensation Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award      
Equity compensation costs capitalized $ 0    
Shares granted (in shares) 73,131 76,147 75,030
Directors      
Share-based Compensation Arrangement by Share-based Payment Award      
Shares granted (in shares) 12,021 14,025 10,296
Restricted stock plan      
Share-based Compensation Arrangement by Share-based Payment Award      
Percent of target award, minimum 0.00%    
Percent of target award, maximum 200.00%    
Total fair value of shares vested (in shares) $ 6,900,000 $ 6,700,000 $ 10,500,000
Vesting period of restricted stock awards 3 years    
Restricted stock plan | Directors      
Share-based Compensation Arrangement by Share-based Payment Award      
Shares granted - weighted average grant-date fair value (in dollars per share) $ 103.95    
Deferred shares (in shares) 4,616    
Shares granted (in shares) 12,021    
Restricted stock plan | IDACORP      
Share-based Compensation Arrangement by Share-based Payment Award      
Unrecognized compensation cost $ 8,300,000    
Shares granted - weighted average grant-date fair value (in dollars per share) $ 100.76    
Shares granted (in shares) 88,512    
Period over which unrecognized compensation cost will be recognized (in years) 1 year 8 months 12 days    
Restricted stock plan | Idaho Power Company      
Share-based Compensation Arrangement by Share-based Payment Award      
Shares granted - weighted average grant-date fair value (in dollars per share) $ 100.76    
Shares granted (in shares) 87,685    
Share-based Payment Arrangement [Member]      
Share-based Compensation Arrangement by Share-based Payment Award      
Maximum shares outstanding (in shares) 350,763    
Long-term incentive and compensation plan      
Share-based Compensation Arrangement by Share-based Payment Award      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 3 years    
v3.22.4
EARNINGS PER SHARE: Earnings Per Share Level 4 (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Numerator:      
Net income attributable to IDACORP, Inc. $ 258,982 $ 245,550 $ 237,417
Denominator:      
Weighted Average Common Shares Outstanding - Basic (in shares) 50,658 50,599 50,538
Effect of Dilutive Securities (in shares) 41 46 34
Weighted Average Common Shares Outstanding - Diluted (in shares) 50,699 50,645 50,572
Earnings Attributable to IDACORP, Inc. - Basic (in dollars per share) $ 5.11 $ 4.85 $ 4.70
Earnings Attributable to IDACORP, Inc. - Diluted (in dollars per share) $ 5.11 $ 4.85 $ 4.69
v3.22.4
COMMITMENTS: Commitments Level 4 (Details)
 1 Months Ended 12 Months Ended
Jan. 31, 2023
USD ($)
MWh
Dec. 31, 2022
USD ($)
MWh
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2024
MWh
Long-term Purchase Commitment          
Purchased power   $ 544,345,000 $ 393,691,000 $ 297,417,000  
Bridger Coal Company          
Long-term Purchase Commitment          
IERCo guarantee of BCC reclamation obligation   144,700,000      
Distributions from Reclamation Trust Fund   3,900,000      
Guarantor Obligations Total Reclamation Trust Fund   $ 196,100,000      
Idaho Power Company          
Long-term Purchase Commitment          
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage   33.00%      
IERCo guarantee of BCC reclamation obligation   $ 48,200,000      
Purchased power   $ 544,345,000 393,691,000 297,417,000  
Idaho Power Company | CSPP on-line [Member]          
Long-term Purchase Commitment          
Nameplate Capacity (in MW) | MWh   1,137      
Idaho Power Company | Joint-operating agreement payment [Member]          
Long-term Purchase Commitment          
Purchase Obligation Estimated Due Current [1]   $ 3,243,000      
Purchase Obligation Estimated Future Payments Due In Two Years [1]   3,243,000      
Purchase Obligation Estimated Future Payments Due In Three Years [1]   3,243,000      
Purchase Obligation Estimated Future Payments Due In Four Years [1]   3,243,000      
Purchase Obligation Estimated Future Payments Due In Five Years [1]   3,243,000      
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter [1]   16,217,000      
Idaho Power Company | Easements and Other payments [Member]          
Long-term Purchase Commitment          
Purchase Obligation Estimated Due Current   2,075,000      
Purchase Obligation Estimated Future Payments Due In Two Years   2,119,000      
Purchase Obligation Estimated Future Payments Due In Three Years   2,163,000      
Purchase Obligation Estimated Future Payments Due In Four Years   2,209,000      
Purchase Obligation Estimated Future Payments Due In Five Years   2,255,000      
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter   12,005,000      
Idaho Power Company | Other operations and maintenance          
Long-term Purchase Commitment          
Purchase Obligation Estimated Due Current [1]   174,619,000      
Purchase Obligation Estimated Future Payments Due In Two Years [1]   11,931,000      
Purchase Obligation Estimated Future Payments Due In Three Years [1]   9,652,000      
Purchase Obligation Estimated Future Payments Due In Four Years [1]   7,623,000      
Purchase Obligation Estimated Future Payments Due In Five Years [1]   11,660,000      
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter [1]   38,729,000      
Idaho Power Company | FERC and other industry-related fees          
Long-term Purchase Commitment          
Purchase Obligation Estimated Due Current [1]   17,402,000      
Purchase Obligation Estimated Future Payments Due In Two Years [1]   15,619,000      
Purchase Obligation Estimated Future Payments Due In Three Years [1]   15,562,000      
Purchase Obligation Estimated Future Payments Due In Four Years [1]   15,839,000      
Purchase Obligation Estimated Future Payments Due In Five Years [1]   15,348,000      
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter [1]   75,272,000      
Idaho Power Company | Cogeneration and power production          
Long-term Purchase Commitment          
Purchase Obligation Estimated Due Current   321,321,000      
Purchase Obligation Estimated Future Payments Due In Two Years   327,054,000      
Purchase Obligation Estimated Future Payments Due In Three Years   319,588,000      
Purchase Obligation Estimated Future Payments Due In Four Years   319,852,000      
Purchase Obligation Estimated Future Payments Due In Five Years   322,043,000      
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter   2,597,922,000      
Idaho Power Company | Fuel purchase commitments          
Long-term Purchase Commitment          
Purchase Obligation Estimated Due Current   144,856,000      
Purchase Obligation Estimated Future Payments Due In Two Years   31,559,000      
Purchase Obligation Estimated Future Payments Due In Three Years   8,239,000      
Purchase Obligation Estimated Future Payments Due In Four Years   8,492,000      
Purchase Obligation Estimated Future Payments Due In Five Years   8,659,000      
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter   50,884,000      
Idaho Power Company | Cogeneration And Power Production Purchase Commitment Member          
Long-term Purchase Commitment          
Purchased power   $ 189,000,000 $ 200,000,000 $ 194,000,000  
Idaho Power Company | Cogeneration And Power Production Purchase Commitment Member | Subsequent Event [Member]          
Long-term Purchase Commitment          
Long-term Purchase Commitment, Period 25 years        
Increase of Long-term Purchase Obligations, Amount $ 228,000,000        
Idaho Power Company | Cogeneration And Power Production Purchase Commitment Member | Maximum          
Long-term Purchase Commitment          
Long-term Purchase Commitment, Period   35 years      
Idaho Power Company | Cogeneration And Power Production Purchase Commitment Member | Minimum          
Long-term Purchase Commitment          
Long-term Purchase Commitment, Period   1 year      
Idaho Power Company | Contracts To Acquire And Own Battery Storage Assets Commitment          
Long-term Purchase Commitment          
Purchase Obligation   $ 95,000,000      
Idaho Power Company | Contracts To Acquire And Own Battery Storage Assets Commitment | Subsequent Event [Member]          
Long-term Purchase Commitment          
Nameplate Capacity (in MW) | MWh 60        
Increase of Long-term Purchase Obligations, Amount $ 129,000,000        
IDACORP [Member]          
Long-term Purchase Commitment          
Long-term Purchase Commitment, Amount   7,500,000      
IDACORP [Member] | FERC and other industry-related fees          
Long-term Purchase Commitment          
Long-term Purchase Commitment, Amount   2,000,000      
Forecast [Member] | Idaho Power Company | CSPP on-line [Member]          
Long-term Purchase Commitment          
Nameplate Capacity (in MW) | MWh         75
Contracts with no expiration [Member] | Idaho Power Company | Joint-operating agreement payment [Member]          
Long-term Purchase Commitment          
Purchase Obligation   34,000,000      
Contracts with no expiration [Member] | Idaho Power Company | Other operations and maintenance          
Long-term Purchase Commitment          
Purchase Obligation   18,000,000      
Contracts with no expiration [Member] | Idaho Power Company | FERC and other industry-related fees          
Long-term Purchase Commitment          
Purchase Obligation   $ 152,000,000      
[1] Approximately $34 million, $18 million, and $152 million of the obligations included in joint-operating agreement payments, maintenance, service, and materials agreements, and FERC and other industry-related fees, respectively, have contracts that do not specify terms related to expiration. As these contracts are presumed to continue indefinitely, ten years of information, estimated based on current contract terms, has been included in the table for presentation purposes.
