Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 24, 2020 | |
Document Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-14465 | |
Entity Registrant Name | IDACORP, Inc. | |
Entity Tax Identification Number | 82-0505802 | |
Entity Address, Address Line One | 1221 W. Idaho Street | |
Entity Address, City or Town | Boise, | |
Entity Address, State or Province | ID | |
Entity Address, Postal Zip Code | 83702-5627 | |
City Area Code | (208) | |
Local Phone Number | 388-2200 | |
Entity Current Reporting Status | Yes | |
Entity Incorporation, State or Country Code | ID | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | IDA | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 50,453,936 | |
Entity Central Index Key | 0001057877 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Information, Former Legal or Registered Name | None | |
Idaho Power Company | ||
Document Information | ||
Entity File Number | 1-3198 | |
Entity Registrant Name | Idaho Power Company | |
Entity Tax Identification Number | 82-0130980 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,150,812 | |
Entity Central Index Key | 0000049648 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income Statement - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Revenues: | ||
Electric utility revenues | $ 290,488 | $ 349,771 |
Other operating revenues | 520 | 548 |
Total operating revenues | 291,008 | 350,319 |
Operating Expenses: | ||
Purchased power | 61,201 | 62,831 |
Fuel expense | 30,015 | 51,870 |
Power cost adjustment | (3,391) | 26,225 |
Other operations and maintenance | 89,808 | 88,906 |
Energy efficiency programs | 9,475 | 10,112 |
Depreciation | 42,526 | 42,234 |
Taxes other than income taxes | 8,683 | 8,859 |
Total electric utility expenses | 238,317 | 291,037 |
Other | 1,121 | 1,163 |
Total operating expenses | 239,438 | 292,200 |
Operating Income | 51,570 | 58,119 |
Other Income (Expense): | ||
Allowance for equity funds used during construction | 7,272 | 6,356 |
Earnings of equity-method investments | 2,316 | 2,381 |
Other Income (Expense), Net | 932 | 2,114 |
Interest Expense: | ||
Interest on long-term debt | 19,662 | 21,154 |
Other interest | 3,812 | 3,453 |
Allowance for borrowed funds used during construction | (2,730) | (2,590) |
Total interest expense, net | 20,744 | 22,017 |
Income Before Income Taxes | 41,346 | 46,953 |
Income Tax Expense | 3,888 | 4,316 |
Net Income | 37,458 | 42,637 |
Loss attributable to noncontrolling interests | 32 | 49 |
Net Income Attributable to IDACORP, Inc. | $ 37,490 | $ 42,686 |
Weighted-average common shares outstanding - basic | 50,517 | 50,509 |
Weighted-average common shares outstanding - diluted | 50,527 | 50,518 |
Earnings Per Share of Common Stock: | ||
Earnings attributable to IDACORP, Inc. - basic (in dollars per share) | $ 0.74 | $ 0.85 |
Earnings attributable to IDACORP, Inc. - diluted (in dollars per share) | $ 0.74 | $ 0.84 |
Idaho Power Company | ||
Operating Revenues: | ||
Electric utility revenues | $ 290,488 | $ 349,771 |
Operating Expenses: | ||
Purchased power | 61,201 | 62,831 |
Fuel expense | 30,015 | 51,870 |
Power cost adjustment | (3,391) | 26,225 |
Other operations and maintenance | 89,808 | 88,906 |
Energy efficiency programs | 9,475 | 10,112 |
Depreciation | 42,526 | 42,234 |
Taxes other than income taxes | 8,683 | 8,859 |
Total electric utility expenses | 238,317 | 291,037 |
Operating Income | 52,171 | 58,734 |
Other Income (Expense): | ||
Allowance for equity funds used during construction | 7,272 | 6,356 |
Earnings of equity-method investments | 2,453 | 2,231 |
Other Income (Expense), Net | 11 | 922 |
Total other income | 9,736 | 9,509 |
Interest Expense: | ||
Interest on long-term debt | 19,662 | 21,154 |
Other interest | 3,813 | 3,429 |
Allowance for borrowed funds used during construction | (2,730) | (2,590) |
Total interest expense, net | 20,745 | 21,993 |
Income Before Income Taxes | 41,162 | 46,250 |
Income Tax Expense | 4,386 | 4,666 |
