Document and Entity Information
Document and Entity Information Document and Entity Information - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 16, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||||
Public Utilities, Allowance for Funds Used During Construction, Rate | 7.60% | 7.60% | 7.60% | ||
Trading Symbol | IDA | ||||
Entity Registrant Name | IDACORP INC. | ||||
Entity Central Index Key | 1,057,877 | ||||
Current Fiscal Year End Date | --12-31 | ||||
Entity Filer Category | Large Accelerated Filer | ||||
Document Type | 10-K | ||||
Document Period End Date | Dec. 31, 2017 | ||||
Document Fiscal Year Focus | 2,017 | ||||
Document Fiscal Period Focus | FY | ||||
Amendment Flag | false | ||||
Entity Common Stock, Shares Outstanding | 50,392,360 | ||||
I.R.S. Employer Identification No. | 820,505,802 | ||||
LatestPracticableDate | Feb. 16, 2018 | ||||
Entity Well-known Seasoned Issuer | Yes | ||||
Entity Voluntary Filers | No | ||||
Entity Current Reporting Status | Yes | ||||
Entity Public Float | $ 4,258,357,592 | ||||
Idaho Power Company | |||||
Document Information [Line Items] | |||||
Entity Registrant Name | Idaho Power Company | ||||
Entity Central Index Key | 49,648 | ||||
Entity Filer Category | Non-accelerated Filer | ||||
Entity Common Stock, Shares Outstanding | 39,150,812 | ||||
I.R.S. Employer Identification No. | 820,130,980 | ||||
Entity Well-known Seasoned Issuer | No |
Consolidated Statements of Inco
Consolidated Statements of Income Statement - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Revenues: | |||
General business | $ 1,205,976 | $ 1,145,993 | $ 1,151,038 |
Off-system sales | 33,382 | 25,205 | 30,887 |
Other revenues | 105,535 | 88,155 | 85,580 |
Total electric utility revenues | 1,344,893 | 1,259,353 | 1,267,505 |
Other | 4,593 | 2,667 | 2,784 |
Total operating revenues | 1,349,486 | 1,262,020 | 1,270,289 |
Operating Expenses: | |||
Purchased power | 248,950 | 245,764 | 226,470 |
Fuel expense | 145,829 | 179,491 | 186,231 |
Power cost adjustment | 52,024 | (5,330) | 16,766 |
Other operations and maintenance | 349,725 | 351,893 | 342,146 |
Energy efficiency programs | 39,241 | 33,754 | 30,532 |
Depreciation | 162,091 | 143,661 | 138,110 |
Taxes other than income taxes | 34,089 | 32,823 | 32,808 |
Total electric utility expenses | 1,031,949 | 982,056 | 973,063 |
Other | 13,186 | 8,188 | 15,129 |
Total operating expenses | 1,045,135 | 990,244 | 988,192 |
Operating Income | 304,351 | 271,776 | 282,097 |
Other Income (Expense): | |||
Allowance for equity funds used during construction | 20,784 | 22,031 | 21,785 |
Earnings of Unconsolidated Equity-Method Investments | 11,374 | 12,871 | 11,128 |
Other expense, net | 9,085 | 9,874 | 7,159 |
Total other income | 23,741 | 27,664 | 25,905 |
Interest Expense: | |||
Interest on long-term debt | 81,198 | 81,956 | 83,056 |
Other interest | 11,242 | 10,273 | 8,922 |
Allowance for borrowed funds used during construction | (8,694) | (10,194) | (10,044) |
Total interest expense, net | 83,746 | 82,035 | 81,934 |
Income Before Income Taxes | 261,848 | 234,517 | 240,235 |
Income Tax Expense | 48,660 | 36,429 | 45,760 |
Net Income | 213,188 | 198,088 | 194,475 |
Adjustment for loss (income) attributable to noncontrolling interests | (769) | 200 | 204 |
Net Income Attributable to IDACORP, Inc. | $ 212,419 | $ 198,288 | $ 194,679 |
Weighted Average Common Shares Outstanding - Basic (000’s) (in shares) | 50,361 | 50,298 | 50,220 |
Weighted Average Common Shares Outstanding - Diluted (000’s) (in shares) | 50,424 | 50,373 | 50,292 |
Earnings Per Share of Common Stock: | |||
Earnings Attributable to IDACORP, Inc. - Basic (in dollars per share) | $ 4.22 | $ 3.94 | $ 3.88 |
Earnings Attributable to IDACORP, Inc. - Diluted (in dollars per share) | $ 4.21 | $ 3.94 | $ 3.87 |
Idaho Power Company | |||
Operating Revenues: | |||
General business | $ 1,205,976 | $ 1,145,993 | $ 1,151,038 |
Off-system sales | 33,382 | 25,205 | 30,887 |
Other revenues | 105,535 | 88,155 | 85,580 |
Total electric utility revenues | 1,344,893 | 1,259,353 | 1,267,505 |
Operating Expenses: | |||
Purchased power | 248,950 | 245,764 | 226,470 |
Fuel expense | 145,829 | 179,491 | 186,231 |
Power cost adjustment | 52,024 | (5,330) | 16,766 |
Other operations and maintenance | 349,725 | 351,893 | 342,146 |
Energy efficiency programs | 39,241 | 33,754 | 30,532 |
Depreciation | 162,091 | 143,661 | 138,110 |
Taxes other than income taxes | 34,089 | 32,823 | 32,808 |
Total electric utility expenses | 1,031,949 | 982,056 | 973,063 |
Operating Income | 312,944 | 277,297 | 294,442 |
Other Income (Expense): | |||
Allowance for equity funds used during construction | 20,784 | 22,031 | 21,785 |
Earnings of Unconsolidated Equity-Method Investments | 9,267 | 10,855 | 9,773 |
Other expense, net | (1,726) | (1,944) | (5,071) |
Total other income | 28,325 | 30,942 | 26,487 |
Interest Expense: | |||
Interest on long-term debt | 81,198 | 81,956 | 83,056 |
Other interest | 11,156 | 10,050 | 8,706 |
Allowance for borrowed funds used during construction | (8,694) | (10,194) | (10,044) |
Total interest expense, net | 83,660 | 81,812 | 81,718 |
Income Before Income Taxes | 257,609 | 226,427 | 239,211 |
Income Tax Expense | 51,262 | 37,185 | 48,228 |
Net Income | $ 206,347 | $ 189,242 | $ 190,983 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Income | $ 213,188 | $ 198,088 | $ 194,475 |
Other Comprehensive Income: | |||
Unfunded pension liability adjustment, net of tax | (5,990) | 394 | 2,882 |
Total Comprehensive Income | 207,198 | 198,482 | 197,357 |
Comprehensive loss (income) attributable to noncontrolling interests | (769) | 200 | 204 |
Comprehensive Income Attributable to IDACORP, Inc. | 206,429 | 198,682 | 197,561 |
Idaho Power Company | |||
Net Income | 206,347 | 189,242 | 190,983 |
Other Comprehensive Income: | |||
Unfunded pension liability adjustment, net of tax | (5,990) | 394 | 2,882 |
Total Comprehensive Income | $ 200,357 | $ 189,636 | $ 193,865 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $ (1,555) | $ 253 | $ 1,851 |
Idaho Power Company | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $ (1,555) | $ 253 | $ 1,851 |
Consolidated Balance Sheets Sta
Consolidated Balance Sheets Statement - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 76,649 | $ 61,480 |
Receivables: | ||
Customer | 75,249 | 71,557 |
Other | 30,438 | 15,280 |
Income taxes receivable | 8,147 | 12,781 |
Accrued unbilled revenues | 75,120 | 80,738 |
Materials and supplies (at average cost) | 55,745 | 57,858 |
Fuel stock (at average cost) | 56,638 | 53,698 |
Prepayments | 16,984 | 18,389 |
Current regulatory assets | 48,613 | 62,570 |
Other | 18 | 5,961 |
Total current assets | 443,601 | 440,312 |
Investments | 115,698 | 125,164 |
Property, Plant and Equipment: | ||
Utility plant in service | 5,906,162 | 5,732,044 |
Accumulated provision for depreciation | (2,098,274) | (1,988,477) |
Utility plant in service - net | 3,807,888 | 3,743,567 |
Construction work in progress | 452,424 | 405,069 |
Utility plant held for future use | 8,075 | 7,441 |
Other property, net of accumulated depreciation | 15,488 | 15,922 |
Property, plant and equipment - net | 4,283,875 | 4,171,999 |
Other Assets: | ||
Company-owned life insurance | 59,323 | 57,553 |
Regulatory assets | 1,083,483 | 1,409,329 |
Long-term receivables | 4,307 | 23,482 |
Other | 55,118 | 62,058 |
Total other assets | 1,202,231 | 1,552,422 |
Total | 6,045,405 | 6,289,897 |
Current Liabilities: | ||
Current maturities of long-term debt | 0 | 1,064 |
Notes payable | 0 | 21,800 |
Accounts payable | 90,277 | 106,194 |
Taxes accrued | 11,075 | 11,348 |
Interest accrued | 22,379 | 22,377 |
Accrued compensation | 47,018 | 45,787 |
Current regulatory liabilities | 1,404 | 9,944 |
Advances from customers | 18,414 | 21,438 |
Other | 10,182 | 9,763 |
Total current liabilities | 200,749 | 249,715 |
Other Liabilities: | ||
Deferred income taxes | 660,940 | 1,244,250 |
Regulatory liabilities | 698,044 | 436,845 |
Pension and other postretirement benefits | 438,869 | 411,523 |
Other | 44,566 | 45,084 |
Total other liabilities | 1,842,419 | 2,137,702 |
Long-Term Debt | 1,746,123 | 1,744,614 |
Commitments and Contingencies | ||
Equity: | ||
Common stock | 857,207 | 851,833 |
Retained earnings | 1,426,528 | 1,323,198 |
Accumulated other comprehensive loss | (30,964) | (20,882) |
Treasury stock | (1,386) | (243) |
Total IDACORP, Inc. shareholders’ equity | 2,251,385 | 2,153,906 |
Noncontrolling interests | 4,729 | 3,960 |
Total equity | 2,256,114 | 2,157,866 |
Total | 6,045,405 | 6,289,897 |
Idaho Power Company | ||
Current Assets: | ||
Cash and cash equivalents | 44,646 | 44,140 |
Receivables: | ||
Customer | 75,249 | 71,557 |
Other | 30,274 | 7,555 |
Income taxes receivable | 26,492 | 23,334 |
Accrued unbilled revenues | 75,120 | 80,738 |
Materials and supplies (at average cost) | 55,745 | 57,858 |
Fuel stock (at average cost) | 56,638 | 53,698 |
Prepayments | 16,866 | 18,270 |
Current regulatory assets | 48,613 | 62,570 |
Other | 18 | 5,962 |
Total current assets | 429,661 | 425,682 |
Property, Plant and Equipment: | ||
Utility plant in service | 5,906,162 | 5,732,044 |
Accumulated provision for depreciation | (2,098,274) | (1,988,477) |
Utility plant in service - net | 3,807,888 | 3,743,567 |
Construction work in progress | 452,424 | 405,069 |
Utility plant held for future use | 8,075 | 7,441 |
Property, plant and equipment - net | 4,268,387 | 4,156,077 |
Investments and Other Property | 99,904 | 107,379 |
Other Assets: | ||
Company-owned life insurance | 59,323 | 57,553 |
Regulatory assets | 1,083,483 | 1,409,329 |
Long-term receivables | 503 | 19,677 |
Other | 54,174 | 61,047 |
Total other assets | 1,197,483 | 1,547,606 |
Total | 5,995,435 | 6,236,744 |
Current Liabilities: | ||
Current maturities of long-term debt | 0 | 1,064 |
Notes payable | 0 | 21,800 |
Accounts payable | 89,978 | 105,846 |
Accounts payable to related parties | 57,562 | 1,056 |
Taxes accrued | 10,904 | 11,348 |
Interest accrued | 22,379 | 22,377 |
Accrued compensation | 46,832 | 45,622 |
Current regulatory liabilities | 1,404 | 9,944 |
Advances from customers | 18,414 | 21,438 |
Other | 9,556 | 9,103 |
Total current liabilities | 257,029 | 249,598 |
Other Liabilities: | ||
Deferred income taxes | 725,942 | 1,351,415 |
Regulatory liabilities | 698,044 | 436,845 |
Pension and other postretirement benefits | 438,869 | 411,523 |
Other | 43,652 | 44,046 |
Total other liabilities | 1,906,507 | 2,243,829 |
Long-Term Debt | 1,746,123 | 1,744,614 |
Commitments and Contingencies | ||
Equity: | ||
Common stock | 97,877 | 97,877 |
Premium on capital stock | 712,258 | 712,258 |
Capital stock expense | (2,097) | (2,097) |
Retained earnings | 1,308,702 | 1,211,547 |
Accumulated other comprehensive loss | (30,964) | (20,882) |
Total equity | 2,085,776 | 1,998,703 |
Total capitalization | 3,831,899 | 3,743,317 |
Total | $ 5,995,435 | $ 6,236,744 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for Doubtful Accounts Receivable, Current | $ 2,013 | $ 968 |
Allowance for Doubtful Other Receivables, Current | 180 | 164 |
Allowance for Doubtful Accounts Receivable, Noncurrent | $ 402 | $ 402 |
Common Stock, No Par Value | ||
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Shares, Issued | 50,420,017 | 50,420,017 |
Treasury Stock, Shares | 27,657 | 23,244 |
Idaho Power Company | ||
Allowance for Doubtful Accounts Receivable, Current | $ 2,013 | $ 968 |
Allowance for Doubtful Other Receivables, Current | $ 180 | $ 164 |
Common Stock, Par or Stated Value Per Share | $ 2.50 | $ 2.50 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 39,150,812 | 39,150,812 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities: | |||
Net Income | $ 213,188 | $ 198,088 | $ 194,475 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 165,933 | 147,294 | 142,581 |
Deferred income taxes and investment tax credits | 33,245 | 35,732 | 38,645 |
Changes in regulatory assets and liabilities | 57,131 | (5,650) | 13,699 |
Pension and postretirement benefit plan expense | 28,911 | 29,581 | 30,207 |
Contributions to pension and postretirement benefit plans | (46,589) | (45,301) | (42,843) |
Earnings of unconsolidated equity-method investments | (11,374) | (12,871) | (11,128) |
Distributions from unconsolidated equity-method investments | 24,975 | 25,641 | 12,458 |
Allowance for equity funds used during construction | (20,784) | (22,031) | (21,785) |
Gain on sale of investments and assets | (131) | (103) | (97) |
Other non-cash adjustments to net income, net | 8,454 | 5,108 | 2,788 |
Change in: | |||
Accounts receivable | 4,005 | (2,671) | 4,740 |
Accounts payable and other accrued liabilities | (17,208) | 13,300 | 2,440 |
Taxes accrued/receivable | 4,361 | 662 | 818 |
Other current assets | 2,814 | (10,887) | (14,861) |
Other current liabilities | 1,017 | (3,283) | 403 |
Other assets | (8,835) | (3,897) | 3,021 |
Other liabilities | (1,093) | (1,006) | (2,367) |
Net cash provided by operating activities | 438,020 | 347,706 | 353,194 |
Investing Activities: | |||
Additions to property, plant and equipment | (285,488) | (296,950) | (294,021) |
Payments received from transmission project joint funding partners | 6,074 | 7,586 | 11,377 |
Purchase of available-for-sale securities | (11,356) | (14,917) | (14,106) |
Proceeds from sale of available-for-sale securities | 4,989 | 15,693 | 34,243 |
Purchase of life insurance investment | 0 | (10,000) | (30,000) |
Other | 2,481 | 1,144 | 801 |
Net cash used in investing activities | (283,300) | (297,444) | (291,706) |
Financing Activities: | |||
Issuance of long-term debt | 0 | 120,000 | 250,000 |
Retirement of long-term debt | (1,064) | (101,064) | (121,064) |
Dividends on common stock | (113,127) | (104,984) | (96,810) |
Net change in short-term borrowings | (21,800) | 1,800 | (11,300) |
Acquisition of treasury stock | (3,212) | (3,329) | (3,277) |
Make-whole premium on retirement of long-term debt | 0 | (13,895) | (17,872) |
Other | (348) | (2,112) | (3,171) |
Net cash used in financing activities | (139,551) | (103,584) | (3,494) |
Net increase (decrease) in cash and cash equivalents | 15,169 | (53,322) | 57,994 |
Cash and cash equivalents at beginning of the year | 61,480 | 114,802 | 56,808 |
Cash and cash equivalents at end of the year | 76,649 | 61,480 | 114,802 |
Cash paid during the period for: | |||
Income taxes | 14,742 | 3,302 | 8,857 |
Interest (net of amount capitalized) | 80,004 | 78,334 | 79,442 |
Non-cash investing activities: | |||
Additions to property, plant and equipment in accounts payable | 33,220 | 34,603 | 23,840 |
Idaho Power Company | |||
Operating Activities: | |||
Net Income | 206,347 | 189,242 | 190,983 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 165,337 | 146,694 | 141,972 |
Deferred income taxes and investment tax credits | (10,875) | 25,780 | 25,702 |
Changes in regulatory assets and liabilities | 57,131 | (5,651) | 13,699 |
Pension and postretirement benefit plan expense | 28,894 | 29,597 | 30,185 |
Contributions to pension and postretirement benefit plans | (46,573) | (45,317) | (42,821) |
Earnings of unconsolidated equity-method investments | (9,267) | (10,855) | (9,773) |
Distributions from unconsolidated equity-method investments | 23,000 | 23,716 | 10,833 |
Allowance for equity funds used during construction | (20,784) | (22,031) | (21,785) |
Gain on sale of investments and assets | (131) | (103) | (97) |
Other non-cash adjustments to net income, net | 1,069 | (454) | (687) |
Change in: | |||
Accounts receivable | (2,321) | 3,590 | 1,998 |
Accounts payable and other accrued liabilities | 38,111 | 13,308 | 2,646 |
Taxes accrued/receivable | (3,601) | (17,299) | 17,179 |
Other current assets | 2,812 | (10,902) | (14,849) |
Other current liabilities | 996 | (3,322) | 443 |
Other assets | (8,835) | (3,897) | 3,021 |
Other liabilities | (967) | (829) | (2,222) |
Net cash provided by operating activities | 420,343 | 311,267 | 346,427 |
Investing Activities: | |||
Additions to property, plant and equipment | (285,471) | (296,948) | (293,968) |
Payments received from transmission project joint funding partners | 6,074 | 7,586 | 11,377 |
Purchase of available-for-sale securities | (11,356) | (14,917) | (14,106) |
Proceeds from sale of available-for-sale securities | 4,989 | 15,693 | 34,243 |
Purchase of life insurance investment | 0 | (10,000) | (30,000) |
Other | 2,316 | 1,000 | 706 |
Net cash used in investing activities | (283,448) | (297,586) | (291,748) |
Financing Activities: | |||
Issuance of long-term debt | 0 | 120,000 | 250,000 |
Retirement of long-term debt | (1,064) | (101,064) | (121,064) |
Dividends on common stock | (113,284) | (105,121) | (96,907) |
Net change in short-term borrowings | (21,800) | 21,800 | 0 |
Make-whole premium on retirement of long-term debt | 0 | (13,895) | (17,872) |
Other | (241) | (2,017) | (4,775) |
Net cash used in financing activities | (136,389) | (80,297) | 9,382 |
Net increase (decrease) in cash and cash equivalents | 506 | (66,616) | 64,061 |
Cash and cash equivalents at beginning of the year | 44,140 | 110,756 | 46,695 |
Cash and cash equivalents at end of the year | 44,646 | 44,140 | 110,756 |
Cash paid during the period for: | |||
Income taxes | 12,444 | 29,341 | 7,487 |
Interest (net of amount capitalized) | 79,918 | 78,111 | 79,226 |
Non-cash investing activities: | |||
Additions to property, plant and equipment in accounts payable | $ 33,220 | $ 34,603 | $ 23,840 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Treasury Stock |
Balance at beginning of year at Dec. 31, 2014 | $ 845,402 | |||
Common Stock [Abstract] | ||||
Cumulative effect of accounting change | $ 0 | 0 | $ 0 | |
Share-based compensation expense and other | 3,710 | |||
Balance at end of year at Dec. 31, 2015 | 849,112 | |||
Balance at beginning of year at Dec. 31, 2014 | 1,132,237 | |||
Retained Earnings (Accumulated Deficit) [Abstract] | ||||
Cumulative effect of accounting change | 0 | 0 | 0 | |
Net income attributable to IDACORP, Inc. | 194,679 | 194,679 | ||
Common stock dividends ($2.08, $1.92, and $1.76 per share, respectively) | (96,811) | |||
Balance at end of year at Dec. 31, 2015 | 1,230,105 | |||
AOCI - Beginning Balance at Dec. 31, 2014 | (24,158) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Cumulative effect of accounting change | 0 | 0 | 0 | |
Unfunded pension liability adjustment, net of tax | 2,882 | |||
AOCI - Ending Balance at Dec. 31, 2015 | (21,276) | |||
Balance at beginning of year at Dec. 31, 2014 | $ 280 | |||
Treasury Stock, Value [Abstract] | ||||
Issued | 3,500 | |||
Acquired | (3,277) | |||
Balance at end of year at Dec. 31, 2015 | 57 | |||
Balance at beginning of year at Dec. 31, 2014 | 4,364 | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ||||
Net (loss) income attributable to noncontrolling interests | (204) | |||
Balance at end of year at Dec. 31, 2015 | 4,160 | |||
Treasury Stock, Value [Abstract] | ||||
Total IDACORP, Inc. shareholders’ equity at end of year | 2,057,884 | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ||||
Total equity at end of year | 2,062,044 | |||
Cumulative effect of accounting change | 0 | (234) | (234) | |
Share-based compensation expense and other | 2,487 | |||
Balance at end of year at Dec. 31, 2016 | 851,833 | 851,833 | ||
Retained Earnings (Accumulated Deficit) [Abstract] | ||||
Cumulative effect of accounting change | 0 | (234) | (234) | |
Net income attributable to IDACORP, Inc. | 198,288 | 198,288 | ||
Common stock dividends ($2.08, $1.92, and $1.76 per share, respectively) | (104,961) | |||
Balance at end of year at Dec. 31, 2016 | 1,323,198 | 1,323,198 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Cumulative effect of accounting change | 0 | (234) | (234) | |
Unfunded pension liability adjustment, net of tax | 394 | |||
AOCI - Ending Balance at Dec. 31, 2016 | (20,882) | |||
Treasury Stock, Value [Abstract] | ||||
Issued | 3,143 | |||
Acquired | (3,329) | |||
Balance at end of year at Dec. 31, 2016 | 243 | 243 | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ||||
Net (loss) income attributable to noncontrolling interests | (200) | |||
Balance at end of year at Dec. 31, 2016 | 3,960 | |||
Treasury Stock, Value [Abstract] | ||||
Total IDACORP, Inc. shareholders’ equity at end of year | 2,153,906 | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ||||
Total equity at end of year | 2,157,866 | |||
Cumulative effect of accounting change | 4,092 | 0 | (4,092) | |
Share-based compensation expense and other | 5,374 | |||
Balance at end of year at Dec. 31, 2017 | 857,207 | 857,207 | ||
Retained Earnings (Accumulated Deficit) [Abstract] | ||||
Cumulative effect of accounting change | 4,092 | 0 | (4,092) | |
Net income attributable to IDACORP, Inc. | 212,419 | 212,419 | ||
Common stock dividends ($2.08, $1.92, and $1.76 per share, respectively) | (113,181) | |||
Balance at end of year at Dec. 31, 2017 | 1,426,528 | 1,426,528 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Cumulative effect of accounting change | 4,092 | $ 0 | $ (4,092) | |
Unfunded pension liability adjustment, net of tax | (5,990) | |||
AOCI - Ending Balance at Dec. 31, 2017 | (30,964) | |||
Treasury Stock, Value [Abstract] | ||||
Issued | 2,069 | |||
Acquired | (3,212) | |||
Balance at end of year at Dec. 31, 2017 | 1,386 | $ 1,386 | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ||||
Net (loss) income attributable to noncontrolling interests | 769 | |||
Balance at end of year at Dec. 31, 2017 | 4,729 | |||
Treasury Stock, Value [Abstract] | ||||
Total IDACORP, Inc. shareholders’ equity at end of year | 2,251,385 | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ||||
Total equity at end of year | $ 2,256,114 |
Consolidated Statements of Equ9
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 2.08 | $ 1.92 | $ 1.76 |
Consolidated Statements of Reta
Consolidated Statements of Retained Earnings - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Retained Earnings [Roll Forward] | ||
Net Income | $ 198,088 | $ 194,475 |
Cumulative effect of accounting change | 0 | 0 |
Balance at end of year | 1,323,198 | |
Idaho Power Company | ||
Retained Earnings [Roll Forward] | ||
Balance at beginning of year | 1,127,426 | 1,033,350 |
Net Income | 189,242 | 190,983 |
Dividends on Common Stock | (105,121) | (96,907) |
Cumulative effect of accounting change | 0 | 0 |
Balance at end of year | $ 1,211,547 | $ 1,127,426 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This Annual Report on Form 10-K is a combined report of IDACORP, Inc. (IDACORP) and Idaho Power Company (Idaho Power). Therefore, these Notes to the Consolidated Financial Statements apply to both IDACORP and Idaho Power. However, Idaho Power makes no representation as to the information relating to IDACORP’s other operations. Nature of Business IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sales, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the Federal Energy Regulatory Commission (FERC). Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint venturer in Bridger Coal Company (BCC), which mines and supplies coal to the Jim Bridger generating plant owned in part by Idaho Power. IDACORP’s other significant wholly-owned subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate investments, and Ida-West Energy Company (Ida-West), an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA). Principles of Consolidation IDACORP’s and Idaho Power’s consolidated financial statements include the assets, liabilities, revenues and expenses of each company and its wholly-owned subsidiaries listed above, as well as any variable interest entities (VIEs) for which the respective company is the primary beneficiary. Investments in VIEs for which the companies are not the primary beneficiaries, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method of accounting. IDACORP also consolidates one variable interest entity (VIE), Marysville Hydro Partners (Marysville), which is a joint venture owned 50 percent by Ida-West and 50 percent by Environmental Energy Company (EEC). At December 31, 2017 , Marysville had approximately $18 million of assets, primarily a hydroelectric plant, and approximately $9 million of intercompany long-term debt, which is eliminated in consolidation. EEC has borrowed amounts from Ida-West to fund a portion of its required capital contributions to Marysville. The loans are payable from EEC’s share of distributions from Marysville and are secured by the stock of EEC and EEC’s interest in Marysville. Ida-West is identified as the primary beneficiary because the combination of its ownership interest in the joint venture with the intercompany note and the EEC note result in Ida-West's ability to control the activities of the joint venture. Creditors of Marysville have no recourse to the general credit of IDACORP and there are no other arrangements that could require IDACORP to provide financial support to Marysville or expose IDACORP to losses. The BCC joint venture is also a VIE, but because the power to direct the activities that most significantly impact the economic performance of BCC is shared with the joint venture partner, Idaho Power is not the primary beneficiary. The carrying value of BCC was $68.6 million at December 31, 2017 , and Idaho Power's maximum exposure to loss is the carrying value, any additional future contributions to BCC, and a $56.7 million guarantee for mine reclamation costs, which is discussed further in Note 9 - "Commitments." IFS's affordable housing limited partnership and other real estate investments are also VIEs for which IDACORP is not the primary beneficiary. IFS's limited partnership interests range from 2 to 99 percent and were acquired between 1996 and 2010. As a limited partner, IFS does not control these entities and they are not consolidated. IFS’s maximum exposure to loss in these developments is limited to its net carrying value, which was $5.5 million at December 31, 2017 . Ida-West's other investments in PURPA facilities, BCC, and IFS's investments are accounted for under the equity method of accounting (see Note 14 - "Investments"). Except for amounts related to sales of electricity by Ida-West's PURPA projects to Idaho Power, all intercompany transactions and balances have been eliminated in consolidation. The accompanying consolidated financial statements include Idaho Power's proportionate share of utility plant and related operations resulting from its interests in jointly owned plants (see Note 12 - "Property, Plant and Equipment"). Regulation of Utility Operations As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition. IDACORP’s and Idaho Power’s financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet and recorded on the income statement when recovered or returned in rates. Additionally, regulators can impose regulatory liabilities upon a regulated company for amounts previously collected from customers that are expected to be refunded. The effects of applying these regulatory accounting principles to Idaho Power’s operations are discussed in more detail in Note 3 - "Regulatory Matters." Management Estimates Management makes estimates and assumptions when preparing financial statements in conformity with generally accepted accounting principles. These estimates and assumptions include those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management’s control. Accordingly, actual results could differ from those estimates. System of Accounts The accounting records of Idaho Power conform to the Uniform System of Accounts prescribed by the FERC and adopted by the public utility commissions of Idaho, Oregon, and Wyoming. Cash and Cash Equivalents Cash and cash equivalents include cash on-hand and highly liquid temporary investments that mature within 90 days of the date of acquisition. Receivables and Allowance for Uncollectible Accounts Customer receivables are recorded at the invoiced amounts and do not bear interest. A late payment fee of one percent may be assessed on account balances after 30 days. An allowance is recorded for potential uncollectible accounts. The allowance is reviewed periodically and adjusted based upon a combination of historical write-off experience, aging of accounts receivable, and an analysis of specific customer accounts. Adjustments are charged to income. Customer accounts receivable balances that remain outstanding after reasonable collection efforts are written off. Other receivables, primarily notes receivable from business transactions, are also reviewed for impairment periodically, based upon transaction-specific facts. When it is probable that IDACORP or Idaho Power will be unable to collect all amounts due according to the contractual terms of the agreement, an allowance is established for the estimated uncollectible portion of the receivable and charged to income. There were no impaired receivables without related allowances at December 31, 2017 and 2016 . Once a receivable is determined to be impaired, any further interest income recognized is fully reserved. Derivative Financial Instruments Financial instruments such as commodity futures, forwards, options, and swaps are used to manage exposure to commodity price risk in the electricity and natural gas markets. All derivative instruments are recognized as either assets or liabilities at fair value on the balance sheet unless they are designated as normal purchases and normal sales. With the exception of forward contracts for the purchase of natural gas for use at Idaho Power's natural gas generation facilities and a nominal number of power transactions, Idaho Power’s physical forward contracts are designated as normal purchases and normal sales. Because of Idaho Power’s regulatory accounting mechanisms, Idaho Power records the changes in fair value of derivative instruments related to power supply as regulatory assets or liabilities. Revenues Operating revenues related to Idaho Power’s sale of energy are recorded when service is rendered or energy is delivered to customers. Idaho Power accrues estimated unbilled revenues for electric services delivered to customers but not yet billed at year-end. Idaho Power does not report any collections of franchise fees and similar taxes related to energy consumption on the income statement. In addition, regulatory mechanisms in place in Idaho and Oregon affect the reported amount of revenue. See Note 3 - "Regulatory Matters" for additional discussion of certain of the following mechanisms: • energy efficiency riders to fund energy efficiency program expenditures. Expenditures funded through the riders are reported as an operating expense with an equal amount of revenues recorded in other revenues; • a fixed cost adjustment mechanism that results in recording additional or reduced revenue based on the allowed and actual fixed costs recovered through current rates; • a sharing mechanism providing for refunds to customers for earnings above stated returns on equity in Idaho; and • collection in base rates of a portion of the allowance for funds used during construction (AFUDC) related to its Hells Canyon Complex (HCC) relicensing project. Cash collected under this ratemaking mechanism is not recorded as revenue but is instead deferred as a regulatory liability. Property, Plant and Equipment and Depreciation The cost of utility plant in service represents the original cost of contracted services, direct labor and material, AFUDC, and indirect charges for engineering, supervision, and similar overhead items. Repair and maintenance costs associated with planned major maintenance are expensed as the costs are incurred, as are maintenance and repairs of property and replacements and renewals of items determined to be less than units of property. For utility property replaced or renewed, the original cost plus removal cost less salvage is charged to accumulated provision for depreciation, while the cost of related replacements and renewals is added to property, plant and equipment. All utility plant in service is depreciated using the straight-line method at rates approved by regulatory authorities. Annual depreciation provisions as a percent of average depreciable utility plant in service approximated 2.9 percent in 2017 , 2.6 percent in 2016 , and 2.7 percent in 2015 . During the period of construction, costs expected to be included in the final value of the constructed asset, and depreciated once the asset is complete and placed in service, are classified as construction work in progress on the consolidated balance sheets. If the project becomes probable of being abandoned, such costs are expensed in the period such determination is made. Idaho Power may seek recovery of such costs in customer rates, although there can be no guarantee such recovery would be granted. Long-lived assets are periodically reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted expected future cash flows from an asset is less than the carrying value of the asset, impairment is recognized in the financial statements. There were no material impairments of long-lived assets in 2017 , 2016 , or 2015 . Allowance for Funds Used During Construction AFUDC represents the cost of financing construction projects with borrowed funds and equity funds. With one exception, as discussed above for the HCC relicensing project, cash is not realized currently from such allowance; it is realized under the ratemaking process over the service life of the related property through increased revenues resulting from a higher rate base and higher depreciation expense. The component of AFUDC attributable to borrowed funds is included as a reduction to total interest expense. Idaho Power’s weighted-average monthly AFUDC rate was 7.6 percent for 2017 , 2016 and 2015 . Income Taxes IDACORP and Idaho Power account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method (commonly referred to as normalized accounting), deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In general, deferred income tax expense or benefit for a reporting period is recognized as the change in deferred tax assets and liabilities from the beginning to the end of the period. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date unless Idaho Power's primary regulator, the Idaho Public Utilities Commission (IPUC), orders direct deferral of the effect of the change in tax rates over a longer period of time. Consistent with orders and directives of the IPUC, unless contrary to applicable income tax guidance, Idaho Power does not provide deferred income taxes for certain income tax temporary differences and instead recognizes the tax impact currently (commonly referred to as flow-through accounting) for rate making and financial reporting. Therefore, Idaho Power's effective income tax rate is impacted as these differences arise and reverse. Regulated enterprises are required to recognize such adjustments as regulatory assets or liabilities if it is probable that such amounts will be recovered from or returned to customers in future rates. In compliance with the federal income tax requirements for the use of accelerated tax depreciation, Idaho Power provides deferred income taxes related to its plant assets for the difference between income tax depreciation and book depreciation used for financial statement purposes. Deferred income taxes are provided for other temporary differences unless accounted for using flow-through. The state of Idaho allows a three percent investment tax credit on qualifying plant additions. Investment tax credits earned on regulated assets are deferred and amortized to income over the estimated service lives of the related properties. Credits earned on non-regulated assets or investments are recognized in the year earned. Income taxes are discussed in more detail in Note 2 - "Income Taxes." Other Accounting Policies Debt discount, expense, and premium are deferred and amortized over the terms of the respective debt issues. Losses on reacquired debt and associated costs are amortized over the life of the associated replacement debt, as allowed under regulatory accounting. Supplemental Cash Flows Information In 2015, Idaho Power executed an agreement to exchange property with another electric utility. Under the terms of the agreement, each party transferred to the other transmission-related equipment with a book value of approximately $44 million . Idaho Power received an immaterial amount of cash, representing the difference in the book value of the assets exchanged. Also in 2015, Idaho Power executed a long-term service agreement and transferred to the service provider approximately $22 million of spare parts in partial exchange for future services. No cash was exchanged in the 2015 transfer transaction. Reclassifications In these consolidated financial statements, certain amounts in prior periods’ consolidated financial statements have been reclassified to conform with current period presentation. On both IDACORP's and Idaho Power's 2016 consolidated balance sheets, the $9.5 million of American Falls and Milner water rights which had previously been reported separately was reclassified to "Other" within Other Assets and Deferred Debits, respectively. Also, on Idaho Power's 2016 consolidated balance sheet, $19.7 million was reclassified from "Other" in other assets to the newly created "Long-term receivables" within Deferred Debits. New and Recently Adopted Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits a reclassification from Accumulated Other Comprehensive Income (AOCI) to retained earnings for the stranded tax effects resulting from the decrease in corporate tax rate from the enactment in December 2017 of a tax reform act, generally referred to as the “Tax Cuts and Jobs Act.” For more information on other impacts of the Tax Cuts and Jobs Act, see Note 2 - "Income Taxes." As permitted by the FASB, IDACORP and Idaho Power elected to early adopt the provisions of the new standard at December 31, 2017, resulting in a $4.1 million cumulative effect adjustment for a change in accounting principle to both AOCI and retained earnings. The amount relates to stranded tax effects in AOCI resulting from the Tax Cuts and Jobs Act related to annual valuation adjustments for two nonqualified defined benefit pension plans. Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 is intended to enable users of financial statements to better understand and consistently analyze an entity's revenue across industries, transactions, and geographies. Under the ASU, recognition of revenue occurs when a customer obtains control of promised goods or services. In addition, the ASU requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB amended certain aspects of ASU 2014-09 to clarify the implementation guidance, including clarifications related to principal versus agent considerations, licensing and identifying performance obligations, narrow scope improvements, and practical expedients. The companies have assessed the impacts of ASU 2014-09 on their financial statements and have concluded the new guidance will not affect the timing and amount of revenue recognized. However, the presentation and disclosure requirements of the standard will result in a change in the presentation of revenue on the companies' consolidated statements of income as well as expanded disclosures around the disaggregation of revenue, performance obligations, and transaction price. The guidance in ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2017. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years (full retrospective approach) and the other requiring prospective application of the new standard including a cumulative-effect adjustment with disclosure of results under previous standards (modified-retrospective approach). IDACORP and Idaho Power will adopt ASU 2014-09 on January 1, 2018, using the modified-retrospective approach. As the standard does not change the timing and amount of revenue recognized for the companies, no cumulative-effect adjustment is required. In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which revises the accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. The new standard is effective for fiscal years beginning after December 15, 2017, including interim periods. IDACORP and Idaho Power concluded the adoption will not have a material impact on their financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), intended to improve financial reporting about leasing transactions. The ASU significantly changes the accounting model used by lessees to account for leases, requiring that all material leases be presented on the balance sheet. Under the current model, some leases are classified as capital leases and recorded on the balance sheet while other leases classified as operating leases are not recognized on the balance sheet. The new standard is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The standard must be adopted using a modified-retrospective approach. IDACORP and Idaho Power are evaluating the impact of ASU 2016-02 on their financial statements. Specifically, the companies are considering whether the new guidance will affect their accounting for purchase power agreements, easements and rights-of-way, utility pole attachments, and other utility industry-related arrangements. At this time, the companies do not know, and cannot reasonably estimate, the dollar impact of the adoption. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) , which amends ASC 230 to clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. The FASB issued the ASU with the intent of reducing diversity in practice with respect to eight types of cash flows. The companies expect the ASU to affect the classification of proceeds from the settlement of corporate-owned life insurance policies and related costs, which will be classified as investing activities under the new guidance. The companies already present debt prepayment and extinguishment costs, proceeds from the settlement of insurance claims (other than corporate-owned life insurance), and distributions received from equity-method investments in accordance with the new guidance. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. The standard must be adopted retrospectively to all periods presented, unless impracticable to do so. IDACORP and Idaho Power do not believe the adoption will have a material impact on their financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation -- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires employers to disaggregate the service cost component from other components of net periodic benefit costs and to disclose the amounts of net periodic benefit costs that are included in each income statement line item. The standard requires employers to present the service cost component in the same line item as other compensation costs and to present the other components of net periodic benefit costs (which include interest costs, expected return on plan assets, amortization of prior service cost or credits and actuarial gains and losses) separately and outside a subtotal of operating income. In addition, only the service cost component is eligible for capitalization. Idaho Power currently capitalizes amounts of pension or postretirement costs that are insignificant to the consolidated financial statements. The amendments in ASU 2017-07 are effective for interim and annual reporting periods beginning after December 15, 2017. Entities must use (1) a retrospective transition method to adopt the requirement for separate presentation in the income statement of service costs and other components and (2) a prospective transition method to adopt the requirement to limit the capitalization of benefit costs to the service cost component. While ASU 2017-07 will result in changes to the classification of the other components of net periodic benefit costs on the consolidated statements of income of IDACORP and Idaho Power, the new standard will not materially affect the consolidated financial statements of the companies. |