v3.22.4
CONTINGENCIES: Level 4 (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Loss Contingencies [Line Items]    
Regulatory Assets $ 1,501,961 $ 1,533,654
Regulatory Assets 1,501,961 1,533,654
Energy efficiency regulatory asset    
Loss Contingencies [Line Items]    
Regulatory Assets [1] 3,767 7,622
Regulatory Assets [1] 3,767 $ 7,622
IDAHO | Energy efficiency regulatory asset    
Loss Contingencies [Line Items]    
Regulatory Assets 3,800  
Regulatory Assets $ 3,800  
[1] The energy efficiency asset and liability represent the separate Idaho and Oregon jurisdiction balances at December 31, 2022.
v3.22.4
BENEFIT PLANS: Schedule Defined Benefit Plans Disclosures (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Change in Fair Value of Plan Assets [Roll Forward]      
Employer contributions $ 8,800,000 $ 8,200,000 $ 7,900,000
Noncurrent liabilities (238,037,000) (521,462,000)  
Less amount recorded as regulatory assets 1,501,961,000 1,533,654,000  
Pension Plan      
Change in Benefit Obligation [Roll Forward]      
Benefit obligation at January 1 1,346,530,000 1,337,395,000  
Service cost 52,025,000 54,202,000 42,987,000
Interest cost 39,670,000 37,317,000 40,013,000
Actuarial (gain) loss (438,297,000) (35,833,000)  
Benefits Paid 46,159,000 46,551,000  
Projected benefit obligation at December 31 953,769,000 1,346,530,000 1,337,395,000
Change in Fair Value of Plan Assets [Roll Forward]      
Fair value at January 1 984,464,000 871,603,000  
Actual return (loss) on plan assets (138,577,000) 119,412,000  
Employer contributions 40,000,000 40,000,000  
Benefits Paid (46,159,000) (46,551,000)  
Fair value at December 31 839,728,000 984,464,000 871,603,000
Funded status at end of year (114,041,000) (362,066,000)  
Other current liabilities 0 0  
Noncurrent liabilities (114,041,000) (362,066,000)  
Net amount recognized (114,041,000) (362,066,000)  
Net loss 83,263,000 322,908,000  
Prior service cost 37,000 43,000  
Subtotal 83,300,000 322,951,000  
Less amount recorded as regulatory assets [1] 83,300,000 322,951,000  
Net amount recognized in accumulated other comprehensive income 0 0  
Accumulated benefit obligation 837,377,000 1,120,036,000  
Senior Management Security Plan      
Change in Benefit Obligation [Roll Forward]      
Benefit obligation at January 1 133,012,000 134,791,000  
Service cost 1,185,000 813,000 213,000
Interest cost 3,897,000 3,557,000 4,350,000
Actuarial (gain) loss (32,009,000) 33,000  
Benefits Paid 6,109,000 6,182,000  
Projected benefit obligation at December 31 99,976,000 133,012,000 134,791,000
Change in Fair Value of Plan Assets [Roll Forward]      
Fair value at January 1 0 0  
Actual return (loss) on plan assets 0 0  
Employer contributions 0 0  
Benefits Paid 0 0  
Fair value at December 31 0 0 $ 0
Funded status at end of year (99,976,000) (133,012,000)  
Other current liabilities (6,514,000) (6,226,000)  
Noncurrent liabilities (93,462,000) (126,786,000)  
Net amount recognized (99,976,000) (133,012,000)  
Net loss 15,127,000 51,365,000  
Prior service cost 2,408,000 2,687,000  
Subtotal 17,535,000 54,052,000  
Less amount recorded as regulatory assets 0 0  
Net amount recognized in accumulated other comprehensive income 17,535,000 54,052,000  
Accumulated benefit obligation $ 93,995,000 $ 121,591,000  
[1] Changes in the funded status of the pension plan that would be recorded in accumulated other comprehensive income 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.
v3.22.4
BENEFIT PLANS: Defined Benefit Plan, Net Periodic Benefit Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure      
Net periodic benefit cost [1] $ 9,196 $ 15,249 $ 11,865
Pension Plan      
Defined Benefit Plan Disclosure      
Service cost 52,025 54,202 42,987
Interest cost 39,670 37,317 40,013
Expected return on plan assets 72,348 64,090 56,239
Amortization of net loss (12,273) (23,796) (17,325)
Amortization of prior service cost 6 6 6
Net periodic benefit cost 31,626 51,231 44,092
Regulatory deferral of net periodic benfit cost [2] 30,197 48,962 42,042
Previously deferred pension cost recognized [2] 17,154 17,154 17,154
Net periodic benefit cost recognized for financial reporting [2],[3] 18,583 19,423 19,204
Pension and SMSP      
Defined Benefit Plan Disclosure      
NetServiceCostDefinedBenefitPlan 19,000 17,800 15,900
otherexpensedefinedbenefitplanbenefitcost 9,200 10,500 11,900
Senior Management Security Plan      
Defined Benefit Plan Disclosure      
Service cost 1,185 813 213
Interest cost 3,897 3,557 4,350
Expected return on plan assets 0 0 0
Amortization of net loss (4,229) (4,205) (3,734)
Amortization of prior service cost 279 296 290
Net periodic benefit cost 9,590 8,871 8,587
Regulatory deferral of net periodic benfit cost 0 0 0
Net periodic benefit cost recognized for financial reporting [3] 9,590 8,871 8,587
Postretirement Benefits      
Defined Benefit Plan Disclosure      
Service cost 1,071 1,063 1,029
Interest cost 2,112 2,059 2,493
Expected return on plan assets 2,351 2,395 2,404
Amortization of net loss (31) 0 0
Amortization of prior service cost 295 47 47
Net periodic benefit cost 1,096 5,510 $ 1,165
Defined Benefit Plan, Accumulated Benefit Obligation, Increase (Decrease) for Plan Amendment $ 8,065 $ 0  
[1] The 2021 pension and postretirement non-service costs includes $4.7 million of expense for a temporary deviation from the cost-sharing provisions of the substantive postretirement plan as described in Note 11 - "Benefit Plans."
[2] 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 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.