Net Income | $ 36,776 | $ 41,584 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Income | $ 37,458 | $ 42,637 |
Other Comprehensive Income: | ||
Unfunded pension liability adjustment, net of tax | 747 | 488 |
Total Comprehensive Income | 38,205 | 43,125 |
Comprehensive (income) loss attributable to noncontrolling interests | 32 | 49 |
Comprehensive Income Attributable to IDACORP, Inc. | 38,237 | 43,174 |
Idaho Power Company | ||
Net Income | 36,776 | 41,584 |
Other Comprehensive Income: | ||
Unfunded pension liability adjustment, net of tax | 747 | 488 |
Total Comprehensive Income | $ 37,523 | $ 42,072 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Unfunded pension liability adjustment, tax | $ 259 | $ 169 |
Idaho Power Company | ||
Unfunded pension liability adjustment, tax | $ 259 | $ 169 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets Statement - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 138,871 | $ 217,254 |
Receivables: | ||
Customer | 67,895 | 72,675 |
Other | 14,062 | 18,789 |
Income taxes receivable | 0 | 3,106 |
Accrued unbilled revenues | 53,973 | 64,545 |
Materials and supplies (at average cost) | 60,020 | 56,660 |
Fuel stock (at average cost) | 59,188 | 57,448 |
Prepayments | 22,093 | 17,638 |
Current regulatory assets | 56,826 | 56,626 |
Other | 14 | 405 |
Total current assets | 472,942 | 565,146 |
Investments | 117,286 | 98,218 |
Property, Plant and Equipment: | ||
Utility plant in service | 6,163,744 | 6,113,567 |
Accumulated provision for depreciation | (2,183,261) | (2,155,783) |
Utility plant in service - net | 3,980,483 | 3,957,784 |
Construction work in progress | 556,498 | 552,499 |
Utility plant held for future use | 3,697 | 3,872 |
Other property, net of accumulated depreciation | 17,178 | 17,299 |
Property, plant and equipment - net | 4,557,856 | 4,531,454 |
Other Assets: | ||
Company-owned life insurance | 59,972 | 58,922 |
Regulatory assets | 1,341,052 | 1,326,433 |
Other | 60,842 | 61,028 |
Total other assets | 1,461,866 | 1,446,383 |
Total | 6,609,950 | 6,641,201 |
Current Liabilities: | ||
Current maturities of long-term debt | 0 | 100,000 |
Accounts payable | 67,662 | 110,745 |
Taxes accrued | 21,327 | 11,501 |
Interest accrued | 20,837 | 20,999 |
Accrued compensation | 39,818 | 52,550 |
Current regulatory liabilities | 46,009 | 33,987 |
Advances from customers | 32,668 | 28,452 |
Other | 19,533 | 16,625 |
Total current liabilities | 247,854 | 374,859 |
Other Liabilities: | ||
Deferred Income Tax Liabilities, Net | 742,651 | 746,231 |
Regulatory liabilities | 741,141 | 748,198 |
Pension and other postretirement benefits | 515,626 | 519,570 |
Other | 52,397 | 45,131 |
Total other liabilities | 2,051,815 | 2,059,130 |
Long-Term Debt | 1,837,010 | 1,736,659 |
Commitments and Contingencies | ||
Equity: | ||
Common stock | 864,850 | 868,307 |
Retained earnings | 1,638,065 | 1,634,525 |
Accumulated other comprehensive loss | (35,537) | (36,284) |
Treasury stock | 0 | (1,920) |
Total IDACORP, Inc. shareholders’ equity | 2,467,378 | 2,464,628 |
Noncontrolling interests | 5,893 | 5,925 |
Total equity | 2,473,271 | 2,470,553 |
Total | 6,609,950 | 6,641,201 |
Idaho Power Company | ||
Current Assets: | ||
Cash and cash equivalents | 32,420 | 98,950 |
Receivables: | ||
Customer | 67,895 | 72,675 |
Other | 13,860 | 17,107 |
Income taxes receivable | 0 | 9,279 |
Accrued unbilled revenues | 53,973 | 64,545 |
Materials and supplies (at average cost) | 60,020 | 56,660 |
Fuel stock (at average cost) | 59,188 | 57,448 |
Prepayments | 21,946 | 17,520 |
Current regulatory assets | 56,826 | 56,626 |
Other | 14 | 405 |
Total current assets | 366,142 | 451,215 |
Investments | 89,662 | 87,104 |
Property, Plant and Equipment: | ||
Utility plant in service | 6,163,744 | 6,113,567 |
Accumulated provision for depreciation | (2,183,261) | (2,155,783) |
Utility plant in service - net | 3,980,483 | 3,957,784 |
Construction work in progress | 556,498 | 552,499 |
Utility plant held for future use | 3,697 | 3,872 |
