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BENEFIT PLANS: Benefit Plans Level 3 (Tables)
 12 Months Ended
Dec. 31, 2023
Defined Benefit Plan Disclosure  
Schedule of Accumulated Other Comprehensive Income (Loss) The table below presents changes in components of AOCI, net of tax, during the years ended December 31, 2023, 2022, and 2021 (in thousands of dollars). Items in parentheses indicate reductions to AOCI.
Year Ended December 31,
202320222021
Defined benefit pension items
Balance at beginning of period$(12,922)$(40,040)$(43,358)
Other comprehensive income before reclassifications, net of tax of $(1,680), $8,239, and $(8)
(4,848)23,770 (25)
Amounts reclassified out of AOCI to net income, net of tax of $203, $1,160, and $1,158
586 3,348 3,343 
Net current-period other comprehensive income(4,262)27,118 3,318 
Balance at end of period$(17,184)$(12,922)$(40,040)
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, 2023 and 2022 (in thousands of dollars): 
December 31, 2023December 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:    
Money market funds and commercial paper
IDACORP(1)
$32,472 $— $— $32,472 $16,505 $— $— $16,505 
Idaho Power230,600 — — 230,600 34,468 — — 34,468 
Derivatives89 — — 89 40,518 400 — 40,918 
Equity securities37,320 — — 37,320 34,129 — — 34,129 
IDACORP assets measured at NAV (not subject to hierarchy disclosure)(1)
— — — 3,751 — — — 2,796 
Liabilities:
Derivatives$3,932 $2,000 $— $5,932 $2,937 $3,851 $— $6,788 
(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
 202320222023202220232022
Discount rate5.10 %5.45 %5.20 %5.50 %5.15 %5.45 %
Rate of compensation increase(1)
4.43 %4.49 %4.75 %4.75 %— — 
Medical trend rate— — — 7.1 %6.7 %
Dental trend rate— — — 3.5 %3.5 %
Measurement date12/31/202312/31/202212/31/202312/31/202212/31/202312/31/2022
(1) The 2023 rate of compensation increase assumption for the pension plan includes an inflation component of 2.40% plus a 2.03% composite merit increase component that is based on employees' years of service. Merit salary increases are assumed to be 10.6% for employees in their first year of service and scale down to 3.4% for employees in their fortieth year of service and beyond.
Net Periodic Benefit Cost [Member]  
Defined Benefit Plan Disclosure  
Schedule of Assumptions Used
The following table sets forth the weighted-average assumptions used to determine net periodic benefit cost for all Idaho Power-sponsored pension and postretirement benefit plans: 
Pension PlanSMSPPostretirement
Benefits
 202320222021202320222021202320222021
Discount rate5.45 %3.05 %2.80 %5.50 %3.00 %2.70 %5.45 %2.95 %2.70 %
Expected long-term rate of return on assets
7.40 %7.40 %7.40 %— — — 6.00 %6.00 %6.00 %
Rate of compensation increase4.49 %4.49 %4.49 %4.75 %4.75 %4.75 %— — %— %
Medical trend rate— — — — — — 6.7 %5.8 %6.3 %
Dental trend rate— — — — — — 3.5 %3.5 %3.5 %
Pension Plan  
Defined Benefit Plan Disclosure  
Schedule of Defined Benefit Plans Disclosures
The following table summarizes the changes in benefit obligations and plan assets of these plans (in thousands of dollars): 
 Pension PlanSMSP
 2023202220232022
 
Change in projected benefit obligation:    
Benefit obligation at January 1$953,769 $1,346,530 $99,976 $133,012 
Service cost29,843 52,025 612 1,185 
Interest cost51,277 39,670 5,322 3,897 
Actuarial loss (gain)41,539 (438,297)6,518 (32,009)
Plan amendment— — 11 — 
Benefits paid(48,412)(46,159)(6,630)(6,109)
Projected benefit obligation at December 311,028,016 953,769 105,809 99,976 
Change in plan assets:  
Fair value at January 1839,728 984,464 — — 
Actual return on plan assets78,197 (138,577)— — 
Employer contributions48,000 40,000 — — 
