INCOME TAXES: Income Taxes Level 3 (Tables)

12 Months Ended

Dec. 31, 2019

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:

	IDACORP									Idaho Power
	2019			2018			2017			2019			2018			2017
	(thousands of dollars)
Federal income tax expense at statutory rate	$	54,046		$	51,279		$	91,378		$	53,099		$	50,536		$	90,163
Change in taxes resulting from:
AFUDC	(7,941		)	(7,246		)	(10,318		)	(7,941		)	(7,246		)	(10,318		)
Capitalized interest	976			928			1,513			976			928			1,513
Investment tax credits	(6,252		)	(2,929		)	(3,081		)	(6,252		)	(2,929		)	(3,081		)
Removal costs	(3,139		)	(3,471		)	(6,280		)	(3,139		)	(3,471		)	(6,280		)
Capitalized overhead costs	(7,140		)	(6,720		)	(11,200		)	(7,140		)	(6,720		)	(11,200		)
Capitalized repair costs	(18,480		)	(17,850		)	(28,700		)	(18,480		)	(17,850		)	(28,700		)
Bond redemption costs	—			(1,029		)	—			—			(1,029		)	—
Remeasurement of deferred taxes	—			(5,411		)	1,690			—			(5,664		)	1,970
State income taxes, net of federal benefit	8,627			8,512			8,153			8,401			8,532			8,108
Depreciation	14,641			13,110			18,953			14,641			13,110			18,953
Excess deferred income tax reversal	(6,181		)	(7,289		)	—			(6,181		)	(7,289		)	—
Income tax return adjustments	745			(5,076		)	(3,710		)	993			(4,968		)	(3,601		)
Affordable housing tax credits	(2,874		)	(2,560		)	(2,559		)	—			—			—
Affordable housing investment distributions	(3,232		)	(267		)	(1,124		)	—			—			—
Affordable housing investment amortization	1,825			1,519			1,271			—			—			—
Other, net	(1,114		)	1,886			(7,326		)	(560		)	2,372			(6,265		)
Total income tax expense	$	24,507		$	17,386		$	48,660		$	28,417		$	18,312		$	51,262
Effective tax rate	9.5%			7.1%			18.6%			11.2%			7.6%			19.9%

Schedule of Components of Income Tax Expense

The items comprising income tax expense are as follows:

	IDACORP									Idaho Power
	2019			2018			2017			2019			2018			2017
	(thousands of dollars)
Income taxes current:
Federal	$	8,830		$	5,390		$	11,726		$	25,338		$	24,919		$	51,575
State	4,865			3,328			5,418			(4,392		)	(2,049		)	10,562
Total	13,695			8,718			17,144			20,946			22,870			62,137
Income taxes deferred:
Federal	9,486			1,649			24,018			(4,599		)	(15,388		)	(13,002		)
State	1,159			30			(154		)	10,054			5,425			(5,298		)
Total	10,645			1,679			23,864			5,455			(9,963		)	(18,300		)
Investment tax credits:
Deferred	8,268			8,334			10,506			8,268			8,334			10,506
Restored	(6,252		)	(2,929		)	(3,081		)	(6,252		)	(2,929		)	(3,081		)
Total	2,016			5,405			7,425			2,016			5,405			7,425
Affordable housing investments	(1,849		)	1,584			227			—			—			—
Total income tax expense	$	24,507		$	17,386		$	48,660		$	28,417		$	18,312		$	51,262

Schedule of Deferred Tax Assets and Liabilities

The components of the net deferred tax liability are as follows:

	IDACORP				Idaho Power
	2019		2018		2019		2018
	(thousands of dollars)
Deferred tax assets:
Regulatory liabilities	$	96,599	$	98,042	$	96,599	$	98,042
Deferred compensation	21,946		21,871		21,946		21,826
Deferred revenue	39,039		35,137		39,039		35,137
Tax credits	76,125		100,041		24,489		44,532
Partnership investments	7,911		4,200		4,912		1,086
Retirement benefits	114,124		91,867		114,124		91,867
Other	11,347		9,299		11,107		9,121
Total	367,091		360,457		312,216		301,611
Deferred tax liabilities:
Property, plant and equipment	286,583		294,471		286,583		294,471
Regulatory assets	646,886		614,144		646,886		614,144
Partnership investments	3,565		3,875		—		—
Retirement benefits	132,764		108,440		132,764		108,440
Other	43,524		39,405		40,385		37,795
Total	1,113,322		1,060,335		1,106,618		1,054,850
Net deferred tax liabilities	$	746,231	$	699,878	$	794,402	$	753,239