INCOME TAXES_
INCOME TAXES: | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | INCOME TAXES A reconciliation between the statutory federal income tax rate and the effective tax rate is as follows: IDACORP Idaho Power 2017 2016 2015 2017 2016 2015 (thousands of dollars) Federal income tax expense at 35% statutory rate $ 91,378 $ 82,151 $ 84,154 $ 90,163 $ 79,250 $ 83,724 Change in taxes resulting from: AFUDC (10,318 ) (11,278 ) (11,140 ) (10,318 ) (11,278 ) (11,140 ) Capitalized interest 1,513 2,000 2,693 1,513 2,000 2,693 Investment tax credits (3,081 ) (2,922 ) (2,963 ) (3,081 ) (2,922 ) (2,963 ) Removal costs (6,280 ) (5,559 ) (4,807 ) (6,280 ) (5,559 ) (4,807 ) Capitalized overhead costs (11,200 ) (10,500 ) (8,750 ) (11,200 ) (10,500 ) (8,750 ) Capitalized repair costs (28,700 ) (28,000 ) (28,700 ) (28,700 ) (28,000 ) (28,700 ) Bond redemption costs — (4,997 ) (6,459 ) — (4,997 ) (6,459 ) Remeasurement of deferred taxes 1,690 — — 1,970 — — State income taxes, net of federal benefit 8,153 5,071 7,343 8,108 4,880 7,503 Depreciation 18,953 18,673 17,149 18,953 18,673 17,149 Share-based compensation (1,508 ) (1,614 ) — (1,483 ) (1,583 ) — Affordable housing tax credits (2,559 ) (2,579 ) (3,258 ) — — — Affordable housing investment distributions (1,124 ) (1,717 ) — — — — Affordable housing investment amortization 1,271 1,380 1,519 — — — Other, net (9,528 ) (3,680 ) (1,021 ) (8,383 ) (2,779 ) (22 ) Total income tax expense $ 48,660 $ 36,429 $ 45,760 $ 51,262 $ 37,185 $ 48,228 Effective tax rate 18.6% 15.5% 19.0% 19.9% 16.4% 20.2% The items comprising income tax expense are as follows: IDACORP Idaho Power 2017 2016 2015 2017 2016 2015 (thousands of dollars) Income taxes current: Federal $ 11,726 $ 1,181 $ 4,831 $ 51,575 $ 7,639 $ 16,470 State 5,418 2,158 2,704 10,562 3,766 6,056 Total 17,144 3,339 7,535 62,137 11,405 22,526 Income taxes deferred: Federal 24,018 33,205 34,770 (13,002 ) 27,506 27,696 State (154 ) 100 626 (5,298 ) (2,031 ) (2,486 ) Total 23,864 33,305 35,396 (18,300 ) 25,475 25,210 Investment tax credits: Deferred 10,506 3,227 3,455 10,506 3,227 3,455 Restored (3,081 ) (2,922 ) (2,963 ) (3,081 ) (2,922 ) (2,963 ) Total 7,425 305 492 7,425 305 492 Affordable housing investments 227 (520 ) 2,337 — — — Total income tax expense $ 48,660 $ 36,429 $ 45,760 $ 51,262 $ 37,185 $ 48,228 The components of the net deferred tax liability are as follows: IDACORP Idaho Power 2017 2016 2017 2016 (thousands of dollars) Deferred tax assets: Regulatory liabilities $ 98,744 $ 51,326 $ 98,744 $ 51,326 Deferred compensation 21,066 29,490 21,025 29,424 Deferred revenue 31,086 40,354 31,086 40,354 Tax credits 109,673 142,627 44,106 33,589 Partnership investments 3,540 6,543 — — Retirement benefits 94,493 132,362 94,493 132,362 Other 8,636 11,401 8,435 11,069 Total 367,238 414,103 297,889 298,124 Deferred tax liabilities: Property, plant and equipment 306,002 500,987 306,002 500,987 Regulatory assets 584,329 948,540 584,329 948,540 Power cost adjustments — 21,077 — 21,077 Fixed cost adjustment 8,016 17,376 8,016 17,376 Partnership investments 5,182 12,371 980 5,554 Retirement benefits 103,407 140,083 103,407 140,083 Other 21,242 17,919 21,097 15,922 Total 1,028,178 1,658,353 1,023,831 1,649,539 Net deferred tax liabilities $ 660,940 $ 1,244,250 $ 725,942 $ 1,351,415 IDACORP's tax allocation agreement provides that each member of its consolidated group compute its income taxes on a separate company basis. Amounts payable or refundable are settled through IDACORP and are reported as taxes accrued or income taxes receivable, respectively, on the consolidated balance sheets of Idaho Power. See Note 1 - "Summary of Significant Accounting Policies" for further discussion of accounting policies related to income taxes. Tax Credit Carryforwards As of December 31, 2017 , IDACORP had $72.0 million of general business credit carryforwards for federal income tax purposes and $37.7 million of Idaho investment tax credit carryforward. The general business credit carryforward period expires from 2026 to 2037 , and the Idaho investment tax credit expires from 2022 to 2031 . Uncertain Tax Positions IDACORP and Idaho Power believe that they have no material income tax uncertainties for 2017 and prior tax years. Both companies recognize interest accrued related to unrecognized tax benefits as interest expense and penalties as other expense. IDACORP and Idaho Power are subject to examination by their major tax jurisdictions - U.S. federal and the State of Idaho. The open tax years for examination are 2017 for federal and 2013-2017 for Idaho. In May 2009, IDACORP formally entered the U.S. Internal Revenue Service (IRS) Compliance Assurance Process (CAP) program for its 2009 tax year and has remained in the CAP program for all subsequent years. The CAP program provides for IRS examination and issue resolution throughout the current year with the objective of return filings containing no contested items. In 2017 , t he IRS completed its examination of IDACORP's 2016 tax year with no unresolved income tax issues. Tax Cuts and Jobs Act On December 22, 2017, the Tax Cuts and Jobs Act was signed into law, which significantly reforms the Internal Revenue Code of 1986, as amended. Effective January 1, 2018, the Tax Cuts and Jobs Act permanently lowers the corporate tax rate to 21 percent from the existing maximum rate of 35 percent, provides for expanded bonus depreciation, limits the deductibility of interest expense, eliminates alternative minimum tax, repeals the manufacturing deduction, and imposes additional limitations on the deductibility of executive compensation. Public utility companies, such as Idaho Power, retain the full deductibility of interest expense and are excluded from the bonus depreciation provisions; however, traditional accelerated tax depreciation methods are still available. Due to the enactment of the Tax Cuts and Jobs Act and following generally accepted accounting principles, at December 31, 2017, IDACORP and Idaho Power remeasured all deferred income tax assets and liabilities. The effects of these adjustments resulted in a net tax expense as shown in the rate reconciliation table above. Additionally, as shown in the deferred income tax table above, the net deferred tax liabilities at both companies decreased significantly. Idaho Power's regulatory asset deferred income tax liability item decreased as the related regulatory asset was reduced in two primary ways: 1) the decrease in the federal income tax rate decreased the future cost to customers for funding the net deferred income tax liabilities resulting from the cumulative impacts of using the flow-through income tax accounting method for regulatory purposes and 2) the decrease in the federal income tax rate also reduced the net-to-gross multiplier that increases the regulatory asset to a revenue requirement carrying value. The change in income tax law also reduced the deferred income tax liability for depreciation-related timing differences under the normalized tax accounting method. As this reduction will flow back to customers in the future under the statutorily prescribed average rate assumption method, it was recorded as a regulatory liability on the consolidated balance sheets of the companies. See Note 3 - "Regulatory Matters" for more information. The 2017 consolidated financial statements reflect the implementation of federal income tax reform as enacted and current regulatory policies. Additional adjustments may be required in future periods based upon technical corrections to the federal law, changes to state income tax policies, additional technical guidance from tax authorities, or orders from Idaho Power's regulators. |
REGULATORY MATTERS_
REGULATORY MATTERS: | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Assets and Liabilities, Other Disclosures [Abstract] | |
Regulatory Matters | REGULATORY MATTERS IDACORP’s and Idaho Power’s financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. Included below is a summary of Idaho Power's regulatory assets and liabilities, as well as a discussion of notable regulatory matters. Regulatory Assets and Liabilities The application of accounting principles related to regulated operations sometimes results in Idaho Power recording some expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense. The following table presents a summary of Idaho Power’s regulatory assets and liabilities (in thousands of dollars): As of December 31, 2017 Remaining Earning a Return (1) Not Earning a Return Total as of December 31, Description 2017 2016 Regulatory Assets: Income taxes (2) $ — $ 584,329 $ 584,329 $ 948,540 Unfunded postretirement benefits (3) — 280,166 280,166 263,779 Pension expense deferrals 104,688 23,033 127,721 105,352 Energy efficiency program costs (4) 6,273 — 6,273 5,552 Power supply costs (5) 2018-2019 3,137 — 3,137 53,870 Fixed cost adjustment (5) 2018-2019 30,856 — 30,856 44,445 Valmy Plant settlement stipulation (5) 2018-2028 43,351 1,282 44,633 — Asset retirement obligations (6) — 15,767 15,767 14,154 Long-term service agreement 2018-2043 16,778 11,129 27,907 29,081 Other 2018-2055 5,687 5,620 11,307 7,126 Total $ 210,770 $ 921,326 $ 1,132,096 $ 1,471,899 Regulatory Liabilities: Income taxes (7) $ — $ 98,744 $ 98,744 $ 51,326 Depreciation-related excess deferred income taxes (8) 193,991 — 193,991 — Removal costs (6) — 184,993 184,993 186,609 Investment tax credits — 87,385 87,385 79,960 Deferred revenue-AFUDC (9) 82,440 37,226 119,666 103,219 Energy efficiency program costs (4) 408 — 408 10,730 Power supply costs (5) 2018-2019 5,443 — 5,443 — Mark-to-market assets (10) — 22 22 7,831 Other 5,805 2,991 8,796 7,114 Total $ 288,087 $ 411,361 $ 699,448 $ 446,789 (1) Earning a return includes either interest or a return on the investment as a component of rate base at the allowed rate of return. (2) Represents flow-through income tax accounting differences which have a corresponding deferred tax liability disclosed in Note 2 - "Income Taxes." The Tax Cuts and Jobs Act, enacted on December 22, 2017, reduced the deferred income tax assets and liabilities. For timing differences under the flow-through income tax accounting method, this reduction also reduces the associated regulatory assets generally recoverable over the remaining lives of the associated depreciable property. (3) Represents the unfunded obligation of Idaho Power’s pension and postretirement benefit plans, which are discussed in Note 11 - "Benefit Plans." (4) The energy efficiency asset represents the Oregon jurisdiction balance and the liability represents the Idaho jurisdiction balance. (5) This item is discussed in more detail in this Note 3 - "Regulatory Matters." (6) Asset retirement obligations and removal costs are discussed in Note 13 - "Asset Retirement Obligations." (7) Represents the tax gross-up related to the depreciation-related excess deferred income taxes and investment tax credits included in this table and has a corresponding deferred tax asset disclosed in Note 2 - "Income Taxes." (8) The Tax Cuts and Jobs Act, enacted on December 22, 2017, reduced the deferred income tax assets and liabilities. For depreciation-related timing differences under the normalized tax accounting method, this reduction will flow back to customers under the statutorily prescribed average rate assumption method. (9) Idaho Power is collecting revenue in the Idaho jurisdiction for AFUDC on HCC relicensing costs but is deferring revenue recognition of the amounts collected until the license is issued and the asset is placed in service under the new license. (10) Mark-to-market assets and liabilities are discussed in Note 16 - "Fair Value Measurements." Idaho Power’s regulatory assets and liabilities are typically amortized over the period in which they are reflected in customer rates. In the event that recovery of Idaho Power’s costs through rates becomes unlikely or uncertain, regulatory accounting would no longer apply to some or all of Idaho Power’s operations and the items above may represent stranded investments. If not allowed full recovery of these items, Idaho Power would be required to write off the applicable portion, which could have a materially adverse financial impact. Power Cost Adjustment Mechanisms and Deferred Power Supply Costs In both its Idaho and Oregon jurisdictions, Idaho Power's power cost adjustment mechanisms address the volatility of power supply costs and provide for annual adjustments to the rates charged to its retail customers. The power cost adjustment mechanisms compare Idaho Power's actual net power supply costs (primarily fuel and purchased power less off-system sales) against net power supply costs being recovered in Idaho Power's retail rates. Under the power cost adjustment mechanisms, certain differences between actual net power supply costs incurred by Idaho Power and costs being recovered in retail rates are recorded as a deferred charge or credit on the balance sheets for future recovery or refund. The power supply costs deferred primarily result from changes in contracted power purchase prices and volumes, changes in wholesale market prices and transaction volumes, fuel prices, and the levels of Idaho Power's own generation. The Idaho deferral period or PCA year runs from April 1 through March 31. Amounts deferred during the PCA year are primarily recovered or refunded during the subsequent June 1 through May 31 period. Idaho Jurisdiction Power Cost Adjustment Mechanism: In the Idaho jurisdiction, the annual PCA adjustment consists of (a) a forecast component, based on a forecast of net power supply costs in the coming year as compared with net power supply costs included in base rates; and (b) a true-up component, based on the difference between the previous year’s actual net power supply costs and the previous year’s forecast. The latter component also includes a balancing mechanism so that, over time, the actual collection or refund of authorized true-up dollars matches the amounts authorized. The PCA mechanism also includes: • a cost or benefit sharing ratio that allocates the deviations in net power supply expenses between customers ( 95 percent ) and shareholders ( 5 percent ), with the exceptions of expenses associated with PURPA power purchases and demand response incentive payments, which are allocated 100 percent to customers; and • a sales-based adjustment intended to ensure that power supply expense recovery resulting solely from sales changes does not distort the results of the mechanism. The table below summarizes the three most recent PCA rate adjustments, all of which also include non-PCA-related rate adjustments as ordered by the IPUC: Effective Date $ Change (millions) Notes June 1, 2017 $ 10.6 The net increase in PCA rates included an offsetting $13.0 million reduction for the refund of previously collected Idaho energy efficiency rider funds. June 1, 2016 $ 17.3 The net increase in PCA rates included the application of (a) a customer rate credit of $3.2 million for sharing of revenues with customers for the year 2015 under the terms of the October 2014 settlement stipulation, and (b) $4.0 million of surplus Idaho energy efficiency rider funds. June 1, 2015 $ (11.6 ) The net decrease in PCA rates included the application of (a) a customer rate credit of $8.0 million for sharing of revenues with customers for the year 2014 under the terms of the December 2011 settlement stipulation, (b) a $1.5 million customer benefit relating to a change to the PCA methodology in 2015, and (c) $4.0 million of surplus Idaho energy efficiency rider funds. In March 2014, the IPUC issued an order approving Idaho Power's application requesting an increase of approximately $106 million in the normalized or "base level" net power supply expense on a total-system basis to be used to update base rates and in the determination of the PCA rate that became effective June 1, 2014. Approval of the order removed the Idaho-jurisdictional portion of those expenses (approximately $99 million ) from collection via the PCA mechanism and instead results in collecting that portion through base rates. Oregon Jurisdiction Power Cost Adjustment Mechanism: Idaho Power’s power cost recovery mechanism in Oregon has two components: an annual power cost update (APCU) and a power cost adjustment mechanism (PCAM). The APCU allows Idaho Power to reestablish its Oregon base net power supply costs annually, separate from a general rate case, and to forecast net power supply costs for the upcoming water year. The PCAM is a true-up filed annually in February. The filing calculates the deviation between actual net power supply expenses incurred for the preceding calendar year and the net power supply expenses recovered through the APCU for the same period. Under the PCAM, Idaho Power is subject to a portion of the business risk or benefit associated with this deviation through application of an asymmetrical deadband (or range of deviations) within which Idaho Power absorbs cost increases or decreases. For deviations in actual power supply costs outside of the deadband, the PCAM provides for 90 / 10 sharing of costs and benefits between customers and Idaho Power. However, collection by Idaho Power will occur only to the extent that Idaho Power’s actual Oregon-jurisdictional return on equity (Oregon ROE) for the year is at least 100 basis points below Idaho Power’s last authorized Oregon ROE. A refund to customers will occur only to the extent that Idaho Power’s actual Oregon ROE for that year is at least 100 basis points above Idaho Power’s last authorized Oregon ROE. Oregon jurisdiction power supply cost changes under the APCU and PCAM during each of 2017, 2016, and 2015 are summarized in the table that follows: Year and Mechanism APCU or PCAM Adjustment 2017 PCAM Actual net power supply costs were within the deadband, resulting in no deferral. 2017 APCU A rate increase of $0.7 million annually took effect June 1, 2017. 2016 PCAM Actual net power supply costs were within the deadband, resulting in no deferral. 2016 APCU A rate increase of $0.2 million annually took effect June 1, 2016. 2015 PCAM Actual net power supply costs were within the deadband, resulting in no deferral. 2015 APCU A rate decrease of $0.7 million annually took effect June 1, 2015. Notable Idaho Regulatory Matters Idaho Base Rate Changes: Idaho base rates were most recently established in 2012, and adjusted in 2014. Effective January 1, 2012, Idaho Power implemented new Idaho base rates resulting from IPUC approval of a settlement stipulation that provided for a 7.86 percent authorized overall rate of return on an Idaho-jurisdiction rate base of approximately $2.36 billion . The settlement stipulation resulted in a 4.07 percent , or $34.0 million , overall increase in Idaho Power's annual Idaho-jurisdiction base rate revenues. Idaho base rates were subsequently adjusted again in 2012, in connection with Idaho Power's completion of the Langley Gulch power plant. In June 2012, the IPUC issued an order approving a $58.1 million increase in annual Idaho-jurisdiction base rates, effective July 1, 2012. The order also provided for a $335.9 million increase in Idaho rate base. Neither the settlement stipulation nor the IPUC orders adjusting base rates specified an authorized rate of return on equity or imposed a moratorium on Idaho Power filing a general rate case at a future date. As noted above in this Note 3, the IPUC also issued a March 2014 order approving Idaho Power's request for an increase in the normalized or "base level" net power supply expense to be used to update base rates and in the determination of the PCA rate that became effective June 1, 2014. October 2014 Idaho Settlement Stipulation: In October 2014, the IPUC issued an order approving an extension, with modifications, of the terms of a December 2011 Idaho settlement stipulation for the period from 2015 through 2019, or until the terms are otherwise modified or terminated by order of the IPUC or the full $45 million of additional accumulated deferred investment tax credits (ADITC) contemplated by the settlement stipulation has been amortized. The provisions of the October 2014 settlement stipulation are as follows: • If Idaho Power's actual annual Idaho-jurisdiction return on year-end equity (Idaho ROE) in any year is less than 9.5 percent , then Idaho Power may amortize up to $25 million of additional ADITC to help achieve a 9.5 percent Idaho ROE for that year, and may amortize up to a total of $45 million of additional ADITC over the 2015 through 2019 period. • If Idaho Power's annual Idaho ROE in any year exceeds 10.0 percent , the amount of earnings exceeding a 10.0 percent Idaho ROE and up to and including a 10.5 percent Idaho ROE will be allocated 75 percent to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's PCA and 25 percent to Idaho Power. • If Idaho Power's annual Idaho ROE in any year exceeds 10.5 percent , the amount of earnings exceeding a 10.5 percent Idaho ROE will be allocated 50 percent to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's PCA, 25 percent to Idaho Power's Idaho customers in the form of a reduction to the pension expense deferral regulatory asset (to reduce the amount to be collected in the future from Idaho customers), and 25 percent to Idaho Power. • If the full $45 million of additional ADITC contemplated by the settlement stipulation has been amortized the sharing provisions would terminate. • In the event the IPUC approves a change to Idaho Power's Idaho-jurisdictional allowed return on equity as part of a general rate case proceeding seeking a rate change effective prior to January 1, 2020, the Idaho ROE thresholds ( 9.5 percent , 10.0 percent , and 10.5 percent ) will be adjusted prospectively. Neither the settlement stipulation nor the associated IPUC order impose a moratorium on Idaho Power filing a general rate case or other form of rate proceeding during the term of the settlement stipulation. In 2015, Idaho Power recorded a $3.2 million provision against current revenue for sharing with customers, as its Idaho ROE for 2015 was above 10.0 percent . In both 2016 and 2017, Idaho Power recorded no additional ADITC amortization and no provision for sharing with customers, as its Idaho ROE in both years was between 9.5 percent and 10.0 percent . Accordingly, at December 31, 2017, the full $45 million of additional ADITC remains available for future use under the terms of the settlement stipulation. Fixed Cost Adjustment: The Idaho jurisdiction fixed cost adjustment (FCA) mechanism is designed to remove Idaho Power’s financial disincentive to invest in energy efficiency programs by separating (or decoupling) the recovery of fixed costs from the variable kilowatt-hour charge and linking it instead to a set amount per customer. The FCA mechanism is adjusted each year to collect, or refund, the difference between the authorized fixed-cost recovery amount and the actual fixed costs recovered by Idaho Power during the year. The annual change in the FCA recovery is capped at no more than 3 percent of base revenue, with any excess deferred for collection in a subsequent year. The following table summarizes FCA amounts approved for collection in the prior three FCA years: FCA Year Period Rates in Effect Annual Amount 2016 June 1, 2017-May 31, 2018 $35.0 2015 June 1, 2016-May 31, 2017 $28.1 2014 June 1, 2015-May 31, 2016 $16.9 In July 2014, the IPUC opened a docket to allow Idaho Power, the IPUC Staff, and other interested parties to further evaluate the IPUC Staff's concerns regarding the application of the FCA mechanism (including weather-normalization, customer count methodology, rate adjustment cap, and cross-subsidization issues) and whether the FCA is effectively removing Idaho Power's disincentive to aggressively pursue energy efficiency programs. In May 2015, the IPUC approved a settlement stipulation that modified the FCA mechanism by replacing weather-normalized billed sales with actual billed sales in the calculation of the FCA, applicable for the entirety of calendar year 2015 and thereafter, and reflected in FCA rates effective June 1, 2016. Hells Canyon Complex Relicensing Costs Settlement Stipulation: In December 2016, Idaho Power filed an application with the IPUC requesting a determination that Idaho Power's expenditures of $220.8 million through year-end 2015 on relicensing of the HCC were prudently incurred, and thus eligible for inclusion in retail rates in a future rate case. In December 2017, Idaho Power filed with the IPUC a settlement stipulation signed by Idaho Power, the IPUC staff, and a third party intervenor recognizing that a total of $216.5 million in HCC relicensing expenditures and other related costs were reasonably incurred, and therefore should be eligible for inclusion in customer rates at a later date. The settlement stipulation is subject to review and approval by the IPUC. As a result of filing the settlement stipulation, Idaho Power recorded a $5.0 million pre-tax charge in 2017. For more information relating to HCC relicensing costs, see Note 12 - "Property, Plant and Equipment and Jointly-Owned Projects." Idaho Energy Efficiency Rider: On an annual basis, Idaho Power applies to the IPUC for an order designating Idaho Power’s prior calendar year Idaho Energy Efficiency Rider (Idaho Rider) funded expenses as prudently incurred. In 2012 and 2013, the IPUC declined to decide the prudence of the increases in 2011 and 2012 Idaho Rider funded labor increases, while at the same time offering Idaho Power another opportunity to provide sufficient evidence at a future time. In 2017, Idaho Power applied to the IPUC for an order determining that the 2011 - 2016 Idaho Rider funded labor increases of $1.9 million were prudently incurred and eligible for collection through the Idaho Rider. On October 16, 2017, the IPUC issued its order determining that the 2011 - 2016 incremental Idaho Rider funded labor expenses of $1.9 million were prudently incurred. In its order, the IPUC also authorized actual Idaho Rider funded wage increases after 2016. The IPUC determined that this process does not require pre-determination as to prudence (up to a 2 percent annual cap), no longer requires labor to be examined in Idaho Power’s annual prudence cases, and that the base wage level and annual cap will be reset in future general rate cases. The prudence order resulted in a $2.4 million increase in operating income in 2017. Tax Cuts and Jobs Act On December 22, 2017, the Tax Cut and Jobs Act was signed into law. On January 17, 2018, the IPUC issued an order requiring utilities within its jurisdiction, including Idaho Power, to 1) record a deferred regulatory liability for the estimated Idaho-jurisdictional share of financial benefits after January 1, 2018, from the changes in the federal income tax law and 2) to file a report with the IPUC by March 30, 2018, identifying and quantifying the income tax changes along with proposed tariff schedule changes. The IPUC order requires Idaho Power to estimate the income tax changes by comparing actual 2017 federal income tax expense components with what those federal income tax components would have been if the Tax Cuts and Jobs Act had been effective for the full year of 2017. Idaho Power is currently working to comply with the IPUC order. On December 29, 2017, Idaho Power filed an application with the OPUC, requesting authority to defer for later ratemaking treatment the Oregon jurisdictional earnings in excess of the currently authorized Oregon jurisdictional rate of return on equity that may result from the Tax Cuts and Jobs Act, as measured from the Company’s annual Oregon Results of Operations. On December 29, 2017, OPUC Staff also filed an application with the OPUC requesting authority to defer for later ratemaking treatment the difference between Idaho Power’s current retail rates and its current retail rates inclusive of the impact of the Tax Cuts and Jobs Act. Idaho Power is working with the IPUC and OPUC to determine how potential income tax expense reductions from the changes in federal income tax law may benefit Idaho Power customers and affect IDACORP's and Idaho Power's financial condition and results of operations. The method through which potential cost savings may be accrued for the benefit of customers, including potential reductions to customer rates and to regulatory deferrals, will require approval from the IPUC and OPUC. Valmy Base Rate Adjustment Settlement Stipulations In May 2017, the IPUC approved a settlement stipulation allowing accelerated depreciation and cost recovery for Idaho Power’s jointly-owned North Valmy coal-fired power plant (Valmy Plant). The settlement stipulation provides for an increase in Idaho jurisdictional revenues of $13.3 million per year, and (1) levelized collections and associated cost recovery through December 2028, (2) accelerated depreciation on unit 1 through 2019 and unit 2 through 2025, (3) Idaho Power to use prudent and commercially reasonable efforts to end its participation in the operation of unit 1 by the end of 2019 and unit 2 by the end of 2025, and (4) a filing no later than December 31, 2019 that would include actual and planned incremental investments in unit 2, including updated financial analysis regarding the lowest costs options for unit 2. The costs intended to be recovered by the increased jurisdictional revenues include current investments as of May 31, 2017, in both units, forecasted unit 1 investments from 2017 through 2019, and forecasted decommissioning costs for unit 1 and unit 2, offset by forecasted operation and maintenance costs savings. The settlement stipulation also provides for the regulatory accrual or deferral of the difference between actual revenue requirements and levelized collections, and provides for the regulatory accrual or deferral of the difference between actual costs incurred (including accelerated depreciation expense on unit 1 through 2019 and unit 2 through 2025) compared with costs permitted to be recovered during the cost recovery period specified in the settlement stipulation (including depreciation expense through 2028). If actual costs incurred differ from forecasted amounts included in the settlement stipulation, collection or refund of any differences would be subject to regulatory approval. In June 2017, the OPUC also approved a settlement stipulation allowing for accelerated depreciation of units 1 and 2 through December 31, 2025, cost recovery of incremental Valmy Plant investments through May 31, 2017, and forecasted decommissioning costs. The settlement stipulation provides for an increase in the Oregon jurisdictional revenue requirement of $1.1 million , effective July 1, 2017, with yearly adjustments, if warranted. Depreciation Rate Settlement Stipulations In May 2017, the IPUC and OPUC approved settlement stipulations related to revised depreciation rates for Idaho Power's electric plant in service other than the Valmy Plant, and adjusted base rates in Oregon to reflect the revised depreciation rates applied to electric plant-in-service based on balances from the most recent general rate case. These settlement stipulations provided for new depreciation rates to go into effect on June 1, 2017, with no significant resulting increase in revenue. Western Energy Imbalance Market Costs Idaho Power plans to participate in a new energy imbalance market implemented in the western United States (Western EIM). In August 2016, Idaho Power filed an application with the IPUC requesting specified regulatory accounting treatment associated with its participation in the Western EIM. In January 2017, the IPUC issued an order authorizing Idaho Power’s requested deferral accounting treatment for costs associated with joining the Western EIM. Idaho Power can defer costs incurred until the earlier of when Idaho Power begins recovery of the costs and the deferral balance or the end of 2018. Idaho Power anticipates that its participation in the Western EIM will commence in April 2018. In November 2017, Idaho Power filed an application with the IPUC requesting approval to establish an interim method of recovery for costs associated with participation in the Western EIM. If the IPUC approves the application as filed, Idaho Power intends to include $3.6 million in costs for recovery through the PCA, beginning June 1, 2018. Idaho Power has requested a decision from the IPUC by March 31, 2018. Notable Oregon Regulatory Matters Oregon Base Rate Changes: Oregon base rates were most recently established in a general rate case in 2012. In February 2012, the OPUC issued an order approving a settlement stipulation that provided for a $1.8 million base rate increase, a return on equity of 9.9 percent , and an overall rate of return of 7.757 percent in the Oregon jurisdiction. New rates in conformity with the settlement stipulation were effective March 1, 2012. Subsequently, in September 2012, the OPUC issued an order approving an approximately $3.0 million increase in annual Oregon jurisdiction base rates, effective October 1, 2012, for inclusion of the Langley Gulch power plant in Idaho Power's Oregon rate base. Federal Regulatory Matters - Open Access Transmission Tariff Rates Idaho Power uses a formula rate for transmission service provided under its OATT, which allows transmission rates to be updated annually based primarily on financial and operational data Idaho Power files with the FERC. Idaho Power's OATT rates submitted to the FERC in Idaho Power's four most recent annual OATT Final Informational Filings were as follows: Applicable Period OATT Rate (per kW-year) October 1, 2017 to September 30, 2018 $ 34.90 October 1, 2016 to September 30, 2017 $ 25.52 October 1, 2015 to September 30, 2016 $ 23.43 October 1, 2014 to September 30, 2015 $ 22.48 Idaho Power's current OATT rate is based on a net annual transmission revenue requirement of $130.4 million , which represents the OATT formulaic determination of Idaho Power's net cost of providing OATT-based transmission service. |
LONG-TERM DEBT_
LONG-TERM DEBT: | 12 Months Ended |
Dec. 31, 2017 | |
Long-term Debt, Unclassified [Abstract] | |
Long-term Debt | LONG-TERM DEBT The following table summarizes IDACORP's and Idaho Power's long-term debt at December 31 (in thousands of dollars): 2017 2016 First mortgage bonds: 4.50% Series due 2020 $ 130,000 $ 130,000 3.40% Series due 2020 100,000 100,000 2.95% Series due 2022 75,000 75,000 2.50% Series due 2023 75,000 75,000 6.00% Series due 2032 100,000 100,000 5.50% Series due 2033 70,000 70,000 5.50% Series due 2034 50,000 50,000 5.875% Series due 2034 55,000 55,000 5.30% Series due 2035 60,000 60,000 6.30% Series due 2037 140,000 140,000 6.25% Series due 2037 100,000 100,000 4.85% Series due 2040 100,000 100,000 4.30% Series due 2042 75,000 75,000 4.00% Series due 2043 75,000 75,000 3.65% Series due 2045 250,000 250,000 4.05% Series due 2046 120,000 120,000 Total first mortgage bonds 1,575,000 1,575,000 Pollution control revenue bonds: 5.15% Series due 2024 (1) 49,800 49,800 5.25% Series due 2026 (1) 116,300 116,300 Variable Rate Series 2000 due 2027 4,360 4,360 Total pollution control revenue bonds 170,460 170,460 American Falls bond guarantee 19,885 19,885 Milner Dam note guarantee — 1,064 Unamortized issuance costs and discounts (19,222 ) (20,731 ) Total IDACORP and Idaho Power outstanding debt (2) 1,746,123 1,745,678 Current maturities of long-term debt — (1,064 ) Total long-term debt $ 1,746,123 $ 1,744,614 (1) Humboldt County and Sweetwater County Pollution Control Revenue Bonds are secured by the first mortgage, bringing the total first mortgage bonds outstanding at December 31, 2017 , to $1.741 billion . (2) At December 31, 2017 and 2016 , the overall effective cost rate of Idaho Power's outstanding debt was 4.87 percent . At December 31, 2017 , the maturities for the aggregate amount of IDACORP and Idaho Power long-term debt outstanding were as follows (in thousands of dollars): 2018 2019 2020 2021 2022 Thereafter $ — $ — $ 230,000 $ — $ 75,000 $ 1,460,345 Long-Term Debt Issuances, Maturities, and Availability On March 10, 2016, Idaho Power issued $120 million in principal amount of 4.05% first mortgage bonds, secured medium-term notes, Series J, maturing on March 1, 2046. On April 11, 2016, Idaho Power redeemed, prior to maturity, $100 million in principal amount of 6.15% first mortgage bonds, medium-term notes, Series H, due April 2019. In accordance with the redemption provisions of the notes, the redemption included Idaho Power's payment of a make-whole premium to the holders of the redeemed notes in the aggregate amount of approximately $14.0 million . Idaho Power used a portion of the net proceeds from the March 2016 sale of first mortgage bonds, medium-term notes to effect the redemption. On March 6, 2015, Idaho Power issued $250.0 million in principal amount of 3.65% first mortgage bonds, secured medium-term notes, Series J, maturing on March 1, 2045. On April 23, 2015, Idaho Power redeemed, prior to maturity, $120.0 million in principal amount of 6.025% first mortgage bonds, secured medium-term notes, Series H, due July 2018. In accordance with the redemption provisions of the notes, the redemption included Idaho Power's payment of a make-whole premium to the holders of the redeemed notes in the aggregate amount of approximately $17.9 million . Idaho Power used a portion of the net proceeds from the March 2015 sale of first mortgage bonds, medium-term notes to effect the redemption. In April and May 2016, Idaho Power received orders from the IPUC, OPUC, and Wyoming Public Service Commission (WPSC) authorizing Idaho Power to issue and sell from time to time up to $500 million in aggregate principal amount of debt securities and first mortgage bonds, subject to conditions specified in the orders. The order from the IPUC approved the issuance of the securities through May 31, 2019, subject to extensions upon request to the IPUC. The OPUC's and WPSC's orders do not impose a time limitation for issuances, but the OPUC order does impose a number of other conditions, including a requirement that the interest rates for the debt securities or first mortgage bonds fall within either (a) designated spreads over comparable U.S. Treasury rates or (b) a maximum all-in interest rate limit of 7.0 percent . On May 20, 2016, IDACORP and Idaho Power filed a joint shelf registration statement with the U.S. Securities and Exchange Commission (SEC), which became effective upon filing, for the offer and sale of, in the case of Idaho Power, an unspecified principal amount of its first mortgage bonds and debt securities. On September 27, 2016, Idaho Power entered into a selling agency agreement with seven banks named in the agreement in connection with the potential issuance and sale from time to time of up to $500 million aggregate principal amount of first mortgage bonds, secured medium term notes, Series K (Series K Notes), under Idaho Power’s Indenture of Mortgage and Deed of Trust, dated as of October 1, 1937, as amended and supplemented (Indenture). At the same time, Idaho Power entered into the Forty-eighth Supplemental Indenture, dated as of September 1, 2016, to the Indenture. The Forty-eighth Supplemental Indenture provides for, among other items, the issuance of up to $500 million in aggregate principal amount of Series K Notes pursuant to the Indenture. As of December 31, 2017 , $500 million in principal amount of Series K Notes remained available for issuance under the Indenture. Mortgage : As of December 31, 2017 , Idaho Power could issue under its Indenture approximately $1.8 billion of additional first mortgage bonds based on retired first mortgage bonds and total unfunded property additions. These amounts are further limited by the maximum amount of first mortgage bonds set forth in the Indenture. The mortgage of the Indenture secures all bonds issued under the Indenture equally and ratably, without preference, priority, or distinction. First mortgage bonds issued in the future will also be secured by the mortgage of the Indenture. The lien constitutes a first mortgage on all the properties of Idaho Power, subject only to certain limited exceptions including liens for taxes and assessments that are not delinquent and minor excepted encumbrances. Certain of the properties of Idaho Power are subject to easements, leases, contracts, covenants, workmen's compensation awards, and similar encumbrances and minor defects and clouds common to properties. The mortgage of the Indenture does not create a lien on revenues or profits, or notes or accounts receivable, contracts or choses in action, except as permitted by law during a completed default, securities, or cash, except when pledged, or merchandise or equipment manufactured or acquired for resale. The mortgage of the Indenture creates a lien on the interest of Idaho Power in property subsequently acquired, other than excepted property, subject to limitations in the case of consolidation, merger, or sale of all or substantially all of the assets of Idaho Power. The Indenture requires Idaho Power to spend or appropriate 15 percent of its annual gross operating revenues for maintenance, retirement, or amortization of its properties. Idaho Power may, however, anticipate or make up these expenditures or appropriations within the five years that immediately follow or precede a particular year. The Forty-eighth Supplemental Indenture increased the maximum amount of first mortgage bonds issuable by Idaho Power under the Indenture from $2.0 billion to $2.5 billion . The amount issuable is also restricted by property, earnings, and other provisions of the Indenture and supplemental indentures to the Indenture. Idaho Power may amend the Indenture and increase this amount without consent of the holders of the first mortgage bonds. The Indenture requires that Idaho Power's net earnings be at least twice the annual interest requirements on all outstanding debt of equal or prior rank, including the bonds that Idaho Power may propose to issue. Under certain circumstances, the net earnings test does not apply, including the issuance of refunding bonds to retire outstanding bonds that mature in less than two years or that are of an equal or higher interest rate, or prior lien bonds. |
