Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The fair value of assets and liabilities at March 31, 2026 and December 31, 2025 measured on a recurring basis and the respective category within the fair value hierarchy for IPALCO was determined as follows:


	Fair Value as of March 31, 2026								Fair Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In Thousands)
Financial assets:
VEBA investments:
Money market funds	$	129	$	—	$	—	$	129	$	104	$	—	$	—	$	104
Mutual funds	4,446		—		—		4,446		4,324		—		—		4,324
Total VEBA investments	4,575		—		—		4,575		4,428		—		—		4,428
FTRs	—		—		551		551		—		—		1,584		1,584

Total financial assets measured at fair value	$	4,575	$	—	$	551	$	5,126	$	4,428	$	—	$	1,584	$	6,012

Schedule Of Face And Fair Value Of Debt

The following table shows the face value and the fair value of fixed-rate and variable-rate indebtedness (Level 2) for the periods ending:


	March 31, 2026				December 31, 2025
	Face Value		Fair Value		Face Value		Fair Value
	(In Thousands)
Fixed-rate	$	3,948,800	$	3,826,993	$	3,948,800	$	3,812,563
Variable-rate	30,000		30,129		—		—
Total indebtedness	$	3,978,800	$	3,857,122	$	3,948,800	$	3,812,563

Fair Value, Assets Measured on Recurring Basis

The following table presents a roll forward of financial instruments, measured at fair value on a recurring basis, classified as Level 3 in the fair value hierarchy (note, amounts in this table indicate carrying values, which approximate fair values):


	Three Months Ended March 31,
		2026		2025
		(In Thousands)
Beginning Balance		$	1,584	$	1,526

Settlements		(1,033)		(1,128)
Ending Balance		$	551	$	398