[3] Of total net periodic pension cost recognized for financial reporting $19.0 million, $17.8 million, and $15.9 million respectively, was recognized in "Other operations and maintenance" and $9.2 million, and $10.5 million, and $11.9 million respectively, was recognized in "Other (income) expense, net" on the consolidated statements of income of the companies for the twelve months ended December 31, 2022, 2021, and 2020.
v3.22.4
BENEFIT PLANS: Schedule of Amounts Recognized in Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reclassification adjustments for:      
Unfunded pension liability adjustment, net of tax $ (27,118) $ (3,318) $ 7,074
Pension Plan      
Defined Benefit Plan Disclosure      
Actuarial (loss) gain during the year 227,372 91,156 (107,399)
Plan amendment service cost 0 0 0
Reclassification adjustments for:      
Amortization of net loss 12,273 23,796 17,325
Amortization of prior service cost 6 6 6
Adjustment for deferred tax effects (61,686) (29,590) 23,184
Adjustment due to the effects of regulation (177,965) (85,368) 66,884
Unfunded pension liability adjustment, net of tax 0 0 0
Senior Management Security Plan      
Defined Benefit Plan Disclosure      
Actuarial (loss) gain during the year 32,009 (33) (13,420)
Plan amendment service cost 0 0 (130)
Reclassification adjustments for:      
Amortization of net loss 4,229 4,205 3,734
Amortization of prior service cost 279 296 290
Adjustment for deferred tax effects (9,399) (1,150) 2,452
Adjustment due to the effects of regulation 0 0 0
Unfunded pension liability adjustment, net of tax 27,118 3,318 (7,074)
Postretirement Benefits      
Defined Benefit Plan Disclosure      
Actuarial (loss) gain during the year 12,908 9,718 (6,515)
Plan amendment service cost (8,065) 0 0
Reclassification adjustments for:      
Immediate Recognition of loss from temporary deviation 0 [1] 4,736 0
Amortization of prior service cost 295 47 47
Adjustment for deferred tax effects (1,315) (2,514) 1,665
Adjustment due to the effects of regulation (3,792) (11,987) 4,803
Unfunded pension liability adjustment, net of tax $ 0 $ 0 $ 0
[1] In 2021, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other (income) expense, net" on the consolidated statements of income of the companies.
v3.22.4
BENEFIT PLANS: Defined Benefit Plan, Estimated Future Benefit Payments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Pension Plan    
Defined Benefit Plan Disclosure    
Defined Benefit Plan, Expected Future Benefit Payments in Year One   $ 47,477
Defined Benefit Plan, Expected Future Benefit Payments in Year Two   48,972
Defined Benefit Plan, Expected Future Benefit Payments in Year Three   50,666
Defined Benefit Plan, Expected Future Benefit Payments in Year Four   52,490
Defined Benefit Plan, Expected Future Benefit Payments in Year Five   54,209
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter   298,823
Senior Management Security Plan    
Defined Benefit Plan Disclosure    
Defined Benefit Plan, Expected Future Benefit Payments in Year One   6,514
Defined Benefit Plan, Expected Future Benefit Payments in Year Two   6,558
Defined Benefit Plan, Expected Future Benefit Payments in Year Three   6,656
Defined Benefit Plan, Expected Future Benefit Payments in Year Four   6,695
Defined Benefit Plan, Expected Future Benefit Payments in Year Five   6,725
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter   $ 35,197
Forecast [Member] | Pension Plan    
Defined Benefit Plan Disclosure    
Defined Benefit Plan, Minimum Funding Requirement for Next Fiscal Year $ 0  
v3.22.4
BENEFIT PLANS: Schedule of Defined Benefit Plan Disclosures, Other Postretirment Benefit Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Change in Fair Value of Plan Assets [Roll Forward]      
Employer contributions $ (8,800) $ (8,200) $ (7,900)
Supplemental Unemployment Benefits, Disability Related Benefits 2,000 2,000  
Postretirement Benefits      
Change in Benefit Obligation [Roll Forward]      
Benefit obligation at January 1 74,075 80,952  
Service cost 1,071 1,063 1,029
Interest cost 2,112 2,059 2,493
Actuarial loss (gain) (21,845) (5,805)  
Defined Benefit Plan, Benefit Obligation, Benefits Paid [1] (4,379) (4,194)  
Defined Benefit Plan, Accumulated Benefit Obligation, Increase (Decrease) for Plan Amendment 8,065 0  
Projected benefit obligation at December 31 59,099 74,075 80,952
Change in Fair Value of Plan Assets [Roll Forward]      
Fair value at January 1 41,464 [2] 41,311  
Actual return (loss) on plan assets (6,586) 6,308  
Employer contributions [1] (1,934) (1,961)  
Benefits Paid [1] (4,379) (4,194)  
Fair value at December 31 28,565 [2] 41,464 [2] $ 41,311
Funded status at end of year (30,534) (32,611)  
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant $ 2,900 $ 3,000  
Postretirement Benefit, Medical trend rate EY 6.70% 6.30%  
[1] Contributions and benefits paid are each net of $2.9 million and $3.0 million of plan participant contributions for 2022 and 2021, respectively.
[2] The postretirement benefits assets are primarily life insurance contracts.
v3.22.4
BENEFIT PLANS: Amounts recognized in accumulated other comprehensive income, other postretirement plan (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure    
Regulatory Assets $ 1,501,961 $ 1,533,654
Postretirement Benefits    
Defined Benefit Plan Disclosure    
Net (loss) gain (20,896) (8,020)
Prior service cost 7,849 80
Subtotal (13,047) (7,940)
Regulatory Assets 13,047 7,940
Net amount recognized in accumulated other comprehensive income $ 0 $ 0
v3.22.4
BENEFIT PLANS: Defined Benefit Plan, Net Periodic Benefit Cost, Other Postretirement Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan, Net Periodic Benefit Cost      
Net periodic benefit cost [1] $ 9,196 $ 15,249 $ 11,865
Postretirement Benefits      
Defined Benefit Plan, Net Periodic Benefit Cost      
Service cost 1,071 1,063 1,029
Interest cost 2,112 2,059 2,493
Expected return on plan assets (2,351) (2,395) (2,404)
Immediate Recognition of loss from temporary deviation 0 [2] 4,736 0
Amortization of net loss 31 0 0
Amortization of prior service cost 295 47 47
Net periodic benefit cost $ 1,096 $ 5,510 $ 1,165
[1] The 2021 pension and postretirement non-service costs includes $4.7 million of expense for a temporary deviation from the cost-sharing provisions of the substantive postretirement plan as described in Note 11 - "Benefit Plans."
[2] In 2021, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other (income) expense, net" on the consolidated statements of income of the companies.
v3.22.4
BENEFIT PLANS: Expected future benefit payments and prescription drug benefits (Details) - Postretirement Benefits
$ in Thousands
Dec. 31, 2022
USD ($)
Defined Benefit Plan Disclosure  
Defined Benefit Plan, Expected Future Benefit Payments in Year One $ 4,736
Defined Benefit Plan, Expected Future Benefit Payments in Year Two 4,864
Defined Benefit Plan, Expected Future Benefit Payments in Year Three 4,959
Defined Benefit Plan, Expected Future Benefit Payments in Year Four 4,860
Defined Benefit Plan, Expected Future Benefit Payments in Year Five 4,693
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter $ 21,912
v3.22.4
BENEFIT PLANS: Defined Benefit Plan, Assumptions Used in Calculations, Benefit Obligations (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pension Plan      
Defined Benefit Plan Disclosure      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 7.40% 7.40% 7.40%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Assumptions Used Calculating Benefit Obligation, Discount Rate 5.45% 3.05%  
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase [1] 4.49% 4.49%  
Defined Benefit Plan, Plan Assets, Accounting Policy Election, Measurement Date Dec. 31, 2022 Dec. 31, 2021  
Senior Management Security Plan      
Defined Benefit Plan Disclosure      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 0.00% 0.00% 0.00%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Assumptions Used Calculating Benefit Obligation, Discount Rate 5.50% 3.00%  
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase [1] 4.75% 4.75%  
Defined Benefit Plan, Plan Assets, Accounting Policy Election, Measurement Date Dec. 31, 2022 Dec. 31, 2021  
Postretirement Benefits      
Defined Benefit Plan Disclosure      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 6.00% 6.00% 6.50%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Assumptions Used Calculating Benefit Obligation, Discount Rate 5.45% 2.95%  
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase [1] 0.00% 0.00%  
Postretirement Benefit, Medical Trend Rate 5.80% 6.30% 6.80%
Health Care Cost Trend Rate Assumed for Next Fiscal Year 3.50% 3.50%  
Defined Benefit Plan, Plan Assets, Accounting Policy Election, Measurement Date Dec. 31, 2022 Dec. 31, 2021  
Inflation rate | Pension Plan      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase 2.40%    
Composite merit increase | Pension Plan      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase 2.09%    
Merit salary increase first year of service | Pension Plan      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase 8.00%    
Merit salary increase fortieth year of service and beyond | Pension Plan      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase 0.60%    
[1] The 2022 rate of compensation increase assumption for the pension plan includes an inflation component of 2.40% plus a 2.09% composite merit increase component that is based on employees' years of service. Merit salary increases are assumed to be 8.0% for employees in their first year of service and scale down to 0.6% for employees in their fortieth year of service and beyond.