NOTES PAYABLE_
NOTES PAYABLE: | 12 Months Ended |
Dec. 31, 2017 | |
Notes Payable [Abstract] | |
Notes Payable | NOTES PAYABLE Credit Facilities On November 6, 2015, IDACORP and Idaho Power entered into Credit Agreements replacing the existing Second Amended and Restated Credit Agreements, dated October 26, 2011, to provide credit facilities that may be used for general corporate purposes and commercial paper backup. IDACORP's credit facility consists of a revolving line of credit not to exceed the aggregate principal amount at any one time outstanding of $100 million , including swingline loans in an aggregate principal amount at any time outstanding not to exceed $10 million , and letters of credit in an aggregate principal amount at any time outstanding not to exceed $50 million . Idaho Power's credit facility consists of a revolving line of credit, through the issuance of loans and standby letters of credit, not to exceed the aggregate principal amount at any one time outstanding of $300 million , including swingline loans in an aggregate principal amount at any time outstanding not to exceed $30 million , and letters of credit in an aggregate principal amount at any time outstanding not to exceed $100 million . IDACORP and Idaho Power have the right to request an increase in the aggregate principal amount of the facilities to $150 million and $450 million , respectively, in each case subject to certain conditions. The IDACORP and Idaho Power credit facilities have similar terms and conditions. The interest rates for any borrowings under the facilities are based on either (1) a floating rate that is equal to the highest of the prime rate , federal funds rate plus 0.5 percent , or LIBOR rate plus 1.0 percent , or (2) the LIBOR rate , plus, in each case, an applicable margin, provided that the federal funds rate and LIBOR rate will not be less than 0.0 percent . The margin is based on IDACORP's or Idaho Power's, as applicable, senior unsecured long-term indebtedness credit rating by Moody's Investors Service, Inc., Standard and Poor's Ratings Services, and Fitch Rating Services, Inc., as set forth on a schedule to the credit agreements. Under their respective credit facilities, the companies pay a facility fee on the commitment based on the respective company's credit rating for senior unsecured long-term debt securities. While the credit facilities provide for an original maturity date of November 6, 2020, the credit agreements grant IDACORP and Idaho Power the right to request up to two one-year extensions, subject to certain conditions. On November 7, 2017, IDACORP and Idaho Power executed the second extension agreement with the consent of all the lenders, extending the maturity date under both credit agreements to November 4, 2022. No other terms of the credit facilities, included the amount of permitted borrowing under the credit agreements, were affected by the extensions. At December 31, 2017 , no loans were outstanding under either IDACORP's or Idaho Power's facilities. At December 31, 2017 , Idaho Power had regulatory authority to incur up to $450 million in principal amount of short-term indebtedness at any one time outstanding. Balances (in thousands of dollars) and interest rates of IDACORP’s and Idaho Power's short-term borrowings were as follows at December 31, 2017 , and December 31, 2016 : IDACORP Idaho Power Total 2017 2016 2017 2016 2017 2016 Commercial paper balances: At the end of year $ — $ — $ — $ 21,800 $ — $ 21,800 Average during the year $ 588 $ 15,692 $ 839 $ 438 $ 1,427 $ 16,130 Weighted-average interest rate At the end of the year — % — % — % 1.13 % — % 1.13 % |
COMMON STOCK_
COMMON STOCK: | 12 Months Ended |
Dec. 31, 2017 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Common Stock Note Disclosure | COMMON STOCK IDACORP Common Stock The following table summarizes IDACORP common stock transactions during the last three years and shares reserved at December 31, 2017 : Shares issued Shares reserved 2017 2016 2015 December 31, 2017 Balance at beginning of year 50,420,017 50,352,051 50,308,702 Continuous equity program (inactive) — — — 3,000,000 Dividend reinvestment and stock purchase plan — — — 2,576,723 Employee savings plan — — — 3,567,954 Long-term incentive and compensation plan (1) — 67,966 43,349 1,307,878 Balance at end of year 50,420,017 50,420,017 50,352,051 (1) During 2017, IDACORP granted 72,397 restricted stock unit awards to employees and 12,050 shares of common stock to directors but made no original issuances of shares of common stock pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan. In recent years, IDACORP has entered into sales agency agreements under which IDACORP could offer and sell shares of its common stock from time to time through an agent. The most recent sales agency agreement expired in May 2016, but IDACORP may choose to enter into a new sales agency agreement in the future. On May 20, 2016, IDACORP filed a shelf registration statement with the SEC, which became effective upon filing, for the potential offer and sale of an unspecified amount of shares of common stock. Restrictions on Dividends Idaho Power’s ability to pay dividends on its common stock held by IDACORP and IDACORP’s ability to pay dividends on its common stock are limited to the extent payment of such dividends would violate the covenants in their respective credit facilities or Idaho Power’s Revised Code of Conduct. A covenant under IDACORP’s credit facility and Idaho Power’s credit facility requires IDACORP and Idaho Power to maintain leverage ratios of consolidated indebtedness to consolidated total capitalization, as defined therein, of no more than 65 percent at the end of each fiscal quarter. At December 31, 2017 , the leverage ratios for IDACORP and Idaho Power were 44 percent and 46 percent , respectively. Based on these restrictions, IDACORP’s and Idaho Power’s dividends were limited to $1.3 billion and $1.1 billion , respectively, at December 31, 2017 . There are additional facility covenants, subject to exceptions, that prohibit or restrict the sale or disposition of property without consent and any agreements restricting dividend payments to the company from any material subsidiary. At December 31, 2017 , IDACORP and Idaho Power were in compliance with those covenants. Idaho Power’s Revised Policy and Code of Conduct relating to transactions between and among Idaho Power, IDACORP, and other affiliates, which was approved by the IPUC in April 2008, provides that Idaho Power will not pay any dividends to IDACORP that will reduce Idaho Power’s common equity capital below 35 percent of its total adjusted capital without IPUC approval. At December 31, 2017 , Idaho Power's common equity capital was 54 percent of its total adjusted capital. Further, Idaho Power must obtain approval from the OPUC before it can directly or indirectly loan funds or issue notes or give credit on its books to IDACORP. Idaho Power’s articles of incorporation contain restrictions on the payment of dividends on its common stock if preferred stock dividends are in arrears. As of the date of this report, Idaho Power has no preferred stock outstanding. In addition to contractual restrictions on the amount and payment of dividends, the Federal Power Act (FPA) prohibits the payment of dividends from "capital accounts." The term "capital account" is undefined in the FPA or its regulations, but Idaho Power does not believe the restriction would limit Idaho Power's ability to pay dividends out of current year earnings or retained earnings. |
STOCK-BASED COMPENSATION STOCK-
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION: | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | SHARE-BASED COMPENSATION IDACORP has one share-based compensation plan -- the 2000 Long-Term Incentive and Compensation Plan (LTICP). The 1994 Restricted Stock Plan was terminated effective February 9, 2017. The LTICP (for officers, key employees, and directors) permits the grant of stock options, restricted stock and restricted stock units (together, Restricted Stock), performance shares and performance-based units (together, Performance-Based Shares), and several other types of share-based awards. At December 31, 2017 , the maximum number of shares available under the LTICP was 836,220 . Restricted Stock and Performance-Based Shares Awards Restricted Stock awards have three-year vesting periods and entitle the recipients to dividends or dividend equivalents, as applicable, and voting rights, except that holders of restricted stock units do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition and subject to forfeiture under certain circumstances. The fair value of these awards is based on the closing market price of common stock on the grant date and is charged to compensation expense over the vesting period, based on the number of shares expected to vest. Performance-Based Shares awards have three-year vesting periods and entitle the recipients to voting rights, except that holders of performance-based units do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition, subject to forfeiture under certain circumstances, and subject to the attainment of specific performance conditions over the three-year vesting period. The performance conditions are two equally-weighted metrics, cumulative earnings per share (CEPS) and total shareholder return (TSR) relative to a peer group. Depending on the level of attainment of the performance conditions and the year issued, the final number of shares awarded can range from zero to 200 percent of the target award. Dividends or dividend equivalents, as applicable, are accrued during the vesting period and paid out based on the final number of shares awarded. The grant-date fair value of the CEPS portion is based on the closing market value at the date of grant, reduced by the loss in time-value of the estimated future dividend payments. The fair value of this portion of the awards is charged to compensation expense over the requisite service period, based on the number of shares expected to vest. The grant-date fair value of the TSR portion is estimated using the market value at the date of grant and a statistical model that incorporates the probability of meeting performance targets based on historical returns relative to the peer group. The fair value of this portion of the awards is charged to compensation expense over the requisite service period, provided the requisite service period is rendered, regardless of the level of TSR metric attained. A summary of Restricted Stock and Performance-Based Shares award activity is presented below. Idaho Power share amounts represent the portion of IDACORP amounts related to Idaho Power employees: IDACORP Idaho Power Number of Weighted-Average Number of Weighted-Average Nonvested shares/units at January 1, 2017 201,065 $ 61.49 199,526 $ 61.51 Shares/units granted 96,191 75.37 95,568 75.40 Shares/units forfeited (6,179 ) 75.54 (6,179 ) 75.54 Shares/units vested (89,999 ) 51.06 (89,263 ) 51.07 Nonvested shares/units at December 31, 2017 201,078 $ 72.37 199,652 $ 72.39 The total fair value of shares vested was $7.5 million in 2017 and $8.3 million in both 2016 and 2015 . At December 31, 2017 , IDACORP had $5.5 million of total unrecognized compensation cost related to nonvested share-based compensation that was expected to vest. Idaho Power’s share of this amount was $5.4 million . These costs are expected to be recognized over a weighted-average period of 1.7 years. IDACORP uses original issue and/or treasury shares for these awards. In 2017 , a total of 12,050 shares were awarded to directors at a grant date fair value of $82.93 per share. Directors elected to defer receipt of 3,012 of these shares, which are being held as deferred stock units with dividend equivalents reinvested in additional stock units. Compensation Expense: The following table shows the compensation cost recognized in income and the tax benefits resulting from the LTICP, as well as the amounts allocated to Idaho Power for those costs associated with Idaho Power’s employees (in thousands of dollars): IDACORP Idaho Power 2017 2016 2015 2017 2016 2015 Compensation cost $ 7,384 $ 5,561 $ 5,299 $ 7,304 $ 5,494 $ 5,221 Income tax benefit 2,887 2,174 2,072 2,856 2,148 2,042 No equity compensation costs have been capitalized. These costs are primarily reported within other operations and maintenance expense in the consolidated statements of income. |
EARNINGS PER SHARE_
EARNINGS PER SHARE: | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table presents the computation of IDACORP’s basic and diluted earnings per share for the years ended December 31, 2017 , 2016 , and 2015 (in thousands, except for per share amounts): Year Ended December 31, 2017 2016 2015 Numerator: Net income attributable to IDACORP, Inc. $ 212,419 $ 198,288 $ 194,679 Denominator: Weighted-average common shares outstanding - basic 50,361 50,298 50,220 Effect of dilutive securities 63 75 72 Weighted-average common shares outstanding - diluted 50,424 50,373 50,292 Basic earnings per share $ 4.22 $ 3.94 $ 3.88 Diluted earnings per share $ 4.21 $ 3.94 $ 3.87 |
COMMITMENTS_
COMMITMENTS: | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS Purchase Obligations At December 31, 2017 , Idaho Power had the following long-term commitments relating to purchases of energy, capacity, transmission rights, and fuel (in thousands of dollars): 2018 2019 2020 2021 2022 Thereafter Cogeneration and power production $ 234,094 $ 229,129 $ 230,734 $ 236,644 $ 242,380 $ 2,951,425 Fuel 42,772 29,450 27,671 27,861 8,389 92,588 As of December 31, 2017 , Idaho Power had 1,114 MW nameplate capacity of PURPA-related projects on-line, with an additional 5 MW nameplate capacity of projects projected to be on-line in 2018 and an additional 24 MW expected to be added in 2019. The power purchase contracts for these projects have original contract terms ranging from one to 35 years. Idaho Power's expenses associated with PURPA-related projects were approximately $170 million in 2017 , $154 million in 2016 , and $131 million in 2015 . Idaho Power also has the following long-term commitments (in thousands of dollars): 2018 2019 2020 2021 2022 Thereafter Operating leases (1) $ 3,529 $ 4,434 $ 4,538 $ 4,500 $ 4,507 $ 30,052 Equipment, maintenance, and service agreements (1) 35,867 10,378 11,828 6,421 10,322 53,572 FERC and other industry-related fees (1) 12,940 12,836 10,145 10,145 10,145 50,729 (1) Approximately $34 million , $20 million , and $60 million of the obligations included in operating leases; equipment, maintenance, and service agreements; and FERC and other industry-related fees, respectively, have contracts that do not specify terms related to expiration. As these contracts are presumed to continue indefinitely, ten years of information, estimated based on current contract terms, has been included in the table for presentation purposes. IDACORP’s expense for operating leases was $5.6 million in 2017 , $4.9 million in 2016 , and $4.4 million in 2015 . Guarantees Through a self-bonding mechanism, Idaho Power guarantees its portion of reclamation activities and obligations at BCC, of which IERCo owns a one-third interest. This guarantee, which is renewed annually with the Wyoming Department of Environmental Quality, was $56.7 million at December 31, 2017 , representing IERCo's one-third share of BCC's total reclamation obligation of $170.1 million . BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs. At December 31, 2017 , the value of the reclamation trust fund was $103.4 million . During 2017 , the reclamation trust fund made no distributions for reclamation activity costs associated with the BCC surface mine. BCC periodically assesses the adequacy of the reclamation trust fund and its estimate of future reclamation costs. To ensure that the reclamation trust fund maintains adequate reserves, BCC has the ability to, and does, add a per-ton surcharge to coal sales, all of which are made to the Jim Bridger plant. Because of the existence of the fund and the ability to apply a per-ton surcharge, the estimated fair value of this guarantee is minimal. IDACORP and Idaho Power enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of December 31, 2017 , management believes the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective consolidated balance sheets with respect to these indemnification obligations. |
CONTINGENCIES_
CONTINGENCIES: | 12 Months Ended |
Dec. 31, 2017 | |
Loss Contingency [Abstract] | |
Contingencies | CONTINGENCIES IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, some of which involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power's operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred, although there is no assurance that such recovery would be granted. IDACORP and Idaho Power are parties to legal claims and legal and regulatory actions and proceedings in the ordinary course of business that are in addition to those discussed above and, as noted above, record an accrual for associated loss contingencies when they are probable and reasonably estimable. As of the date of this report, the companies believe that resolution of those matters will not have a material adverse effect on their respective consolidated financial statements. Idaho Power is also actively monitoring various pending environmental regulations and recently issued executive orders related to environmental matters that may have a significant impact on its future operations. Given uncertainties regarding the outcome, timing, and compliance plans for these environmental matters, Idaho Power is unable to estimate the financial impact of these regulations. |
BENEFIT PLANS_
BENEFIT PLANS: | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits, Description [Abstract] | |
Benefit Plans | BENEFIT PLANS Idaho Power sponsors defined benefit and other postretirement benefit plans that cover the majority of its employees. Idaho Power also sponsors a defined contribution 401(k) employee savings plan and provides certain post-employment benefits. Pension Plans Idaho Power has two pension plans–a noncontributory defined benefit pension plan (pension plan) and two nonqualified defined benefit pension plans for certain senior management employees called the Security Plan for Senior Management Employees I and Security Plan for Senior Management Employees II (together, 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 these plans are based on years of service and the employee's final average earnings. Idaho Power’s funding policy for the pension plan is to contribute at least the minimum required under the Employee Retirement Income Security Act of 1974 (ERISA) but not more than the maximum amount deductible for income tax purposes. In 2017 , 2016 , and 2015 Idaho Power elected to contribute more than the minimum required amounts in order to bring the pension plan to a more funded position, to reduce future required contributions, and to reduce Pension Benefit Guaranty Corporation premiums. The following table summarizes the changes in benefit obligations and plan assets of these plans (in thousands of dollars): Pension Plan SMSP 2017 2016 2017 2016 Change in projected benefit obligation: Benefit obligation at January 1 $ 895,060 $ 835,523 $ 99,570 $ 95,389 Service cost 33,742 32,019 759 1,228 Interest cost 38,957 37,813 4,315 4,275 Actuarial loss 67,758 22,640 10,635 2,933 Plan amendment — 81 — 120 Benefits paid (36,173 ) (33,016 ) (4,976 ) (4,375 ) Projected benefit obligation at December 31 999,344 895,060 110,303 99,570 Change in plan assets: Fair value at January 1 607,568 559,616 — — Actual return on plan assets 86,288 40,968 — — Employer contributions 40,000 40,000 — — Benefits paid (36,173 ) (33,016 ) — — Fair value at December 31 697,683 607,568 — — Funded status at end of year $ (301,661 ) $ (287,492 ) $ (110,303 ) $ (99,570 ) Amounts recognized in the statement of financial position consist of: Other current liabilities $ — $ — $ (5,010 ) $ (4,733 ) Noncurrent liabilities (301,661 ) (287,492 ) (105,293 ) (94,837 ) Net amount recognized $ (301,661 ) $ (287,492 ) $ (110,303 ) $ (99,570 ) Amounts recognized in accumulated other comprehensive income consist of: Net loss $ 277,052 $ 263,634 $ 41,333 $ 33,660 Prior service cost 68 96 498 625 Subtotal 277,120 263,730 41,831 34,285 Less amount recorded as regulatory asset (277,120 ) (263,730 ) — — Net amount recognized in accumulated other comprehensive income $ — $ — $ 41,831 $ 34,285 Accumulated benefit obligation $ 850,763 $ 766,367 $ 100,222 $ 91,146 As a non-qualified plan, the SMSP has no plan assets. However, Idaho Power has a Rabbi trust designated to provide funding for SMSP obligations. The Rabbi trust holds investments in marketable securities and corporate-owned life insurance. The recorded value of these investments was approximately $85.7 million and $77.8 million at December 31, 2017 and 2016 , respectively, and is reflected in Investments and in Company-owned life insurance on the consolidated balance sheets. The following table shows the components of net periodic benefit 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 Plan SMSP 2017 2016 2015 2017 2016 2015 Service cost $ 33,742 $ 32,019 $ 33,164 $ 759 $ 1,228 $ 1,689 Interest cost 38,957 37,813 35,171 4,315 4,275 3,868 Expected return on assets (45,138 ) (42,081 ) (42,310 ) — — — Amortization of net loss 13,190 13,331 13,927 2,963 3,532 4,195 Amortization of prior service cost 28 59 221 127 168 185 Net periodic pension cost 40,779 41,141 40,173 8,164 9,203 9,937 Regulatory deferral of net periodic benefit cost (1) (38,699 ) (39,335 ) (38,327 ) — — — Previously deferred pension cost recognized (1) 17,154 17,154 17,154 — — — Net periodic benefit cost recognized for financial reporting (1) $ 19,234 $ 18,960 $ 19,000 $ 8,164 $ 9,203 $ 9,937 (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. The following table shows the components of other comprehensive income for the plans (in thousands of dollars): Pension Plan SMSP 2017 2016 2015 2017 2016 2015 Actuarial (loss) gain during the year $ (26,608 ) $ (23,753 ) $ (3,790 ) $ (10,635 ) $ (2,933 ) $ 353 Plan amendment service cost — (81 ) — — (120 ) — Reclassification adjustments for: Amortization of net loss 13,190 13,331 13,927 2,963 3,532 4,195 Amortization of prior service cost 28 59 221 127 168 185 Adjustment for deferred tax effects 1,744 4,083 (4,050 ) 1,555 (253 ) (1,851 ) Adjustment due to the effects of regulation 11,646 6,361 (6,308 ) — — — Other comprehensive income recognized related to pension benefit plans $ — $ — $ — $ (5,990 ) $ 394 $ 2,882 In 2018 , IDACORP and Idaho Power expect to recognize as components of net periodic benefit cost $17.5 million from amortizing amounts recorded in accumulated other comprehensive income (or as a regulatory asset for the pension plan) as of December 31, 2017 , relating to the pension plan and SMSP. This amount consists of $13.6 million of amortization of net loss for the pension plan and $3.8 million of amortization of net loss and $0.1 million of amortization of prior service cost for the SMSP. The following table summarizes the expected future benefit payments of these plans (in thousands of dollars): 2018 2019 2020 2021 2022 2023-2027 Pension Plan $ 35,312 $ 37,490 $ 39,983 $ 42,438 $ 44,797 $ 257,290 SMSP 5,100 5,161 5,538 5,707 5,880 30,962 As of December 31, 2017 , IDACORP's and Idaho Power's minimum required contributions to the pension plan are estimated to be zero in 2018 . Depending on market conditions and cash flow considerations in 2018, Idaho Power could contribute up to $40 million to the pension plan during 2018 in order to help balance the regulatory collection of these expenditures with the amount and timing of contributions and to mitigate the cost of being in an underfunded position. Postretirement Benefits Idaho Power 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. Retirees hired on or after January 1, 1999, have access to the standard medical option at full cost, with no contribution by Idaho Power. Benefits for employees who retire after December 31, 2002, are limited to a fixed amount, which has limited the growth of Idaho Power’s future obligations under this plan. The following table summarizes the changes in benefit obligation and plan assets (in thousands of dollars): 2017 2016 Change in accumulated benefit obligation: Benefit obligation at January 1 $ 63,876 $ 62,393 Service cost 973 1,116 Interest cost 2,783 2,766 Actuarial loss 5,769 1,550 Benefits paid (1) (3,562 ) (3,949 ) Plan amendments 212 — Benefit obligation at December 31 70,051 63,876 Change in plan assets: Fair value of plan assets at January 1 34,999 35,566 Actual return on plan assets 5,112 2,425 Employer contributions (1) 1,745 957 Benefits paid (1) (3,562 ) (3,949 ) Fair value of plan assets at December 31 38,294 34,999 Funded status at end of year (included in noncurrent liabilities) $ (31,757 ) $ (28,877 ) (1) Contributions and benefits paid are each net of $3.4 million and $3.7 million of plan participant contributions for 2017 and 2016 , respectively. Amounts recognized in accumulated other comprehensive income consist of the following (in thousands of dollars): 2017 2016 Net gain $ 2,777 $ (55 ) Prior service cost 269 104 Subtotal 3,046 49 Less amount recognized in regulatory assets (3,046 ) (49 ) Net amount recognized in accumulated other comprehensive income $ — $ — The net periodic postretirement benefit cost was as follows (in thousands of dollars): 2017 2016 2015 Service cost $ 973 $ 1,116 $ 1,235 Interest cost 2,783 2,766 2,678 Expected return on plan assets (2,307 ) (2,474 ) (2,680 ) Amortization of prior service cost 47 26 15 Net periodic postretirement benefit cost $ 1,496 $ 1,434 $ 1,248 The following table shows the components of other comprehensive income for the plan (in thousands of dollars): 2017 2016 2015 Actuarial (loss) gain during the year $ (2,964 ) $ (1,600 ) $ 2,413 Prior service cost arising during the year (212 ) — — Reclassification adjustments for amortization of prior service cost 47 26 15 Adjustment for deferred tax effects 807 615 (949 ) Adjustment due to the effects of regulation 2,322 959 (1,479 ) Other comprehensive income related to postretirement benefit plans $ — $ — $ — The following table summarizes the expected future benefit payments of the postretirement benefit plan (in thousands of dollars): 2018 2019 2020 2021 2022 2023-2027 Expected benefit payments $ 5,051 $ 4,667 $ 4,374 $ 4,080 $ 4,070 $ 19,910 Plan Assumptions 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 Plan SMSP Postretirement Benefits 2017 2016 2017 2016 2017 2016 Discount rate 3.95 % 4.45 % 3.95 % 4.45 % 3.95 % 4.45 % Rate of compensation increase (1) 4.17 % 4.11 % 4.75 % 4.75 % — — Medical trend rate — — — — 6.8 % 8.3 % Dental trend rate — — — — 4.1 % 5.0 % Measurement date 12/31/2017 12/31/2016 12/31/2017 12/31/2016 12/31/2017 12/31/2016 (1) The 2017 rate of compensation increase assumption for the pension plan includes an inflation component of 2.50% plus a 1.67% composite merit increase component that is based on employees' years of service. Merit salary increases are assumed to be 8.0% for employees in their first year of service and scale down to 0% for employees in their fortieth year of service and beyond. 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 Plan SMSP Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 Discount rate 4.45 % 4.60 % 4.25 % 4.45 % 4.60 % 4.20 % 4.45 % 4.60 % 4.20 % Expected long-term rate of return on assets 7.50 % 7.50 % 7.50 % — — — 6.75 % 7.25 % 7.25 % Rate of compensation increase 4.17 % 4.11 % 4.11 % 4.75 % 4.50 % 4.50 % — — % — % Medical trend rate — — — — — — 6.8 % 8.30 % 9.70 % Dental trend rate — — — — — — 4.0 % 5.00 % 5.00 % The assumed health care cost trend rate used to measure the expected cost of health benefits covered by the postretirement plan was 6.8 percent in 2017 and is assumed to decrease to 6.4 percent in 2018 , 5.9 percent in 2019, 5.4 percent in 2020 and to gradually decrease to 4.1 percent by 2074 . The assumed dental cost trend rate used to measure the expected cost of dental benefits covered by the plan was 4.0 percent , or equal to the medical trend rate if lower, for all years. A one percentage point change in the assumed health care cost trend rate would have the following effects at December 31, 2017 (in thousands of dollars): One-Percentage-Point Increase Decrease Effect on total of cost components $ 301 $ (223 ) Effect on accumulated postretirement benefit obligation 3,166 (2,459 ) Plan Assets Pension Asset Allocation Policy: The target allocation and actual allocations at December 31, 2017 , for the pension asset portfolio by asset class is set forth below: Asset Class Target Allocation Actual Allocation December 31, 2017 Debt securities 24 % 24 % Equity securities 56 % 58 % Real estate 7 % 6 % Other plan assets 13 % 12 % Total 100 % 100 % Assets are rebalanced as necessary to keep the portfolio close to target allocations. The plan’s principal investment objective is to maximize total return (defined as the sum of realized interest and dividend income and realized and unrealized gain or loss in market price) consistent with prudent parameters of risk and the liability profile of the portfolio. Emphasis is placed on preservation and growth of capital along with adequacy of cash flow sufficient to fund current and future payments to pensioners. The three major goals in Idaho Power’s asset allocation process are to: • determine if the investments have the potential to earn the rate of return assumed in the actuarial liability calculations; • match the cash flow needs of the plan. Idaho Power sets bond allocations sufficient to cover at least five years of benefit payments and cash allocations sufficient to cover the current year benefit payments. Idaho Power then utilizes growth instruments (equities, real estate, venture capital) to fund the longer-term liabilities of the plan; and • maintain a prudent risk profile consistent with ERISA fiduciary standards. Allowable plan investments include stocks and stock funds, investment-grade bonds and bond funds, real estate funds, private equity funds, and cash and cash equivalents. With the exception of real estate holdings and private equity, investments must be readily marketable so that an entire holding can be disposed of quickly with only a minor effect upon market price. Rate-of-return projections for plan assets are based on historical risk/return relationships among asset classes. The primary measure is the historical risk premium each asset class has delivered versus the yield on the Moody's AA Corporate Bond Index. This historical risk premium is then added to the current yield on the Moody's AA Corporate Bond Index. Additional analysis is performed to measure the expected range of returns, as well as worst-case and best-case scenarios. Based on the current low interest rate environment, current rate-of-return expectations are lower than the nominal returns generated over the past 20 years when interest rates were generally much higher. Idaho Power’s asset modeling process also utilizes historical market returns to measure the portfolio’s exposure to a “worst-case” market scenario, to determine how much performance could vary from the expected “average” performance over various time periods. This “worst-case” modeling, in addition to cash flow matching and diversification by asset class and investment style, provides the basis for managing the risk associated with investing portfolio assets. Fair Value of Plan Assets: Idaho Power classifies its pension plan and postretirement benefit plan investments using the three-level fair value hierarchy described in Note 15 - "Derivative Financial Instruments." The following table presents the fair value of the plans' investments by asset category (in thousands of dollars). Level 1 Level 2 Level 3 Total Assets at December 31, 2017 Cash and cash equivalents $ 20,852 $ — $ — $ 20,852 Short-term bonds 20,475 — — 20,475 Intermediate bonds 20,699 82,923 — 103,622 Long-term bonds — 40,707 — 40,707 Equity Securities: Large-Cap 95,179 — — 95,179 Equity Securities: Mid-Cap 81,127 — — 81,127 Equity Securities: Small-Cap 62,502 — — 62,502 Equity Securities: Micro-Cap 32,753 — — 32,753 Equity Securities: International 6,774 — — 6,774 Equity Securities: Emerging Markets 8,785 — — 8,785 Plan assets measured at NAV (not subject to hierarchy disclosure) Equity Securities: International 83,589 Equity Securities: Emerging Markets 36,255 Real estate 38,435 Private market investments 31,618 Commodities fund 35,010 Total $ 349,146 $ 123,630 $ — $ 697,683 Postretirement plan assets (1) $ 567 $ 37,727 $ — $ 38,294 Level 1 Level 2 Level 3 Total Assets at December 31, 2016 Cash and cash equivalents $ 28,632 $ — $ — $ 28,632 Short-term bonds 11,198 — — 11,198 Intermediate bonds 11,904 88,734 — 100,638 Long-term bonds — 20,573 — 20,573 Equity Securities: Large-Cap 80,582 — — 80,582 Equity Securities: Mid-Cap 68,634 — — 68,634 Equity Securities: Small-Cap 53,766 — — 53,766 Equity Securities: Micro-Cap 29,671 — — 29,671 Equity Securities: International 7,782 — — 7,782 Equity Securities: Emerging Markets 9,204 — — 9,204 Plan assets measured at NAV (not subject to hierarchy disclosure) Equity Securities: International 64,930 Equity Securities: Emerging Markets 24,443 Real estate 41,907 Private market investments 33,713 Commodities fund 31,895 Total $ 301,373 $ 109,307 $ — $ 607,568 Postretirement plan assets (1) $ 28 $ 34,971 $ — $ 34,999 (1) The postretirement benefits assets are primarily life insurance contracts. For the year ended December 31, 2017 and December 31, 2016 , there were no material transfers into or out of Levels 1, 2, or 3. Fair Value Measurement of Level 2 Plan assets and Plan assets measured at NAV: Level 2 Bonds : These investments represent U.S. government, agency bonds, and corporate bonds. The U.S. government and agency bonds, as well as the corporate bonds, are not traded on an exchange and are valued utilizing market prices for similar assets or liabilities in active markets. Level 2 Postretirement Asset: This asset represents an investment in a life insurance contract and is recorded at fair value, which is the cash surrender value, less any unpaid expenses. The cash surrender value of this insurance contract is contractually equal to the insurance contract's proportionate share of the market value of an associated investment account held by the insurer. The investments held by the insurer's investment account are all instruments traded on exchanges with readily determinable market prices. Commingled Funds : These funds, made up of the international, emerging markets equity securities, and commodities fund measured at NAV, are not publicly traded, and therefore no publicly quoted market price is readily available. The value of the commingled funds are presented at estimated fair value, which is determined based on the unit value of the fund. The values of these investments are calculated by the custodian for the fund company on a monthly or more frequent basis, and are based on market prices of the assets held by each of the commingled funds divided by the number of fund shares outstanding for the respective fund. The investments in commingled funds have redemption limitations that permit monthly redemption following notice requirements of 5 to 7 days. Real Estate : Real estate holdings represent investments in open-ended commingled real estate funds. As the property interests held in these real estate funds are not frequently traded, establishing the market value of the property interests held by the fund, and the resulting unit value of fund shareholders, is based on unobservable inputs including property appraisals by the fund companies, property appraisals by independent appraisal firms, analysis of the replacement cost of the property, discounted cash flows generated by property rents and changes in property values, and comparisons with sale prices of similar properties in similar markets. These open-ended real estate funds also furnish annual audited financial statements that are also used to further validate the information provided. Redemptions are generally available on a quarterly basis, with 10 to 35 days written notice, depending on the individual fund. If the fund has sufficient liquidity, the redemption will be processed at the fund NAV or the fund’s estimate of fair value at the end of the quarter. If the fund does not have sufficient liquidity to honor the full redemption, the remainder will be set for redemption the following quarter on a pro-rata basis with other redemption requests. This same process will repeat until the redemption request has been completed. To protect other fund holders, real estate funds have no duty to liquidate or encumber funds to meet redemption requests. Private Market Investments : Private market investments represent two categories: fund of hedge funds and venture capital funds. These funds are valued by the fund companies based on the estimated fair values of the underlying fund holdings divided by the fund shares outstanding or multiplied by the ownership percentages of the holder. Some hedge fund strategies utilize securities with readily available market prices, while others utilize less liquid investment vehicles that are valued based on unobservable inputs including cost, operating results, recent funding activity, or comparisons with similar investment vehicles. Redemptions are available on a quarterly basis with 70 days written notice. Redemptions will be processed at the quarterly NAV or fair value within 60 days following quarter end. In the event of a full redemption, a reserve amount of 5% to 10% of the redemption amount may be held in reserve until the audited financial statements of the fund are published. This allows the fund to adjust the redemption so that other fund holders are not adversely impacted. Venture capital fund investments are valued by the fund companies based on estimated fair value of the underlying fund holdings divided by the fund shares outstanding. Some venture capital investments have progressed to the point that they have readily available exchange-based market valuations. Early stage venture investments are valued based on unobservable inputs including cost, operating results, discounted cash flows, the price of recent funding events, or pending offers from other viable entities. These private market investments furnish annual audited financial statements that are also used to further validate the information provided. These funds are formed for a stated life of 10 to 15 years. The general partner can extend the fund life for 2 or 3 one-year periods. The fund can be further extended with the approval of the limited partners. There are generally no redemption rights associated with these funds. The limited partner must hold the fund for the life of the fund or find a third-party buyer. Employee Savings Plan Idaho Power has a defined contribution plan designed to comply with Section 401(k) of the Internal Revenue Code and that covers substantially all employees. Idaho Power matches specified percentages of employee contributions to the plan. Matching annual contributions were approximately $7.4 million , $7.5 million , and $6.9 million in 2017 , 2016 , and 2015 , respectively. Post-employment