INCOME TAXES: Income Taxes Level 3 (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Income Taxes [Abstract] |
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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 | | | 2020 | | 2019 | | 2018 | | 2020 | | 2019 | | 2018 | | | (thousands of dollars) | Federal income tax expense at statutory rate | | $ | 55,885 | | | $ | 54,046 | | | $ | 51,279 | | | $ | 55,394 | | | $ | 53,099 | | | $ | 50,536 | | Change in taxes resulting from: | | | | | | | | | | | | | AFUDC | | (8,637) | | | (7,941) | | | (7,246) | | | (8,637) | | | (7,941) | | | (7,246) | | Capitalized interest | | 1,044 | | | 976 | | | 928 | | | 1,044 | | | 976 | | | 928 | | Investment tax credits | | (2,906) | | | (6,252) | | | (2,929) | | | (2,906) | | | (6,252) | | | (2,929) | | Removal costs | | (3,148) | | | (3,139) | | | (3,471) | | | (3,148) | | | (3,139) | | | (3,471) | | Capitalized overhead costs | | (7,560) | | | (7,140) | | | (6,720) | | | (7,560) | | | (7,140) | | | (6,720) | | Capitalized repair costs | | (18,480) | | | (18,480) | | | (17,850) | | | (18,480) | | | (18,480) | | | (17,850) | | Bond redemption costs | | (726) | | | — | | | (1,029) | | | (726) | | | — | | | (1,029) | | Remeasurement of deferred taxes | | — | | | — | | | (5,411) | | | — | | | — | | | (5,664) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | State income taxes, net of federal benefit | | 8,804 | | | 8,627 | | | 8,512 | | | 9,052 | | | 8,401 | | | 8,532 | | Depreciation | | 13,589 | | | 14,641 | | | 13,110 | | | 13,589 | | | 14,641 | | | 13,110 | | Excess deferred income tax reversal | | (4,885) | | | (6,181) | | | (7,289) | | | (4,885) | | | (6,181) | | | (7,289) | | | | | | | | | | | | | | | Income tax return adjustments | | (2,552) | | | 745 | | | (5,076) | | | (2,508) | | | 993 | | | (4,968) | | Affordable housing tax credits | | (5,315) | | | (2,874) | | | (2,560) | | | — | | | — | | | — | | Affordable housing investment distributions | | (13) | | | (3,232) | | | (267) | | | — | | | — | | | — | | Affordable housing investment amortization | | 3,754 | | | 1,825 | | | 1,519 | | | — | | | — | | | — | | Other, net | | (154) | | | (1,114) | | | 1,886 | | | 319 | | | (560) | | | 2,372 | | Total income tax expense | | $ | 28,700 | | | $ | 24,507 | | | $ | 17,386 | | | $ | 30,548 | | | $ | 28,417 | | | $ | 18,312 | | Effective tax rate | | 10.8% | | 9.5% | | 7.1% | | 11.6% | | 11.2% | | 7.6% |
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Schedule of Components of Income Tax Expense |
The items comprising income tax expense are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | IDACORP | | Idaho Power | | | 2020 | | 2019 | | 2018 | | 2020 | | 2019 | | 2018 | | | (thousands of dollars) | Income taxes current: | | | | | | | | | | | | | Federal | | $ | 7,800 | | | $ | 8,830 | | | $ | 5,390 | | | $ | 30,464 | | | $ | 25,338 | | | $ | 24,919 | | State | | 3,215 | | | 4,865 | | | 3,328 | | | 6,409 | | | (4,392) | | | (2,049) | | Total | | 11,015 | | | 13,695 | | | 8,718 | | | 36,873 | | | 20,946 | | | 22,870 | | Income taxes deferred: | | | | | | | | | | | | | Federal | | 11,543 | | | 9,486 | | | 1,649 | | | (4,905) | | | (4,599) | | | (15,388) | | State | | (1,414) | | | 1,159 | | | 30 | | | (4,241) | | | 10,054 | | | 5,425 | | Total | | 10,129 | | | 10,645 | | | 1,679 | | | (9,146) | | | 5,455 | | | (9,963) | | Investment tax credits: | | | | | | | | | | | | | Deferred | | 5,727 | | | 8,268 | | | 8,334 | | | 5,727 | | | 8,268 | | | 8,334 | | Restored | | (2,906) | | | (6,252) | | | (2,929) | | | (2,906) | | | (6,252) | | | (2,929) | | Total | | 2,821 | | | 2,016 | | | 5,405 | | | 2,821 | | | 2,016 | | | 5,405 | | Affordable housing investments | | 4,735 | | | (1,849) | | | 1,584 | | | — | | | — | | | — | | Total income tax expense | | $ | 28,700 | | | $ | 24,507 | | | $ | 17,386 | | | $ | 30,548 | | | $ | 28,417 | | | $ | 18,312 | |
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Schedule of Deferred Tax Assets and Liabilities |
The components of the net deferred tax liability are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | IDACORP | | Idaho Power | | | 2020 | | 2019 | | 2020 | | 2019 | | | (thousands of dollars) | Deferred tax assets: | | | | | | | | | Regulatory liabilities | | $ | 95,883 | | | $ | 96,599 | | | $ | 95,883 | | | $ | 96,599 | | | | | | | | | | | Deferred compensation | | 22,576 | | | 21,946 | | | 22,576 | | | 21,946 | | Deferred revenue | | 43,525 | | | 39,039 | | | 43,525 | | | 39,039 | | Tax credits | | 61,707 | | | 76,125 | | | 30,215 | | | 24,489 | | | | | | | | | | | Partnership investments | | 10,189 | | | 7,911 | | | 7,211 | | | 4,912 | | | | | | | | | | | Retirement benefits | | 142,864 | | | 114,124 | | | 142,864 | | | 114,124 | | Other | | 15,005 | | | 11,347 | | | 14,792 | | | 11,107 | | Total | | 391,749 | | | 367,091 | | | 357,066 | | | 312,216 | | Deferred tax liabilities: | | | | | | | | | Property, plant and equipment | | 282,983 | | | 286,583 | | | 282,983 | | | 286,583 | | Regulatory assets | | 687,628 | | | 646,886 | | | 687,628 | | | 646,886 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Partnership investments | | 3,257 | | | 3,565 | | | — | | | — | | Retirement benefits | | 164,399 | | | 132,764 | | | 164,399 | | | 132,764 | | Other | | 53,733 | | | 43,524 | | | 51,202 | | | 40,385 | | Total | | 1,192,000 | | | 1,113,322 | | | 1,186,212 | | | 1,106,618 | | Net deferred tax liabilities | | $ | 800,251 | | | $ | 746,231 | | | $ | 829,146 | | | $ | 794,402 | |
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