v3.22.4
BENEFIT PLANS: Defined Benefit Plan, Assumptions Used in Calculations, Net Periodic Benefit Cost (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pension Plan      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 3.05% 2.80% 3.60%
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets 7.40% 7.40% 7.40%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase 4.49% 4.49% 4.43%
Senior Management Security Plan      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 3.00% 2.70% 3.65%
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets 0.00% 0.00% 0.00%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase 4.75% 4.75% 4.75%
Postretirement Benefits      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 2.95% 2.70% 3.60%
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets 6.00% 6.00% 6.50%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase 0.00% 0.00% 0.00%
Postretirement Benefit, Medical Trend Rate 5.80% 6.30% 6.80%
Postretirement Benefit, Dental Trend Rate 3.50% 3.50% 4.00%
v3.22.4
BENEFIT PLANS: Defined Benefit Plan, Information about Plan Assets, Allocation Percentages (Details) - Pension Plan
Dec. 31, 2022
Defined Benefit Plan Disclosure  
Target Allocation Percentage of Assets 100.00%
Actual Plan Asset Allocations 100.00%
Debt Securities  
Defined Benefit Plan Disclosure  
Target Allocation Percentage of Assets 24.00%
Actual Plan Asset Allocations 24.00%
Equity Securities  
Defined Benefit Plan Disclosure  
Target Allocation Percentage of Assets 59.00%
Actual Plan Asset Allocations 59.00%
Real Estate  
Defined Benefit Plan Disclosure  
Target Allocation Percentage of Assets 9.00%
Actual Plan Asset Allocations 10.00%
Other plan assets  
Defined Benefit Plan Disclosure  
Target Allocation Percentage of Assets 8.00%
Actual Plan Asset Allocations 7.00%
v3.22.4
BENEFIT PLANS: Information about Plan Assets, Fair Value of Plan Assets by Measurement (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pension Plan      
Defined Benefit Plan Disclosure      
Fair value of plan assets $ 839,728 $ 984,464 $ 871,603
Postretirement Benefits      
Defined Benefit Plan Disclosure      
Fair value of plan assets 28,565 [1] 41,464 [1] $ 41,311
Fair Value, Inputs, Level 1, 2 and 3 | Pension Plan | Cash and Cash Equivalents      
Defined Benefit Plan Disclosure      
Fair value of plan assets 11,679 24,636  
Fair Value, Inputs, Level 1, 2 and 3 | Pension Plan | Intermediate Bonds      
Defined Benefit Plan Disclosure      
Fair value of plan assets 199,835 226,181  
Fair Value, Inputs, Level 1, 2 and 3 | Pension Plan | Equity Securities: Large Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 85,617 104,318  
Fair Value, Inputs, Level 1, 2 and 3 | Pension Plan | Equity Securities: Mid Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 90,049 113,621  
Fair Value, Inputs, Level 1, 2 and 3 | Pension Plan | Equity Securities: Small Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 65,505 85,244  
Fair Value, Inputs, Level 1, 2 and 3 | Pension Plan | Equity Securities: Micro-Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 33,438 42,915  
Fair Value, Inputs, Level 1, 2 and 3 | Pension Plan | Equity Securities: International      
Defined Benefit Plan Disclosure      
Fair value of plan assets 52,876 67,625  
Fair Value, Inputs, Level 1, 2 and 3 | Pension Plan | Defined Benefit Plan, Equity Securities, Non-US [Member]      
Defined Benefit Plan Disclosure      
Fair value of plan assets 6,964 7,393  
Fair Value, Inputs, Level 1 | Pension Plan      
Defined Benefit Plan Disclosure      
Fair value of plan assets 379,433 484,885  
Fair Value, Inputs, Level 1 | Pension Plan | Cash and Cash Equivalents      
Defined Benefit Plan Disclosure      
Fair value of plan assets 11,679 24,636  
Fair Value, Inputs, Level 1 | Pension Plan | Intermediate Bonds      
Defined Benefit Plan Disclosure      
Fair value of plan assets 33,305 39,133  
Fair Value, Inputs, Level 1 | Pension Plan | Equity Securities: Large Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 85,617 104,318  
Fair Value, Inputs, Level 1 | Pension Plan | Equity Securities: Mid Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 90,049 113,621  
Fair Value, Inputs, Level 1 | Pension Plan | Equity Securities: Small Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 65,505 85,244  
Fair Value, Inputs, Level 1 | Pension Plan | Equity Securities: Micro-Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 33,438 42,915  
Fair Value, Inputs, Level 1 | Pension Plan | Equity Securities: International      
Defined Benefit Plan Disclosure      
Fair value of plan assets 52,876 67,625  
Fair Value, Inputs, Level 1 | Pension Plan | Defined Benefit Plan, Equity Securities, Non-US [Member]      
Defined Benefit Plan Disclosure      
Fair value of plan assets 6,964 7,393  
Fair Value, Inputs, Level 1 | Postretirement Benefits      
Defined Benefit Plan Disclosure      
Fair value of plan assets [1] 2,009 2,391  
Fair Value, Inputs, Level 2 | Pension Plan      
Defined Benefit Plan Disclosure      
Fair value of plan assets 166,530 187,048  
Fair Value, Inputs, Level 2 | Pension Plan | Cash and Cash Equivalents      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 2 | Pension Plan | Intermediate Bonds      
Defined Benefit Plan Disclosure      
Fair value of plan assets 166,530 187,048  
Fair Value, Inputs, Level 2 | Pension Plan | Equity Securities: Large Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 2 | Pension Plan | Equity Securities: Mid Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 2 | Pension Plan | Equity Securities: Small Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 2 | Pension Plan | Equity Securities: Micro-Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 2 | Pension Plan | Equity Securities: International      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 2 | Pension Plan | Defined Benefit Plan, Equity Securities, Non-US [Member]      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 2 | Postretirement Benefits      
Defined Benefit Plan Disclosure      
Fair value of plan assets [1] 26,556 39,073  
Fair Value, Inputs, Level 3 | Pension Plan      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 3 | Pension Plan | Cash and Cash Equivalents      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 3 | Pension Plan | Intermediate Bonds      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 3 | Pension Plan | Equity Securities: Large Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 3 | Pension Plan | Equity Securities: Mid Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 3 | Pension Plan | Equity Securities: Small Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 3 | Pension Plan | Equity Securities: Micro-Cap      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 3 | Pension Plan | Equity Securities: International      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 3 | Pension Plan | Defined Benefit Plan, Equity Securities, Non-US [Member]      
Defined Benefit Plan Disclosure      
Fair value of plan assets 0 0  
Fair Value, Inputs, Level 3 | Postretirement Benefits      
Defined Benefit Plan Disclosure      
Fair value of plan assets [1] 0 0  
Fair Value Measured at Net Asset Value Per Share [Member] | Pension Plan | Equity Securities: International      
Defined Benefit Plan Disclosure      
Fair value of plan assets 117,631 134,752  
Fair Value Measured at Net Asset Value Per Share [Member] | Pension Plan | Equity Securities: Emerging Markets      
Defined Benefit Plan Disclosure      
Fair value of plan assets 42,119 47,332  
Fair Value Measured at Net Asset Value Per Share [Member] | Pension Plan | Real Estate      
Defined Benefit Plan Disclosure      
Fair value of plan assets 83,676 73,958  
Fair Value Measured at Net Asset Value Per Share [Member] | Pension Plan | Private market investments      
Defined Benefit Plan Disclosure      
Fair value of plan assets $ 50,339 $ 56,489  
[1] The postretirement benefits assets are primarily life insurance contracts.