Benefits Idaho Power provides certain benefits to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement, in addition to the health care benefits required under the Consolidated Omnibus Budget Reconciliation Act. These benefits include salary continuation, health care and life insurance for those employees found to be disabled under Idaho Power’s disability plans, and health care for surviving spouses and dependents. Idaho Power accrues a liability for such benefits. The post employment benefits included in other deferred credits on both IDACORP’s and Idaho Power’s consolidated balance sheets at December 31, 2017 , 2016 , and 2015 , were approximately $2 million . |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND JOINTLY-OWNED PROJECTS: | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | PROPERTY, PLANT AND EQUIPMENT AND JOINTLY-OWNED PROJECTS The following table presents the major classifications of Idaho Power’s utility plant in service, annual depreciation provisions as a percent of average depreciable balance, and accumulated provision for depreciation for the years ended December 31, 2017 and 2016 (in thousands of dollars): 2017 2016 Balance Avg Rate Balance Avg Rate Production $ 2,598,940 3.07 % $ 2,551,823 2.40 % Transmission 1,163,240 1.94 % 1,120,903 2.02 % Distribution 1,710,126 2.44 % 1,637,131 2.72 % General and Other 433,856 6.01 % 422,187 5.49 % Total in service 5,906,162 2.87 % 5,732,044 2.64 % Accumulated provision for depreciation (2,098,274 ) (1,988,477 ) In service - net $ 3,807,888 $ 3,743,567 At December 31, 2017 , Idaho Power's construction work in progress balance of $452.4 million included relicensing costs of $268.7 million for the HCC, Idaho Power's largest hydroelectric complex. In 2017, 2016, and 2015, the IPUC authorized Idaho Power to include in its Idaho jurisdiction rates $6.5 million annually ( $10.7 million when grossed-up for the effect of income taxes) of AFUDC relating to the HCC relicensing project. Collecting these amounts will reduce the amount collected in the future once the HCC relicensing costs are approved for recovery in base rates. At December 31, 2017 , Idaho Power's regulatory liability for collection of AFUDC relating to the HCC was $119.7 million . Idaho Power's ownership interest in three jointly-owned generating facilities is included in the table above. Under the joint operating agreements for these facilities, each participating utility is responsible for financing its share of construction, operating, and leasing costs. Idaho Power's proportionate share of operating expenses for each facility is included in the Consolidated Statements of Income. These jointly-owned facilities, including balance sheet amounts and the extent of Idaho Power’s participation, were as follows at December 31, 2017 (in thousands of dollars): Name of Plant Location Utility Plant in Service Construction Work in Progress Accumulated Provision for Depreciation Ownership % MW (1) Jim Bridger Units 1-4 Rock Springs, WY $ 722,440 $ 6,935 $ 316,092 33 771 Boardman Boardman, OR 82,193 55 71,250 10 64 Valmy Units 1 and 2 Winnemucca, NV 409,836 359 235,670 50 284 (1) Idaho Power’s share of nameplate capacity. IERCo, Idaho Power’s wholly-owned subsidiary, is a joint venturer in BCC. Idaho Power’s coal purchases from the joint venture were $86.4 million in 2017 , $92.9 million in 2016 , and $92.8 million in 2015 . Idaho Power has contracts to purchase the energy from four PURPA qualified facilities that are 50 percent owned by Ida-West. Idaho Power’s power purchases from these facilities were $9.8 million in 2017 , $7.8 million in 2016 , and $8.1 million in 2015 . IDACORP's consolidated VIE, Marysville, owns a hydroelectric plant with a net book value of $15.7 million and $16.2 million at December 31, 2017 and 2016 , respectively. |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligation Disclosure | ASSET RETIREMENT OBLIGATIONS (ARO) The guidance relating to accounting for AROs requires that legal obligations associated with the retirement of property, plant, and equipment be recognized as a liability at fair value when incurred and when a reasonable estimate of the fair value of the liability can be made. Under the guidance, when a liability is initially recorded, the entity increases the carrying amount of the related long-lived asset to reflect the future retirement cost. Over time, the liability is accreted to its estimated settlement value and paid, and the capitalized cost is depreciated over the useful life of the related asset. If, at the end of the asset’s life, the recorded liability differs from the actual obligations paid, a gain or loss would be recognized. As a rate-regulated entity, Idaho Power records regulatory assets or liabilities instead of accretion, depreciation, and gains or losses, as approved by the IPUC. The regulatory assets recorded under this order do not earn a return on investment. Beginning June 1, 2012, accretion, depreciation, and gains or losses related to the Boardman generating facility have been exempted from such regulatory treatment as Idaho Power is now collecting amounts related to the decommissioning of Boardman in rates. Idaho Power’s recorded AROs relate to the removal of polychlorinated biphenyl-contaminated equipment at its distribution facilities and the reclamation and removal costs at its jointly-owned coal-fired generation facilities. Idaho Power also has additional AROs associated with its transmission system, hydroelectric facilities, natural gas-fired generation facilities, and jointly owned coal-fired generation facilities; however, due to the indeterminate removal date, the fair value of the associated liabilities currently cannot be estimated and no amounts are recognized in the consolidated financial statements. The regulated operations of Idaho Power also collect removal costs in rates for certain assets that do not have associated AROs. Idaho Power is required to redesignate these removal costs as regulatory liabilities. See Note 3 - "Regulatory Matters" for the removal costs recorded as regulatory liabilities on IDACORP’s and Idaho Power’s consolidated balance sheets as of December 31, 2017 and 2016 . The following table presents the changes in the carrying amount of AROs (in thousands of dollars): 2017 2016 Balance at beginning of year $ 26,257 $ 26,153 Accretion expense 1,015 1,031 Revisions in estimated cash flows (791 ) 1,759 Liability settled (66 ) (2,686 ) Balance at end of year $ 26,415 $ 26,257 |
INVESTMENTS_
INVESTMENTS: | 12 Months Ended |
Dec. 31, 2017 | |
Investments [Abstract] | |
Investments in Debt and Equity Securities | INVESTMENTS The table below summarizes IDACORP’s and Idaho Power’s investments as of December 31 (in thousands of dollars): 2017 2016 Idaho Power investments: Bridger Coal Company (equity method investment) $ 68,566 $ 82,299 Exchange traded short-term bond funds and cash equivalents 30,249 23,908 Executive deferred compensation plan investments 17 111 Total Idaho Power investments 98,832 106,318 Investments in affordable housing (IDACORP Financial Services) 5,521 7,643 Ida-West joint ventures (equity method investments) 11,345 11,213 Total IDACORP investments $ 115,698 $ 125,174 Equity Method Investments Idaho Power, through its subsidiary IERCo, is a 33 percent owner of BCC. Ida-West, through separate subsidiaries, owns 50 percent of three electric generation projects that are accounted for using the equity method: South Forks Joint Venture, Hazelton/Wilson Joint Venture, and Snow Mountain Hydro LLC. All projects are reviewed periodically for impairment. The table below presents IDACORP’s and Idaho Power’s earnings of unconsolidated equity-method investments (in thousands of dollars): 2017 2016 2015 Bridger Coal Company (Idaho Power) $ 9,267 $ 10,855 $ 9,773 Ida-West joint ventures 2,107 2,016 1,355 Total $ 11,374 $ 12,871 $ 11,128 Investments in Equity Securities Investments in securities classified as available-for-sale securities are reported at fair value. Any unrealized gains or losses on available-for-sale securities are included in income, as the fair value option has been elected for these instruments. Unrealized gains and losses on available-for-sale securities were immaterial at December 31, 2017 and December 31, 2016 . The following table summarizes sales of available-for-sale securities (in thousands of dollars): 2017 2016 2015 Proceeds from sales $ 4,989 $ 15,693 $ 34,243 Gross realized gains from sales — 54 — Investments in Affordable Housing IFS invests primarily in affordable housing developments, which provide a return principally by reducing federal and state income taxes through tax credits and accelerated tax depreciation benefits. IFS has focused on a diversified approach to its investment strategy in order to limit both geographic and operational risk, with most of IFS’s investments having been made through syndicated funds. IDACORP accounts for its equity-method investments in qualified affordable housing projects using the proportional amortization method and recognizes the net investment performance in the consolidated statements of income as a component of income tax expense. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS: | 12 Months Ended |
Dec. 31, 2017 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS Commodity Price Risk Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop. All of Idaho Power's derivative instruments have been entered into for the purpose of economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). These types of transactions are excluded from the offsetting presented in the derivative fair value and offsetting table below. The table below presents the gains and losses on derivatives not designated as hedging instruments for the years ended December 31, 2017 , 2016 , and 2015 (in thousands of dollars): Location of Realized Gain/(Loss) on Derivatives Recognized in Income Gain/(Loss) on Derivatives Recognized in Income (1) 2017 2016 2015 Financial swaps Off-system sales $ 902 $ 1,405 $ 2,882 Financial swaps Purchased power 166 586 748 Financial swaps Fuel expense 701 (1,947 ) (6,045 ) Financial swaps Other operations and maintenance (84 ) (161 ) (50 ) Forward contracts Off-system sales 55 (54 ) — Forward contracts Purchased power (69 ) 86 (6 ) Forward contracts Fuel expense 4 139 54 (1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. Settlement gains and losses on electricity swap contracts are recorded on the income statement in off-system sales or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other operations and maintenance expense. See Note 16 - "Fair Value Measurements" for additional information concerning the determination of fair value for Idaho Power’s assets and liabilities from price risk management activities. Derivative Instrument Summary The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at December 31, 2017 and 2016 (in thousands of dollars): Asset Derivatives Liability Derivatives Balance Sheet Location Gross Fair Value Amounts Offset Net Assets Gross Fair Value Amounts Offset Net Liabilities December 31, 2017 Current: Financial swaps Other current assets $ 18 $ — $ 18 $ — $ — $ — Financial swaps Other current liabilities 553 (553 ) — 1,971 (748 ) (1) 1,223 Forward contracts Other current liabilities — — — 2 — 2 Long-term: Financial swaps Other assets 4 — 4 — — — Total $ 575 $ (553 ) $ 22 $ 1,973 $ (748 ) $ 1,225 December 31, 2016 Current: Financial swaps Other current assets $ 8,134 $ (2,183 ) (2) $ 5,951 $ 302 $ (302 ) $ — Total $ 8,134 $ (2,183 ) $ 5,951 $ 302 $ (302 ) $ — (1) Current liability derivative amounts offset include $0.2 million of collateral receivable for the period ending December 31, 2017 . (2) Current asset derivative amounts offset include $1.9 million of collateral payable for the period ending December 31, 2016 . The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at December 31, 2017 and 2016 (in thousands of units): December 31, Commodity Units 2017 2016 Electricity purchases MWh 312 217 Electricity sales MWh 224 135 Natural gas purchases MMBtu 7,028 6,604 Natural gas sales MMBtu 140 70 Diesel purchases Gallons — 1,188 Credit Risk At December 31, 2017 , Idaho Power did not have material credit risk exposure from financial instruments, including derivatives. Idaho Power monitors credit risk exposure through reviews of counterparty credit quality, corporate-wide counterparty credit exposure, and corporate-wide counterparty concentration levels. Idaho Power manages these risks by establishing credit and concentration limits on transactions with counterparties and requiring contractual guarantees, cash deposits, or letters of credit from counterparties or their affiliates, as deemed necessary. Idaho Power’s physical power contracts are commonly under Western Systems Power Pool agreements, physical gas contracts are usually under North American Energy Standards Board contracts, and financial transactions are usually under International Swaps and Derivatives Association, Inc. contracts. These contracts contain adequate assurance clauses requiring collateralization if a counterparty has debt that is downgraded below investment grade by at least one rating agency. Credit-Contingent Features Certain of Idaho Power's derivative instruments contain provisions that require Idaho Power's unsecured debt to maintain an investment grade credit rating from Moody's Investors Service and Standard & Poor's Ratings Services. If Idaho Power's unsecured debt were to fall below investment grade, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position at December 31, 2017 , was $2.0 million . Idaho Power posted $0.9 million cash collateral related to this amount. If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2017 , Idaho Power would have been required to pay or post collateral to its counterparties up to an additional $4.5 million to cover open liability positions as well as completed transactions that have not yet been paid. |
FAIR VALUE MEASUREMENTS_
FAIR VALUE MEASUREMENTS: | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access. • Level 2: Financial assets and liabilities whose values are based on the following: a) quoted prices for similar assets or liabilities in active markets; b) quoted prices for identical or similar assets or liabilities in non-active markets; c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. IDACORP and Idaho Power Level 2 inputs are based on quoted market prices adjusted for location using corroborated, observable market data. • Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. An item recorded at fair value is reclassified among levels when changes in the nature of valuation inputs cause the item to no longer meet the criteria for the level in which it was previously categorized. There were no transfers between levels or material changes in valuation techniques or inputs during the years ended December 31, 2017 and 2016 . 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, 2017 and 2016 (in thousands of dollars): December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds IDACORP $ 28,038 $ — $ — $ 28,038 $ 15,000 $ — $ — $ 15,000 Idaho Power 10,260 — — 10,260 29,967 — — 29,967 Derivatives 22 — — 22 5,951 — — 5,951 Trading securities: Equity securities 17 — — 17 111 — — 111 Available-for-sale securities: Equity securities 30,249 — — 30,249 23,908 — — 23,908 Liabilities: Derivatives $ 1,223 $ 2 $ — $ 1,225 $ — $ — $ — $ — Idaho Power’s derivatives are contracts entered into as part of its management of loads and resources. Electricity derivatives are valued on the Intercontinental Exchange (ICE) with quoted prices in an active market. Natural gas and diesel derivative valuations are performed using New York Mercantile Exchange (NYMEX) and ICE pricing, adjusted for location basis, which are also quoted under NYMEX and ICE pricing. Trading securities consist of employee-directed investments held in a Rabbi trust and are related to an executive deferred compensation plan. Available-for-sale securities are related to the SMSP, are held in a Rabbi trust, and are actively traded money market and exchange-traded funds with quoted prices in active markets. The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, as of December 31, 2017 and 2016 , using available market information and appropriate valuation methodologies (in thousands of dollars): December 31, 2017 December 31, 2016 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (thousands of dollars) IDACORP Assets: Notes receivable (1) $ 3,804 $ 3,804 $ 3,804 $ 3,804 Liabilities: Long-term debt (1) 1,746,123 1,915,459 1,745,678 1,858,666 Idaho Power Liabilities: Long-term debt (1) $ 1,746,123 $ 1,915,459 $ 1,745,678 $ 1,858,666 (1) Notes receivable and long-term debt are categorized as Level 3 and Level 2, respectively, of the fair value hierarchy, as defined earlier in this Note 16 - "Fair Value Measurements." Notes receivable are related to Ida-West and are valued based on unobservable inputs, including discounted cash flows, which are partially based on forecasted hydroelectric conditions. Long-term debt is not traded on an exchange and is valued using quoted rates for similar debt in active markets. Carrying values for cash and cash equivalents, deposits, customer and other receivables, notes payable, accounts payable, interest accrued, and taxes accrued approximate fair value. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the generation, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated joint venture. IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the “All Other” category in the table below. This category is comprised of IFS’s investments in affordable housing developments and historic rehabilitation projects, Ida-West’s joint venture investments in small hydroelectric generation projects, the remaining activities of IDACORP Energy Services Co., the successor to which wound down its energy marketing operations in 2003, and IDACORP’s holding company expenses. The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands of dollars): Utility Operations All Other Eliminations Consolidated Total 2017 Revenues $ 1,344,893 $ 4,593 $ — $ 1,349,486 Operating income 302,408 1,943 — 304,351 Other income 23,550 191 — 23,741 Interest income 6,044 295 (211 ) 6,128 Equity-method income 9,267 2,107 — 11,374 Interest expense 83,660 297 (211 ) 83,746 Income before income taxes 257,609 4,239 — 261,848 Income tax expense (benefit) 51,262 (2,602 ) — 48,660 Income attributable to IDACORP, Inc. 206,347 6,072 — 212,419 Total assets 5,995,435 143,696 (93,726 ) 6,045,405 Expenditures for long-lived assets 285,471 17 — 285,488 2016 Revenues $ 1,259,353 $ 2,667 $ — $ 1,262,020 Operating income 265,491 6,285 — 271,776 Other income 27,658 6 — 27,664 Interest income 4,235 127 (121 ) 4,241 Equity-method income 10,855 2,016 — 12,871 Interest expense 81,812 344 (121 ) 82,035 Income before income taxes 226,427 8,090 — 234,517 Income tax expense (benefit) 37,185 (756 ) — 36,429 Income attributable to IDACORP, Inc. 189,242 9,046 — 198,288 Total assets 6,236,744 73,137 (19,984 ) 6,289,897 Expenditures for long-lived assets 296,948 2 — 296,950 2015 Revenues $ 1,267,505 $ 2,784 $ — $ 1,270,289 Operating income 282,252 (155 ) — 282,097 Other income 25,868 37 — 25,905 Interest income 3,037 64 (62 ) 3,039 Equity-method income 9,773 1,355 — 11,128 Interest expense 81,718 278 (62 ) 81,934 Income before income taxes 239,211 1,024 — 240,235 Income tax expense (benefit) 48,228 (2,468 ) — 45,760 Income attributable to IDACORP, Inc. 190,983 3,696 — 194,679 Total assets 5,968,835 71,704 (17,225 ) 6,023,314 Expenditures for long-lived assets 293,969 52 — 294,021 |
OTHER INCOME AND EXPENSE
OTHER INCOME AND EXPENSE | 12 Months Ended |
Dec. 31, 2017 | |
OTHER INCOME AND EXPENSE [Abstract] | |
Other Income and Other Expense Disclosure | OTHER INCOME AND EXPENSE The following table presents the components of IDACORP’s Other income, net and Idaho Power's Other (expense) income, net (in thousands of dollars): IDACORP - Other income, net 2017 2016 2015 Interest and dividend income, net $ 3,872 $ 4,466 $ 2,890 Carrying charges on regulatory assets 2,310 2,082 1,774 Other income 833 767 777 Income from life insurance investments 2,090 2,588 1,739 Other expense (20 ) (29 ) (21 ) Total $ 9,085 $ 9,874 $ 7,159 Idaho Power - Other expense, net Interest and dividend income, net $ 3,787 $ 4,460 $ 2,889 Carrying charges on regulatory assets 2,310 2,082 1,774 Other income 644 761 739 SMSP expense (8,164 ) (9,203 ) (9,937 ) Income from life insurance investments 2,090 2,588 1,739 Other expense (2,393 ) (2,632 ) (2,275 ) Total $ (1,726 ) $ (1,944 ) $ (5,071 ) |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |
Changes in Accumulated Other Comprehensive Income [Text Block] | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME Comprehensive income includes net income and amounts related to the SMSP. The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the years ended December 31, 2017 , 2016 , and 2015 (in thousands of dollars). Items in parentheses indicate reductions to AOCI. Year Ended December 31, 2017 2016 2015 Defined benefit pension items Balance at beginning of period $ (20,882 ) $ (21,276 ) $ (24,158 ) Other comprehensive income before reclassifications (7,872 ) (1,859 ) 214 Amounts reclassified out of AOCI to net income 1,882 2,253 2,668 Net current-period other comprehensive income (5,990 ) 394 2,882 Cumulative effect of change in accounting principle (1) (4,092 ) — — Balance at end of period $ (30,964 ) $ (20,882 ) $ (21,276 ) (1) The cumulative effect of change in accounting principle relates to the adoption of ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . See Note 1 - "Summary of Significant Accounting Policies" for more information. The table below presents the effects on net income of amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the years ended December 31, 2017 , 2016 , and 2015 (in thousands of dollars). Items in parentheses indicate increases to net income. Amount Reclassified from AOCI Year Ended December 31, 2017 2016 2015 Amortization of defined benefit pension items (1) Prior service cost $ 127 $ 168 $ 185 Net loss 2,963 3,532 4,195 Total before tax 3,090 3,700 4,380 Tax benefit (2) (1,208 ) (1,447 ) (1,712 ) Net of tax 1,882 2,253 2,668 Total reclassification for the period $ 1,882 $ 2,253 $ 2,668 (1) Amortization of these items is included in IDACORP's consolidated income statements in other operating expenses and in Idaho Power's consolidated income statements in other expense, net. (2) The tax benefit is included in income tax expense in the consolidated income statements of both IDACORP and Idaho Power. |
RELATED PARTY TRANSACTIONS_
RELATED PARTY TRANSACTIONS: | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS IDACORP: Idaho Power performs corporate functions such as financial, legal, and management services for IDACORP and its subsidiaries. Idaho Power charges IDACORP for the costs of these services based on service agreements and other specifically identified costs. For these services, Idaho Power billed IDACORP $0.7 million in 2017 , $0.8 million in 2016 , and $0.9 million in 2015 . At December 31, 2017 and 2016, Idaho Power had a $57.3 million and $0.9 million payable to IDACORP, respectively, which was included in its accounts payable to affiliates balance on its consolidated balance sheets. Ida-West: Idaho Power purchases all of the power generated by four of Ida-West’s hydroelectric projects located in Idaho. Idaho Power paid Ida-West $9.8 million in 2017, $7.8 million in 2016 and $8.1 million in 2015. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Parent - Footnotes | 12 Months Ended |
Dec. 31, 2017 | |
IDACORP | |
Significant Accounting Policies | |
Basis of Accounting [Text Block] | BASIS OF PRESENTATION Pursuant to rules and regulations of the U.S. Securities and Exchange Commission, the unconsolidated condensed financial statements of IDACORP, Inc. do not reflect all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States of America. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and related notes included in the 2017 Form 10-K, Part II, Item 8. Accounting for Subsidiaries: IDACORP has accounted for the earnings of its subsidiaries under the equity method of accounting in these unconsolidated condensed financial statements. Included in net cash provided by operating activities in the condensed statements of cash flows are dividends that IDACORP subsidiaries paid to IDACORP of $116 million , $108 million , and $99 million in 2017 , 2016 , and 2015 , respectively. |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Organization, Consolidation, Presentation, and Significant Accounting Policies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies | |
Nature of Business | Nature of Business IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sales, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the Federal Energy Regulatory Commission (FERC). Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint venturer in Bridger Coal Company (BCC), which mines and supplies coal to the Jim Bridger generating plant owned in part by Idaho Power. IDACORP’s other significant wholly-owned subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate investments, and Ida-West Energy Company (Ida-West), an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA). |
Principles of Consolidation | Principles of Consolidation IDACORP’s and Idaho Power’s consolidated financial statements include the assets, liabilities, revenues and expenses of each company and its wholly-owned subsidiaries listed above, as well as any variable interest entities (VIEs) for which the respective company is the primary beneficiary. Investments in VIEs for which the companies are not the primary beneficiaries, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method of accounting. IDACORP also consolidates one variable interest entity (VIE), Marysville Hydro Partners (Marysville), which is a joint venture owned 50 percent by Ida-West and 50 percent by Environmental Energy Company (EEC). At December 31, 2017 , Marysville had approximately $18 million of assets, primarily a hydroelectric plant, and approximately $9 million of intercompany long-term debt, which is eliminated in consolidation. EEC has borrowed amounts from Ida-West to fund a portion of its required capital contributions to Marysville. The loans are payable from EEC’s share of distributions from Marysville and are secured by the stock of EEC and EEC’s interest in Marysville. Ida-West is identified as the primary beneficiary because the combination of its ownership interest in the joint venture with the intercompany note and the EEC note result in Ida-West's ability to control the activities of the joint venture. Creditors of Marysville have no recourse to the general credit of IDACORP and there are no other arrangements that could require IDACORP to provide financial support to Marysville or expose IDACORP to losses. The BCC joint venture is also a VIE, but because the power to direct the activities that most significantly impact the economic performance of BCC is shared with the joint venture partner, Idaho Power is not the primary beneficiary. The carrying value of BCC was $68.6 million at December 31, 2017 , and Idaho Power's maximum exposure to loss is the carrying value, any additional future contributions to BCC, and a $56.7 million guarantee for mine reclamation costs, which is discussed further in Note 9 - "Commitments." IFS's affordable housing limited partnership and other real estate investments are also VIEs for which IDACORP is not the primary beneficiary. IFS's limited partnership interests range from 2 to 99 percent and were acquired between 1996 and 2010. As a limited partner, IFS does not control these entities and they are not consolidated. IFS’s maximum exposure to loss in these developments is limited to its net carrying value, which was $5.5 million at December 31, 2017 . Ida-West's other investments in PURPA facilities, BCC, and IFS's investments are accounted for under the equity method of accounting (see Note 14 - "Investments"). Except for amounts related to sales of electricity by Ida-West's PURPA projects to Idaho Power, all intercompany transactions and balances have been eliminated in consolidation. The accompanying consolidated financial statements include Idaho Power's proportionate share of utility plant and related operations resulting from its interests in jointly owned plants (see Note 12 - "Property, Plant and Equipment"). |
Regulation of Utility Operations | Regulation of Utility Operations As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition. IDACORP’s and Idaho Power’s financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet and recorded on the income statement when recovered or returned in rates. Additionally, regulators can impose regulatory liabilities upon a regulated company for amounts previously collected from customers that are expected to be refunded. The effects of applying these regulatory accounting principles to Idaho Power’s operations are discussed in more detail in Note 3 - "Regulatory Matters." |
Management Estimates | Management Estimates Management makes estimates and assumptions when preparing financial statements in conformity with generally accepted accounting principles. These estimates and assumptions include those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management’s control. Accordingly, actual results could differ from those estimates. |
System of Accounts | System of Accounts The accounting records of Idaho Power conform to the Uniform System of Accounts prescribed by the FERC and adopted by the public utility commissions of Idaho, Oregon, and Wyoming. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on-hand and highly liquid temporary investments that mature within 90 days of the date of acquisition. |
Receivables and Allowance for Uncollectibe Accounts | Receivables and Allowance for Uncollectible Accounts Customer receivables are recorded at the invoiced amounts and do not bear interest. A late payment fee of one percent may be assessed on account balances after 30 days. An allowance is recorded for potential uncollectible accounts. The allowance is reviewed periodically and adjusted based upon a combination of historical write-off experience, aging of accounts receivable, and an analysis of specific customer accounts. Adjustments are charged to income. Customer accounts receivable balances that remain outstanding after reasonable collection efforts are written off. Other receivables, primarily notes receivable from business transactions, are also reviewed for impairment periodically, based upon transaction-specific facts. When it is probable that IDACORP or Idaho Power will be unable to collect all amounts due according to the contractual terms of the agreement, an allowance is established for the estimated uncollectible portion of the receivable and charged to income. There were no impaired receivables without related allowances at December 31, 2017 and 2016 . Once a receivable is determined to be impaired, any further interest income recognized is fully reserved. |
Derivative Financial Instruments | Derivative Financial Instruments Financial instruments such as commodity futures, forwards, options, and swaps are used to manage exposure to commodity price risk in the electricity and natural gas markets. All derivative instruments are recognized as either assets or liabilities at fair value on the balance sheet unless they are designated as normal purchases and normal sales. With the exception of forward contracts for the purchase of natural gas for use at Idaho Power's natural gas generation facilities and a nominal number of power transactions, Idaho Power’s physical forward contracts are designated as normal purchases and normal sales. Because of Idaho Power’s regulatory accounting mechanisms, Idaho Power records the changes in fair value of derivative instruments related to power supply as regulatory assets or liabilities. |
Revenues | Revenues Operating revenues related to Idaho Power’s sale of energy are recorded when service is rendered or energy is delivered to customers. Idaho Power accrues estimated unbilled revenues for electric services delivered to customers but not yet billed at year-end. Idaho Power does not report any collections of franchise fees and similar taxes related to energy consumption on the income statement. In addition, regulatory mechanisms in place in Idaho and Oregon affect the reported amount of revenue. See Note 3 - "Regulatory Matters" for additional discussion of certain of the following mechanisms: • energy efficiency riders to fund energy efficiency program expenditures. Expenditures funded through the riders are reported as an operating expense with an equal amount of revenues recorded in other revenues; • a fixed cost adjustment mechanism that results in recording additional or reduced revenue based on the allowed and actual fixed costs recovered through current rates; • a sharing mechanism providing for refunds to customers for earnings above stated returns on equity in Idaho; and • collection in base rates of a portion of the allowance for funds used during construction (AFUDC) related to its Hells Canyon Complex (HCC) relicensing project. Cash collected under this ratemaking mechanism is not recorded as revenue but is instead deferred as a regulatory liability. |
Property, Plant and Equipment and Depreciation | Property, Plant and Equipment and Depreciation The cost of utility plant in service represents the original cost of contracted services, direct labor and material, AFUDC, and indirect charges for engineering, supervision, and similar overhead items. Repair and maintenance costs associated with planned major maintenance are expensed as the costs are incurred, as are maintenance and repairs of property and replacements and renewals of items determined to be less than units of property. For utility property replaced or renewed, the original cost plus removal cost less salvage is charged to accumulated provision for depreciation, while the cost of related replacements and renewals is added to property, plant and equipment. All utility plant in service is depreciated using the straight-line method at rates approved by regulatory authorities. Annual depreciation provisions as a percent of average depreciable utility plant in service approximated 2.9 percent in 2017 , 2.6 percent in 2016 , and 2.7 percent in 2015 . During the period of construction, costs expected to be included in the final value of the constructed asset, and depreciated once the asset is complete and placed in service, are classified as construction work in progress on the consolidated balance sheets. If the project becomes probable of being abandoned, such costs are expensed in the period such determination is made. Idaho Power may seek recovery of such costs in customer rates, although there can be no guarantee such recovery would be granted. Long-lived assets are periodically reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted expected future cash flows from an asset is less than the carrying value of the asset, impairment is recognized in the financial statements. There were no material impairments of long-lived assets in 2017 , 2016 , or 2015 . |
Allowance for Funds Used During Construction | Allowance for Funds Used During Construction AFUDC represents the cost of financing construction projects with borrowed funds and equity funds. With one exception, as discussed above for the HCC relicensing project, cash is not realized currently from such allowance; it is realized under the ratemaking process over the service life of the related property through increased revenues resulting from a higher rate base and higher depreciation expense. The component of AFUDC attributable to borrowed funds is included as a reduction to total interest expense. Idaho Power’s weighted-average monthly AFUDC rate was 7.6 percent for 2017 , 2016 and 2015 . |
Income Taxes | Income Taxes IDACORP and Idaho Power account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method (commonly referred to as normalized accounting), deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In general, deferred income tax expense or benefit for a reporting period is recognized as the change in deferred tax assets and liabilities from the beginning to the end of the period. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date unless Idaho Power's primary regulator, the Idaho Public Utilities Commission (IPUC), orders direct deferral of the effect of the change in tax rates over a longer period of time. Consistent with orders and directives of the IPUC, unless contrary to applicable income tax guidance, Idaho Power does not provide deferred income taxes for certain income tax temporary differences and instead recognizes the tax impact currently (commonly referred to as flow-through accounting) for rate making and financial reporting. Therefore, Idaho Power's effective income tax rate is impacted as these differences arise and reverse. Regulated enterprises are required to recognize such adjustments as regulatory assets or liabilities if it is probable that such amounts will be recovered from or returned to customers in future rates. In compliance with the federal income tax requirements for the use of accelerated tax depreciation, Idaho Power provides deferred income taxes related to its plant assets for the difference between income tax depreciation and book depreciation used for financial statement purposes. Deferred income taxes are provided for other temporary differences unless accounted for using flow-through. The state of Idaho allows a three percent investment tax credit on qualifying plant additions. Investment tax credits earned on regulated assets are deferred and amortized to income over the estimated service lives of the related properties. Credits earned on non-regulated assets or investments are recognized in the year earned. Income taxes are discussed in more detail in Note 2 - "Income Taxes." |
Other Accounting Policies | Other Accounting Policies Debt discount, expense, and premium are deferred and amortized over the terms of the respective debt issues. Losses on reacquired debt and associated costs are amortized over the life of the associated replacement debt, as allowed under regulatory accounting. |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flows Information In 2015, Idaho Power executed an agreement to exchange property with another electric utility. Under the terms of the agreement, each party transferred to the other transmission-related equipment with a book value of approximately $44 million . Idaho Power received an immaterial amount of cash, representing the difference in the book value of the assets exchanged. Also in 2015, Idaho Power executed a long-term service agreement and transferred to the service provider approximately $22 million of spare parts in partial exchange for future services. No cash was exchanged in the 2015 transfer transaction. |
Reclassifications | Reclassifications In these consolidated financial statements, certain amounts in prior periods’ consolidated financial statements have been reclassified to conform with current period presentation. On both IDACORP's and Idaho Power's 2016 consolidated balance sheets, the $9.5 million of American Falls and Milner water rights which had previously been reported separately was reclassified to "Other" within Other Assets and Deferred Debits, respectively. Also, on Idaho Power's 2016 consolidated balance sheet, $19.7 million was reclassified from "Other" in other assets to the newly created "Long-term receivables" within Deferred Debits. |
