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INCOME TAXES:
 6 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
 
In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount.

Income Tax Expense

The following table provides a summary of income tax expense for the six months ended June 30, 2019 and 2018 (in thousands): 
 
 
IDACORP
 
Idaho Power
 
 
2019
 
2018
 
2019
 
2018
Income tax at statutory rates (federal and state)
 
$
27,590

 
$
27,909

 
$
26,975

 
$
27,539

First mortgage bond redemption costs
 
—

 
(1,261
)
 
—

 
(1,261
)
Excess deferred income tax reversal
 
(3,262
)
 
(3,880
)
 
(3,262
)
 
(3,880
)
Other(1)
 
(12,984
)
 
(12,770
)
 
(11,676
)
 
(11,902
)
Income tax expense
 
$
11,344

 
$
9,998

 
$
12,037

 
$
10,496

Effective tax rate
 
10.6
%
 
9.2
%
 
11.5
%
 
9.8
%
(1) "Other" is primarily comprised of the net tax effect of Idaho Power's regulatory flow-through tax adjustments.

The increase in income tax expense for the six months ended June 30, 2019, compared with the same period in 2018, was primarily due to the tax deduction for bond redemption costs incurred in the second quarter of 2018. On a net basis, Idaho Power’s estimate of its annual 2019 regulatory flow-through tax adjustments is comparable to 2018.