v3.22.4
BENEFIT PLANS: Benefit Plans Narrative (Details) - USD ($)
 11 Months Ended 12 Months Ended
Dec. 31, 2091
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan, Net Periodic Benefit Cost              
Net periodic benefit cost [1]         $ 9,196,000 $ 15,249,000 $ 11,865,000
Fair Value, All Levels Transfers, Amount         0 0  
Employer contributions         8,800,000 8,200,000 7,900,000
Deferred Tax Liabilities, Regulatory Assets         33,116,000 9,015,000  
Pension Plan              
Defined Benefit Plan Disclosure              
Fair value of plan assets         839,728,000 984,464,000 871,603,000
Defined Benefit Plan, Net Periodic Benefit Cost              
Net periodic benefit cost         31,626,000 51,231,000 44,092,000
Amortization of net loss         (12,273,000) (23,796,000) (17,325,000)
Amortization of prior service cost         $ 6,000 $ 6,000 $ 6,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate         3.05% 2.80% 3.60%
Employer contributions         $ 40,000,000 $ 40,000,000  
Senior Management Security Plan              
Defined Benefit Plan Disclosure              
Fair value of plan assets         0 0 $ 0
Executive Deferred Compensation Plan Assets         134,200,000 117,100,000  
Defined Benefit Plan, Net Periodic Benefit Cost              
Net periodic benefit cost         9,590,000 8,871,000 8,587,000
Amortization of net loss         (4,229,000) (4,205,000) (3,734,000)
Amortization of prior service cost         $ 279,000 $ 296,000 $ 290,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate         3.00% 2.70% 3.65%
Employer contributions         $ 0 $ 0  
Postretirement Benefits              
Defined Benefit Plan Disclosure              
Fair value of plan assets         $ 28,565,000 [2] $ 41,464,000 [2] $ 41,311,000
Postretirement Benefit, Medical Trend Rate         5.80% 6.30% 6.80%
Postretirement Benefit, Dental Trend Rate         3.50% 3.50% 4.00%
Defined Benefit Plan, Net Periodic Benefit Cost              
Net periodic benefit cost         $ 1,096,000 $ 5,510,000 $ 1,165,000
Amortization of net loss         (31,000) 0 0
Amortization of prior service cost         $ 295,000 $ 47,000 $ 47,000
Health Care Cost Trend Rate Assumed for Next Fiscal Year         3.50% 3.50%  
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate         2.95% 2.70% 3.60%
Employer contributions [3]         $ 1,934,000 $ 1,961,000  
Forecast [Member] | Pension Plan              
Defined Benefit Plan, Net Periodic Benefit Cost              
Defined Benefit Plan, Minimum Funding Requirement for Next Fiscal Year       $ 0      
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year       $ 40,000,000      
Forecast [Member] | Postretirement Benefits              
Defined Benefit Plan Disclosure              
Postretirement Benefit, Dental Trend Rate     3.50%        
Defined Benefit Plan, Net Periodic Benefit Cost              
Health Care Cost Trend Rate Assumed For Year Two       6.70%      
Health Care Cost Trend Rate Assumed for Year Three     7.10%        
Health Care Cost Trend Rate Assumed for Year Four 3.80% 6.50%          
[1] The 2021 pension and postretirement non-service costs includes $4.7 million of expense for a temporary deviation from the cost-sharing provisions of the substantive postretirement plan as described in Note 11 - "Benefit Plans."
[2] The postretirement benefits assets are primarily life insurance contracts.
[3] Contributions and benefits paid are each net of $2.9 million and $3.0 million of plan participant contributions for 2022 and 2021, respectively.
v3.22.4
PROPERTY, PLANT AND EQUIPMENT AND JOINTLY-OWNED PROJECTS: Property, Plant and Equipmnt Level 4 (Details)
 12 Months Ended
Dec. 31, 2022
USD ($)
MWh
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Public Utility, Property, Plant and Equipment      
Production $ 2,700,494,000 $ 2,597,285,000  
Transmission 1,346,463,000 1,309,143,000  
Distribution 2,192,135,000 2,058,819,000  
General and Other 589,375,000 544,069,000  
Utility plant in service 6,828,467,000 6,509,316,000  
Accumulated provision for depreciation (2,465,279,000) (2,298,951,000)  
Utility plant in service - net $ 4,363,188,000 $ 4,210,365,000  
Average depreciation rate 2.70% 2.90% 2.90%
Idaho Energy Resources Co. Coal purchases from Bridger Coal Company $ 230,210,000 $ 180,550,000 $ 172,740,000
Regulatory Liabilities $ 860,601,000 $ 792,934,000  
Jim Bridger Plant      
Public Utility, Property, Plant and Equipment      
Jointly Owned Utility Plant, Name Jim Bridger units 1-4    
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service $ 775,778,000    
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress 19,258,000    
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation $ 485,289,000    
Jointly Owned Utility Plant, Proportionate Ownership Share 33.00%    
Nameplate Capacity (in MW) | MWh [1],[2] 775    
Valmy Plant      
Public Utility, Property, Plant and Equipment      
Jointly Owned Utility Plant, Name North Valmy unit 2(2)    
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service [2] $ 259,099,000    
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress [2] 1,233,000    
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation [2] $ 210,467,000    
Jointly Owned Utility Plant, Proportionate Ownership Share [2] 50.00%    
Nameplate Capacity (in MW) | MWh [1],[2] 145    
Production      
Public Utility, Property, Plant and Equipment      
Average depreciation rate 2.89% 3.15%  
Transmission      
Public Utility, Property, Plant and Equipment      
Average depreciation rate 1.91% 1.89%  
Distribution      
Public Utility, Property, Plant and Equipment      
Average depreciation rate 2.15% 2.25%  
General and Other      
Public Utility, Property, Plant and Equipment      
Average depreciation rate 5.36% 6.17%  
Bridger Coal Company      
Public Utility, Property, Plant and Equipment      
Idaho Energy Resources Co. Coal purchases from Bridger Coal Company $ 60,400,000 $ 59,700,000 68,300,000
Idaho Power Company      
Public Utility, Property, Plant and Equipment      
Utility plant in service 6,828,467,000 6,509,316,000  
Accumulated provision for depreciation (2,465,279,000) (2,298,951,000)  
Utility plant in service - net $ 4,363,188,000 $ 4,210,365,000  
Average depreciation rate 2.66% 2.85%  
Idaho Energy Resources Co. Coal purchases from Bridger Coal Company $ 230,210,000 $ 180,550,000 172,740,000
Construction work in progress $ 785,700,000    
Ida-West Energy      
Public Utility, Property, Plant and Equipment      
Jointly Owned Utility Plant, Proportionate Ownership Share 50.00%    
Marysville Hydro Partners      
Public Utility, Property, Plant and Equipment      
Utility plant in service - net $ 14,900,000    
Ida-West | Idaho Power Company      
Public Utility, Property, Plant and Equipment      
Power purchased from Ida-West 7,900,000 8,200,000 $ 9,300,000
Hells Canyon Complex | Idaho Power Company      
Public Utility, Property, Plant and Equipment      
Construction work in progress 423,100,000    
Hydroelectric plan net book value [Member] | Marysville Hydro Partners      
Public Utility, Property, Plant and Equipment      
Utility plant in service - net 13,300,000 13,700,000  
IPUC authorized AFUDC Collection HCC Relicensing - Gross | Hells Canyon Complex | Idaho Power Company      
Public Utility, Property, Plant and Equipment      
Regulatory Liabilities 8,800,000    
IPUC authorized AFUDC Collection HCC Relicensing - Net | Hells Canyon Complex | Idaho Power Company      
Public Utility, Property, Plant and Equipment      
Regulatory Liabilities 6,500,000    
Deferred revenue-AFUDC      
Public Utility, Property, Plant and Equipment      
Regulatory Liabilities [3] $ 207,528,000 $ 187,717,000  
[1] Idaho Power’s share of nameplate capacity.