New and Recently Adopted Accounting Pronouncements | In February 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits a reclassification from Accumulated Other Comprehensive Income (AOCI) to retained earnings for the stranded tax effects resulting from the decrease in corporate tax rate from the enactment in December 2017 of a tax reform act, generally referred to as the “Tax Cuts and Jobs Act.” For more information on other impacts of the Tax Cuts and Jobs Act, see Note 2 - "Income Taxes." As permitted by the FASB, IDACORP and Idaho Power elected to early adopt the provisions of the new standard at December 31, 2017, resulting in a $4.1 million cumulative effect adjustment for a change in accounting principle to both AOCI and retained earnings. The amount relates to stranded tax effects in AOCI resulting from the Tax Cuts and Jobs Act related to annual valuation adjustments for two nonqualified defined benefit pension plans. Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 is intended to enable users of financial statements to better understand and consistently analyze an entity's revenue across industries, transactions, and geographies. Under the ASU, recognition of revenue occurs when a customer obtains control of promised goods or services. In addition, the ASU requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB amended certain aspects of ASU 2014-09 to clarify the implementation guidance, including clarifications related to principal versus agent considerations, licensing and identifying performance obligations, narrow scope improvements, and practical expedients. The companies have assessed the impacts of ASU 2014-09 on their financial statements and have concluded the new guidance will not affect the timing and amount of revenue recognized. However, the presentation and disclosure requirements of the standard will result in a change in the presentation of revenue on the companies' consolidated statements of income as well as expanded disclosures around the disaggregation of revenue, performance obligations, and transaction price. The guidance in ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2017. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years (full retrospective approach) and the other requiring prospective application of the new standard including a cumulative-effect adjustment with disclosure of results under previous standards (modified-retrospective approach). IDACORP and Idaho Power will adopt ASU 2014-09 on January 1, 2018, using the modified-retrospective approach. As the standard does not change the timing and amount of revenue recognized for the companies, no cumulative-effect adjustment is required. In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which revises the accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. The new standard is effective for fiscal years beginning after December 15, 2017, including interim periods. IDACORP and Idaho Power concluded the adoption will not have a material impact on their financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), intended to improve financial reporting about leasing transactions. The ASU significantly changes the accounting model used by lessees to account for leases, requiring that all material leases be presented on the balance sheet. Under the current model, some leases are classified as capital leases and recorded on the balance sheet while other leases classified as operating leases are not recognized on the balance sheet. The new standard is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The standard must be adopted using a modified-retrospective approach. IDACORP and Idaho Power are evaluating the impact of ASU 2016-02 on their financial statements. Specifically, the companies are considering whether the new guidance will affect their accounting for purchase power agreements, easements and rights-of-way, utility pole attachments, and other utility industry-related arrangements. At this time, the companies do not know, and cannot reasonably estimate, the dollar impact of the adoption. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) , which amends ASC 230 to clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. The FASB issued the ASU with the intent of reducing diversity in practice with respect to eight types of cash flows. The companies expect the ASU to affect the classification of proceeds from the settlement of corporate-owned life insurance policies and related costs, which will be classified as investing activities under the new guidance. The companies already present debt prepayment and extinguishment costs, proceeds from the settlement of insurance claims (other than corporate-owned life insurance), and distributions received from equity-method investments in accordance with the new guidance. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. The standard must be adopted retrospectively to all periods presented, unless impracticable to do so. IDACORP and Idaho Power do not believe the adoption will have a material impact on their financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation -- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires employers to disaggregate the service cost component from other components of net periodic benefit costs and to disclose the amounts of net periodic benefit costs that are included in each income statement line item. The standard requires employers to present the service cost component in the same line item as other compensation costs and to present the other components of net periodic benefit costs (which include interest costs, expected return on plan assets, amortization of prior service cost or credits and actuarial gains and losses) separately and outside a subtotal of operating income. In addition, only the service cost component is eligible for capitalization. Idaho Power currently capitalizes amounts of pension or postretirement costs that are insignificant to the consolidated financial statements. The amendments in ASU 2017-07 are effective for interim and annual reporting periods beginning after December 15, 2017. Entities must use (1) a retrospective transition method to adopt the requirement for separate presentation in the income statement of service costs and other components and (2) a prospective transition method to adopt the requirement to limit the capitalization of benefit costs to the service cost component. While ASU 2017-07 will result in changes to the classification of the other components of net periodic benefit costs on the consolidated statements of income of IDACORP and Idaho Power, the new standard will not materially affect the consolidated financial statements of the companies. |
Uncertain Tax Positions | Uncertain Tax Positions IDACORP and Idaho Power believe that they have no material income tax uncertainties for 2017 and prior tax years. Both companies recognize interest accrued related to unrecognized tax benefits as interest expense and penalties as other expense. IDACORP and Idaho Power are subject to examination by their major tax jurisdictions - U.S. federal and the State of Idaho. The open tax years for examination are 2017 for federal and 2013-2017 for Idaho. In May 2009, IDACORP formally entered the U.S. Internal Revenue Service (IRS) Compliance Assurance Process (CAP) program for its 2009 tax year and has remained in the CAP program for all subsequent years. The CAP program provides for IRS examination and issue resolution throughout the current year with the objective of return filings containing no contested items. In 2017 , t he IRS completed its examination of IDACORP's 2016 tax year with no unresolved income tax issues. |
Share-based compensation, stock awards policy | Restricted Stock awards have three-year vesting periods and entitle the recipients to dividends or dividend equivalents, as applicable, and voting rights, except that holders of restricted stock units do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition and subject to forfeiture under certain circumstances. The fair value of these awards is based on the closing market price of common stock on the grant date and is charged to compensation expense over the vesting period, based on the number of shares expected to vest. Performance-Based Shares awards have three-year vesting periods and entitle the recipients to voting rights, except that holders of performance-based units do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition, subject to forfeiture under certain circumstances, and subject to the attainment of specific performance conditions over the three-year vesting period. The performance conditions are two equally-weighted metrics, cumulative earnings per share (CEPS) and total shareholder return (TSR) relative to a peer group. Depending on the level of attainment of the performance conditions and the year issued, the final number of shares awarded can range from zero to 200 percent of the target award. Dividends or dividend equivalents, as applicable, are accrued during the vesting period and paid out based on the final number of shares awarded. The grant-date fair value of the CEPS portion is based on the closing market value at the date of grant, reduced by the loss in time-value of the estimated future dividend payments. The fair value of this portion of the awards is charged to compensation expense over the requisite service period, based on the number of shares expected to vest. The grant-date fair value of the TSR portion is estimated using the market value at the date of grant and a statistical model that incorporates the probability of meeting performance targets based on historical returns relative to the peer group. The fair value of this portion of the awards is charged to compensation expense over the requisite service period, provided the requisite service period is rendered, regardless of the level of TSR metric attained. |
Guarantees | IDACORP and Idaho Power enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of December 31, 2017 , management believes the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective consolidated balance sheets with respect to these indemnification obligations. |
Contingencies | IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, some of which involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power's operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred, although there is no assurance that such recovery would be granted. IDACORP and Idaho Power are parties to legal claims and legal and regulatory actions and proceedings in the ordinary course of business that are in addition to those discussed above and, as noted above, record an accrual for associated loss contingencies when they are probable and reasonably estimable. |
Asset Retirement Obligations | The guidance relating to accounting for AROs requires that legal obligations associated with the retirement of property, plant, and equipment be recognized as a liability at fair value when incurred and when a reasonable estimate of the fair value of the liability can be made. Under the guidance, when a liability is initially recorded, the entity increases the carrying amount of the related long-lived asset to reflect the future retirement cost. Over time, the liability is accreted to its estimated settlement value and paid, and the capitalized cost is depreciated over the useful life of the related asset. If, at the end of the asset’s life, the recorded liability differs from the actual obligations paid, a gain or loss would be recognized. As a rate-regulated entity, Idaho Power records regulatory assets or liabilities instead of accretion, depreciation, and gains or losses, as approved by the IPUC. The regulatory assets recorded under this order do not earn a return on investment. Beginning June 1, 2012, accretion, depreciation, and gains or losses related to the Boardman generating facility have been exempted from such regulatory treatment as Idaho Power is now collecting amounts related to the decommissioning of Boardman in rates. Idaho Power’s recorded AROs relate to the removal of polychlorinated biphenyl-contaminated equipment at its distribution facilities and the reclamation and removal costs at its jointly-owned coal-fired generation facilities. Idaho Power also has additional AROs associated with its transmission system, hydroelectric facilities, natural gas-fired generation facilities, and jointly owned coal-fired generation facilities; however, due to the indeterminate removal date, the fair value of the associated liabilities currently cannot be estimated and no amounts are recognized in the consolidated financial statements. The regulated operations of Idaho Power also collect removal costs in rates for certain assets that do not have associated AROs. Idaho Power is required to redesignate these removal costs as regulatory liabilities. |
Equity Method Investments | Equity Method Investments Idaho Power, through its subsidiary IERCo, is a 33 percent owner of BCC. Ida-West, through separate subsidiaries, owns 50 percent of three electric generation projects that are accounted for using the equity method: South Forks Joint Venture, Hazelton/Wilson Joint Venture, and Snow Mountain Hydro LLC. All projects are reviewed periodically for impairment. |
Available-for-sale Securities | Investments in Equity Securities Investments in securities classified as available-for-sale securities are reported at fair value. Any unrealized gains or losses on available-for-sale securities are included in income, as the fair value option has been elected for these instruments. |
Investments in Affordable Housing | Investments in Affordable Housing IFS invests primarily in affordable housing developments, which provide a return principally by reducing federal and state income taxes through tax credits and accelerated tax depreciation benefits. IFS has focused on a diversified approach to its investment strategy in order to limit both geographic and operational risk, with most of IFS’s investments having been made through syndicated funds. IDACORP accounts for its equity-method investments in qualified affordable housing projects using the proportional amortization method and recognizes the net investment performance in the consolidated statements of income as a component of income tax expense. |
Derivatives not designated as hedges | Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop. All of Idaho Power's derivative instruments have been entered into for the purpose of economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). |
Reporting of derivative activity | Settlement gains and losses on electricity swap contracts are recorded on the income statement in off-system sales or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other operations and maintenance expense. |
Fair value of financial instruments | IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access. • Level 2: Financial assets and liabilities whose values are based on the following: a) quoted prices for similar assets or liabilities in active markets; b) quoted prices for identical or similar assets or liabilities in non-active markets; c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. IDACORP and Idaho Power Level 2 inputs are based on quoted market prices adjusted for location using corroborated, observable market data. • Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. An item recorded at fair value is reclassified among levels when changes in the nature of valuation inputs cause the item to no longer meet the criteria for the level in which it was previously categorized. There were no transfers between levels or material changes in valuation techniques or inputs during the years ended December 31, 2017 and 2016 . |
Segment reporting | IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the generation, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated joint venture. IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the “All Other” category in the table below. This category is comprised of IFS’s investments in affordable housing developments and historic rehabilitation projects, Ida-West’s joint venture investments in small hydroelectric generation projects, the remaining activities of IDACORP Energy Services Co., the successor to which wound down its energy marketing operations in 2003, and IDACORP’s holding company expenses. |
Pension and SMSP Plan | |
Significant Accounting Policies | |
Fair value of financial instruments | Fair Value Measurement of Level 2 Plan assets and Plan assets measured at NAV: Level 2 Bonds : These investments represent U.S. government, agency bonds, and corporate bonds. The U.S. government and agency bonds, as well as the corporate bonds, are not traded on an exchange and are valued utilizing market prices for similar assets or liabilities in active markets. Level 2 Postretirement Asset: This asset represents an investment in a life insurance contract and is recorded at fair value, which is the cash surrender value, less any unpaid expenses. The cash surrender value of this insurance contract is contractually equal to the insurance contract's proportionate share of the market value of an associated investment account held by the insurer. The investments held by the insurer's investment account are all instruments traded on exchanges with readily determinable market prices. Commingled Funds : These funds, made up of the international, emerging markets equity securities, and commodities fund measured at NAV, are not publicly traded, and therefore no publicly quoted market price is readily available. The value of the commingled funds are presented at estimated fair value, which is determined based on the unit value of the fund. The values of these investments are calculated by the custodian for the fund company on a monthly or more frequent basis, and are based on market prices of the assets held by each of the commingled funds divided by the number of fund shares outstanding for the respective fund. The investments in commingled funds have redemption limitations that permit monthly redemption following notice requirements of 5 to 7 days. Real Estate : Real estate holdings represent investments in open-ended commingled real estate funds. As the property interests held in these real estate funds are not frequently traded, establishing the market value of the property interests held by the fund, and the resulting unit value of fund shareholders, is based on unobservable inputs including property appraisals by the fund companies, property appraisals by independent appraisal firms, analysis of the replacement cost of the property, discounted cash flows generated by property rents and changes in property values, and comparisons with sale prices of similar properties in similar markets. These open-ended real estate funds also furnish annual audited financial statements that are also used to further validate the information provided. Redemptions are generally available on a quarterly basis, with 10 to 35 days written notice, depending on the individual fund. If the fund has sufficient liquidity, the redemption will be processed at the fund NAV or the fund’s estimate of fair value at the end of the quarter. If the fund does not have sufficient liquidity to honor the full redemption, the remainder will be set for redemption the following quarter on a pro-rata basis with other redemption requests. This same process will repeat until the redemption request has been completed. To protect other fund holders, real estate funds have no duty to liquidate or encumber funds to meet redemption requests. Private Market Investments : Private market investments represent two categories: fund of hedge funds and venture capital funds. These funds are valued by the fund companies based on the estimated fair values of the underlying fund holdings divided by the fund shares outstanding or multiplied by the ownership percentages of the holder. Some hedge fund strategies utilize securities with readily available market prices, while others utilize less liquid investment vehicles that are valued based on unobservable inputs including cost, operating results, recent funding activity, or comparisons with similar investment vehicles. Redemptions are available on a quarterly basis with 70 days written notice. Redemptions will be processed at the quarterly NAV or fair value within 60 days following quarter end. In the event of a full redemption, a reserve amount of 5% to 10% of the redemption amount may be held in reserve until the audited financial statements of the fund are published. This allows the fund to adjust the redemption so that other fund holders are not adversely impacted. Venture capital fund investments are valued by the fund companies based on estimated fair value of the underlying fund holdings divided by the fund shares outstanding. Some venture capital investments have progressed to the point that they have readily available exchange-based market valuations. Early stage venture investments are valued based on unobservable inputs including cost, operating results, discounted cash flows, the price of recent funding events, or pending offers from other viable entities. These private market investments furnish annual audited financial statements that are also used to further validate the information provided. These funds are formed for a stated life of 10 to 15 years. The general partner can extend the fund life for 2 or 3 one-year periods. The fund can be further extended with the approval of the limited partners. There are generally no redemption rights associated with these funds. The limited partner must hold the fund for the life of the fund or find a third-party buyer. |
IDACORP | |
Significant Accounting Policies | |
Principles of Consolidation | Accounting for Subsidiaries: IDACORP has accounted for the earnings of its subsidiaries under the equity method of accounting in these unconsolidated condensed financial statements. |
Schedule I - Condensed Financ33
Schedule I - Condensed Financial Information of Parent - Footnotes Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation IDACORP’s and Idaho Power’s consolidated financial statements include the assets, liabilities, revenues and expenses of each company and its wholly-owned subsidiaries listed above, as well as any variable interest entities (VIEs) for which the respective company is the primary beneficiary. Investments in VIEs for which the companies are not the primary beneficiaries, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method of accounting. IDACORP also consolidates one variable interest entity (VIE), Marysville Hydro Partners (Marysville), which is a joint venture owned 50 percent by Ida-West and 50 percent by Environmental Energy Company (EEC). At December 31, 2017 , Marysville had approximately $18 million of assets, primarily a hydroelectric plant, and approximately $9 million of intercompany long-term debt, which is eliminated in consolidation. EEC has borrowed amounts from Ida-West to fund a portion of its required capital contributions to Marysville. The loans are payable from EEC’s share of distributions from Marysville and are secured by the stock of EEC and EEC’s interest in Marysville. Ida-West is identified as the primary beneficiary because the combination of its ownership interest in the joint venture with the intercompany note and the EEC note result in Ida-West's ability to control the activities of the joint venture. Creditors of Marysville have no recourse to the general credit of IDACORP and there are no other arrangements that could require IDACORP to provide financial support to Marysville or expose IDACORP to losses. The BCC joint venture is also a VIE, but because the power to direct the activities that most significantly impact the economic performance of BCC is shared with the joint venture partner, Idaho Power is not the primary beneficiary. The carrying value of BCC was $68.6 million at December 31, 2017 , and Idaho Power's maximum exposure to loss is the carrying value, any additional future contributions to BCC, and a $56.7 million guarantee for mine reclamation costs, which is discussed further in Note 9 - "Commitments." IFS's affordable housing limited partnership and other real estate investments are also VIEs for which IDACORP is not the primary beneficiary. IFS's limited partnership interests range from 2 to 99 percent and were acquired between 1996 and 2010. As a limited partner, IFS does not control these entities and they are not consolidated. IFS’s maximum exposure to loss in these developments is limited to its net carrying value, which was $5.5 million at December 31, 2017 . Ida-West's other investments in PURPA facilities, BCC, and IFS's investments are accounted for under the equity method of accounting (see Note 14 - "Investments"). Except for amounts related to sales of electricity by Ida-West's PURPA projects to Idaho Power, all intercompany transactions and balances have been eliminated in consolidation. The accompanying consolidated financial statements include Idaho Power's proportionate share of utility plant and related operations resulting from its interests in jointly owned plants (see Note 12 - "Property, Plant and Equipment"). |
IDACORP | |
Significant Accounting Policies | |
Basis of Presentation and Significant Accounting Policies | Pursuant to rules and regulations of the U.S. Securities and Exchange Commission, the unconsolidated condensed financial statements of IDACORP, Inc. do not reflect all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States of America. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and related notes included in the 2017 Form 10-K, Part II, Item 8. |
Principles of Consolidation | Accounting for Subsidiaries: IDACORP has accounted for the earnings of its subsidiaries under the equity method of accounting in these unconsolidated condensed financial statements. |
INCOME TAXES_ Income Taxes Leve
INCOME TAXES: Income Taxes Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
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 2017 2016 2015 2017 2016 2015 (thousands of dollars) Federal income tax expense at 35% statutory rate $ 91,378 $ 82,151 $ 84,154 $ 90,163 $ 79,250 $ 83,724 Change in taxes resulting from: AFUDC (10,318 ) (11,278 ) (11,140 ) (10,318 ) (11,278 ) (11,140 ) Capitalized interest 1,513 2,000 2,693 1,513 2,000 2,693 Investment tax credits (3,081 ) (2,922 ) (2,963 ) (3,081 ) (2,922 ) (2,963 ) Removal costs (6,280 ) (5,559 ) (4,807 ) (6,280 ) (5,559 ) (4,807 ) Capitalized overhead costs (11,200 ) (10,500 ) (8,750 ) (11,200 ) (10,500 ) (8,750 ) Capitalized repair costs (28,700 ) (28,000 ) (28,700 ) (28,700 ) (28,000 ) (28,700 ) Bond redemption costs — (4,997 ) (6,459 ) — (4,997 ) (6,459 ) Remeasurement of deferred taxes 1,690 — — 1,970 — — State income taxes, net of federal benefit 8,153 5,071 7,343 8,108 4,880 7,503 Depreciation 18,953 18,673 17,149 18,953 18,673 17,149 Share-based compensation (1,508 ) (1,614 ) — (1,483 ) (1,583 ) — Affordable housing tax credits (2,559 ) (2,579 ) (3,258 ) — — — Affordable housing investment distributions (1,124 ) (1,717 ) — — — — Affordable housing investment amortization 1,271 1,380 1,519 — — — Other, net (9,528 ) (3,680 ) (1,021 ) (8,383 ) (2,779 ) (22 ) Total income tax expense $ 48,660 $ 36,429 $ 45,760 $ 51,262 $ 37,185 $ 48,228 Effective tax rate 18.6% 15.5% 19.0% 19.9% 16.4% 20.2% |
Schedule of Components of Income Tax Expense | The items comprising income tax expense are as follows: IDACORP Idaho Power 2017 2016 2015 2017 2016 2015 (thousands of dollars) Income taxes current: Federal $ 11,726 $ 1,181 $ 4,831 $ 51,575 $ 7,639 $ 16,470 State 5,418 2,158 2,704 10,562 3,766 6,056 Total 17,144 3,339 7,535 62,137 11,405 22,526 Income taxes deferred: Federal 24,018 33,205 34,770 (13,002 ) 27,506 27,696 State (154 ) 100 626 (5,298 ) (2,031 ) (2,486 ) Total 23,864 33,305 35,396 (18,300 ) 25,475 25,210 Investment tax credits: Deferred 10,506 3,227 3,455 10,506 3,227 3,455 Restored (3,081 ) (2,922 ) (2,963 ) (3,081 ) (2,922 ) (2,963 ) Total 7,425 305 492 7,425 305 492 Affordable housing investments 227 (520 ) 2,337 — — — Total income tax expense $ 48,660 $ 36,429 $ 45,760 $ 51,262 $ 37,185 $ 48,228 |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax liability are as follows: IDACORP Idaho Power 2017 2016 2017 2016 (thousands of dollars) Deferred tax assets: Regulatory liabilities $ 98,744 $ 51,326 $ 98,744 $ 51,326 Deferred compensation 21,066 29,490 21,025 29,424 Deferred revenue 31,086 40,354 31,086 40,354 Tax credits 109,673 142,627 44,106 33,589 Partnership investments 3,540 6,543 — — Retirement benefits 94,493 132,362 94,493 132,362 Other 8,636 11,401 8,435 11,069 Total 367,238 414,103 297,889 298,124 Deferred tax liabilities: Property, plant and equipment 306,002 500,987 306,002 500,987 Regulatory assets 584,329 948,540 584,329 948,540 Power cost adjustments — 21,077 — 21,077 Fixed cost adjustment 8,016 17,376 8,016 17,376 Partnership investments 5,182 12,371 980 5,554 Retirement benefits 103,407 140,083 103,407 140,083 Other 21,242 17,919 21,097 15,922 Total 1,028,178 1,658,353 1,023,831 1,649,539 Net deferred tax liabilities $ 660,940 $ 1,244,250 $ 725,942 $ 1,351,415 |
REGULATORY MATTERS_ Regulatory
REGULATORY MATTERS: Regulatory Matters Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Assets and Liabilities, Other Disclosures [Abstract] | |
Schedule of Regulatory Assets and Liabilities | The following table presents a summary of Idaho Power’s regulatory assets and liabilities (in thousands of dollars): As of December 31, 2017 Remaining Earning a Return (1) Not Earning a Return Total as of December 31, Description 2017 2016 Regulatory Assets: Income taxes (2) $ — $ 584,329 $ 584,329 $ 948,540 Unfunded postretirement benefits (3) — 280,166 280,166 263,779 Pension expense deferrals 104,688 23,033 127,721 105,352 Energy efficiency program costs (4) 6,273 — 6,273 5,552 Power supply costs (5) 2018-2019 3,137 — 3,137 53,870 Fixed cost adjustment (5) 2018-2019 30,856 — 30,856 44,445 Valmy Plant settlement stipulation (5) 2018-2028 43,351 1,282 44,633 — Asset retirement obligations (6) — 15,767 15,767 14,154 Long-term service agreement 2018-2043 16,778 11,129 27,907 29,081 Other 2018-2055 5,687 5,620 11,307 7,126 Total $ 210,770 $ 921,326 $ 1,132,096 $ 1,471,899 Regulatory Liabilities: Income taxes (7) $ — $ 98,744 $ 98,744 $ 51,326 Depreciation-related excess deferred income taxes (8) 193,991 — 193,991 — Removal costs (6) — 184,993 184,993 186,609 Investment tax credits — 87,385 87,385 79,960 Deferred revenue-AFUDC (9) 82,440 37,226 119,666 103,219 Energy efficiency program costs (4) 408 — 408 10,730 Power supply costs (5) 2018-2019 5,443 — 5,443 — Mark-to-market assets (10) — 22 22 7,831 Other 5,805 2,991 8,796 7,114 Total $ 288,087 $ 411,361 $ 699,448 $ 446,789 (1) Earning a return includes either interest or a return on the investment as a component of rate base at the allowed rate of return. (2) Represents flow-through income tax accounting differences which have a corresponding deferred tax liability disclosed in Note 2 - "Income Taxes." The Tax Cuts and Jobs Act, enacted on December 22, 2017, reduced the deferred income tax assets and liabilities. For timing differences under the flow-through income tax accounting method, this reduction also reduces the associated regulatory assets generally recoverable over the remaining lives of the associated depreciable property. (3) Represents the unfunded obligation of Idaho Power’s pension and postretirement benefit plans, which are discussed in Note 11 - "Benefit Plans." (4) The energy efficiency asset represents the Oregon jurisdiction balance and the liability represents the Idaho jurisdiction balance. (5) This item is discussed in more detail in this Note 3 - "Regulatory Matters." (6) Asset retirement obligations and removal costs are discussed in Note 13 - "Asset Retirement Obligations." (7) Represents the tax gross-up related to the depreciation-related excess deferred income taxes and investment tax credits included in this table and has a corresponding deferred tax asset disclosed in Note 2 - "Income Taxes." (8) The Tax Cuts and Jobs Act, enacted on December 22, 2017, reduced the deferred income tax assets and liabilities. For depreciation-related timing differences under the normalized tax accounting method, this reduction will flow back to customers under the statutorily prescribed average rate assumption method. (9) Idaho Power is collecting revenue in the Idaho jurisdiction for AFUDC on HCC relicensing costs but is deferring revenue recognition of the amounts collected until the license is issued and the asset is placed in service under the new license. (10) Mark-to-market assets and liabilities are discussed in Note 16 - "Fair Value Measurements." |
Schedule of Power Cost Adjustment Changes | The table below summarizes the three most recent PCA rate adjustments, all of which also include non-PCA-related rate adjustments as ordered by the IPUC: Effective Date $ Change (millions) Notes June 1, 2017 $ 10.6 The net increase in PCA rates included an offsetting $13.0 million reduction for the refund of previously collected Idaho energy efficiency rider funds. June 1, 2016 $ 17.3 The net increase in PCA rates included the application of (a) a customer rate credit of $3.2 million for sharing of revenues with customers for the year 2015 under the terms of the October 2014 settlement stipulation, and (b) $4.0 million of surplus Idaho energy efficiency rider funds. June 1, 2015 $ (11.6 ) The net decrease in PCA rates included the application of (a) a customer rate credit of $8.0 million for sharing of revenues with customers for the year 2014 under the terms of the December 2011 settlement stipulation, (b) a $1.5 million customer benefit relating to a change to the PCA methodology in 2015, and (c) $4.0 million of surplus Idaho energy efficiency rider funds. |
Schedule of Power Supply Cost Changes | Oregon jurisdiction power supply cost changes under the APCU and PCAM during each of 2017, 2016, and 2015 are summarized in the table that follows: Year and Mechanism APCU or PCAM Adjustment 2017 PCAM Actual net power supply costs were within the deadband, resulting in no deferral. 2017 APCU A rate increase of $0.7 million annually took effect June 1, 2017. 2016 PCAM Actual net power supply costs were within the deadband, resulting in no deferral. 2016 APCU A rate increase of $0.2 million annually took effect June 1, 2016. 2015 PCAM Actual net power supply costs were within the deadband, resulting in no deferral. 2015 APCU A rate decrease of $0.7 million annually took effect June 1, 2015. |
Schedule of Fixed Cost Rate Adjustments | The following table summarizes FCA amounts approved for collection in the prior three FCA years: FCA Year Period Rates in Effect Annual Amount 2016 June 1, 2017-May 31, 2018 $35.0 2015 June 1, 2016-May 31, 2017 $28.1 2014 June 1, 2015-May 31, 2016 $16.9 |
Schedule of Open Access Transmission Rates | Idaho Power's OATT rates submitted to the FERC in Idaho Power's four most recent annual OATT Final Informational Filings were as follows: Applicable Period OATT Rate (per kW-year) October 1, 2017 to September 30, 2018 $ 34.90 October 1, 2016 to September 30, 2017 $ 25.52 October 1, 2015 to September 30, 2016 $ 23.43 October 1, 2014 to September 30, 2015 $ 22.48 |
LONG-TERM DEBT_ Long-term Debt
LONG-TERM DEBT: Long-term Debt Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments | The following table summarizes IDACORP's and Idaho Power's long-term debt at December 31 (in thousands of dollars): 2017 2016 First mortgage bonds: 4.50% Series due 2020 $ 130,000 $ 130,000 3.40% Series due 2020 100,000 100,000 2.95% Series due 2022 75,000 75,000 2.50% Series due 2023 75,000 75,000 6.00% Series due 2032 100,000 100,000 5.50% Series due 2033 70,000 70,000 5.50% Series due 2034 50,000 50,000 5.875% Series due 2034 55,000 55,000 5.30% Series due 2035 60,000 60,000 6.30% Series due 2037 140,000 140,000 6.25% Series due 2037 100,000 100,000 4.85% Series due 2040 100,000 100,000 4.30% Series due 2042 75,000 75,000 4.00% Series due 2043 75,000 75,000 3.65% Series due 2045 250,000 250,000 4.05% Series due 2046 120,000 120,000 Total first mortgage bonds 1,575,000 1,575,000 Pollution control revenue bonds: 5.15% Series due 2024 (1) 49,800 49,800 5.25% Series due 2026 (1) 116,300 116,300 Variable Rate Series 2000 due 2027 4,360 4,360 Total pollution control revenue bonds 170,460 170,460 American Falls bond guarantee 19,885 19,885 Milner Dam note guarantee — 1,064 Unamortized issuance costs and discounts (19,222 ) (20,731 ) Total IDACORP and Idaho Power outstanding debt (2) 1,746,123 1,745,678 Current maturities of long-term debt — (1,064 ) Total long-term debt $ 1,746,123 $ 1,744,614 (1) Humboldt County and Sweetwater County Pollution Control Revenue Bonds are secured by the first mortgage, bringing the total first mortgage bonds outstanding at December 31, 2017 , to $1.741 billion . (2) At December 31, 2017 and 2016 , the overall effective cost rate of Idaho Power's outstanding debt was 4.87 percent . |
Schedule of Maturities of Long-term Debt | At December 31, 2017 , the maturities for the aggregate amount of IDACORP and Idaho Power long-term debt outstanding were as follows (in thousands of dollars): 2018 2019 2020 2021 2022 Thereafter $ — $ — $ 230,000 $ — $ 75,000 $ 1,460,345 |
NOTES PAYABLE_ Notes Payable Le
NOTES PAYABLE: Notes Payable Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Shedule of short term debt [Abstract] | |
Schedule of Short-term Debt | Balances (in thousands of dollars) and interest rates of IDACORP’s and Idaho Power's short-term borrowings were as follows at December 31, 2017 , and December 31, 2016 : IDACORP Idaho Power Total 2017 2016 2017 2016 2017 2016 Commercial paper balances: At the end of year $ — $ — $ — $ 21,800 $ — $ 21,800 Average during the year $ 588 $ 15,692 $ 839 $ 438 $ 1,427 $ 16,130 Weighted-average interest rate At the end of the year — % — % — % 1.13 % — % 1.13 % |
COMMON STOCK_ Common Stock Leve
COMMON STOCK: Common Stock Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Class of Stock Disclosures [Abstract] | |
Schedule of Stock by Class | The following table summarizes IDACORP common stock transactions during the last three years and shares reserved at December 31, 2017 : Shares issued Shares reserved 2017 2016 2015 December 31, 2017 Balance at beginning of year 50,420,017 50,352,051 50,308,702 Continuous equity program (inactive) — — — 3,000,000 Dividend reinvestment and stock purchase plan — — — 2,576,723 Employee savings plan — — — 3,567,954 Long-term incentive and compensation plan (1) — 67,966 43,349 1,307,878 Balance at end of year 50,420,017 50,420,017 50,352,051 |
STOCK-BASED COMPENSATION Stoc39
STOCK-BASED COMPENSATION Stock-based Compensation Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Performance Share Activity | A summary of Restricted Stock and Performance-Based Shares award activity is presented below. Idaho Power share amounts represent the portion of IDACORP amounts related to Idaho Power employees: IDACORP Idaho Power Number of Weighted-Average Number of Weighted-Average Nonvested shares/units at January 1, 2017 201,065 $ 61.49 199,526 $ 61.51 Shares/units granted 96,191 75.37 95,568 75.40 Shares/units forfeited (6,179 ) 75.54 (6,179 ) 75.54 Shares/units vested (89,999 ) 51.06 (89,263 ) 51.07 Nonvested shares/units at December 31, 2017 201,078 $ 72.37 199,652 $ 72.39 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Compensation Expense: The following table shows the compensation cost recognized in income and the tax benefits resulting from the LTICP, as well as the amounts allocated to Idaho Power for those costs associated with Idaho Power’s employees (in thousands of dollars): IDACORP Idaho Power 2017 2016 2015 2017 2016 2015 Compensation cost $ 7,384 $ 5,561 $ 5,299 $ 7,304 $ 5,494 $ 5,221 Income tax benefit 2,887 2,174 2,072 2,856 2,148 2,042 |
EARNINGS PER SHARE_ Earnings Pe
EARNINGS PER SHARE: Earnings Per Share Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Schedule of Earnings Per Share, Diluted | The following table presents the computation of IDACORP’s basic and diluted earnings per share for the years ended December 31, 2017 , 2016 , and 2015 (in thousands, except for per share amounts): Year Ended December 31, 2017 2016 2015 Numerator: Net income attributable to IDACORP, Inc. $ 212,419 $ 198,288 $ 194,679 Denominator: Weighted-average common shares outstanding - basic 50,361 50,298 50,220 Effect of dilutive securities 63 75 72 Weighted-average common shares outstanding - diluted 50,424 50,373 50,292 Basic earnings per share $ 4.22 $ 3.94 $ 3.88 Diluted earnings per share $ 4.21 $ 3.94 $ 3.87 |
COMMITMENTS_ Commitments Level
COMMITMENTS: Commitments Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Long-term Contracts for Purchase of Electric Power | At December 31, 2017 , Idaho Power had the following long-term commitments relating to purchases of energy, capacity, transmission rights, and fuel (in thousands of dollars): 2018 2019 2020 2021 2022 Thereafter Cogeneration and power production $ 234,094 $ 229,129 $ 230,734 $ 236,644 $ 242,380 $ 2,951,425 Fuel 42,772 29,450 27,671 27,861 8,389 92,588 |
Long-term Purchase Commitment | Idaho Power also has the following long-term commitments (in thousands of dollars): 2018 2019 2020 2021 2022 Thereafter Operating leases (1) $ 3,529 $ 4,434 $ 4,538 $ 4,500 $ 4,507 $ 30,052 Equipment, maintenance, and service agreements (1) 35,867 10,378 11,828 6,421 10,322 53,572 FERC and other industry-related fees (1) 12,940 12,836 10,145 10,145 10,145 50,729 |
BENEFIT PLANS_ Benefit Plans Le
BENEFIT PLANS: Benefit Plans Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan Disclosure | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the years ended December 31, 2017 , 2016 , and 2015 (in thousands of dollars). Items in parentheses indicate reductions to AOCI. Year Ended December 31, 2017 2016 2015 Defined benefit pension items Balance at beginning of period $ (20,882 ) $ (21,276 ) $ (24,158 ) Other comprehensive income before reclassifications (7,872 ) (1,859 ) 214 Amounts reclassified out of AOCI to net income 1,882 2,253 2,668 Net current-period other comprehensive income (5,990 ) 394 2,882 Cumulative effect of change in accounting principle (1) (4,092 ) — — Balance at end of period $ (30,964 ) $ (20,882 ) $ (21,276 ) |
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, 2017 and 2016 (in thousands of dollars): December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds IDACORP $ 28,038 $ — $ — $ 28,038 $ 15,000 $ — $ — $ 15,000 Idaho Power 10,260 — — 10,260 29,967 — — 29,967 Derivatives 22 — — 22 5,951 — — 5,951 Trading securities: Equity securities 17 — — 17 111 — — 111 Available-for-sale securities: Equity securities 30,249 — — 30,249 23,908 — — 23,908 Liabilities: Derivatives $ 1,223 $ 2 $ — $ 1,225 $ — $ — $ — $ — |
Pension and SMSP 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 Plan SMSP 2017 2016 2017 2016 Change in projected benefit obligation: Benefit obligation at January 1 $ 895,060 $ 835,523 $ 99,570 $ 95,389 Service cost 33,742 32,019 759 1,228 Interest cost 38,957 37,813 4,315 4,275 Actuarial loss 67,758 22,640 10,635 2,933 Plan amendment — 81 — 120 Benefits paid (36,173 ) (33,016 ) (4,976 ) (4,375 ) Projected benefit obligation at December 31 999,344 895,060 110,303 99,570 Change in plan assets: Fair value at January 1 607,568 559,616 — — Actual return on plan assets 86,288 40,968 — — Employer contributions 40,000 40,000 — — Benefits paid (36,173 ) (33,016 ) — — Fair value at December 31 697,683 607,568 — — Funded status at end of year $ (301,661 ) $ (287,492 ) $ (110,303 ) $ (99,570 ) Amounts recognized in the statement of financial position consist of: Other current liabilities $ — $ — $ (5,010 ) $ (4,733 ) Noncurrent liabilities (301,661 ) (287,492 ) (105,293 ) (94,837 ) Net amount recognized $ (301,661 ) $ (287,492 ) $ (110,303 ) $ (99,570 ) Amounts recognized in accumulated other comprehensive income consist of: Net loss $ 277,052 $ 263,634 $ 41,333 $ 33,660 Prior service cost 68 96 498 625 Subtotal 277,120 263,730 41,831 34,285 Less amount recorded as regulatory asset (277,120 ) (263,730 ) — — Net amount recognized in accumulated other comprehensive income $ — $ — $ 41,831 $ 34,285 Accumulated benefit obligation $ 850,763 $ 766,367 $ 100,222 $ 91,146 |
