BENEFIT PLANS:

6 Months Ended

Jun. 30, 2025

Retirement Benefits, Description [Abstract]

BENEFIT PLANS

Idaho Power has a noncontributory defined benefit pension plan (pension plan) and two nonqualified defined benefit plans for certain senior management employees called the 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 the pension plan are based on years of service and the employee’s final average earnings. Idaho Power also 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. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended June 30, 2025 and 2024 (in thousands).


	Pension Plan				SMSP				Postretirement Benefits				Total
	2025		2024		2025		2024		2025		2024		2025		2024
Service cost	$	7,858	$	8,183	$	293	$	263	$	167	$	185	$	8,318	$	8,631
Interest cost	13,867		12,794		1,410		1,333		744		721		16,021		14,848
Expected return on plan assets	(17,234)		(16,830)		—		—		(443)		(461)		(17,677)		(17,291)
Amortization of prior service cost	1		62		56		55		343		387		400		504
Amortization of net loss	—		—		172		327		(443)		(352)		(271)		(25)
Net periodic benefit cost	4,492		4,209		1,931		1,978		368		480		6,791		6,667
Regulatory deferral of net periodic benefit cost(1)	(4,265)		(4,025)		—		—		—		—		(4,265)		(4,025)
Previously deferred pension costs recognized(1)	8,795		8,795		—		—		—		—		8,795		8,795
Net periodic benefit cost recognized for financial reporting(1)(2)	$	9,022	$	8,979	$	1,931	$	1,978	$	368	$	480	$	11,321	$	11,437

(1) Net periodic benefit 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 benefit 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 benefit cost recognized for financial reporting, $9.8 million and $9.5 million, respectively, were recognized in "Other operations and maintenance" and $1.5 million and $1.9 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended June 30, 2025 and 2024.



The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the six months ended June 30, 2025 and 2024 (in thousands).
	Pension Plan				SMSP				Postretirement Benefits				Total
	2025		2024		2025		2024		2025		2024		2025		2024
Service cost	$	15,715	$	16,367	$	586	$	526	$	336	$	349	$	16,637	$	17,242
Interest cost	27,734		25,587		2,820		2,666		1,487		1,412		32,041		29,665
Expected return on plan assets	(34,469)		(33,660)		—		—		(893)		(916)		(35,362)		(34,576)
Amortization of prior service cost	3		124		111		110		687		774		801		1,008
Amortization of net loss	—		—		345		655		(883)		(747)		(538)		(92)
Net periodic benefit cost	8,983		8,418		3,862		3,957		734		872		13,579		13,247
Regulatory deferral of net periodic benefit cost(1)	(8,562)		(8,051)		—		—		—		—		(8,562)		(8,051)
Previously deferred pension costs recognized(1)	17,591		17,591		—		—		—		—		17,591		17,591
Net periodic benefit cost recognized for financial reporting(1)(2)	$	18,012	$	17,958	$	3,862	$	3,957	$	734	$	872	$	22,608	$	22,787

(2) Of total net periodic benefit cost recognized for financial reporting, $19.6 million and $18.8 million, respectively, were recognized in "Other operations and maintenance" and $3.0 million and $4.0 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the six months ended June 30, 2025 and 2024.

Idaho Power has no minimum contribution requirement to its defined benefit pension plan in 2025, and during the six months ended June 30, 2025, Idaho Power made no contributions. Idaho Power is considering contributing up to $30 million during 2025 in a continued effort to balance the regulatory collection of these expenditures with the amount and timing of contributions, as well as to mitigate the cost of being in an underfunded position. The primary impact of pension contributions is on the timing of cash flows, as the timing of cost recovery lags behind contributions.

Idaho Power also has an Employee Savings Plan that complies with Section 401(k) of the Internal Revenue Code and covers substantially all employees. Idaho Power matches specified percentages of employee contributions to the Employee Savings Plan.

- Definition

The entire disclosure for retirement benefits.

+ References

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