[2] Pursuant to an agreement with NV Energy, Idaho Power's participation in coal-fired operations of North Valmy ended in December 2019 at unit 1 and is planned to end no later than the end of 2025 at unit 2
[3] Idaho Power is collecting revenue in the Idaho jurisdiction for AFUDC on HCC relicensing costs but is deferring revenue recognition of the amounts collected until the license is issued and the asset is placed in service under the new license.
v3.22.4
ASSET RETIREMENT OBLIGATIONS Asset Retirement Obligations Level 4 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Asset Retirement Obligation, Roll Forward Analysis    
Balance at beginning of year $ 36,698 $ 27,691
Accretion Expense 1,106 1,021
Revisions in estimated cash flows 1,412 9,415
Liabilities settled 1,659 1,429
Balance at end of year $ 37,557 $ 36,698
v3.22.4
INVESTMENTS: Investments Level 4 (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Summary of investments in debt and equity securities      
Equity method investment $ 10,311,000 $ 10,386,000  
Investments in affordable housing 29,454,000 34,967,000  
Other Investments 2,796,000 1,363,000  
Total investments 121,352,000 123,824,000  
Earnings of unconsolidated equity-method investments 11,511,000 11,435,000 $ 11,513,000
Debt Securities, Held-to-Maturity, Purchase $ (31,224,000) 0 0
Idaho Power Company      
Summary of investments in debt and equity securities      
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage 33.00%    
Corporate Fixed-Income And Asset-Backed Debt Securities      
Summary of investments in debt and equity securities      
Debt Securities, Held-to-Maturity, Purchase $ 31,200,000    
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value 5,000,000    
Idaho Power Company      
Summary of investments in debt and equity securities      
Equity method investment 14,187,000 22,677,000  
Cash, Cash Equivalents, and Short-term Investments 33,687,000 54,078,000  
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent 30,475,000    
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss, Current 0    
Executive Deferred Compensation Plan Assets 442,000 353,000  
Total investments $ 78,791,000 77,108,000  
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage 33.00%    
Earnings of unconsolidated equity-method investments $ 10,211,000 10,211,000 10,102,000
Proceeds from sales 63,857,000 11,328,000 25,795,000
Gross realized gains from sales 0 0 0
Debt Securities, Held-to-Maturity, Purchase   0 0
Bridger Coal Company      
Summary of investments in debt and equity securities      
Earnings of unconsolidated equity-method investments $ 10,211,000 10,211,000 10,102,000
Ida-West Energy      
Summary of investments in debt and equity securities      
Jointly Owned Utility Plant, Proportionate Ownership Share 50.00%    
Earnings of unconsolidated equity-method investments $ 1,300,000 $ 1,224,000 $ 1,411,000
v3.22.4
DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Instruments, Gain (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating revenues      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues    
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues    
Financial Swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain on Derivative [1]   $ 1,046 $ 2,173
Derivative, Loss on Derivative [1] $ (6,249)    
Financial Swaps | Purchased power      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain on Derivative [1] 2,373 1,959  
Derivative, Loss on Derivative [1]     (3,531)
Financial Swaps | Fuel Expense      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain on Derivative [1] 68,489 12,180  
Derivative, Loss on Derivative [1]     (4,791)
Forward contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain on Derivative [1] 1,090 1,966 421
Forward contracts | Purchased power      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Loss on Derivative [1] (2,994) (1,099) (384)
Forward contracts | Fuel Expense      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Loss on Derivative [1] $ (136) $ (194) $ (36)
[1] Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities.
v3.22.4
DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Financial Instruments Level 4 (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Fair Value    
Derivative Asset, Fair Value, Gross Asset $ 74,346 $ 11,504
Derivative Asset, Fair Value, Gross Liability (33,428) (4,906)
Derivative Asset, Fair Value, Amount Offset Against Collateral 40,918 6,598
Derivative Liability, Fair Value, Gross Liability 21,589 8,670
Derivative Liability, Fair Value, Gross Asset (14,801) (2,923)
Derivative Liability, Fair Value, Amount Offset Against Collateral 6,788 5,747
Derivatives in a net liability position 15,700  
Collateral Already Posted, Aggregate Fair Value 0  
Additional Collateral, Aggregate Fair Value 66,100  
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liability, Collateral, Right to Reclaim Cash, Offset 18,600 2,000
Other current assets | Financial Swaps    
Fair Value    
Derivative Asset, Fair Value, Gross Asset 72,548 10,599
Derivative Asset, Fair Value, Gross Liability (32,609) [1] (4,893) [2]
Derivative Asset, Fair Value, Amount Offset Against Collateral 39,939 5,706
Derivative Liability, Fair Value, Gross Liability 13,982 2,910
Derivative Liability, Fair Value, Gross Asset (13,982) (2,910)
Derivative Liability, Fair Value, Amount Offset Against Collateral 0 0
Other current assets | Forward contracts    
Fair Value    
Derivative Asset, Fair Value, Gross Asset 400 6
Derivative Asset, Fair Value, Gross Liability 0 (4)
Derivative Asset, Fair Value, Amount Offset Against Collateral 400 2
Derivative Liability, Fair Value, Gross Liability 0 4
Derivative Liability, Fair Value, Gross Asset 0 (4)
Derivative Liability, Fair Value, Amount Offset Against Collateral 0 0
Other current liabilities | Financial Swaps    
Fair Value    
Derivative Asset, Fair Value, Gross Asset 132 0
Derivative Asset, Fair Value, Gross Liability 132 0
Derivative Asset, Fair Value, Amount Offset Against Collateral 0 0
Derivative Liability, Fair Value, Gross Liability 1,577 20
Derivative Liability, Fair Value, Gross Asset (132) 0
Derivative Liability, Fair Value, Amount Offset Against Collateral 1,445 20
Other current liabilities | Forward contracts    
Fair Value    
Derivative Asset, Fair Value, Gross Asset 0 0
Derivative Asset, Fair Value, Gross Liability 0 0
Derivative Asset, Fair Value, Amount Offset Against Collateral 0 0
Derivative Liability, Fair Value, Gross Liability 2,071 1,970
Derivative Liability, Fair Value, Gross Asset 0 0
Derivative Liability, Fair Value, Amount Offset Against Collateral 2,071 1,970
Other liabilities | Financial Swaps    
Fair Value    
Derivative Asset, Fair Value, Gross Asset 644 0
Derivative Asset, Fair Value, Gross Liability (644) 0
Derivative Asset, Fair Value, Amount Offset Against Collateral 0 0
Derivative Liability, Fair Value, Gross Liability 2,136 14
Derivative Liability, Fair Value, Gross Asset (644) 0
Derivative Liability, Fair Value, Amount Offset Against Collateral 1,492 14
Other liabilities | Forward contracts    
Fair Value    
Derivative Asset, Fair Value, Gross Asset 0 0
Derivative Asset, Fair Value, Gross Liability 0 0
Derivative Asset, Fair Value, Amount Offset Against Collateral 0 0
Derivative Liability, Fair Value, Gross Liability 1,780 3,743
Derivative Liability, Fair Value, Gross Asset 0 0
Derivative Liability, Fair Value, Amount Offset Against Collateral 1,780 3,743
Other assets | Financial Swaps    
Fair Value    
Derivative Asset, Fair Value, Gross Asset 622 899
Derivative Asset, Fair Value, Gross Liability (43) 9
Derivative Asset, Fair Value, Amount Offset Against Collateral 579 890
Derivative Liability, Fair Value, Gross Liability 43 9
Derivative Liability, Fair Value, Gross Asset (43) 9
Derivative Liability, Fair Value, Amount Offset Against Collateral $ 0 $ 0
[1] Current asset derivative amounts offset include $18.6 million of collateral payable at December 31, 2022.