Schedule of Costs of Retirement Plans | The following table shows the components of net periodic benefit 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 Plan SMSP 2017 2016 2015 2017 2016 2015 Service cost $ 33,742 $ 32,019 $ 33,164 $ 759 $ 1,228 $ 1,689 Interest cost 38,957 37,813 35,171 4,315 4,275 3,868 Expected return on assets (45,138 ) (42,081 ) (42,310 ) — — — Amortization of net loss 13,190 13,331 13,927 2,963 3,532 4,195 Amortization of prior service cost 28 59 221 127 168 185 Net periodic pension cost 40,779 41,141 40,173 8,164 9,203 9,937 Regulatory deferral of net periodic benefit cost (1) (38,699 ) (39,335 ) (38,327 ) — — — Previously deferred pension cost recognized (1) 17,154 17,154 17,154 — — — Net periodic benefit cost recognized for financial reporting (1) $ 19,234 $ 18,960 $ 19,000 $ 8,164 $ 9,203 $ 9,937 (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. |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table shows the components of other comprehensive income for the plans (in thousands of dollars): Pension Plan SMSP 2017 2016 2015 2017 2016 2015 Actuarial (loss) gain during the year $ (26,608 ) $ (23,753 ) $ (3,790 ) $ (10,635 ) $ (2,933 ) $ 353 Plan amendment service cost — (81 ) — — (120 ) — Reclassification adjustments for: Amortization of net loss 13,190 13,331 13,927 2,963 3,532 4,195 Amortization of prior service cost 28 59 221 127 168 185 Adjustment for deferred tax effects 1,744 4,083 (4,050 ) 1,555 (253 ) (1,851 ) Adjustment due to the effects of regulation 11,646 6,361 (6,308 ) — — — Other comprehensive income recognized related to pension benefit plans $ — $ — $ — $ (5,990 ) $ 394 $ 2,882 |
Schedule of Expected Benefit Payments | The following table summarizes the expected future benefit payments of these plans (in thousands of dollars): 2018 2019 2020 2021 2022 2023-2027 Pension Plan $ 35,312 $ 37,490 $ 39,983 $ 42,438 $ 44,797 $ 257,290 SMSP 5,100 5,161 5,538 5,707 5,880 30,962 |
Schedule of Allocation of Plan Assets | Pension Asset Allocation Policy: The target allocation and actual allocations at December 31, 2017 , for the pension asset portfolio by asset class is set forth below: Asset Class Target Allocation Actual Allocation December 31, 2017 Debt securities 24 % 24 % Equity securities 56 % 58 % Real estate 7 % 6 % Other plan assets 13 % 12 % Total 100 % 100 % |
Postretirement Benefits | |
Defined Benefit Plan Disclosure | |
Schedule of Changes in Projected Benefit Obligations | The following table summarizes the changes in benefit obligation and plan assets (in thousands of dollars): 2017 2016 Change in accumulated benefit obligation: Benefit obligation at January 1 $ 63,876 $ 62,393 Service cost 973 1,116 Interest cost 2,783 2,766 Actuarial loss 5,769 1,550 Benefits paid (1) (3,562 ) (3,949 ) Plan amendments 212 — Benefit obligation at December 31 70,051 63,876 Change in plan assets: Fair value of plan assets at January 1 34,999 35,566 Actual return on plan assets 5,112 2,425 Employer contributions (1) 1,745 957 Benefits paid (1) (3,562 ) (3,949 ) Fair value of plan assets at December 31 38,294 34,999 Funded status at end of year (included in noncurrent liabilities) $ (31,757 ) $ (28,877 ) (1) Contributions and benefits paid are each net of $3.4 million and $3.7 million of plan participant contributions for 2017 and 2016 , respectively. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income consist of the following (in thousands of dollars): 2017 2016 Net gain $ 2,777 $ (55 ) Prior service cost 269 104 Subtotal 3,046 49 Less amount recognized in regulatory assets (3,046 ) (49 ) Net amount recognized in accumulated other comprehensive income $ — $ — |
Schedule of Net Benefit Costs | The net periodic postretirement benefit cost was as follows (in thousands of dollars): 2017 2016 2015 Service cost $ 973 $ 1,116 $ 1,235 Interest cost 2,783 2,766 2,678 Expected return on plan assets (2,307 ) (2,474 ) (2,680 ) Amortization of prior service cost 47 26 15 Net periodic postretirement benefit cost $ 1,496 $ 1,434 $ 1,248 |
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): 2017 2016 2015 Actuarial (loss) gain during the year $ (2,964 ) $ (1,600 ) $ 2,413 Prior service cost arising during the year (212 ) — — Reclassification adjustments for amortization of prior service cost 47 26 15 Adjustment for deferred tax effects 807 615 (949 ) Adjustment due to the effects of regulation 2,322 959 (1,479 ) Other comprehensive income related to postretirement benefit plans $ — $ — $ — |
Schedule of Expected Benefit Payments | The following table summarizes the expected future benefit payments of the postretirement benefit plan (in thousands of dollars): 2018 2019 2020 2021 2022 2023-2027 Expected benefit payments $ 5,051 $ 4,667 $ 4,374 $ 4,080 $ 4,070 $ 19,910 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one percentage point change in the assumed health care cost trend rate would have the following effects at December 31, 2017 (in thousands of dollars): One-Percentage-Point Increase Decrease Effect on total of cost components $ 301 $ (223 ) Effect on accumulated postretirement benefit obligation 3,166 (2,459 ) |
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 1 Level 2 Level 3 Total Assets at December 31, 2017 Cash and cash equivalents $ 20,852 $ — $ — $ 20,852 Short-term bonds 20,475 — — 20,475 Intermediate bonds 20,699 82,923 — 103,622 Long-term bonds — 40,707 — 40,707 Equity Securities: Large-Cap 95,179 — — 95,179 Equity Securities: Mid-Cap 81,127 — — 81,127 Equity Securities: Small-Cap 62,502 — — 62,502 Equity Securities: Micro-Cap 32,753 — — 32,753 Equity Securities: International 6,774 — — 6,774 Equity Securities: Emerging Markets 8,785 — — 8,785 Plan assets measured at NAV (not subject to hierarchy disclosure) Equity Securities: International 83,589 Equity Securities: Emerging Markets 36,255 Real estate 38,435 Private market investments 31,618 Commodities fund 35,010 Total $ 349,146 $ 123,630 $ — $ 697,683 Postretirement plan assets (1) $ 567 $ 37,727 $ — $ 38,294 Level 1 Level 2 Level 3 Total Assets at December 31, 2016 Cash and cash equivalents $ 28,632 $ — $ — $ 28,632 Short-term bonds 11,198 — — 11,198 Intermediate bonds 11,904 88,734 — 100,638 Long-term bonds — 20,573 — 20,573 Equity Securities: Large-Cap 80,582 — — 80,582 Equity Securities: Mid-Cap 68,634 — — 68,634 Equity Securities: Small-Cap 53,766 — — 53,766 Equity Securities: Micro-Cap 29,671 — — 29,671 Equity Securities: International 7,782 — — 7,782 Equity Securities: Emerging Markets 9,204 — — 9,204 Plan assets measured at NAV (not subject to hierarchy disclosure) Equity Securities: International 64,930 Equity Securities: Emerging Markets 24,443 Real estate 41,907 Private market investments 33,713 Commodities fund 31,895 Total $ 301,373 $ 109,307 $ — $ 607,568 Postretirement plan assets (1) $ 28 $ 34,971 $ — $ 34,999 (1) The postretirement benefits assets are primarily life insurance contracts. |
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 Plan SMSP Postretirement Benefits 2017 2016 2017 2016 2017 2016 Discount rate 3.95 % 4.45 % 3.95 % 4.45 % 3.95 % 4.45 % Rate of compensation increase (1) 4.17 % 4.11 % 4.75 % 4.75 % — — Medical trend rate — — — — 6.8 % 8.3 % Dental trend rate — — — — 4.1 % 5.0 % Measurement date 12/31/2017 12/31/2016 12/31/2017 12/31/2016 12/31/2017 12/31/2016 (1) The 2017 rate of compensation increase assumption for the pension plan includes an inflation component of 2.50% plus a 1.67% composite merit increase component that is based on employees' years of service. Merit salary increases are assumed to be 8.0% for employees in their first year of service and scale down to 0% 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 Plan SMSP Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 Discount rate 4.45 % 4.60 % 4.25 % 4.45 % 4.60 % 4.20 % 4.45 % 4.60 % 4.20 % Expected long-term rate of return on assets 7.50 % 7.50 % 7.50 % — — — 6.75 % 7.25 % 7.25 % Rate of compensation increase 4.17 % 4.11 % 4.11 % 4.75 % 4.50 % 4.50 % — — % — % Medical trend rate — — — — — — 6.8 % 8.30 % 9.70 % Dental trend rate — — — — — — 4.0 % 5.00 % 5.00 % |
PROPERTY, PLANT AND EQUIPMENT43
PROPERTY, PLANT AND EQUIPMENT AND JOINTLY-OWNED PROJECTS: Property, Plant and Equipment Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Public Utility, Property, Plant and Equipment | |
Schedule of Public Utility Property, Plant, and Equipment | The following table presents the major classifications of Idaho Power’s utility plant in service, annual depreciation provisions as a percent of average depreciable balance, and accumulated provision for depreciation for the years ended December 31, 2017 and 2016 (in thousands of dollars): 2017 2016 Balance Avg Rate Balance Avg Rate Production $ 2,598,940 3.07 % $ 2,551,823 2.40 % Transmission 1,163,240 1.94 % 1,120,903 2.02 % Distribution 1,710,126 2.44 % 1,637,131 2.72 % General and Other 433,856 6.01 % 422,187 5.49 % Total in service 5,906,162 2.87 % 5,732,044 2.64 % Accumulated provision for depreciation (2,098,274 ) (1,988,477 ) In service - net $ 3,807,888 $ 3,743,567 |
Schedule of Jointly Owned Utility Plants | Idaho Power's ownership interest in three jointly-owned generating facilities is included in the table above. Under the joint operating agreements for these facilities, each participating utility is responsible for financing its share of construction, operating, and leasing costs. Idaho Power's proportionate share of operating expenses for each facility is included in the Consolidated Statements of Income. These jointly-owned facilities, including balance sheet amounts and the extent of Idaho Power’s participation, were as follows at December 31, 2017 (in thousands of dollars): Name of Plant Location Utility Plant in Service Construction Work in Progress Accumulated Provision for Depreciation Ownership % MW (1) Jim Bridger Units 1-4 Rock Springs, WY $ 722,440 $ 6,935 $ 316,092 33 771 Boardman Boardman, OR 82,193 55 71,250 10 64 Valmy Units 1 and 2 Winnemucca, NV 409,836 359 235,670 50 284 (1) Idaho Power’s share of nameplate capacity. |
ASSET RETIREMENT OBLIGATIONS As
ASSET RETIREMENT OBLIGATIONS Asset Retirement Obligations Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The following table presents the changes in the carrying amount of AROs (in thousands of dollars): 2017 2016 Balance at beginning of year $ 26,257 $ 26,153 Accretion expense 1,015 1,031 Revisions in estimated cash flows (791 ) 1,759 Liability settled (66 ) (2,686 ) Balance at end of year $ 26,415 $ 26,257 |
INVESTMENTS_ Investments Level
INVESTMENTS: Investments Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | The table below summarizes IDACORP’s and Idaho Power’s investments as of December 31 (in thousands of dollars): 2017 2016 Idaho Power investments: Bridger Coal Company (equity method investment) $ 68,566 $ 82,299 Exchange traded short-term bond funds and cash equivalents 30,249 23,908 Executive deferred compensation plan investments 17 111 Total Idaho Power investments 98,832 106,318 Investments in affordable housing (IDACORP Financial Services) 5,521 7,643 Ida-West joint ventures (equity method investments) 11,345 11,213 Total IDACORP investments $ 115,698 $ 125,174 |
Schedule of Equity in Earnings (Losses) of Equity Method Investments | The table below presents IDACORP’s and Idaho Power’s earnings of unconsolidated equity-method investments (in thousands of dollars): 2017 2016 2015 Bridger Coal Company (Idaho Power) $ 9,267 $ 10,855 $ 9,773 Ida-West joint ventures 2,107 2,016 1,355 Total $ 11,374 $ 12,871 $ 11,128 |
Schedule of Realized Gain (Loss) | The following table summarizes sales of available-for-sale securities (in thousands of dollars): 2017 2016 2015 Proceeds from sales $ 4,989 $ 15,693 $ 34,243 Gross realized gains from sales — 54 — |
DERIVATIVE FINANCIAL INSTRUME46
DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Financial Instruments Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below presents the gains and losses on derivatives not designated as hedging instruments for the years ended December 31, 2017 , 2016 , and 2015 (in thousands of dollars): Location of Realized Gain/(Loss) on Derivatives Recognized in Income Gain/(Loss) on Derivatives Recognized in Income (1) 2017 2016 2015 Financial swaps Off-system sales $ 902 $ 1,405 $ 2,882 Financial swaps Purchased power 166 586 748 Financial swaps Fuel expense 701 (1,947 ) (6,045 ) Financial swaps Other operations and maintenance (84 ) (161 ) (50 ) Forward contracts Off-system sales 55 (54 ) — Forward contracts Purchased power (69 ) 86 (6 ) Forward contracts Fuel expense 4 139 54 (1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at December 31, 2017 and 2016 (in thousands of dollars): Asset Derivatives Liability Derivatives Balance Sheet Location Gross Fair Value Amounts Offset Net Assets Gross Fair Value Amounts Offset Net Liabilities December 31, 2017 Current: Financial swaps Other current assets $ 18 $ — $ 18 $ — $ — $ — Financial swaps Other current liabilities 553 (553 ) — 1,971 (748 ) (1) 1,223 Forward contracts Other current liabilities — — — 2 — 2 Long-term: Financial swaps Other assets 4 — 4 — — — Total $ 575 $ (553 ) $ 22 $ 1,973 $ (748 ) $ 1,225 December 31, 2016 Current: Financial swaps Other current assets $ 8,134 $ (2,183 ) (2) $ 5,951 $ 302 $ (302 ) $ — Total $ 8,134 $ (2,183 ) $ 5,951 $ 302 $ (302 ) $ — (1) Current liability derivative amounts offset include $0.2 million of collateral receivable for the period ending December 31, 2017 . (2) Current asset derivative amounts offset include $1.9 million of collateral payable for the period ending December 31, 2016 . |
Schedule of Derivative Instruments | The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at December 31, 2017 and 2016 (in thousands of units): December 31, Commodity Units 2017 2016 Electricity purchases MWh 312 217 Electricity sales MWh 224 135 Natural gas purchases MMBtu 7,028 6,604 Natural gas sales MMBtu 140 70 Diesel purchases Gallons — 1,188 |
FAIR VALUE MEASUREMENTS_ Fair V
FAIR VALUE MEASUREMENTS: Fair Value Measurements Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair value measurements [Abstract] | |
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, 2017 and 2016 (in thousands of dollars): December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds IDACORP $ 28,038 $ — $ — $ 28,038 $ 15,000 $ — $ — $ 15,000 Idaho Power 10,260 — — 10,260 29,967 — — 29,967 Derivatives 22 — — 22 5,951 — — 5,951 Trading securities: Equity securities 17 — — 17 111 — — 111 Available-for-sale securities: Equity securities 30,249 — — 30,249 23,908 — — 23,908 Liabilities: Derivatives $ 1,223 $ 2 $ — $ 1,225 $ — $ — $ — $ — |
Fair Value, by Balance Sheet Grouping | The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, as of December 31, 2017 and 2016 , using available market information and appropriate valuation methodologies (in thousands of dollars): December 31, 2017 December 31, 2016 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (thousands of dollars) IDACORP Assets: Notes receivable (1) $ 3,804 $ 3,804 $ 3,804 $ 3,804 Liabilities: Long-term debt (1) 1,746,123 1,915,459 1,745,678 1,858,666 Idaho Power Liabilities: Long-term debt (1) $ 1,746,123 $ 1,915,459 $ 1,745,678 $ 1,858,666 (1) Notes receivable and long-term debt are categorized as Level 3 and Level 2, respectively, of the fair value hierarchy, as defined earlier in this Note 16 - "Fair Value Measurements |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Table Text Block] | The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands of dollars): Utility Operations All Other Eliminations Consolidated Total 2017 Revenues $ 1,344,893 $ 4,593 $ — $ 1,349,486 Operating income 302,408 1,943 — 304,351 Other income 23,550 191 — 23,741 Interest income 6,044 295 (211 ) 6,128 Equity-method income 9,267 2,107 — 11,374 Interest expense 83,660 297 (211 ) 83,746 Income before income taxes 257,609 4,239 — 261,848 Income tax expense (benefit) 51,262 (2,602 ) — 48,660 Income attributable to IDACORP, Inc. 206,347 6,072 — 212,419 Total assets 5,995,435 143,696 (93,726 ) 6,045,405 Expenditures for long-lived assets 285,471 17 — 285,488 2016 Revenues $ 1,259,353 $ 2,667 $ — $ 1,262,020 Operating income 265,491 6,285 — 271,776 Other income 27,658 6 — 27,664 Interest income 4,235 127 (121 ) 4,241 Equity-method income 10,855 2,016 — 12,871 Interest expense 81,812 344 (121 ) 82,035 Income before income taxes 226,427 8,090 — 234,517 Income tax expense (benefit) 37,185 (756 ) — 36,429 Income attributable to IDACORP, Inc. 189,242 9,046 — 198,288 Total assets 6,236,744 73,137 (19,984 ) 6,289,897 Expenditures for long-lived assets 296,948 2 — 296,950 2015 Revenues $ 1,267,505 $ 2,784 $ — $ 1,270,289 Operating income 282,252 (155 ) — 282,097 Other income 25,868 37 — 25,905 Interest income 3,037 64 (62 ) 3,039 Equity-method income 9,773 1,355 — 11,128 Interest expense 81,718 278 (62 ) 81,934 Income before income taxes 239,211 1,024 — 240,235 Income tax expense (benefit) 48,228 (2,468 ) — 45,760 Income attributable to IDACORP, Inc. 190,983 3,696 — 194,679 Total assets 5,968,835 71,704 (17,225 ) 6,023,314 Expenditures for long-lived assets 293,969 52 — 294,021 |
OTHER INCOME AND EXPENSE Other
OTHER INCOME AND EXPENSE Other Income and Expense Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of other nonoperating income (expense) [Line Items] | |
Schedule of Other Nonoperating Income, by Component [Table Text Block] | The following table presents the components of IDACORP’s Other income, net and Idaho Power's Other (expense) income, net (in thousands of dollars): IDACORP - Other income, net 2017 2016 2015 Interest and dividend income, net $ 3,872 $ 4,466 $ 2,890 Carrying charges on regulatory assets 2,310 2,082 1,774 Other income 833 767 777 Income from life insurance investments 2,090 2,588 1,739 Other expense (20 ) (29 ) (21 ) Total $ 9,085 $ 9,874 $ 7,159 Idaho Power - Other expense, net Interest and dividend income, net $ 3,787 $ 4,460 $ 2,889 Carrying charges on regulatory assets 2,310 2,082 1,774 Other income 644 761 739 SMSP expense (8,164 ) (9,203 ) (9,937 ) Income from life insurance investments 2,090 2,588 1,739 Other expense (2,393 ) (2,632 ) (2,275 ) Total $ (1,726 ) $ (1,944 ) $ (5,071 ) |
CHANGES IN ACCUMULATED OTHER 50
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the years ended December 31, 2017 , 2016 , and 2015 (in thousands of dollars). Items in parentheses indicate reductions to AOCI. Year Ended December 31, 2017 2016 2015 Defined benefit pension items Balance at beginning of period $ (20,882 ) $ (21,276 ) $ (24,158 ) Other comprehensive income before reclassifications (7,872 ) (1,859 ) 214 Amounts reclassified out of AOCI to net income 1,882 2,253 2,668 Net current-period other comprehensive income (5,990 ) 394 2,882 Cumulative effect of change in accounting principle (1) (4,092 ) — — Balance at end of period $ (30,964 ) $ (20,882 ) $ (21,276 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The table below presents the effects on net income of amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the years ended December 31, 2017 , 2016 , and 2015 (in thousands of dollars). Items in parentheses indicate increases to net income. Amount Reclassified from AOCI Year Ended December 31, 2017 2016 2015 Amortization of defined benefit pension items (1) Prior service cost $ 127 $ 168 $ 185 Net loss 2,963 3,532 4,195 Total before tax 3,090 3,700 4,380 Tax benefit (2) (1,208 ) (1,447 ) (1,712 ) Net of tax 1,882 2,253 2,668 Total reclassification for the period $ 1,882 $ 2,253 $ 2,668 (1) Amortization of these items is included in IDACORP's consolidated income statements in other operating expenses and in Idaho Power's consolidated income statements in other expense, net. (2) The tax benefit is included in income tax expense in the consolidated income statements of both IDACORP and Idaho Power. |
Schedule I - Condensed Financ51
Schedule I - Condensed Financial Information of Parent - Income Statement (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
IDACORP | |
Condensed Income Statements, Captions [Line Items] | |
Condensed Income Statement [Table Text Block] | CONDENSED STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2017 2016 2015 (thousands of dollars) Income: Equity in income of subsidiaries $ 211,974 $ 198,061 $ 194,426 Investment income 26 3 1 Total income 212,000 198,064 194,427 Expenses: Operating expenses 708 716 831 Interest expense 294 333 276 Other expenses 30 45 45 Total expenses 1,032 1,094 1,152 Income from Before Income Taxes 210,968 196,970 193,275 Income Tax Benefit (1,451 ) (1,318 ) (1,404 ) Net Income Attributable to IDACORP, Inc. 212,419 198,288 194,679 Other comprehensive (loss) income (5,990 ) 394 2,882 Comprehensive Income Attributable to IDACORP, Inc. $ 206,429 $ 198,682 $ 197,561 The accompanying note is an integral part of these statements. |
Schedule I - Condensed Financ52
Schedule I - Condensed Financial Information of Parent - Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
IDACORP | |
Condensed Cash Flow Statements, Captions [Line Items] | |
Condensed Cash Flow Statement [Table Text Block] | IDACORP, INC. CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2017 2016 2015 (thousands of dollars) Operating Activities: Net cash provided by operating activities $ 113,849 $ 139,077 $ 100,465 Investing Activities: Net cash provided by (used in) investing activities — — — Financing Activities: Dividends on common stock (113,127 ) (104,985 ) (96,810 ) Decrease in short-term borrowings — (20,000 ) (11,300 ) Change in intercompany notes payable 17,097 2,421 5,572 Other (3,321 ) (3,422 ) (1,675 ) Net cash used in financing activities (99,351 ) (125,986 ) (104,213 ) Net increase (decrease) in cash and cash equivalents 14,498 13,091 (3,748 ) Cash and cash equivalents at beginning of year 15,119 2,028 5,776 Cash and cash equivalents at end of year $ 29,617 $ 15,119 $ 2,028 The accompanying note is an integral part of these statements. |
Schedule I - Condensed Financ53
Schedule I - Condensed Financial Information of Parent - Balance Sheet (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
IDACORP | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Condensed Balance Sheet [Table Text Block] | IDACORP, INC. CONDENSED BALANCE SHEETS December 31, 2017 2016 Assets (thousands of dollars) Current Assets: Cash and cash equivalents $ 29,617 $ 15,119 Receivables 52,359 1,065 Income taxes receivable — — Other 98 101 Total current assets 82,074 16,285 Investment in subsidiaries 2,189,017 2,098,818 Other Assets: Deferred income taxes 34,040 66,411 Other 374 385 Total other assets 34,414 66,796 Total assets $ 2,305,505 $ 2,181,899 Liabilities and Shareholders’ Equity Current Liabilities: Notes payable $ — $ — Accounts payable 17 6 Taxes accrued 17,423 8,476 Other 626 660 Total current liabilities 18,066 9,142 Other Liabilities: Intercompany notes payable 35,140 17,834 Other 914 1,017 Total other liabilities 36,054 18,851 IDACORP, Inc. Shareholders’ Equity 2,251,385 2,153,906 Total Liabilities and Shareholders' Equity $ 2,305,505 $ 2,181,899 The accompanying note is an integral part of these statements. |
Schedule II - Consolidated Valu
Schedule II - Consolidated Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | IDACORP, INC. SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2017 , 2016 , and 2015 Column A Column B Column C Column D Column E Additions Charged Balance at Charged (Credited) Balance at Beginning to to Other End Classification of Year Income Accounts Deductions (1) of Year (thousands of dollars) 2017: Reserves deducted from applicable assets Reserve for uncollectible accounts $ 1,132 $ 5,753 $ 324 $ 5,016 $ 2,193 Reserve for uncollectible notes 402 — — — 402 Other Reserves: Injuries and damages 1,792 687 — 1,010 1,469 2016: Reserves deducted from applicable assets Reserve for uncollectible accounts $ 1,355 $ 3,917 $ 263 $ 4,403 $ 1,132 Reserve for uncollectible notes 552 — — 150 402 Other Reserves: Injuries and damages 1,874 848 — 930 1,792 2015: Reserves deducted from applicable assets Reserve for uncollectible accounts $ 2,104 $ 3,327 $ 819 $ 4,895 $ 1,355 Reserve for uncollectible notes 552 — — — 552 Other Reserves: Injuries and damages 1,995 890 — 1,011 1,874 (1) Represents deductions from the reserves for purposes for which the reserves were created. In the case of uncollectible accounts, and notes reserves, includes reversals of amounts previously reserved. |
Idaho Power Company | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | IDAHO POWER COMPANY SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2017 , 2016 , and 2015 Column A Column B Column C Column D Column E Additions Charged Balance at Charged (Credited) Balance at Beginning to to Other End Classification of Year Income Accounts Deductions (1) of Year (thousands of dollars) 2017: Reserves deducted from applicable assets Reserve for uncollectible accounts $ 1,132 $ 5,753 $ 324 $ 5,016 $ 2,193 Other Reserves: Injuries and damages 1,792 687 — 1,010 1,469 2016: Reserves deducted from applicable assets Reserve for uncollectible accounts $ 1,355 $ 3,917 $ 263 $ 4,403 $ 1,132 Other Reserves: Injuries and damages 1,874 848 — 930 1,792 2015: Reserves deducted from applicable assets Reserve for uncollectible accounts $ 2,104 $ 3,327 $ 819 $ 4,895 $ 1,355 Other Reserves: Injuries and damages 1,995 890 — 1,011 1,874 (1) Represents deductions from the reserves for purposes for which the reserves were created. In the case of uncollectible accounts, includes reversals of amounts previously reserved. |
SUMMARY OF SIGNIFICANT ACCOUN55
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Summary of Significant Accounting Policies Level 4 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies | |||
Cumulative effect of accounting change | $ (4,092,000) | $ 0 | $ 0 |
Utility plant in service - net | $ 3,807,888,000 | $ 3,743,567,000 | |
Maturity period of short-term investments | 90 days | 90 days | 90 days |
Late Payment Fee Customer Billings | 1.00% | ||
Period of Time After Which Unpaid Accounts Are Deemed Late | 30 days | 30 days | 30 days |
Impairment of Receivables | $ 0 | $ 0 | $ 0 |
Average depreciation rate | 2.87% | 2.64% | 2.68% |
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | $ 0 |
Public Utilities, Allowance for Funds Used During Construction, Rate | 7.60% | 7.60% | 7.60% |
Investment tax credit, percent | 3.00% | ||
Marysville Hydro Partners | |||
Significant Accounting Policies | |||
Variable Interest Entity Ownership Percentage of Partner | 50.00% | ||
Utility plant in service - net | $ 18,000,000 | ||
Variable interest entity consolidated intercompany long term debt | $ 9,000,000 | ||
Ida-West Energy | |||
Significant Accounting Policies | |||
Jointly Owned Utility Plant, Proportionate Ownership Share | 50.00% | ||
Bridger Coal Company | |||
Significant Accounting Policies | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | $ 68,600,000 | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 170,100,000 | ||
Idaho Power Company | |||
Significant Accounting Policies | |||
Cumulative effect of accounting change | 4,092,000 | $ 0 | $ 0 |
Utility plant in service - net | 3,807,888,000 | 3,743,567,000 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 56,700,000 | ||
IDACORP Financial Services Limited Partnership Interests | |||
Significant Accounting Policies | |||
Variable interest entities ownership percentage minimum | 2.00% | ||
Variable interest entities ownership percentage maximum | 99.00% | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net | $ 5,500,000 | ||
Asset exchange [Member] | |||
Significant Accounting Policies | |||
Noncash transactions | 44,000,000 | ||
Long Term Service Agreement [Member] | |||
Significant Accounting Policies | |||
Noncash transactions | 22,000,000 | ||
Retained Earnings | |||
Significant Accounting Policies | |||
Cumulative effect of accounting change | $ 4,092,000 | $ 234,000 | $ 0 |
INCOME TAXES_ Income Tax Expens
INCOME TAXES: Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Expense [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation | |||
Federal income tax expense at 35% statutory rate | $ 91,378 | $ 82,151 | $ 84,154 |
AFUDC | (10,318) | (11,278) | (11,140) |
Capitalized interest | 1,513 | 2,000 | 2,693 |
Investment tax credits | (3,081) | (2,922) | (2,963) |
Removal costs | (6,280) | (5,559) | (4,807) |
Capitalized overhead costs | (11,200) | (10,500) | (8,750) |
Capitalized repair costs | (28,700) | (28,000) | (28,700) |
Bond redemption costs | 0 | (4,997) | (6,459) |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 1,690 | 0 | 0 |
State income taxes, net of federal benefit | 8,153 | 5,071 | 7,343 |
Depreciation | 18,953 | 18,673 | 17,149 |
Share-based compensation | (1,508) | (1,614) | 0 |
Affordable housing tax credits | (2,559) | (2,579) | (3,258) |
Affordable housing investment distributions | (1,124) | (1,717) | 0 |
Affordable housing investment amortization | 1,271 | 1,380 | 1,519 |
Other, net | (9,528) | (3,680) | (1,021) |
Total income tax expense | $ 48,660 | $ 36,429 | $ 45,760 |
Effective tax rate | 18.60% | 15.50% | 19.00% |
IDACORP | |||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation | |||
Total income tax expense | $ (1,451) | $ (1,318) | $ (1,404) |
Idaho Power Company | |||
Income Tax Expense [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation | |||
Federal income tax expense at 35% statutory rate | $ 90,163 | $ 79,250 | $ 83,724 |
AFUDC | (10,318) | (11,278) | (11,140) |
Capitalized interest | 1,513 | 2,000 | 2,693 |
Investment tax credits | (3,081) | (2,922) | (2,963) |
Removal costs | (6,280) | (5,559) | (4,807) |
Capitalized overhead costs | (11,200) | (10,500) | (8,750) |
Capitalized repair costs | (28,700) | (28,000) | (28,700) |
Bond redemption costs | 0 | (4,997) | (6,459) |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 1,970 | 0 | 0 |
State income taxes, net of federal benefit | 8,108 | 4,880 | 7,503 |
Depreciation | 18,953 | 18,673 | 17,149 |
Share-based compensation | (1,483) | (1,583) | 0 |
Affordable housing tax credits | 0 | 0 | 0 |
Affordable housing investment distributions | 0 | 0 | 0 |
Affordable housing investment amortization | 0 | 0 | 0 |
Other, net | (8,383) | (2,779) | (22) |
Total income tax expense | $ 51,262 | $ 37,185 | $ 48,228 |
Effective tax rate | 19.90% | 16.40% | 20.20% |
INCOME TAXES_ Components of Inc
INCOME TAXES: Components of Income Tax Expense (Benefit), Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income taxes current: | |||
Federal | $ 11,726 | $ 1,181 | $ 4,831 |
State | 5,418 | 2,158 | 2,704 |
Total | 17,144 | 3,339 | 7,535 |
Income taxes deferred: | |||
Federal | 24,018 | 33,205 | 34,770 |
State | (154) | 100 | 626 |
Total | 23,864 | 33,305 | 35,396 |
Investment tax credits: | |||
Deferred | 10,506 | 3,227 | 3,455 |
Restored | (3,081) | (2,922) | (2,963) |
Total | 7,425 | 305 | 492 |
Affordable housing investments | 227 | (520) | 2,337 |
Total income tax expense | 48,660 | 36,429 | 45,760 |
Idaho Power Company | |||
Income taxes current: | |||
Federal | 51,575 | 7,639 | 16,470 |
State | 10,562 | 3,766 | 6,056 |
Total | 62,137 | 11,405 | 22,526 |
Income taxes deferred: | |||
Federal | (13,002) | 27,506 | 27,696 |
State | (5,298) | (2,031) | (2,486) |
Total | (18,300) | 25,475 | 25,210 |
Investment tax credits: | |||
Deferred | 10,506 | 3,227 | 3,455 |
Restored | (3,081) | (2,922) | (2,963) |
Total | 7,425 | 305 | 492 |
Affordable housing investments | 0 | 0 | 0 |
Total income tax expense | $ 51,262 | $ 37,185 | $ 48,228 |
INCOME TAXES_ Components of Def
INCOME TAXES: Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Regulatory liabilities | $ 98,744 | $ 51,326 |
Deferred compensation | 21,066 | 29,490 |
Deferred revenue | 31,086 | 40,354 |
Tax credits | 109,673 | 142,627 |
Partnership investments | 3,540 | 6,543 |
Retirement benefits | 94,493 | 132,362 |
Other | 8,636 | 11,401 |
Total | 367,238 | 414,103 |
Deferred tax liabilities: | ||
Property, plant and equipment | 306,002 | 500,987 |
Regulatory assets | 584,329 | 948,540 |
Partnership investments | 5,182 | 12,371 |
Retirement benefits | 103,407 | 140,083 |
Other | 21,242 | 17,919 |
Total | 1,028,178 | 1,658,353 |
Net deferred tax liabilities | 660,940 | 1,244,250 |
Idaho Power Company | ||
Deferred tax assets: | ||
Regulatory liabilities | 98,744 | 51,326 |
Deferred compensation | 21,025 | 29,424 |
Deferred revenue | 31,086 | 40,354 |
Tax credits | 44,106 | 33,589 |
Partnership investments | 0 | 0 |
Retirement benefits | 94,493 | 132,362 |
Other | 8,435 | 11,069 |
Total | 297,889 | 298,124 |
Deferred tax liabilities: | ||
Property, plant and equipment | 306,002 | 500,987 |
Regulatory assets | 584,329 | 948,540 |
Partnership investments | 980 | 5,554 |
Retirement benefits | 103,407 | 140,083 |
Other | 21,097 | 15,922 |
Total | 1,023,831 | 1,649,539 |
Net deferred tax liabilities | 725,942 | 1,351,415 |
Power supply costs | ||
Deferred tax liabilities: | ||
Power cost adjustments | 0 | 21,077 |
Power supply costs | Idaho Power Company | ||
Deferred tax liabilities: | ||
Power cost adjustments | 0 | 21,077 |
Deferred Project Costs [Member] | ||
Deferred tax liabilities: | ||
Power cost adjustments | 8,016 | 17,376 |
Deferred Project Costs [Member] | Idaho Power Company | ||
Deferred tax liabilities: | ||
Power cost adjustments | $ 8,016 | $ 17,376 |
INCOME TAXES_ Income Taxes Narr
INCOME TAXES: Income Taxes Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosures | |||
Unrecognized Tax Benefits | $ 0 | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
General Business Tax Credit Carryforward [Member] | IDACORP | |||
Income Tax Disclosures | |||
Additional ADITC amortization available for use | $ 72,000,000 | ||
Investment Tax Credit Carryforward [Member] | IDACORP | |||
Income Tax Disclosures | |||
Additional ADITC amortization available for use | $ 37,700,000 | ||
Idaho Power Company | |||
Income Tax Disclosures | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
REGULATORY MATTERS_ Regulator60
REGULATORY MATTERS: Regulatory Assets and Liabilities Table (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | $ 1,132,096 | $ 1,471,899 | |||
Regulatory Liabilities | 699,448 | 446,789 | |||
Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [1] | 210,770 | |||
Regulatory Liabilities | [1] | 288,087 | |||
Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | 921,326 | ||||
Regulatory Liabilities | 411,361 | ||||
Depreciation-related excess deferred income taxes [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [2] | 193,991 | 0 | ||
Depreciation-related excess deferred income taxes [Member] | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [1],[2] | 193,991 | |||
Depreciation-related excess deferred income taxes [Member] | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [2] | 0 | |||
Income taxes [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [3] | 98,744 | 51,326 | ||
Income taxes [Member] | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [1],[3] | 0 | |||
Income taxes [Member] | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [3] | 98,744 | |||
Removal costs [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [4] | 184,993 | 186,609 | ||
Removal costs [Member] | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [1],[4] | 0 | |||
Removal costs [Member] | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [4] | 184,993 | |||
Investment tax credits [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | 87,385 | 79,960 | |||
Investment tax credits [Member] | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [1] | 0 | |||
Investment tax credits [Member] | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | 87,385 | ||||
Deferred revenue-AFUDC [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [5] | 119,700 | 103,219 | ||
Deferred revenue-AFUDC [Member] | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [1],[5] | 82,440 | |||
Deferred revenue-AFUDC [Member] | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [5] | 37,226 | |||
Energy efficiency regulatory liability | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [6] | 408 | 10,730 | ||
Energy efficiency regulatory liability | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [1],[6] | 408 | |||
Energy efficiency regulatory liability | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [6] | 0 | |||
Power supply costs | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [7] | 5,443 | [1] | 0 | |
Power supply costs | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [1],[7] | 5,443 | |||
Power supply costs | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [1],[7] | 0 | |||
Settlement agreement sharing [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [6] | $ 3,159 | |||
Mark-to-market liabilities / assets [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [8] | 22 | 7,831 | ||
Mark-to-market liabilities / assets [Member] | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [1],[8] | 0 | |||
Mark-to-market liabilities / assets [Member] | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [8] | 22 | |||
Other regulatory assets (liabilities) [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | 8,796 | 7,114 | |||
Other regulatory assets (liabilities) [Member] | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | [1] | 5,805 | |||
Other regulatory assets (liabilities) [Member] | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Liabilities | 2,991 | ||||
Income taxes [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [9] | 584,329 | 948,540 | ||
Income taxes [Member] | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [1],[9] | 0 | |||
Income taxes [Member] | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [9] | 584,329 | |||
Unfunded postretirement benefits [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [10] | 280,166 | 263,779 | ||
Unfunded postretirement benefits [Member] | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [1],[10] | 0 | |||
Unfunded postretirement benefits [Member] | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [10] | 280,166 | |||
Pension expense deferrals [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | 127,721 | 105,352 | |||
Pension expense deferrals [Member] | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [1] | 104,688 | |||
Pension expense deferrals [Member] | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | 23,033 | ||||
Energy efficiency program costs [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [6] | 6,273 | 5,552 | ||
Energy efficiency program costs [Member] | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [1],[6] | 6,273 | |||
Energy efficiency program costs [Member] | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [6] | 0 | |||
Power supply costs | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [7] | 3,137 | 53,870 | ||
Power supply costs | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [1],[7] | 3,137 | |||
Power supply costs | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [7] | 0 | |||
Fixed cost adjustment | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [7] | 30,856 | 44,445 | ||
Fixed cost adjustment | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [1],[7] | 30,856 | |||
Fixed cost adjustment | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [7] | 0 | |||
Valmy Plant | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [1],[7] | 44,633 | 0 | ||
Valmy Plant | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [1],[7] | 43,351 | |||
Valmy Plant | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [1],[7] | 1,282 | |||
Asset retirement obligation [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [4] | 15,767 | 14,154 | ||
Asset retirement obligation [Member] | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [1],[4] | 0 | |||
Asset retirement obligation [Member] | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [4] | 15,767 | |||
Long-term service agreement | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | 27,907 | 29,081 | |||
Long-term service agreement | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [1] | 16,778 | |||
Long-term service agreement | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | 11,129 | ||||
Other regulatory assets (liabilities) [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | 11,307 | $ 7,126 | |||
Other regulatory assets (liabilities) [Member] | Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | [1] | 5,687 | |||
Other regulatory assets (liabilities) [Member] | Not Earning a Return [Member] | |||||
Regulatory Assets and Liabilities [Line Items] | |||||
Regulatory Assets | $ 5,620 | ||||
[1] | Earning a return includes either interest or a return on the investment as a component of rate base at the allowed rate of return. | ||||
[2] | The Tax Cuts and Jobs Act, enacted on December 22, 2017, reduced the deferred income tax assets and liabilities. For depreciation-related timing differences under the normalized tax accounting method, this reduction will flow back to customers under the statutorily prescribed average rate assumption method. | ||||
[3] | Represents the tax gross-up related to the depreciation-related excess deferred income taxes and investment tax credits included in this table and has a corresponding deferred tax asset disclosed in Note 2 - "Income Taxes." | ||||
[4] | Asset retirement obligations and removal costs are discussed in Note 13 - "Asset Retirement Obligations." | ||||