Benefits paid(48,412)(46,159)— — 
Fair value at December 31917,513 839,728 — — 
Funded status at end of year$(110,503)$(114,041)$(105,809)$(99,976)
Amounts recognized in the balance sheet consist of:    
Other current liabilities$— $— $(6,608)$(6,514)
Noncurrent liabilities(110,503)(114,041)(99,201)(93,462)
Net amount recognized
$(110,503)$(114,041)$(105,809)$(99,976)
Amounts recognized in AOCI consist of:    
Net loss$108,334 $83,263 $21,074 $15,127 
Prior service cost31 37 2,200 2,408 
Subtotal108,365 83,300 23,274 17,535 
Less amount recorded as regulatory asset(1)
(108,365)(83,300)— — 
Net amount recognized in AOCI$— $— $23,274 $17,535 
Accumulated benefit obligation$892,325 $837,377 $99,786 $93,995 
(1) Changes in the funded status of the pension plan that would be recorded in AOCI for an unregulated entity are recorded as a regulatory asset for Idaho Power as Idaho Power believes it is probable that an amount equal to the regulatory asset will be collected through the setting of future rates.
Schedule of Costs of Retirement Plans
The following table shows the components of net periodic pension cost for these plans (in thousands of dollars). For purposes of calculating the expected return on plan assets, the market-related value of assets is equal to the fair value of the assets.
 Pension PlanSMSP
 202320222021202320222021
Service cost$29,843 $52,025 $54,202 $612 $1,185 $813 
Interest cost51,277 39,670 37,317 5,322 3,897 3,557 
Expected return on assets(61,728)(72,348)(64,090)— — — 
Amortization of net loss— 12,273 23,796 570 4,229 4,205 
Amortization of prior service cost6 6 6 219 279 296 
Net periodic pension cost19,398 31,626 51,231 6,723 9,590 8,871 
Regulatory deferral of net periodic pension cost(1)
(18,553)(30,197)(48,962)— — — 
Previously deferred pension cost recognized(1)
17,154 17,154 17,154 — — — 
Net periodic pension cost recognized for financial reporting(1)(2)
$17,999 $18,583 $19,423 $6,723 $9,590 $8,871 
(1) Net periodic pension costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under an IPUC order, the Idaho portion of net periodic pension cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates.
(2)  Of total net periodic pension cost recognized for financial reporting $18.2 million, $19.0 million, and $17.8 million respectively, was recognized in "Other operations and maintenance" and $6.5 million, $9.2 million, and $10.5 million respectively, was recognized in "Other (income) expense, net" on the consolidated statements of income of the companies for the twelve months ended December 31, 2023, 2022, and 2021.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table shows the components of other comprehensive income (loss) for the plans (in thousands of dollars):
 Pension PlanSMSP
 202320222021202320222021
Actuarial (loss) gain during the year$(25,071)$227,372 $91,156 $(6,517)$32,009 $(33)
Plan amendment service cost— — — (11)— — 
Reclassification adjustments for:
Amortization of net loss— 12,273 23,796 570 4,229 4,205 
Amortization of prior service cost6 6 6 219 279 296 
Adjustment for deferred tax effects6,452 (61,686)(29,590)1,477 (9,399)(1,150)
Adjustment due to the effects of regulation
18,613 (177,965)(85,368)— — — 
Other comprehensive income (loss) recognized related to pension benefit plans$— $— $— $(4,262)$27,118 $3,318 
Schedule of Expected Benefit Payments
The following table summarizes the expected future benefit payments of these plans (in thousands of dollars):
 202420252026202720282029-2033
Pension Plan$49,316 $50,736 $52,275 $53,777 $55,322 $303,171 
SMSP6,608 6,761 6,847 6,887 6,975 36,320 
Schedule of Allocation of Plan Assets