[2] Current asset derivative amounts offset include $2.0 million of collateral payable at December 31, 2021.
v3.22.4
DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Instruments, Notional Amounts (Details) (Details)
MWh in Thousands, MMBTU in Thousands
Dec. 31, 2022
MWh
MMBTU
Dec. 31, 2021
MWh
MMBTU
Electricity (MWh) | Long    
Derivative    
Derivative, Nonmonetary Notional Amount | MWh 898 529
Electricity (MWh) | Short    
Derivative    
Derivative, Nonmonetary Notional Amount | MWh 32 129
Natural Gas (MMBTU) | Long    
Derivative    
Derivative, Nonmonetary Notional Amount | MMBTU 26,773 11,740
Natural Gas (MMBTU) | Short    
Derivative    
Derivative, Nonmonetary Notional Amount | MMBTU 310 0
v3.22.4
FAIR VALUE MEASUREMENTS: Fair Value Measurements Level 4 (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, All Levels Transfers, Amount $ 0 $ 0
Money market funds [1] $ 16,505,000 80,406,000
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other  
Asset derivatives $ 40,918,000 6,598,000
Equity Securities, FV-NI $ 34,129,000 54,431,000
Derivatives Other  
Liability derivatives $ 6,788,000 5,747,000
Fair Value, Inputs, Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds [1] 16,505,000 80,406,000
Asset derivatives 40,518,000 6,596,000
Equity Securities, FV-NI 34,129,000 54,431,000
Other Assets, Fair Value Disclosure [1] 0 0
Liability derivatives 2,937,000 34,000
Fair Value, Inputs, Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds [1] 0 0
Asset derivatives 400,000 2,000
Equity Securities, FV-NI 0 0
Other Assets, Fair Value Disclosure [1] 0 0
Liability derivatives 3,851,000 5,713,000
Fair Value, Inputs, Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds [1] 0 0
Asset derivatives 0 0
Equity Securities, FV-NI 0 0
Other Assets, Fair Value Disclosure [1] 0 0
Liability derivatives 0 0
Fair Value Measured at Net Asset Value Per Share [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other Assets, Fair Value Disclosure [1] 2,796,000 1,363,000
Idaho Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds 34,468,000 10,393,000
Idaho Power Company | Fair Value, Inputs, Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds 34,468,000 10,393,000
Idaho Power Company | Fair Value, Inputs, Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds 0 0
Idaho Power Company | Fair Value, Inputs, Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds $ 0 $ 0
[1] Holding company only. Does not include amounts held by Idaho Power.
v3.22.4
FAIR VALUE MEASUREMENTS: Fair Value Carrying Amounts and Estimated Fair Values (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes receivable [1] $ 3,871 $ 3,804
Long-term debt [1] 2,194,145 2,000,640
Debt Securities, Held-to-Maturity, Fair Value [1] 30,475 0
Carrying Amount | Idaho Power Company    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] 2,194,145 2,000,640
Debt Securities, Held-to-Maturity, Fair Value [1] 30,475 0
Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes receivable [1] 3,871 3,804
Long-term debt [1] 1,953,470 2,381,172
Debt Securities, Held-to-Maturity, Fair Value [1] 25,452 0
Estimated Fair Value | Idaho Power Company    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] 1,953,470 2,381,172
Debt Securities, Held-to-Maturity, Fair Value [1] $ 25,452 $ 0
[1] Notes receivable are categorized as Level 3 and held-to-maturity securities and long-term debt are categorized as Level 2 of the fair value hierarchy, as defined earlier in this Note 16 - "Fair Value Measurements."
v3.22.4
SEGMENT INFORMATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting Information [Line Items]      
Revenues $ 1,643,981 $ 1,458,084 $ 1,350,729
Electric utility revenues 1,641,040 1,455,410 1,347,340
Operating income 327,178 329,651 309,521
Other income, net 33,689 21,105 22,547
Interest income 14,401 7,292 10,512
Earnings of unconsolidated equity-method investments 11,511 11,435 11,513
Interest on long-term debt 89,375 86,698 87,426
Income before income taxes 297,404 282,784 266,668
Income tax expense (benefit) 37,844 36,912 28,700
Income attributable to IDACORP, Inc. 258,982 245,550 237,417
Total assets 7,543,258 7,210,515 7,095,244
Expenditures for long-lived assets 432,589 299,999 310,938
Consolidation, Eliminations      
Segment Reporting Information [Line Items]      
Revenues 0 0 0
Operating income 0 0 0
Other income, net 0 0 0
Interest income (931) (47) (496)
Earnings of unconsolidated equity-method investments 0 0 0
Interest on long-term debt (931) (47) (496)
Income before income taxes 0 0 0
Income tax expense (benefit) 0 0 0
Income attributable to IDACORP, Inc. 0 0 0
Total assets (113,608) (62,323) (63,926)
Expenditures for long-lived assets $ 0 0 0
Idaho Power Company      
Segment Reporting Information [Line Items]      
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage 33.00%    
Idaho Power Company | Idaho Power      
Segment Reporting Information [Line Items]      
Electric utility revenues $ 1,641,040 1,455,410 1,347,340
Operating income 327,170 329,568 308,780
Other income, net 33,876 21,243 22,555
Interest income 12,556 7,123 9,733
Earnings of unconsolidated equity-method investments 10,211 10,211 10,102
Interest on long-term debt 89,038 86,663 87,389
Income before income taxes 294,775 281,482 263,783
Income tax expense (benefit) 39,908 38,257 30,548
Income attributable to IDACORP, Inc. 254,867 243,225 233,235
Total assets 7,411,104 6,990,839 6,906,110
Expenditures for long-lived assets 432,430 299,972 310,937
All Other | Idaho Power      
Segment Reporting Information [Line Items]      
Revenues 2,941 2,674 3,389
Operating income 8 83 741
Other income, net (187) (138) (8)
Interest income 2,776 216 1,275
Earnings of unconsolidated equity-method investments 1,300 1,224 1,411
Interest on long-term debt 1,268 82 533
Income before income taxes 2,629 1,302 2,885
Income tax expense (benefit) (2,064) (1,345) (1,848)
Income attributable to IDACORP, Inc. 4,115 2,325 4,182
Total assets 245,762 281,999 253,060
Expenditures for long-lived assets $ 159 $ 27 $ 1
v3.22.4
OTHER INCOME AND EXPENSE Other Income and Expense Level 4 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Schedule of other nonoperating income (expense) [Line Items]      
Interest and dividend income, net $ 5,952 $ 1,408 $ 3,813
Carrying charges on regulatory assets 7,032 5,034 7,063
Net periodic benefit cost [1] 9,196 15,249 11,865
Income from life insurance investments 7,107 5,203 4,036
Other Income (90) 463 462
Other (income) expense, net 10,805 (3,141) 3,509
Idaho Power Company      
Schedule of other nonoperating income (expense) [Line Items]      
Interest and dividend income, net 4,094 1,241 3,034
Carrying charges on regulatory assets 7,032 5,034 7,063
Net periodic benefit cost [1] 9,196 15,240 11,862
Income from life insurance investments 7,012 5,203 4,036
Other Income 205 591 468
Other (income) expense, net $ 9,147 $ (3,171) $ 2,739
[1] The 2021 pension and postretirement non-service costs includes $4.7 million of expense for a temporary deviation from the cost-sharing provisions of the substantive postretirement plan as described in Note 11 - "Benefit Plans."