[5] | Idaho Power is collecting revenue in the Idaho jurisdiction for AFUDC on HCC relicensing costs but is deferring revenue recognition of the amounts collected until the license is issued and the asset is placed in service under the new license. | ||||
[6] | The energy efficiency asset represents the Oregon jurisdiction balance and the liability represents the Idaho jurisdiction balance. | ||||
[7] | This item is discussed in more detail in this Note 3 - "Regulatory Matters." | ||||
[8] | Mark-to-market assets and liabilities are discussed in Note 16 - "Fair Value Measurements." | ||||
[9] | Represents flow-through income tax accounting differences which have a corresponding deferred tax liability disclosed in Note 2 - "Income Taxes." The Tax Cuts and Jobs Act, enacted on December 22, 2017, reduced the deferred income tax assets and liabilities. For timing differences under the flow-through income tax accounting method, this reduction also reduces the associated regulatory assets generally recoverable over the remaining lives of the associated depreciable property. | ||||
[10] | Represents the unfunded obligation of Idaho Power’s pension and postretirement benefit plans, which are discussed in Note 11 - "Benefit Plans." |
REGULATORY MATTERS_ Idaho Juris
REGULATORY MATTERS: Idaho Jurisdiction Power Cost Adjustment Mechanism (Details) - USD ($) | Jun. 01, 2017 | Jun. 01, 2016 | Jun. 01, 2015 | Jun. 02, 2014 | Jun. 01, 2014 | Dec. 31, 2017 | Dec. 31, 2016 |
Idaho Power Cost Adjustment Mechanism [Line Items] | |||||||
Regulatory Liabilities | $ 699,448,000 | $ 446,789,000 | |||||
Idaho Power Cost Adjustment | |||||||
Idaho Power Cost Adjustment Mechanism [Line Items] | |||||||
Percentage to be Shared with Customers | 95.00% | ||||||
Percentage to be Shared with Entity | 5.00% | ||||||
Percetange Sharing of Expenses Associated with PURPA Purchases | 100.00% | ||||||
Approved Rate Increase (Decrease), Amount | $ 10,600,000 | $ 17,300,000 | $ (11,600,000) | $ 106,000,000 | |||
Regulatory Liabilities | $ 13,000,000 | 4,000,000 | 4,000,000 | ||||
IDAHO | Idaho Power Cost Adjustment | |||||||
Idaho Power Cost Adjustment Mechanism [Line Items] | |||||||
Approved Rate Increase (Decrease), Amount | $ 99,300,000 | ||||||
October 2014 Idaho Settlement Stipulation | Idaho Power Cost Adjustment | |||||||
Idaho Power Cost Adjustment Mechanism [Line Items] | |||||||
Regulatory Liabilities | $ 3,200,000 | ||||||
Annual Power Cost Adjustment Mechanism Filing [Member] | Idaho Power Cost Adjustment | |||||||
Idaho Power Cost Adjustment Mechanism [Line Items] | |||||||
Regulatory Liabilities | 1,500,000 | ||||||
December 2011 Idaho Settlement Agreement | Idaho Power Cost Adjustment | |||||||
Idaho Power Cost Adjustment Mechanism [Line Items] | |||||||
Regulatory Liabilities | $ 8,000,000 |
REGULATORY MATTERS_ Oregon Juri
REGULATORY MATTERS: Oregon Jurisdiction Power Cost Adjustment Mechanism (Details) - Oregon Power Cost Adjustment - USD ($) | Jun. 01, 2017 | Jun. 01, 2016 | Jun. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Oregon Jurisdiction Power Cost Adjustment Mechanism [Line Items] | ||||||
Percentage to be Shared with Customers | 90.00% | |||||
Percentage to be Shared with Entity | 10.00% | |||||
Deviation from ROE Resulting in Collection or Refund for Actual Power Supply Costs | 1.00% | |||||
Base Deferral Amount to be Collected | $ 0 | $ 0 | $ 0 | |||
Approved Rate Increase (Decrease), Amount | $ 700,000 | $ 200,000 | $ (700,000) |
REGULATORY MATTERS_ Idaho Base
REGULATORY MATTERS: Idaho Base Rate Changes (Details) - 2011 Idaho General Rate Case Settlement - USD ($) $ in Millions | Jul. 01, 2012 | Jan. 01, 2012 |
Idaho Base Rate Changes [Line Items] | ||
Authorized Rate of Return in Rate Case | 7.86% | |
Total Retail Rate Base | $ 2,360 | |
Approved Rate Increase (Decrease), Percentage | 4.07% | |
Approved Rate Increase (Decrease), Amount | $ 34 | |
IDAHO | ||
Idaho Base Rate Changes [Line Items] | ||
Approved Rate Increase (Decrease), Amount | $ 58.1 | |
Increase (Decrease) In Rate Base | $ 335.9 |
REGULATORY MATTERS_ October 201
REGULATORY MATTERS: October 2014 Idaho Settlement Stipulation (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2014 | |
October 2014 Idaho Settlement Stipulation [Line Items] | |||||
Regulatory Liabilities | $ 699,448 | $ 446,789 | |||
October 2014 Idaho Settlement Stipulation | |||||
October 2014 Idaho Settlement Stipulation [Line Items] | |||||
Authorized Return on Equity in Rate Case, Minimum | 9.50% | ||||
Authorized Return on Equity in Rate Case, Mid-point | 10.00% | ||||
Authorized Return on Equity in Rate Case, Maximum | 10.50% | ||||
Investment Tax Credits Maximum In One Year In Rate Case | $ 25,000 | ||||
Investment Tax Credits, Maximum, in Rate Case | $ 45,000 | $ 45,000 | |||
Percentage to be Shared with Customers | 75.00% | ||||
Percentage to be Shared with Entity | 25.00% | ||||
Percent To Be Shared With Customers, Power Cost Adjustment | 50.00% | ||||
Percent To Be Shared With Customers, Pension Balancing | 25.00% | ||||
Settlement agreement sharing [Member] | |||||
October 2014 Idaho Settlement Stipulation [Line Items] | |||||
Regulatory Liabilities | [1] | $ 3,159 | |||
[1] | The energy efficiency asset represents the Oregon jurisdiction balance and the liability represents the Idaho jurisdiction balance. |
REGULATORY MATTERS_ Idaho Fixed
REGULATORY MATTERS: Idaho Fixed Cost Adjustment (Details) - Idaho Fixed Cost Adjustment - USD ($) $ in Millions | Jun. 01, 2017 | Jun. 01, 2016 | Jun. 01, 2015 |
Idaho Fixed Cost Adjustment [Line Items] | |||
Percentage cap on the FCA adjustment | 3.00% | ||
Annual fixed cost adjustment mechanism deferral | $ 35 | $ 28.1 | $ 16.9 |
REGULATORY MATTERS_ Regulator66
REGULATORY MATTERS: Regulatory Requests (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Jun. 01, 2017 | May 31, 2019 | Dec. 31, 2017 | Dec. 31, 2016 | |
Public Utilities, General Disclosures [Line Items] | ||||||
Regulatory Liabilities | $ 699,448 | $ 446,789 | ||||
Idaho and Oregon Rate Adjustment Request for Potential Valmy Closure | IDAHO | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Approved Rate Increase (Decrease), Amount | $ 13,300 | |||||
Idaho and Oregon Rate Adjustment Request for Potential Valmy Closure | OREGON | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Approved Rate Increase (Decrease), Amount | $ 1,100 | |||||
Idaho Power Company | IDAHO | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Asset Impairment Charges | 5,000 | |||||
Energy efficiency regulatory liability | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Regulatory Liabilities | [1] | 408 | $ 10,730 | |||
Energy efficiency regulatory liability | Idaho Power Company | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Regulatory Liabilities | $ 2,400 | |||||
Scenario, Forecast [Member] | Western EIM Regulatory Asset [Member] | IDAHO | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 3,600 | |||||
[1] | The energy efficiency asset represents the Oregon jurisdiction balance and the liability represents the Idaho jurisdiction balance. |
REGULATORY MATTERS_ Oregon Base
REGULATORY MATTERS: Oregon Base Rate Changes (Details) - Oregon Base Rate Changes - USD ($) $ in Millions | Oct. 01, 2012 | Mar. 01, 2012 |
Oregon Base Rate Changes [Line Items] | ||
Approved Rate Increase (Decrease), Amount | $ 1.8 | |
Approved Return on Equity, Percentage | 9.90% | |
Authorized Rate of Return in Rate Case | 7.757% | |
OREGON | ||
Oregon Base Rate Changes [Line Items] | ||
Approved Rate Increase (Decrease), Amount | $ 3 |
REGULATORY MATTERS_ Open Access
REGULATORY MATTERS: Open Access Transmission Tariff Rates (Details) - Federal Open Access Transmission Tariff Rates - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Open Access Transmission Tariff Rates [Line Items] | ||||
Load Change Adjustment Rate Or Open Access Same Time Draft Rates | $ 34.90 | $ 25.52 | $ 23.43 | $ 22.48 |
Net Annual Transmission Revenue Requirement | $ 130,400,000 |
LONG-TERM DEBT_ Long-term Deb69
LONG-TERM DEBT: Long-term Debt Level 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Total first mortgage bonds | $ 1,575,000 | $ 1,575,000 | ||
Pollution control revenue bonds Variable Rate Series 2000 due 2027 | 4,360 | 4,360 | ||
Total pollution control revenue bonds | 170,460 | 170,460 | ||
American Falls bond guarantee | 19,885 | 19,885 | ||
Milner Dam note guarantee | 0 | 1,064 | ||
Unamortized issuance costs and discounts | (19,222) | (20,731) | ||
Total outstanding debt | [1] | 1,746,123 | 1,745,678 | |
Current maturities of long-term debt | 0 | (1,064) | ||
Long-Term Debt | 1,746,123 | 1,744,614 | ||
Idaho Power Company | ||||
Debt Instrument [Line Items] | ||||
Long-Term Debt | $ 1,746,123 | $ 1,744,614 | ||
Effective cost of outstanding debt | 4.87% | 4.87% | ||
First mortgage bonds 4.50 Series due 2020 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 130,000 | $ 130,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | ||
First mortgage bonds 3.40 Series due 2020 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 100,000 | $ 100,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | 3.40% | ||
First Mortgage Bonds 2.95 Series Due 2022 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 75,000 | $ 75,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | 2.95% | ||
First Mortgage Bonds 2.50 Series due 2023 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 75,000 | $ 75,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | 2.50% | ||
First mortgage bonds 6.00 Series due 2032 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 100,000 | $ 100,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||
First mortgage bonds 5.50 Series due 2033 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 70,000 | $ 70,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | ||
First mortgage bonds 5.50 Series due 2034 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 50,000 | $ 50,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | ||
First mortgage bonds 5.875 Series due 2034 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 55,000 | $ 55,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | ||
First mortgage bonds 5.30 Series due 2035 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 60,000 | $ 60,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | 5.30% | ||
First mortgage bonds 6.30 Series due 2037 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 140,000 | $ 140,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | 6.30% | ||
First mortgage bonds 6.25 Series due 2037 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 100,000 | $ 100,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | ||
First mortgage bonds 4.85 Series due 2040 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 100,000 | $ 100,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | 4.85% | ||
First Mortgage Bonds 4.30 Series Due 2042 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 75,000 | $ 75,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | 4.30% | ||
First Mortgage Bonds 4.00 Series due 2043 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 75,000 | $ 75,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | ||
First mortgage bonds 3.65% Series due 2045 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 250,000 | $ 250,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | 3.65% | ||
First mortgage bonds 3.65% Series due 2045 | Idaho Power Company | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 250,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | |||
4.05% Series due 2046 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 120,000 | $ 120,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.05% | 4.05% | ||
4.05% Series due 2046 | Idaho Power Company | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 120,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.05% | |||
Pollution Control Bonds 5.15 due 2024 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.15% | 5.15% | |
Pollution control revenue bonds 5.15 Series due 2024 | [2] | $ 49,800 | $ 49,800 | |
Pollution Control Bond 5.25 due 2026 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.25% | 5.25% | |
Pollution control revenue bonds 5.25 Series due 2026 | [2] | $ 116,300 | $ 116,300 | |
Secured debt including Humboldt County and Sweetwater County pollution control revenue bonds | ||||
Debt Instrument [Line Items] | ||||
Total first mortgage bonds | $ 1,741,000 | |||
[1] | At December 31, 2017 and 2016, the overall effective cost rate of Idaho Power's outstanding debt was 4.87 percent. | |||
[2] | Humboldt County and Sweetwater County Pollution Control Revenue Bonds are secured by the first mortgage, bringing the total first mortgage bonds outstanding at December 31, 2017, to $1.741 billion. |
LONG-TERM DEBT_ Maturities of L
LONG-TERM DEBT: Maturities of Long-term Debt Level 4 (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 230,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 75,000 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 1,460,345 |
LONG-TERM DEBT_ Long-term deb71
LONG-TERM DEBT: Long-term debt narrative Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 19, 2016 | |
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 1,064 | $ 101,064 | $ 121,064 | |
Idaho Power Company | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 1,064 | 101,064 | 121,064 | |
Principal amount of debt securities and first mortgage bonds authorized | $ 500,000 | |||
Extension Period of State Regulatory Authorization to Issue Debt | 2 years | |||
Debt instrument interest rate limit | 7.00% | |||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 500,000 | |||
Indenture, Unused Borrowing Capacity, Amount | $ 1,800,000 | |||
Percent of Operating Revenues Required to be Spent or Appropriated | 15.00% | |||
Time Period Expenditures or Appropriations can be Made Up | 5 years | |||
Bonds issuable maximum amount ending | $ 2,500,000 | $ 2,000,000 | ||
Earnings test does not apply to refunding bonds that mature in less than this period of time | 2 years | |||
4.05% Series due 2046 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 120,000 | $ 120,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.05% | 4.05% | ||
4.05% Series due 2046 | Idaho Power Company | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 120,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.05% | |||
First mortgage bonds 3.65% Series due 2045 | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 250,000 | $ 250,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | 3.65% | ||
First mortgage bonds 3.65% Series due 2045 | Idaho Power Company | ||||
Debt Instrument [Line Items] | ||||
First mortgage bonds | $ 250,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | |||
First mortgage bonds 6.15 Series due 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.15% | |||
Repayments of Debt | $ 100,000 | |||
Gains (Losses) on Extinguishment of Debt | $ (14,000) | |||
First mortgage bonds 6.025 Series due 2018 [Member] | Idaho Power Company | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.025% | |||
Repayments of Debt | $ 120,000 | |||
Gains (Losses) on Extinguishment of Debt | $ (17,900) |
NOTES PAYABLE_ Notes Payable 72
NOTES PAYABLE: Notes Payable Level 4 (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)yr | |
Short-term borrowings: | ||
Commercial paper outstanding | $ 0 | $ 21,800,000 |
Average commercial paper outstanding during the year | $ 1,427,000 | $ 16,130,000 |
Weighted-average annual interest rate | 0.00% | 1.13% |
Credit facility: | ||
Number of extensions of credit agreement | yr | 2 | |
Extension Period of Credit Agreements | 1 year | |
Prime Rate | ||
Credit facility: | ||
Debt Instrument, Description of Variable Rate Basis | prime rate | |
Federal Funds Rate | ||
Credit facility: | ||
Debt Instrument, Description of Variable Rate Basis | federal funds rate | |
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
LIBOR Rate | ||
Credit facility: | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate | |
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
LIBOR rate floor | 0.00% | |
IDACORP | ||
Short-term borrowings: | ||
Commercial paper outstanding | $ 0 | $ 0 |
Average commercial paper outstanding during the year | $ 588,000 | $ 15,692,000 |
Weighted-average annual interest rate | 0.00% | 0.00% |
Credit facility: | ||
Credit facility | $ 100,000,000 | |
Swingline Loan, Maximum Principal Outstanding | 10,000,000 | |
Letter of Credit, Maximum Borrowing Capacity | 50,000,000 | |
Line of Credit Facility, Right to Increase Borrowing Capacity | 150,000,000 | |
Amount outstanding on credit facility | 0 | |
Idaho Power Company | ||
Short-term borrowings: | ||
Commercial paper outstanding | 0 | $ 21,800,000 |
Average commercial paper outstanding during the year | $ 839,000 | $ 438,000 |
Weighted-average annual interest rate | 0.00% | 1.13% |
Credit facility: | ||
Credit facility | $ 300,000,000 | |
Swingline Loan, Maximum Principal Outstanding | 30,000,000 | |
Letter of Credit, Maximum Borrowing Capacity | 100,000,000 | |
Line of Credit Facility, Right to Increase Borrowing Capacity | 450,000,000 | |
Amount outstanding on credit facility | 0 | |
Regulatory authority to incur short-term indebtedness | $ 450,000,000 |
COMMON STOCK_ Common Stock, Num
COMMON STOCK: Common Stock, Number of Shares, Par Value and Other Disclosures (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||
Common Stock, Shares, Issued | 50,420,017 | 50,352,051 | 50,308,702 |
Shares issued during the year | 0 | ||
Common Stock, Shares, Issued | 50,420,017 | 50,420,017 | 50,352,051 |
Continuous equity program (inactive) | |||
Class of Stock [Line Items] | |||
Shares issued during the year | 0 | 0 | 0 |
Shares reserved for future issuance | 3,000,000 | ||
Dividend reinvestment and stock purchase plan | |||
Class of Stock [Line Items] | |||
Shares issued during the year | 0 | 0 | 0 |
Shares reserved for future issuance | 2,576,723 | ||
Employee savings plan | |||
Class of Stock [Line Items] | |||
Shares issued during the year | 0 | 0 | 0 |
Shares reserved for future issuance | 3,567,954 | ||
Long-term incentive and compensation plan | |||
Class of Stock [Line Items] | |||
Shares issued during the year | 0 | 67,966 | 43,349 |
Shares reserved for future issuance | 1,307,878 |
COMMON STOCK_ Common Stock Narr
COMMON STOCK: Common Stock Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Class of Stock [Line Items] | |||
Shares granted (in shares) | 72,397 | ||
Shares awarded to directors | 12,050 | ||
Shares issued during the year | 0 | ||
IDACORP | |||
Class of Stock [Line Items] | |||
Maximum leverage ratio requirement | 0.65 | ||
Leverage ratio | 0.44 | ||
Amount dividends were limited to based on covenant restrictions | $ | $ 1,300,000 | ||
Idaho Power Company | |||
Class of Stock [Line Items] | |||
Capital contribution from parent | $ | $ 0 | $ 0 | $ 0 |
Maximum leverage ratio requirement | 0.65 | 0.65 | 0.65 |
Leverage ratio | 0.46 | ||
Amount dividends were limited to based on covenant restrictions | $ | $ 1,100,000 | ||
Percentage of capital threshold below which Idaho Power will not pay dividends to IDACORP | 0.35 | ||
Equity Capital Ratio | 0.54 | ||
Shares of preferred stock outstanding | 0 |
STOCK-BASED COMPENSATION Schedu
STOCK-BASED COMPENSATION Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Shares granted (in shares) | 72,397 |
Restricted stock plan | IDACORP | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Nonvested shares, beginning (in shares) | 201,065 |
Shares granted (in shares) | 96,191 |
Shares forfeited (in shares) | (6,179) |
Shares vested (in shares) | (89,999) |
Nonvested shares, ending (in shares) | 201,078 |
Nonvested shares, period start - weighted average grant-date fair value (in dollars per share) | $ / shares | $ 61.49 |
Shares granted - weighted average grant-date fair value (in dollars per share) | $ / shares | 75.37 |
Shares forfeited - weighted average grant-date fair value (in dollars per share) | $ / shares | 75.54 |
Shares vested - weighted average grant-date fair value (in dollars per share) | $ / shares | 51.06 |
Nonvested shares, period end - weighted average grant-date fair value (in dollars per share) | $ / shares | $ 72.37 |
Restricted stock plan | Idaho Power Company | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Nonvested shares, beginning (in shares) | 199,526 |
Shares granted (in shares) | 95,568 |
Shares forfeited (in shares) | (6,179) |
Shares vested (in shares) | (89,263) |
Nonvested shares, ending (in shares) | 199,652 |
Nonvested shares, period start - weighted average grant-date fair value (in dollars per share) | $ / shares | $ 61.51 |
Shares granted - weighted average grant-date fair value (in dollars per share) | $ / shares | 75.40 |
Shares forfeited - weighted average grant-date fair value (in dollars per share) | $ / shares | 75.54 |
Shares vested - weighted average grant-date fair value (in dollars per share) | $ / shares | 51.07 |
Nonvested shares, period end - weighted average grant-date fair value (in dollars per share) | $ / shares | $ 72.39 |
STOCK-BASED COMPENSATION Sche76
STOCK-BASED COMPENSATION Schedule of Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
IDACORP | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation cost | $ 7,384 | $ 5,561 | $ 5,299 |
Income tax benefit | 2,887 | 2,174 | 2,072 |
Idaho Power Company | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation cost | 7,304 | 5,494 | 5,221 |
Income tax benefit | $ 2,856 | $ 2,148 | $ 2,042 |
STOCK-BASED COMPENSATION Stoc77
STOCK-BASED COMPENSATION Stock-based Compensation Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Shares awarded to directors | 12,050 | ||
Equity compensation costs capitalized | $ 0 | ||
Restricted stock plan | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period of restricted stock awards | 3 years | ||
Percent of target award, minimum | 0.00% | 0.00% | 0.00% |
Percent of target award, maximum | 200.00% | 200.00% | 200.00% |
Total fair value of shares vested (in shares) | $ 7,500 | $ 8,300 | $ 8,300 |
Period over which unrecognized compensation cost will be recognized (in years) | 1 year 8 months 22 days 13 hours 47 minutes | ||
Restricted stock plan | Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Shares awarded to directors | 12,050 | ||
Shares granted - weighted average grant-date fair value (in dollars per share) | $ 82.93 | ||
Deferred shares (in shares) | 3,012 | ||
Restricted stock plan | IDACORP | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Unrecognized compensation cost | $ 5,500 | ||
Shares granted - weighted average grant-date fair value (in dollars per share) | $ 75.37 | ||
Restricted stock plan | Idaho Power Company | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Unrecognized compensation cost | $ 5,400 | ||
Shares granted - weighted average grant-date fair value (in dollars per share) | $ 75.40 | ||
Stock Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Maximum shares outstanding (in shares) | 836,220 | ||
Vesting period of performance-based awards | 3 years |
EARNINGS PER SHARE_ Earnings 78
EARNINGS PER SHARE: Earnings Per Share Level 4 (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||
Net income attributable to IDACORP, Inc. | $ 212,419 | $ 198,288 | $ 194,679 |
Denominator: | |||
Weighted Average Common Shares Outstanding - Basic (in shares) | 50,361 | 50,298 | 50,220 |
Effect of Dilutive Securities (in shares) | 63 | 75 | 72 |
Weighted Average Common Shares Outstanding - Diluted (in shares) | 50,424 | 50,373 | 50,292 |
Earnings Attributable to IDACORP, Inc. - Basic (in dollars per share) | $ 4.22 | $ 3.94 | $ 3.88 |
Earnings Attributable to IDACORP, Inc. - Diluted (in dollars per share) | $ 4.21 | $ 3.94 | $ 3.87 |
COMMITMENTS_ Commitments Leve79
COMMITMENTS: Commitments Level 4 (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($)MWh | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2019MWh | Dec. 31, 2018MWh | |
Long-term Purchase Commitment | |||||
Operating Leases, Rent Expense | $ 5,600 | $ 4,900 | $ 4,400 | ||
Bridger Coal Company | |||||
Long-term Purchase Commitment | |||||
IERCo guarantee of BCC reclamation obligation | 170,100 | ||||
Guarantor Obligations Total Reclamation Trust Fund | 103,400 | ||||
Distributions from Reclamation Trust Fund | $ 0 | ||||
Idaho Power Company | |||||
Long-term Purchase Commitment | |||||
Range of contract length, mimimum | 1 year | ||||
Range of contract length, maximum | 35 years | ||||
Utilities Operating Expense, Purchased Power under Long-term Contracts | $ 170,000 | $ 154,000 | $ 131,000 | ||
Operating Leases, Future Minimum Payments Due, Current | 3,529 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | 4,434 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | 4,538 | ||||
Operating Leases, Future Minimum Payments, Due in Four Years | 4,500 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | 4,507 | ||||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 30,052 | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 33.00% | 33.00% | 33.00% | ||
IERCo guarantee of BCC reclamation obligation | $ 56,700 | ||||
Idaho Power Company | Equipment, maintenance, and service agreements | |||||
Long-term Purchase Commitment | |||||
Purchase Obligation Estimated Due Current | 35,867 | ||||
Purchase Obligation Estimated Future Payments Due In Two Years | 10,378 | ||||
Purchase Obligation Estimated Future Payments Due In Three Years | 11,828 | ||||
Purchase Obligation Estimated Future Payments Due In Four Years | 6,421 | ||||
Purchase Obligation Estimated Future Payments Due In Five Years | 10,322 | ||||
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter | 53,572 | ||||
Idaho Power Company | FERC and other industry-related fees | |||||
Long-term Purchase Commitment | |||||
Purchase Obligation Estimated Due Current | 12,940 | ||||
Purchase Obligation Estimated Future Payments Due In Two Years | 12,836 | ||||
Purchase Obligation Estimated Future Payments Due In Three Years | 10,145 | ||||
Purchase Obligation Estimated Future Payments Due In Four Years | 10,145 | ||||
Purchase Obligation Estimated Future Payments Due In Five Years | 10,145 | ||||
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter | $ 50,729 | ||||
Idaho Power Company | CSPP on-line [Member] | |||||
Long-term Purchase Commitment | |||||
Nameplate Capacity (in MW) | MWh | 1,114 | ||||
Idaho Power Company | Cogeneration and power production | |||||
Long-term Purchase Commitment | |||||
Purchase Obligation Estimated Due Current | $ 234,094 | ||||
Purchase Obligation Estimated Future Payments Due In Two Years | 229,129 | ||||
Purchase Obligation Estimated Future Payments Due In Three Years | 230,734 | ||||
Purchase Obligation Estimated Future Payments Due In Four Years | 236,644 | ||||
Purchase Obligation Estimated Future Payments Due In Five Years | 242,380 | ||||
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter | 2,951,425 | ||||
Idaho Power Company | Fuel purchase commitments | |||||
Long-term Purchase Commitment | |||||
Purchase Obligation Estimated Due Current | 42,772 | ||||
Purchase Obligation Estimated Future Payments Due In Two Years | 29,450 | ||||
Purchase Obligation Estimated Future Payments Due In Three Years | 27,671 | ||||
Purchase Obligation Estimated Future Payments Due In Four Years | 27,861 | ||||
Purchase Obligation Estimated Future Payments Due In Five Years | 8,389 | ||||
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter | 92,588 | ||||
Scenario, Forecast [Member] | Capacity [Member] | Idaho Power Company | CSPP not on-line [Member] | |||||
Long-term Purchase Commitment | |||||
Nameplate Capacity (in MW) | MWh | 24 | 5 | |||
Contracts with no expiration [Member] | Idaho Power Company | Operating leases [Member] | |||||
Long-term Purchase Commitment | |||||
Purchase Obligation | 34,000 | ||||
Contracts with no expiration [Member] | Idaho Power Company | Equipment, maintenance, and service agreements | |||||
Long-term Purchase Commitment | |||||
Purchase Obligation | 20,000 | ||||
Contracts with no expiration [Member] | Idaho Power Company | FERC and other industry-related fees | |||||
Long-term Purchase Commitment | |||||
Purchase Obligation | $ 60,000 |
BENEFIT PLANS_ Schedule Defined
BENEFIT PLANS: Schedule Defined Benefit Plans Disclosures (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Pension amounts recognized in noncurrent liabilities | $ (438,869,000) | $ (411,523,000) | |
Regulatory Assets | (1,132,096,000) | (1,471,899,000) | |
Pension Plan | |||
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning balance | 895,060,000 | 835,523,000 | |
Service cost | 33,742,000 | 32,019,000 | $ 33,164,000 |
Interest cost | 38,957,000 | 37,813,000 | 35,171,000 |
Actuarial loss (gain) | 67,758,000 | 22,640,000 | |
Plan Amendments | 0 | 81,000 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 36,173,000 | 33,016,000 | |
Benefit obligation, ending balance | 999,344,000 | 895,060,000 | 835,523,000 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 607,568,000 | 559,616,000 | |
Actual return on plan assets | 86,288,000 | 40,968,000 | |
Employer contributions | 40,000,000 | 40,000,000 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (36,173,000) | (33,016,000) | |
Fair value of plan assets, ending balance | 697,683,000 | 607,568,000 | 559,616,000 |
Funded status at end of year | (301,661,000) | (287,492,000) | |
Pension amounts recognized in other current liabilities | 0 | 0 | |
Pension amounts recognized in noncurrent liabilities | (301,661,000) | (287,492,000) | |
Pension amounts recognized in statement of financial position | (301,661,000) | (287,492,000) | |
Amounts recognized in accumulated other comprehensive income - net loss | 277,052,000 | 263,634,000 | |
Amounts recognized in accumulated other comprehensive income - prior service cost | 68,000 | 96,000 | |
Amounts recognized in accumulated other comprehensive income - before regulatory asset | 277,120,000 | 263,730,000 | |
Regulatory Assets | (277,120,000) | (263,730,000) | |
Other comprehensive income recognized related to pension benefit plans | 0 | 0 | |
Accumulated benefit obligation | 850,763,000 | 766,367,000 | |
Senior Management Security Plan | |||
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning balance | 99,570,000 | 95,389,000 | |
Service cost | 759,000 | 1,228,000 | 1,689,000 |
Interest cost | 4,315,000 | 4,275,000 | 3,868,000 |
Actuarial loss (gain) | 10,635,000 | 2,933,000 | |
Plan Amendments | 0 | 120,000 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 4,976,000 | 4,375,000 | |
Benefit obligation, ending balance | 110,303,000 | 99,570,000 | 95,389,000 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 0 | 0 | |
Fair value of plan assets, ending balance | 0 | 0 | $ 0 |
Funded status at end of year | (110,303,000) | (99,570,000) | |
Pension amounts recognized in other current liabilities | (5,010,000) | (4,733,000) | |
Pension amounts recognized in noncurrent liabilities | (105,293,000) | (94,837,000) | |
Pension amounts recognized in statement of financial position | (110,303,000) | (99,570,000) | |
Amounts recognized in accumulated other comprehensive income - net loss | 41,333,000 | 33,660,000 | |
Amounts recognized in accumulated other comprehensive income - prior service cost | 498,000 | 625,000 | |
Amounts recognized in accumulated other comprehensive income - before regulatory asset | 41,831,000 | 34,285,000 | |
Regulatory Assets | 0 | 0 | |
Other comprehensive income recognized related to pension benefit plans | 41,831,000 | 34,285,000 | |
Accumulated benefit obligation | $ 100,222,000 | $ 91,146,000 |
BENEFIT PLANS_ Defined Benefit
BENEFIT PLANS: Defined Benefit Plan, Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Pension Plan | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | $ 33,742 | $ 32,019 | $ 33,164 | |
Interest cost | 38,957 | 37,813 | 35,171 | |
Expected return on plan assets | (45,138) | (42,081) | (42,310) | |
Amortization of net loss | 13,190 | 13,331 | 13,927 | |
Amortization of prior service cost | 28 | 59 | 221 | |
Net periodic benefit cost | 40,779 | 41,141 | 40,173 | |
Regulatory deferred of net periodic benefit cost | (38,699) | (39,335) | (38,327) | |
Defined Benefit Plan Regulated IPUC Authorized recovered pension cost | [1] | (17,154) | (17,154) | (17,154) |
Net periodic benefit cost recognized for financial reporting | 19,234 | 18,960 | 19,000 | |
Senior Management Security Plan | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | 759 | 1,228 | 1,689 | |
Interest cost | 4,315 | 4,275 | 3,868 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization of net loss | 2,963 | 3,532 | 4,195 | |
Amortization of prior service cost | 127 | 168 | 185 | |
Net periodic benefit cost | 8,164 | 9,203 | 9,937 | |
Regulatory deferred of net periodic benefit cost | [1] | 0 | 0 | 0 |
Net periodic benefit cost recognized for financial reporting | $ 8,164 | $ 9,203 | $ 9,937 | |
[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. |
BENEFIT PLANS_ Schedule of Amou
BENEFIT PLANS: Schedule of Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification adjustments for: | |||
Unfunded pension liability adjustment, net of tax | $ 5,990 | $ (394) | $ (2,882) |
Pension Plan | |||
Defined Benefit Plan Disclosure | |||
Actuarial (loss) gain during the year | (26,608) | (23,753) | (3,790) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | (81) | 0 |
Reclassification adjustments for: | |||
Amortization of net loss | 13,190 | 13,331 | 13,927 |
Amortization of prior service cost | 28 | 59 | 221 |
Adjustment for deferred tax effects | 1,744 | 4,083 | (4,050) |
Adjustment due to the effects of regulation | 11,646 | 6,361 | (6,308) |
Unfunded pension liability adjustment, net of tax | 0 | 0 | 0 |
Senior Management Security Plan | |||
Defined Benefit Plan Disclosure | |||
Actuarial (loss) gain during the year | (10,635) | (2,933) | 353 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | (120) | 0 |
Reclassification adjustments for: | |||
Amortization of net loss | 2,963 | 3,532 | 4,195 |
Amortization of prior service cost | 127 | 168 | 185 |
Adjustment for deferred tax effects | 1,555 | (253) | (1,851) |
Adjustment due to the effects of regulation | 0 | 0 | 0 |
Unfunded pension liability adjustment, net of tax | (5,990) | 394 | 2,882 |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure | |||
Actuarial (loss) gain during the year | (2,964) | (1,600) | 2,413 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | (212) | 0 | 0 |
Reclassification adjustments for: | |||
Amortization of prior service cost | 47 | 26 | 15 |
Adjustment for deferred tax effects | 807 | 615 | (949) |
Adjustment due to the effects of regulation | 2,322 | 959 | (1,479) |
Unfunded pension liability adjustment, net of tax | $ 0 | $ 0 | $ 0 |
BENEFIT PLANS_ Defined Benefi83
BENEFIT PLANS: Defined Benefit Plan, Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Plan | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $ 35,312 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 37,490 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 39,983 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 42,438 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 44,797 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 257,290 |
Senior Management Security Plan | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 5,100 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 5,161 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 5,538 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 5,707 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 5,880 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | $ 30,962 |
BENEFIT PLANS_ Schedule of Defi
BENEFIT PLANS: Schedule of Defined Benefit Plan Disclosures, Other Postretirment Benefit Plans (Details) - Postretirement Benefits - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Change in Benefit Obligation [Roll Forward] | ||||||
Benefit obligation, beginning balance | $ 63,876 | $ 62,393 | ||||
Service cost | 973 | 1,116 | $ 1,235 | |||
Interest cost | 2,783 | 2,766 | 2,678 | |||
Actuarial loss (gain) | 5,769 | 1,550 | ||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | [1] | (3,562) | (3,949) | |||
Defined Benefit Plan, Accumulated Benefit Obligation, Increase (Decrease) for Plan Amendment | 212 | 0 | ||||
Benefit obligation, ending balance | 70,051 | 63,876 | 62,393 | |||
Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value of plan assets, beginning balance | 34,999 | [2] | 35,566 | |||
Actual return on plan assets | 5,112 | 2,425 | ||||
Employer contributions | [1] | (1,745) | (957) | |||
Defined Benefit Plan, Plan Assets, Benefits Paid | [1] | (3,562) | (3,949) | |||
Fair value of plan assets, ending balance | 38,294 | [2] | 34,999 | [2] | $ 35,566 | |
Funded status at end of year | (31,757) | (28,877) | ||||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | $ 3,400 | $ 3,700 | ||||
[1] | Contributions and benefits paid are each net of $3.4 million and $3.7 million of plan participant contributions for 2017 and 2016, respectively. | |||||
[2] | The postretirement benefits assets are primarily life insurance contracts. |
BENEFIT PLANS_ Amounts recogniz
BENEFIT PLANS: Amounts recognized in accumulated other comprehensive income, other postretirement plan (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure | ||
Regulatory Assets | $ (1,132,096) | $ (1,471,899) |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure | ||
Amounts recognized in accumulated other comprehensive income - net loss | 2,777 | (55) |
Amounts recognized in accumulated other comprehensive income - prior service cost | 269 | 104 |
Amounts recognized in accumulated other comprehensive income - before regulatory asset | 3,046 | 49 |
Regulatory Assets | (3,046) | (49) |
Other comprehensive income recognized related to pension benefit plans | $ 0 | $ 0 |
BENEFIT PLANS_ Defined Benefi86
BENEFIT PLANS: Defined Benefit Plan, Net Periodic Benefit Cost, Other Postretirement Plan (Details) - Postretirement Benefits - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Service cost | $ 973 | $ 1,116 | $ 1,235 | |
Interest cost | 2,783 | 2,766 | 2,678 | |
Expected return on plan assets | (2,307) | (2,474) | (2,680) | |
Amortization of prior service cost | 47 | 26 | 15 | |
Net periodic benefit cost | $ 1,496 | $ 1,434 | $ 1,248 | |
Medical trend rate [Member] | ||||
Defined Benefit Plan Disclosure | ||||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Fourth Year | 4.10% | |||
Medical trend rate [Member] | Subsequent Event [Member] | ||||
Defined Benefit Plan Disclosure | ||||
Health Care Cost Trend Rate Assumed for Year Four | 5.40% |
BENEFIT PLANS_ Expected future
BENEFIT PLANS: Expected future benefit payments and prescription drug benefits (Details) - Postretirement Benefits $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $ 5,051 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 4,667 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 4,374 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 4,080 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 4,070 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | $ 19,910 |
BENEFIT PLANS_ Defined Benefi88
BENEFIT PLANS: Defined Benefit Plan, Assumptions Used in Calculations, Benefit Obligations (Details) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Pension Plan | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.95% | 4.45% | ||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | [1] | 4.17% | 4.11% | |
Defined Benefit Plan, Accounting Policy Election, Measurement Date | Dec. 31, 2017 | Dec. 31, 2016 | ||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | ||
Senior Management Security Plan | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.95% | 4.45% | ||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | [1] | 4.75% | 4.75% | |
Defined Benefit Plan, Accounting Policy Election, Measurement Date | Dec. 31, 2017 | Dec. 31, 2016 | ||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | ||
Postretirement Benefits | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.95% | 4.45% | ||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | [1] | 0.00% | 0.00% | |
Defined Benefit Plan, Accounting Policy Election, Measurement Date | Dec. 31, 2017 | Dec. 31, 2016 | ||
Medical trend rate | Pension Plan | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | 0.00% | |
Medical trend rate | Senior Management Security Plan | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | 0.00% | |
Medical trend rate | Postretirement Benefits | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.80% | 8.30% | 9.70% | |
Dental trend rate | Pension Plan | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | 0.00% | |
Dental trend rate | Senior Management Security Plan | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | 0.00% | |
Dental trend rate | Postretirement Benefits | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 4.10% | 5.00% | 5.00% | |
Inflation rate | Pension Plan | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 2.50% | |||
Composite merit increase | Pension Plan | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 1.67% | |||
Merit salary increase first year of service | Pension Plan | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 8.00% | |||
Merit salary increase fortieth year of service and beyond | Pension Plan | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.00% | |||
[1] | The 2017 rate of compensation increase assumption for the pension plan includes an inflation component of 2.50% plus a 1.67% composite merit increase component that is based on employees' years of service. Merit salary increases are assumed to be 8.0% for employees in their first year of service and scale down to 0% for employees in their fortieth year of service and beyond. |
BENEFIT PLANS_ Defined Benefi89