Pension Asset Allocation Policy: The target allocation and actual allocations at December 31, 2023, for the pension asset portfolio by asset class is set forth below:
Asset ClassTarget
Allocation		Actual
Allocation
December 31, 2023
Debt securities25 %24 %
Equity securities56 %60 %
Real estate8 %8 %
Other plan assets11 %8 %
Total100 %100 %
Postretirement Benefits  
Defined Benefit Plan Disclosure  
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table shows the components of other comprehensive income for the plan (in thousands of dollars):
 202320222021
Actuarial gain during the year$7,572 $12,908 $9,718 
Prior service cost arising during the year— (8,065)— 
Reclassification adjustments for:
Amortization of net loss(1,237)(31)— 
Amortization of prior service cost1,665 295 47 
Immediate recognition of loss from temporary deviation(1)
— — 4,736 
Adjustment for deferred tax effects(2,059)(1,315)(2,514)
Adjustment due to the effects of regulation
(5,941)(3,792)(11,987)
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):
 20232022
Change in accumulated benefit obligation:  
Benefit obligation at January 1$59,099 $74,075 
Service cost658 1,071 
Interest cost2,980 2,112 
Actuarial gain(2,004)(21,845)
Benefits paid(1)
(4,669)(4,379)
Plan amendments— 8,065 
Benefit obligation at December 3156,064 59,099 
Change in plan assets:  
Fair value of plan assets at January 128,565 41,464 
Actual return on plan assets7,219 (6,586)
Employer contributions(1)
690 (1,934)
Benefits paid(1)
(4,670)(4,379)
Fair value of plan assets at December 3131,804 28,565 
Funded status at end of year (included in noncurrent liabilities)$(24,260)$(30,534)
(1) Contributions and benefits paid are each net of $2.6 million and $2.9 million of plan participant contributions for 2023 and 2022, respectively.
Schedule of Accumulated Other Comprehensive Income (Loss)
Amounts recognized in AOCI consist of the following (in thousands of dollars):
 20232022
Net gain$(27,231)$(20,896)
Prior service cost6,184 7,849 
Subtotal(21,047)(13,047)
Less amount recognized in regulatory assets21,047 13,047 
Net amount recognized in AOCI$— $— 
Schedule of Net Benefit Costs
The net periodic postretirement benefit cost was as follows (in thousands of dollars):

 202320222021
Service cost$658 $1,071 $1,063 
Interest cost2,980 2,112 2,059 
Expected return on plan assets(1,650)(2,351)(2,395)
Immediate recognition of loss from temporary deviation(1)
— — 4,736 
Amortization of net loss(1,237)(31)— 
Amortization of prior service cost1,665 295 47 
Net periodic postretirement benefit cost$2,416 $1,096 $5,510 
(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):
 202420252026202720282028-2032
Expected benefit payments$4,909 $4,734 $4,556 $4,386 $4,277 $19,988 
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, 2023    
Cash and cash equivalents$28,830 $— $— $28,830 
Intermediate bonds35,747 182,280 — 218,027 
Equity Securities: Large-Cap93,879 — — 93,879 
Equity Securities: Mid-Cap105,700 — — 105,700 
Equity Securities: Small-Cap75,596 — — 75,596 
Equity Securities: Micro-Cap37,759 — — 37,759 
Equity Securities: Global and International58,401 — — 58,401 
Equity Securities: Emerging Markets7,850 — — 7,850 
Plan assets measured at NAV (not subject to hierarchy disclosure)
Commingled Fund: Equity Securities: Global and International131,921 
Commingled Fund: Equity Securities: Emerging Markets40,398 
Direct Lending Fund: Fixed Income2,970 
Real estate74,426 
Private market investments41,756 
Total$443,762 $182,280 $— $917,513 
Postretirement plan assets(1)
$1,726 $30,078 $— $31,804 
 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 
(1) The postretirement benefits assets are primarily life insurance contracts.