v3.22.4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
AOCI - Beginning Balance $ (40,040)    
Reclassifications 3,348 $ 3,343 $ 2,988
AOCI - Ending Balance (12,922) (40,040)  
Accumulated Defined Benefit Pension Items      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
AOCI - Beginning Balance (40,040) (43,358) (36,284)
Other comprehensive income before reclassifications 23,770 (25) (10,062)
Reclassifications 3,348 3,343 2,988
Other Comprehensive Income (Loss) 27,118 3,318 (7,074)
AOCI - Ending Balance (12,922) (40,040) (43,358)
Other Comprehensive Income (Loss) before Reclassifications, Tax 8,239 (8) (3,488)
Reclassification from AOCI, Current Period, Tax $ (1,160) $ (1,158) $ (1,036)
v3.22.4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reclassifications out of Accumulated Other Comprehensive Income before Tax [Abstract]      
Reclassifications $ 3,348 $ 3,343 $ 2,988
Accumulated Defined Benefit Pension Items      
Reclassifications out of Accumulated Other Comprehensive Income before Tax [Abstract]      
Amortization of prior service cost [1] 279 296 290
Amortization of net loss [1] 4,229 4,205 3,734
Total reclassifications, before tax - pension and postretirement benefits [1] 4,508 4,501 4,024
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent [2] (1,160) (1,158) (1,036)
Total reclassification, net of tax - pension and postretirement benefits 3,348 3,343 2,988
Reclassifications $ 3,348 $ 3,343 $ 2,988
[1] Amortization of these items is included in "Other (income) expense, net" in the consolidated income statements of both IDACORP and Idaho Power.
[2] The tax benefit is included in "Income tax expense" in the consolidated income statements of both IDACORP and Idaho Power
v3.22.4
RELATED PARTY TRANSACTIONS: Related Party Transactions Level 4 (Details) - Idaho Power Company - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
IDACORP      
Related Party Transaction      
Services billed to IDACORP $ 900,000 $ 800,000 $ 700,000
Idaho Power      
Related Party Transaction      
Payable from Idaho Power to IDACORP 56,200,000 2,000,000  
Ida-West      
Related Party Transaction      
Power purchased from Ida-West $ 7,900,000 $ 8,200,000 $ 9,300,000
v3.22.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income:      
Equity in income of subsidiaries $ 11,511 $ 11,435 $ 11,513
Operating income 327,178 329,651 309,521
Expenses:      
Operating expenses 1,316,803 1,128,433 1,041,208
Interest on long-term debt 89,375 86,698 87,426
Other expenses (10,805) 3,141 (3,509)
Income before income taxes 297,404 282,784 266,668
Income Tax Expense 37,844 36,912 28,700
Net Income Attributable to IDACORP, Inc. 258,982 245,550 237,417
Comprehensive Income Attributable to IDACORP, Inc. 286,100 248,868 230,343
IDACORP      
Income:      
Equity in income of subsidiaries 258,540 245,591 237,233
Investment income 1,795 148 748
Operating income 260,335 245,739 237,981
Expenses:      
Operating expenses 444 679 692
Interest on long-term debt 1,267 82 534
Other expenses 250 192 145
Total expenses 1,961 953 1,371
Income before income taxes 258,374 244,786 236,610
Income Tax Expense (608) (764) (807)
Net Income Attributable to IDACORP, Inc. 258,982 245,550 237,417
Other comprehensive (loss) income 27,118 3,318 (7,074)
Comprehensive Income Attributable to IDACORP, Inc. $ 286,100 $ 248,868 $ 230,343
v3.22.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities:      
Net cash provided by operating activities $ 351,285 $ 363,264 $ 388,131
Investing Activities:      
Proceeds from Maturities, Prepayments and Calls of Short-term Investments 25,000 50,000 0
Net cash used in investing activities (424,267) (273,653) (347,258)
Financing Activities:      
Dividends on common stock (154,287) (146,119) (137,813)
Other (926) (334) (3,636)
Net cash used in financing activities 35,316 (149,484) 16,989
Net (decrease) increase in cash and cash equivalents (37,666) (59,873) 57,862
Cash and cash equivalents at beginning of the year 215,243 275,116 217,254
Cash and cash equivalents at end of the year 177,577 215,243 275,116
IDACORP      
Operating Activities:      
Net cash provided by operating activities 77,048 174,209 168,699
Investing Activities:      
Payments to Acquire Short-term Investments (26,620) (26,363) (25,000)
Proceeds from Maturities, Prepayments and Calls of Short-term Investments 25,000 50,000 0
Net cash used in investing activities (1,620) 23,637 (25,000)
Financing Activities:      
Dividends on common stock (154,287) (146,119) (137,856)
Change in intercompany notes payable (3,811) (2,167) (9,732)
Other (3,184) (3,124) (4,663)
Net cash used in financing activities (161,282) (151,410) (152,251)
Net (decrease) increase in cash and cash equivalents (85,854) 46,436 (8,552)
Cash and cash equivalents at beginning of the year 153,025 106,589 115,141
Cash and cash equivalents at end of the year $ 67,171 $ 153,025 $ 106,589
v3.22.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONDENSED BALANCE SHEETS (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current Assets:      
Cash and cash equivalents $ 177,577 $ 215,243  
Income taxes receivable 13,734 14,770  
Other 40,339 5,708  
Total current assets 693,653 595,873  
Other Assets:      
Other 59,427 59,222  
Total other assets 1,555,283 1,588,996  
Total assets 7,543,258 7,210,515 $ 7,095,244
Current Liabilities:      
Accounts payable 292,719 145,980  
Other 27,777 31,079  
Total current liabilities 548,565 325,624  
Other Liabilities:      
Other 77,336 63,485  
Total other liabilities 1,985,933 2,209,017  
IDACORP, Inc. Shareholders’ Equity 2,807,239 2,668,436 $ 2,559,980
Total 7,543,258 7,210,515  
IDACORP      
Current Assets:      
Cash and cash equivalents 67,171 153,025  
Receivables 56,446 2,050  
Income taxes receivable 1,098 0  
Other 98 102  
Total current assets 124,813 155,177  
Investment in subsidiaries 2,739,616 2,570,150  
Other Assets:      
Deferred income taxes 131 5,004  
Other 286 299  
Total other assets 417 5,303  
Total assets 2,864,846 2,730,630  
Current Liabilities:      
Taxes accrued 0 850  
Other 0 777  
Total current liabilities 0 1,627  
Other Liabilities:      
Intercompany notes payable 57,048 59,928  
Other 559 639  
Total other liabilities 57,607 60,567  
IDACORP, Inc. Shareholders’ Equity 2,807,239 2,668,436  
Total $ 2,864,846 $ 2,730,630  
v3.22.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Basis of Presentation (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
IDACORP      
Condensed Financial Statements, Captions [Line Items]      
Proceeds from Dividends Received $ 117,000,000 $ 149,000,000 $ 141,000,000
v3.22.4
Schedule II - Consolidated Valuation and Qualifying Accounts Schedule II - Consolidated Valuation and Qualifying Accounts Level 4 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reserve for uncollectibe accounts      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Valuation Allowances and Reserves, Beginning Balance $ 5,016 $ 5,263 $ 1,744
Valuation Allowances and Reserves, Charged to Income 3,294 2,083 5,239
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts 540 640 438
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction [1] 3,304 2,970 2,158
Valuation Allowances and Reserves, Ending Balance 5,546 5,016 5,263
Injuries and damages      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Valuation Allowances and Reserves, Beginning Balance 3,780 2,484 1,748
Valuation Allowances and Reserves, Charged to Income 2,495 2,032 1,203
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts 0 0 0
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction [1] 3,473 736 467
Valuation Allowances and Reserves, Ending Balance $ 2,802 $ 3,780 $ 2,484
[1] Represents deductions from the reserves for purposes for which the reserves were created. In the case of uncollectible accounts, and notes reserves, includes reversals of amounts previously reserved.