BENEFIT PLANS: Defined Benefit Plan, Assumptions Used in Calculations, Net Periodic Benefit Cost (Details) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.45% | 4.60% | 4.25% | ||
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% | 7.50% | 7.50% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.17% | 4.11% | 4.11% | ||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | |||
Pension Plan | Medical trend rate | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | 0.00% | ||
Pension Plan | Dental trend rate | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | 0.00% | ||
Senior Management Security Plan | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.45% | 4.60% | 4.20% | ||
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 0.00% | 0.00% | 0.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.75% | 4.50% | 4.50% | ||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | |||
Senior Management Security Plan | Medical trend rate | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | 0.00% | ||
Senior Management Security Plan | Dental trend rate | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | 0.00% | ||
Postretirement Benefits | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.45% | 4.60% | 4.20% | ||
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.75% | 7.25% | 7.25% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 0.00% | 0.00% | 0.00% | ||
Postretirement Benefits | Medical trend rate | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.80% | 8.30% | 9.70% | ||
Postretirement Benefits | Dental trend rate | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | ||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 4.10% | 5.00% | 5.00% | ||
Postretirement Benefits | Subsequent Event [Member] | Medical trend rate | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Defined Benefit Plan Health Care Cost Trend Rate Assumed For Year Two | 6.40% | ||||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Year Three | 5.90% |
BENEFIT PLANS_ Defined Benefi90
BENEFIT PLANS: Defined Benefit Plan, Information about Plan Assets, Allocation Percentages (Details) - Pension Plan | Dec. 31, 2017 |
Defined Benefit Plan Disclosure | |
Target Allocation Percentage of Assets | 100.00% |
Actual Plan Asset Allocations | 100.00% |
Debt Securities | |
Defined Benefit Plan Disclosure | |
Target Allocation Percentage of Assets | 24.00% |
Actual Plan Asset Allocations | 24.00% |
Equity Securities | |
Defined Benefit Plan Disclosure | |
Target Allocation Percentage of Assets | 56.00% |
Actual Plan Asset Allocations | 58.00% |
Real Estate | |
Defined Benefit Plan Disclosure | |
Target Allocation Percentage of Assets | 7.00% |
Actual Plan Asset Allocations | 6.00% |
Other plan assets | |
Defined Benefit Plan Disclosure | |
Target Allocation Percentage of Assets | 13.00% |
Actual Plan Asset Allocations | 12.00% |
BENEFIT PLANS_ Information abou
BENEFIT PLANS: Information about Plan Assets, Fair Value of Plan Assets by Measurement (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Post-employment Benefits [Member] | ||||||
Defined Benefit Plan Disclosure | ||||||
Postemployment Benefits Liability, Noncurrent | $ 1,800,000 | $ 2,400,000 | ||||
Pension Plan | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 697,683,000 | 607,568,000 | $ 559,616,000 | |||
Pension Plan | Fair Value, Inputs, Level 1 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 349,146,000 | 301,373,000 | ||||
Pension Plan | Fair Value, Inputs, Level 2 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 123,630,000 | 109,307,000 | ||||
Pension Plan | Fair Value, Inputs, Level 3 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Cash and Cash Equivalents | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 20,852,000 | 28,632,000 | ||||
Pension Plan | Cash and Cash Equivalents | Fair Value, Inputs, Level 1 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 20,852,000 | 28,632,000 | ||||
Pension Plan | Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Cash and Cash Equivalents | Fair Value, Inputs, Level 3 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Short-term bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 20,475,000 | 11,198,000 | ||||
Pension Plan | Short-term bonds | Fair Value, Inputs, Level 1 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 20,475,000 | 11,198,000 | ||||
Pension Plan | Short-term bonds | Fair Value, Inputs, Level 2 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Short-term bonds | Fair Value, Inputs, Level 3 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Intermediate Bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 103,622,000 | 100,638,000 | ||||
Pension Plan | Intermediate Bonds | Fair Value, Inputs, Level 1 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 20,699,000 | 11,904,000 | ||||
Pension Plan | Intermediate Bonds | Fair Value, Inputs, Level 2 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 82,923,000 | 88,734,000 | ||||
Pension Plan | Intermediate Bonds | Fair Value, Inputs, Level 3 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Long-term bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 40,707,000 | 20,573,000 | ||||
Pension Plan | Long-term bonds | Fair Value, Inputs, Level 1 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Long-term bonds | Fair Value, Inputs, Level 2 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 40,707,000 | 20,573,000 | ||||
Pension Plan | Long-term bonds | Fair Value, Inputs, Level 3 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Equity Securities, Large-Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 95,179,000 | 80,582,000 | ||||
Pension Plan | Equity Securities, Large-Cap | Fair Value, Inputs, Level 1 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 95,179,000 | 80,582,000 | ||||
Pension Plan | Equity Securities, Large-Cap | Fair Value, Inputs, Level 2 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Equity Securities, Large-Cap | Fair Value, Inputs, Level 3 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Equity Securities: Mid-Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 81,127,000 | 68,634,000 | ||||
Pension Plan | Equity Securities: Mid-Cap | Fair Value, Inputs, Level 1 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 81,127,000 | 68,634,000 | ||||
Pension Plan | Equity Securities: Mid-Cap | Fair Value, Inputs, Level 2 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Equity Securities: Mid-Cap | Fair Value, Inputs, Level 3 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Equity Securities: Small-Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 62,502,000 | 53,766,000 | ||||
Pension Plan | Equity Securities: Small-Cap | Fair Value, Inputs, Level 1 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 62,502,000 | 53,766,000 | ||||
Pension Plan | Equity Securities: Small-Cap | Fair Value, Inputs, Level 2 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Equity Securities: Small-Cap | Fair Value, Inputs, Level 3 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Equity Securities: Micro-Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 32,753,000 | 29,671,000 | ||||
Pension Plan | Equity Securities: Micro-Cap | Fair Value, Inputs, Level 1 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 32,753,000 | 29,671,000 | ||||
Pension Plan | Equity Securities: Micro-Cap | Fair Value, Inputs, Level 2 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Equity Securities: Micro-Cap | Fair Value, Inputs, Level 3 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Equity Securities: International | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 6,774,000 | 7,782,000 | ||||
Alternative Investment, Fair Value Disclosure | 83,589,000 | 64,930,000 | ||||
Pension Plan | Equity Securities: International | Fair Value, Inputs, Level 1 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 6,774,000 | 7,782,000 | ||||
Pension Plan | Equity Securities: International | Fair Value, Inputs, Level 2 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Equity Securities: International | Fair Value, Inputs, Level 3 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Equity Securities: Emerging Markets | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 8,785,000 | 9,204,000 | ||||
Alternative Investment, Fair Value Disclosure | 36,255,000 | 24,443,000 | ||||
Pension Plan | Equity Securities: Emerging Markets | Fair Value, Inputs, Level 1 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 8,785,000 | 9,204,000 | ||||
Pension Plan | Equity Securities: Emerging Markets | Fair Value, Inputs, Level 2 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Equity Securities: Emerging Markets | Fair Value, Inputs, Level 3 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Real Estate | ||||||
Defined Benefit Plan Disclosure | ||||||
Alternative Investment, Fair Value Disclosure | 38,435,000 | 41,907,000 | ||||
Pension Plan | Private market investments | ||||||
Defined Benefit Plan Disclosure | ||||||
Alternative Investment, Fair Value Disclosure | 31,618,000 | 33,713,000 | ||||
Pension Plan | Commodities Investment [Member] | ||||||
Defined Benefit Plan Disclosure | ||||||
Alternative Investment, Fair Value Disclosure | 35,010,000 | 31,895,000 | ||||
Postretirement Benefits | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 38,294,000 | [1] | 34,999,000 | [1] | $ 35,566,000 | |
Postretirement Benefits | Fair Value, Inputs, Level 1 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | [1] | 567,000 | 28,000 | |||
Postretirement Benefits | Fair Value, Inputs, Level 2 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | [1] | 37,727,000 | 34,971,000 | |||
Postretirement Benefits | Fair Value, Inputs, Level 3 | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | [1] | $ 0 | $ 0 | |||
[1] | The postretirement benefits assets are primarily life insurance contracts. |
BENEFIT PLANS_ Benefit Plans Na
BENEFIT PLANS: Benefit Plans Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Period over which bond allocations are to cover benefit payments | 5 years | |||
Period over which current rate-of-return is lower than historical | 20 years | |||
Fair Value, All Levels Transfers, Amount | $ 0 | $ 0 | ||
Defined Contribution Plan, Matching Contributions | 7,000,000 | 8,000,000 | $ 7,000,000 | |
Pension Plan | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Net periodic benefit cost | 40,779,000 | 41,141,000 | 40,173,000 | |
Defined Benefit Plan, Amortization of Gain (Loss) | (13,190,000) | (13,331,000) | (13,927,000) | |
Amortization of prior service cost | 28,000 | $ 59,000 | $ 221,000 | |
Defined Benefit Plan, Minimum Funding Requirement for Next Fiscal Year | $ 0 | |||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.45% | 4.60% | 4.25% | |
Pension Plan | Medical trend rate | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | 0.00% | |
Pension Plan | Dental trend rate | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | 0.00% | |
Senior Management Security Plan | ||||
Defined Benefit Plan Disclosure | ||||
Executive Deferred Compensation Plan Assets | $ 86,000,000 | $ 78,000,000 | ||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Net periodic benefit cost | 8,164,000 | 9,203,000 | $ 9,937,000 | |
Defined Benefit Plan, Amortization of Gain (Loss) | (2,963,000) | (3,532,000) | (4,195,000) | |
Amortization of prior service cost | $ 127,000 | $ 168,000 | $ 185,000 | |
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.45% | 4.60% | 4.20% | |
Senior Management Security Plan | Medical trend rate | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | 0.00% | |
Senior Management Security Plan | Dental trend rate | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 0.00% | 0.00% | 0.00% | |
Postretirement Benefits | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Net periodic benefit cost | $ 1,496,000 | $ 1,434,000 | $ 1,248,000 | |
Amortization of prior service cost | 47,000 | $ 26,000 | $ 15,000 | |
Effect of One Percentage Point Increase on Service and Interest Cost Components | 301,000 | |||
Effect of One Percentage Point Decrease on Service and Interest Cost Components | (223,000) | |||
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 3,166,000 | |||
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ (2,459,000) | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.45% | 4.60% | 4.20% | |
Postretirement Benefits | Medical trend rate | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.80% | 8.30% | 9.70% | |
Ultimate Health Care Cost Trend Rate | 4.10% | |||
Postretirement Benefits | Dental trend rate | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 4.10% | 5.00% | 5.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | |||
Scenario, Forecast [Member] | Pension Plan | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Net periodic benefit cost | $ 17,500,000 | |||
Defined Benefit Plan, Amortization of Gain (Loss) | 13,600,000 | |||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 40,000,000 | |||
Scenario, Forecast [Member] | Senior Management Security Plan | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Defined Benefit Plan, Amortization of Gain (Loss) | 3,800,000 | |||
Amortization of prior service cost | $ 100,000 |
PROPERTY, PLANT AND EQUIPMENT93
PROPERTY, PLANT AND EQUIPMENT AND JOINTLY-OWNED PROJECTS: Property, Plant and Equipmnt Level 4 (Details) | 12 Months Ended | |||
Dec. 31, 2017USD ($)MWh | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | ||
Public Utility, Property, Plant and Equipment | ||||
Construction work in progress | $ 452,424,000 | $ 405,069,000 | ||
Production | 2,598,940,000 | 2,551,823,000 | ||
Transmission | 1,163,240,000 | 1,120,903,000 | ||
Distribution | 1,710,126,000 | 1,637,131,000 | ||
General and Other | 433,856,000 | 422,187,000 | ||
Utility plant in service | 5,906,162,000 | 5,732,044,000 | ||
Accumulated provision for depreciation | (2,098,274,000) | (1,988,477,000) | ||
Utility plant in service - net | $ 3,807,888,000 | $ 3,743,567,000 | ||
Average depreciation rate | 2.87% | 2.64% | 2.68% | |
Idaho Energy Resources Co. Coal purchases from Bridger Coal Company | $ 145,829,000 | $ 179,491,000 | $ 186,231,000 | |
Regulatory Liabilities | $ 699,448,000 | $ 446,789,000 | ||
Jim Bridger Plant | ||||
Public Utility, Property, Plant and Equipment | ||||
Jointly Owned Utility Plant, Name | Jim Bridger Units 1-4 | |||
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service | $ 722,440,000 | |||
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | 6,935,000 | |||
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation | $ 316,092,000 | |||
Jointly Owned Utility Plant, Proportionate Ownership Share | 33.00% | |||
Nameplate Capacity (in MW) | MWh | [1] | 771 | ||
Boardman Plant | ||||
Public Utility, Property, Plant and Equipment | ||||
Jointly Owned Utility Plant, Name | Boardman | |||
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service | $ 82,193,000 | |||
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | 55,000 | |||
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation | $ 71,250,000 | |||
Jointly Owned Utility Plant, Proportionate Ownership Share | 10.00% | |||
Nameplate Capacity (in MW) | MWh | [1] | 64 | ||
Valmy Plant | ||||
Public Utility, Property, Plant and Equipment | ||||
Jointly Owned Utility Plant, Name | Valmy Units 1 and 2 | |||
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service | $ 409,836,000 | |||
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | 359,000 | |||
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation | $ 235,670,000 | |||
Jointly Owned Utility Plant, Proportionate Ownership Share | 50.00% | |||
Nameplate Capacity (in MW) | MWh | [1] | 284 | ||
Production | ||||
Public Utility, Property, Plant and Equipment | ||||
Average depreciation rate | 3.07% | 2.40% | ||
Transmission | ||||
Public Utility, Property, Plant and Equipment | ||||
Average depreciation rate | 1.94% | 2.02% | ||
Distribution | ||||
Public Utility, Property, Plant and Equipment | ||||
Average depreciation rate | 2.44% | 2.72% | ||
General and Other | ||||
Public Utility, Property, Plant and Equipment | ||||
Average depreciation rate | 6.01% | 5.49% | ||
Bridger Coal Company | ||||
Public Utility, Property, Plant and Equipment | ||||
Idaho Energy Resources Co. Coal purchases from Bridger Coal Company | $ 86,400,000 | $ 92,900,000 | 93,000,000 | |
Idaho Power Company | ||||
Public Utility, Property, Plant and Equipment | ||||
Construction work in progress | 452,424,000 | 405,069,000 | ||
Utility plant in service | 5,906,162,000 | 5,732,044,000 | ||
Accumulated provision for depreciation | (2,098,274,000) | (1,988,477,000) | ||
Utility plant in service - net | 3,807,888,000 | 3,743,567,000 | ||
Idaho Energy Resources Co. Coal purchases from Bridger Coal Company | $ 145,829,000 | 179,491,000 | 186,231,000 | |
Ida-West Energy | ||||
Public Utility, Property, Plant and Equipment | ||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 50.00% | |||
Marysville Hydro Partners | ||||
Public Utility, Property, Plant and Equipment | ||||
Utility plant in service - net | $ 18,000,000 | |||
Ida-West | Idaho Power Company | ||||
Public Utility, Property, Plant and Equipment | ||||
Power purchased from Ida-West | 9,800,000 | 7,800,000 | $ 8,100,000 | |
Hells Canyon Complex [Member] | Idaho Power Company | ||||
Public Utility, Property, Plant and Equipment | ||||
Construction work in progress | 268,700,000 | |||
Hydroelectric plan net book value [Member] | Marysville Hydro Partners | ||||
Public Utility, Property, Plant and Equipment | ||||
Utility plant in service - net | 15,700,000 | $ 16,200,000 | ||
IPUC authorized AFUDC Collection HCC Relicensing - Gross | Hells Canyon Complex [Member] | Idaho Power Company | ||||
Public Utility, Property, Plant and Equipment | ||||
Regulatory Liabilities | 10,700,000 | |||
IPUC authorized AFUDC Collection HCC Relicensing - Net | Hells Canyon Complex [Member] | Idaho Power Company | ||||
Public Utility, Property, Plant and Equipment | ||||
Regulatory Liabilities | $ 6,500,000 | |||
[1] | Idaho Power’s share of nameplate capacity. |
ASSET RETIREMENT OBLIGATIONS 94
ASSET RETIREMENT OBLIGATIONS Asset Retirement Obligations Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis | ||
Asset Retirement Obligation, Beginning Balance | $ 26,257 | $ 26,153 |
Asset Retirement Obligation, Accretion Expense | 1,015 | 1,031 |
Asset Retirement Obligation, Revisions in estimated cash flows | (791) | 1,759 |
Asset Retirement Obligation, Liabilities Settled | (66) | (2,686) |
Asset Retirement Obligation, Ending Balance | $ 26,415 | $ 26,257 |
INVESTMENTS_ Investments Leve95
INVESTMENTS: Investments Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of investments in debt and equity securities | |||
Equity method investment | $ 11,345 | $ 11,213 | |
Exchange traded short-term bond funds and cash equivalents | 30,249 | 23,908 | |
Investments in affordable housing | 5,521 | 7,643 | |
Total investments | 115,698 | 125,174 | |
Earnings of Unconsolidated Equity-Method Investments | 11,374 | 12,871 | $ 11,128 |
Idaho Power Company | |||
Summary of investments in debt and equity securities | |||
Equity method investment | 68,566 | 82,299 | |
Exchange traded short-term bond funds and cash equivalents | 30,249 | 23,908 | |
Executive Deferred Compensation Plan Assets | 17 | 111 | |
Total investments | $ 98,832 | $ 106,318 | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 33.00% | 33.00% | 33.00% |
Earnings of Unconsolidated Equity-Method Investments | $ 9,267 | $ 10,855 | $ 9,773 |
Proceeds from sales | 4,989 | 15,693 | 34,243 |
Gross realized gains from sales | 0 | 54 | 0 |
Bridger Coal Company | |||
Summary of investments in debt and equity securities | |||
Earnings of Unconsolidated Equity-Method Investments | $ 9,267 | 10,855 | 9,773 |
Ida-West Energy | |||
Summary of investments in debt and equity securities | |||
Jointly Owned Utility Plant, Proportionate Ownership Share | 50.00% | ||
Earnings of Unconsolidated Equity-Method Investments | $ 2,107 | $ 2,016 | $ 1,355 |
DERIVATIVE FINANCIAL INSTRUME96
DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Energy Related Derivative | Off-system sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain on Derivative | [1] | $ 902 | $ 1,405 | $ 2,882 |
Energy Related Derivative | Purchased power | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain on Derivative | [1] | 166 | 586 | 748 |
Energy Related Derivative | Fuel Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain on Derivative | [1] | 701 | ||
Derivative, Loss on Derivative | [1] | (1,947) | (6,045) | |
Energy Related Derivative | Operating Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Loss on Derivative | [1] | (84) | (161) | (50) |
Forward contracts | Off-system sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain on Derivative | [1] | 55 | 0 | |
Derivative, Loss on Derivative | [1] | (54) | ||
Forward contracts | Purchased power | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain on Derivative | [1] | 86 | ||
Derivative, Loss on Derivative | [1] | (69) | (6) | |
Forward contracts | Fuel Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain on Derivative | [1] | $ 4 | $ 139 | $ 54 |
[1] | Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. |
DERIVATIVE FINANCIAL INSTRUME97
DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Financial Instruments Level 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Derivative | ||||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | $ 200 | |||
Fair Value | ||||
Derivative Asset, Fair Value, Gross Asset | 575 | $ 8,134 | ||
Derivative Asset, Fair Value, Gross Liability | (553) | (2,183) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 22 | 5,951 | ||
Derivative Liability, Fair Value, Gross Liability | 1,973 | 302 | ||
Derivative Liability, Fair Value, Gross Asset | (748) | (302) | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1,225 | 0 | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 1,900 | |||
Derivatives in a net liability position | 2,000 | |||
Collateral Already Posted, Aggregate Fair Value | 900 | |||
Additional Collateral, Aggregate Fair Value | 4,500 | |||
Other current assets | Energy Related Derivative | ||||
Fair Value | ||||
Derivative Asset, Fair Value, Gross Asset | 18 | 8,134 | ||
Derivative Asset, Fair Value, Gross Liability | 0 | (2,183) | [1] | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 18 | 5,951 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 302 | ||
Derivative Liability, Fair Value, Gross Asset | 0 | (302) | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | $ 0 | ||
Other current liabilities | Energy Related Derivative | ||||
Fair Value | ||||
Derivative Asset, Fair Value, Gross Asset | 553 | |||
Derivative Asset, Fair Value, Gross Liability | (553) | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | |||
Derivative Liability, Fair Value, Gross Liability | 1,971 | |||
Derivative Liability, Fair Value, Gross Asset | [2] | (748) | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1,223 | |||
Other current liabilities | Forward contracts | ||||
Fair Value | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Derivative Asset, Fair Value, Gross Liability | 0 | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | |||
Derivative Liability, Fair Value, Gross Liability | 2 | |||
Derivative Liability, Fair Value, Gross Asset | 0 | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 2 | |||
Other assets | Energy Related Derivative | ||||
Fair Value | ||||
Derivative Asset, Fair Value, Gross Asset | 4 | |||
Derivative Asset, Fair Value, Gross Liability | 0 | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 4 | |||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Derivative Liability, Fair Value, Gross Asset | 0 | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 0 | |||
[1] | Current asset derivative amounts offset include $1.9 million of collateral payable for the period ending December 31, 2016. | |||
[2] | Current liability derivative amounts offset include $0.2 million of collateral receivable for the period ending December 31, 2017. |
DERIVATIVE FINANCIAL INSTRUME98
DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Instruments, Notional Amounts (Details) (Details) MWh in Thousands, MMBTU in Thousands, Gallon in Thousands | Dec. 31, 2017MWhMMBTUGallon | Dec. 31, 2016MWhMMBTUGallon |
Electricity [Member] | Long [Member] | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount | MWh | 312 | 217 |
Electricity [Member] | Short [Member] | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount | MWh | 224 | 135 |
Fuel [Member] | Long [Member] | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount | MMBTU | 7,028 | 6,604 |
Fuel [Member] | Short [Member] | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount | MMBTU | 140 | 70 |
Diesel Fuel [Member] | Long [Member] | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount | Gallon | 0 | 1,188 |
FAIR VALUE MEASUREMENTS_ Fair99
FAIR VALUE MEASUREMENTS: Fair Value Measurements Level 4 (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, All Levels Transfers, Amount | $ 0 | $ 0 |
Money market funds | 28,038,000 | 15,000,000 |
Asset derivatives | 22,000 | 5,951,000 |
Trading securities: Equity securities | 17,000 | 111,000 |
Available-for-sale securities: Equity securities | 30,249,000 | 23,908,000 |
Liability derivatives | 1,225,000 | 0 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 28,038,000 | 15,000,000 |
Asset derivatives | 22,000 | 5,951,000 |
Trading securities: Equity securities | 17,000 | 111,000 |
Available-for-sale securities: Equity securities | 30,249,000 | 23,908,000 |
Liability derivatives | 1,223,000 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 0 |
Asset derivatives | 0 | 0 |
Trading securities: Equity securities | 0 | 0 |
Available-for-sale securities: Equity securities | 0 | 0 |
Liability derivatives | 2,000 | 0 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 0 |
Asset derivatives | 0 | 0 |
Trading securities: Equity securities | 0 | 0 |
Available-for-sale securities: Equity securities | 0 | 0 |
Liability derivatives | 0 | 0 |
Idaho Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 10,260,000 | 29,967,000 |
Available-for-sale securities: Equity securities | 30,249,000 | 23,908,000 |
Idaho Power Company | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 10,260,000 | 29,967,000 |
Idaho Power Company | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 0 |
Idaho Power Company | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS_ Fai100
FAIR VALUE MEASUREMENTS: Fair Value Carrying Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes receivable | [1] | $ 3,804 | $ 3,804 |
Long-term debt | [1] | 1,915,459 | 1,858,666 |
Estimate of Fair Value Measurement [Member] | Idaho Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | 1,915,459 | 1,858,666 |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes receivable | [1] | 3,804 | 3,804 |
Long-term debt | [1] | 1,746,123 | 1,745,678 |
Reported Value Measurement [Member] | Idaho Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | $ 1,746,123 | $ 1,745,678 |
[1] | Notes receivable and long-term debt are categorized as Level 3 and Level 2, respectively, of the fair value hierarchy, as defined earlier in this Note 16 - "Fair Value Measurements |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,349,486 | $ 1,262,020 | $ 1,270,289 |
Operating income | 304,351 | 271,776 | 282,097 |
Other income | 23,741 | 27,664 | 25,905 |
Interest income | 6,128 | 4,241 | 3,039 |
Earnings of Unconsolidated Equity-Method Investments | 11,374 | 12,871 | 11,128 |
Interest expense | 83,746 | 82,035 | 81,934 |
Income before income taxes | 261,848 | 234,517 | 240,235 |
Income tax expense (benefit) | 48,660 | 36,429 | 45,760 |
Income attributable to IDACORP, Inc. | 213,188 | 198,088 | 194,475 |
Income attributable to IDACORP, Inc. | 212,419 | 198,288 | 194,679 |
Total assets | 6,045,405 | 6,289,897 | 6,023,314 |
Expenditures for long-lived assets | 285,488 | 296,950 | 294,021 |
Idaho Power Company | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,344,893 | 1,259,353 | 1,267,505 |
Operating income | 302,408 | 265,491 | 282,252 |
Other income | 23,550 | 27,658 | 25,868 |
Interest income | 6,044 | 4,235 | 3,037 |
Earnings of Unconsolidated Equity-Method Investments | 9,267 | 10,855 | 9,773 |
Interest expense | 83,660 | 81,812 | 81,718 |
Income before income taxes | 257,609 | 226,427 | 239,211 |
Income tax expense (benefit) | 51,262 | 37,185 | 48,228 |
Income attributable to IDACORP, Inc. | 206,347 | 189,242 | 190,983 |
Total assets | 5,995,435 | 6,236,744 | 5,968,835 |
Expenditures for long-lived assets | 285,471 | 296,948 | 293,969 |
All Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 4,593 | 2,667 | 2,784 |
Operating income | 1,943 | 6,285 | (155) |
Other income | 191 | 6 | 37 |
Interest income | 295 | 127 | 64 |
Earnings of Unconsolidated Equity-Method Investments | 2,107 | 2,016 | 1,355 |
Interest expense | 297 | 344 | 278 |
Income before income taxes | 4,239 | 8,090 | 1,024 |
Income tax expense (benefit) | (2,602) | (756) | (2,468) |
Income attributable to IDACORP, Inc. | 6,072 | 9,046 | 3,696 |
Total assets | 143,696 | 73,137 | 71,704 |
Expenditures for long-lived assets | 17 | 2 | 52 |
Intersegment Elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 |
Other income | 0 | 0 | 0 |
Interest income | (211) | (121) | (62) |
Earnings of Unconsolidated Equity-Method Investments | 0 | 0 | 0 |
Interest expense | (211) | (121) | (62) |
Income before income taxes | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 |
Income attributable to IDACORP, Inc. | 0 | 0 | 0 |
Total assets | (93,726) | (19,984) | (17,225) |
Expenditures for long-lived assets | $ 0 | $ 0 | $ 0 |
Idaho Power Company | |||
Segment Reporting Information [Line Items] | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 33.00% | 33.00% | 33.00% |
Operating income | $ 312,944 | $ 277,297 | $ 294,442 |
Other income | 28,325 | 30,942 | 26,487 |
Earnings of Unconsolidated Equity-Method Investments | 9,267 | 10,855 | 9,773 |
Interest expense | 83,660 | 81,812 | 81,718 |
Income before income taxes | 257,609 | 226,427 | 239,211 |
Income tax expense (benefit) | 51,262 | 37,185 | 48,228 |
Income attributable to IDACORP, Inc. | 206,347 | 189,242 | 190,983 |
Total assets | 5,995,435 | 6,236,744 | |
Expenditures for long-lived assets | $ 285,471 | $ 296,948 | $ 293,968 |
OTHER INCOME AND EXPENSE Oth102
OTHER INCOME AND EXPENSE Other Income and Expense Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of other nonoperating income (expense) [Line Items] | |||
Interest and dividend income, net | $ 3,872 | $ 4,466 | $ 2,890 |
Carrying charges on regulatory assets | 2,310 | 2,082 | 1,774 |
Other Income | 833 | 767 | 777 |
Income from life insurance investments | 2,090 | 2,588 | 1,739 |
Other Expense | (20) | (29) | (21) |
Other (expense) income, net | 9,085 | 9,874 | 7,159 |
Idaho Power Company | |||
Schedule of other nonoperating income (expense) [Line Items] | |||
Interest and dividend income, net | 3,787 | 4,460 | 2,889 |
Carrying charges on regulatory assets | 2,310 | 2,082 | 1,774 |
Other Income | 644 | 761 | 739 |
SMSP expense | (8,164) | (9,203) | (9,937) |
Income from life insurance investments | 2,090 | 2,588 | 1,739 |
Other Expense | (2,393) | (2,632) | (2,275) |
Other (expense) income, net | $ (1,726) | $ (1,944) | $ (5,071) |
CHANGES IN ACCUMULATED OTHER103
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
AOCI - Beginning Balance | $ (20,882) | $ (21,276) | $ (24,158) | |
Reclassifications | 1,882 | 2,253 | 2,668 | |
AOCI - Ending Balance | (30,964) | (20,882) | (21,276) | |
Accumulated Defined Benefit Pension Items | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
AOCI - Beginning Balance | (20,882) | (21,276) | (24,158) | |
Before Reclassifications | (7,872) | (1,859) | 214 | |
Reclassifications | 1,882 | 2,253 | 2,668 | |
Other Comprehensive Income (Loss) | (5,990) | 394 | 2,882 | |
Cumulative effect of change in accounting principle | [1] | (4,092) | 0 | 0 |
AOCI - Ending Balance | $ (30,964) | $ (20,882) | $ (21,276) | |
[1] | The cumulative effect of change in accounting principle relates to the adoption of ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. See Note 1 - "Summary of Significant Accounting Policies" for more information. |
CHANGES IN ACCUMULATED OTHER104
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Reclassifications out of Accumulated Other Comprehensive Income before Tax [Abstract] | ||||
Reclassifications | $ 1,882 | $ 2,253 | $ 2,668 | |
Accumulated Defined Benefit Pension Items | ||||
Reclassifications out of Accumulated Other Comprehensive Income before Tax [Abstract] | ||||
Amortization of prior service cost | [1] | 127 | 168 | 185 |
Amortization of net loss | [1] | 2,963 | 3,532 | 4,195 |
Total reclassifications, before tax - pension and postretirement benefits | [1] | 3,090 | 3,700 | 4,380 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | [2] | (1,208) | (1,447) | (1,712) |
Total reclassification, net of tax - pension and postretirement benefits | 1,882 | 2,253 | 2,668 | |
Reclassifications | $ 1,882 | $ 2,253 | $ 2,668 | |
[1] | Amortization of these items is included in IDACORP's consolidated income statements in other operating expenses and in Idaho Power's consolidated income statements in other expense, net. | |||
[2] | The tax benefit is included in income tax expense in the consolidated income statements of both IDACORP and Idaho Power |
RELATED PARTY TRANSACTIONS_ Rel
RELATED PARTY TRANSACTIONS: Related Party Transactions Level 4 (Details) - Idaho Power Company - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
IDACORP | |||
Related Party Transaction | |||
Services billed to IDACORP | $ 0.7 | $ 0.8 | $ 0.9 |
Idaho Power | |||
Related Party Transaction | |||
Payable from Idaho Power to IDACORP | 57.3 | 0.9 | |
Ida-West | |||
Related Party Transaction | |||
Power purchased from Ida-West | $ 9.8 | $ 7.8 | $ 8.1 |
Schedule I - Condensed Finan106
Schedule I - Condensed Financial Information of Parent - Income Statement Schedule I Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income: | |||
Equity in income of subsidiaries | $ 11,374 | $ 12,871 | $ 11,128 |
Operating Income | 304,351 | 271,776 | 282,097 |
Expenses: | |||
Operating expenses | 1,045,135 | 990,244 | 988,192 |
Interest expense | 83,746 | 82,035 | 81,934 |
Other expenses | (9,085) | (9,874) | (7,159) |
Income Before Income Taxes | 261,848 | 234,517 | 240,235 |
Income Tax Expense | 48,660 | 36,429 | 45,760 |
Net Income Attributable to IDACORP, Inc. | 212,419 | 198,288 | 194,679 |
Comprehensive Income Attributable to IDACORP, Inc. | 206,429 | 198,682 | 197,561 |
IDACORP | |||
Income: | |||
Equity in income of subsidiaries | 211,974 | 198,061 | 194,426 |
Investment income | 26 | 3 | 1 |
Operating Income | 212,000 | 198,064 | 194,427 |
Expenses: | |||
Operating expenses | 708 | 716 | 831 |
Interest expense | 294 | 333 | 276 |
Other expenses | 30 | 45 | 45 |
Total expenses | 1,032 | 1,094 | 1,152 |
Income Before Income Taxes | 210,968 | 196,970 | 193,275 |
Income Tax Expense | (1,451) | (1,318) | (1,404) |
Net Income Attributable to IDACORP, Inc. | 212,419 | 198,288 | 194,679 |
Other comprehensive income (loss) | (5,990) | 394 | 2,882 |
Comprehensive Income Attributable to IDACORP, Inc. | $ 206,429 | $ 198,682 | $ 197,561 |
Schedule I - Condensed Finan107
Schedule I - Condensed Financial Information of Parent - Cash Flows (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities: | |||
Net cash provided by operating activities | $ 438,020,000 | $ 347,706,000 | $ 353,194,000 |
Investing Activities: | |||
Net cash provided by (used in) investing activities | (283,300,000) | (297,444,000) | (291,706,000) |
Financing Activities: | |||
Dividends on common stock | (113,127,000) | (104,984,000) | (96,810,000) |
Net change in short-term borrowings | (21,800,000) | 1,800,000 | (11,300,000) |
Other | (348,000) | (2,112,000) | (3,171,000) |
Net cash used in financing activities | (139,551,000) | (103,584,000) | (3,494,000) |
Net (decrease) increase in cash and cash equivalents | 15,169,000 | (53,322,000) | 57,994,000 |
Cash and cash equivalents at beginning of the year | 61,480,000 | 114,802,000 | 56,808,000 |
Cash and cash equivalents at end of the year | 76,649,000 | 61,480,000 | 114,802,000 |
IDACORP | |||
Proceeds from Dividends Received | 116,000,000 | 108,000,000 | 99,000,000 |
Operating Activities: | |||
Net cash provided by operating activities | 113,849,000 | 139,077,000 | 100,465,000 |
Investing Activities: | |||
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Financing Activities: | |||
Dividends on common stock | (113,127,000) | (104,985,000) | (96,810,000) |
Net change in short-term borrowings | 0 | (20,000,000) | (11,300,000) |
Change in intercompany notes payable | 17,097,000 | 2,421,000 | 5,572,000 |
Other | (3,321,000) | (3,422,000) | (1,675,000) |
Net cash used in financing activities | (99,351,000) | (125,986,000) | (104,213,000) |
Net (decrease) increase in cash and cash equivalents | 14,498,000 | 13,091,000 | (3,748,000) |
Cash and cash equivalents at beginning of the year | 15,119,000 | 2,028,000 | 5,776,000 |
Cash and cash equivalents at end of the year | $ 29,617,000 | $ 15,119,000 | $ 2,028,000 |
Schedule I - Condensed Finan108
Schedule I - Condensed Financial Information of Parent - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||||
Cash and cash equivalents | $ 76,649 | $ 61,480 | $ 114,802 | $ 56,808 |
Income taxes receivable | 8,147 | 12,781 | ||
Other | 18 | 5,961 | ||
Total current assets | 443,601 | 440,312 | ||
Other Assets: | ||||
Other | 55,118 | 62,058 | ||
Total | 6,045,405 | 6,289,897 | 6,023,314 | |
Current Liabilities: | ||||
Accounts payable | 90,277 | 106,194 | ||
Other | 10,182 | 9,763 | ||
Total current liabilities | 200,749 | 249,715 | ||
Other Liabilities: | ||||
Other | 44,566 | 45,084 | ||
Total other liabilities | 1,842,419 | 2,137,702 | ||
IDACORP, Inc. Shareholders’ Equity | 2,251,385 | 2,153,906 | 2,057,884 | |
Total | 6,045,405 | 6,289,897 | ||
IDACORP | ||||
Current Assets: | ||||
Cash and cash equivalents | 29,617 | 15,119 | $ 2,028 | $ 5,776 |
Receivables | 52,359 | 1,065 | ||
Income taxes receivable | 0 | 0 | ||
Other | 98 | 101 | ||
Total current assets | 82,074 | 16,285 | ||
Investment in subsidiaries | 2,189,017 | 2,098,818 | ||
Other Assets: | ||||
Deferred income taxes | 34,040 | 66,411 | ||
Other | 374 | 385 | ||
Total other assets | 34,414 | 66,796 | ||
Total | 2,305,505 | 2,181,899 | ||
Current Liabilities: | ||||
Notes payable | 0 | 0 | ||
Accounts payable | 17 | 6 | ||
Taxes accrued | 17,423 | 8,476 | ||
Other | 626 | 660 | ||
Total current liabilities | 18,066 | 9,142 | ||
Other Liabilities: | ||||
Intercompany notes payable | 35,140 | 17,834 | ||
Other | 914 | 1,017 | ||
Total other liabilities | 36,054 | 18,851 | ||
IDACORP, Inc. Shareholders’ Equity | 2,251,385 | 2,153,906 | ||
Total | $ 2,305,505 | $ 2,181,899 |
Schedule I - Condensed Finan109
Schedule I - Condensed Financial Information of Parent - Footnotes Schedule I Level 4 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
IDACORP | |||
Significant Accounting Policies | |||
Proceeds from Dividends Received | $ 116,000,000 | $ 108,000,000 | $ 99,000,000 |
Schedule II - Consolidated V110
Schedule II - Consolidated Valuation and Qualifying Accounts Schedule II - Consolidated Valuation and Qualifying Accounts Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Reserve for uncollectibe accounts | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Beginning Balance | $ 1,132 | $ 1,355 | $ 2,104 | |
Valuation Allowances and Reserves, Charged to Income | 5,753 | 3,917 | 3,327 | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | 324 | 263 | 819 | |
Valuation Allowances and Reserves, Deductions | [1] | 5,016 | 4,403 | 4,895 |
Valuation Allowances and Reserves, Ending Balance | 2,193 | 1,132 | 1,355 | |
Reserve for uncollectible notes | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Beginning Balance | 402 | 552 | 552 | |
Valuation Allowances and Reserves, Charged to Income | 0 | 0 | 0 | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | 0 | 0 | 0 | |
Valuation Allowances and Reserves, Deductions | [1] | 0 | 150 | 0 |
Valuation Allowances and Reserves, Ending Balance | 402 | 402 | 552 | |
Injuries and damages | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Beginning Balance | 1,792 | 1,874 | 1,995 | |
Valuation Allowances and Reserves, Charged to Income | 687 | 848 | 890 | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | 0 | 0 | 0 | |
Valuation Allowances and Reserves, Deductions | [1] | 1,010 | 930 | 1,011 |
Valuation Allowances and Reserves, Ending Balance | 1,469 | 1,792 | 1,874 | |
Idaho Power Company | Reserve for uncollectibe accounts | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Beginning Balance | 1,132 | 1,355 | 2,104 | |
Valuation Allowances and Reserves, Charged to Income | 5,753 | 3,917 | 3,327 | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | 324 | 263 | 819 | |
Valuation Allowances and Reserves, Deductions | [1] | 5,016 | 4,403 | 4,895 |
Valuation Allowances and Reserves, Ending Balance | 2,193 | 1,132 | 1,355 | |
Idaho Power Company | Injuries and damages | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Beginning Balance | 1,792 | 1,874 | 1,995 | |
Valuation Allowances and Reserves, Charged to Income | 687 | 848 | 890 | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | 0 | 0 | 0 | |
Valuation Allowances and Reserves, Deductions | [1] | 1,010 | 930 | 1,011 |
Valuation Allowances and Reserves, Ending Balance | $ 1,469 | $ 1,792 | $ 1,874 | |
[1] | Represents deductions from the reserves for purposes for which the reserves were created. In the case of uncollectible accounts, and notes reserves, includes reversals of amounts previously reserved. |