Property, plant and equipment - net | 4,540,678 | 4,514,155 |
Other Assets: | ||
Company-owned life insurance | 59,972 | 58,922 |
Regulatory assets | 1,341,052 | 1,326,433 |
Other | 56,195 | 56,330 |
Total other assets | 1,457,219 | 1,441,685 |
Total | 6,453,701 | 6,494,159 |
Current Liabilities: | ||
Current maturities of long-term debt | 0 | 100,000 |
Accounts payable | 67,542 | 110,581 |
Accounts payable to affiliates | 2,605 | 2,053 |
Taxes accrued | 24,648 | 11,481 |
Interest accrued | 20,837 | 20,999 |
Accrued compensation | 31,736 | 52,267 |
Current regulatory liabilities | 46,009 | 33,987 |
Advances from customers | 32,668 | 28,452 |
Other | 18,920 | 15,629 |
Total current liabilities | 244,965 | 375,449 |
Other Liabilities: | ||
Deferred Income Tax Liabilities, Net | 792,059 | 794,402 |
Regulatory liabilities | 741,141 | 748,198 |
Pension and other postretirement benefits | 515,626 | 519,570 |
Other | 43,770 | 44,322 |
Total other liabilities | 2,092,596 | 2,106,492 |
Long-Term Debt | 1,837,010 | 1,736,659 |
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 | 1,506,629 | 1,503,805 |
Accumulated other comprehensive loss | (35,537) | (36,284) |
Total equity | 2,279,130 | 2,275,559 |
Total capitalization | 4,116,140 | 4,012,218 |
Total | $ 6,453,701 | $ 6,494,159 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 2,168 | $ 1,401 |
Allowance for Doubtful Other Receivables, Current | $ 268 | $ 343 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Shares, Issued | 50,453,936 | 50,420,000 |
Treasury Stock, Shares | 0 | 22,000 |
Idaho Power Company | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 2,168 | $ 1,401 |
Allowance for Doubtful Other Receivables, Current | $ 268 | $ 343 |
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 | 39,151,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities: | ||
Net Income | $ 37,458 | $ 42,637 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 43,666 | 43,362 |
Deferred income taxes and investment tax credits | (1,379) | (4,291) |
Changes in regulatory assets and liabilities | (9,672) | 19,540 |
Pension and postretirement benefit plan expense | 7,260 | 6,965 |
Contributions to pension and postretirement benefit plans | (12,270) | (12,410) |
Earnings of equity-method investments | (2,316) | (2,381) |
Distributions from equity-method investments | 2,000 | 7,700 |
Allowance for equity funds used during construction | (7,272) | (6,356) |
Other non-cash adjustments to net income, net | 3,490 | 2,913 |
Change in: | ||
Accounts receivable | 5,102 | (25,235) |
Accounts payable and other accrued liabilities | (49,389) | (44,733) |
Taxes accrued/receivable | 12,932 | 16,757 |
Other current assets | 1,268 | 9,112 |
Other current liabilities | 5,122 | 3,737 |
Increase (Decrease) in Other Noncurrent Assets | 1,925 | 957 |
Increase (Decrease) in Other Noncurrent Liabilities | (279) | 639 |
Net cash provided by operating activities | 33,796 | 56,999 |
Investing Activities: | ||
Additions to property, plant and equipment | (73,566) | (61,330) |
Payments received from transmission project joint funding partners | 393 | 695 |
Investments in affordable housing | 1,936 | 0 |
Purchase of equity securities | (3,230) | (240) |
Proceeds from the sale of equity securities | 839 | 1,313 |
Other | 3,826 | 2,830 |
Net cash used in investing activities | (73,674) | (56,732) |
Financing Activities: | ||
Dividends on common stock | (34,312) | (32,290) |
Payment, Tax Withholding, Share-based Payment Arrangement | 4,183 | 4,107 |
Other | (10) | (20) |
Net cash (used in) provided by financing activities | (38,505) | (36,417) |
Net (decrease) increase in cash and cash equivalents | (78,383) | (36,150) |
Cash and cash equivalents at beginning of the period | 217,254 | 267,492 |
Cash and cash equivalents at end of the period | 138,871 | 231,342 |
Supplemental Disclosure of Cash Flow Information: | ||
Income taxes | 0 | 0 |
Interest (net of amount capitalized) | 19,887 | 22,889 |
Non-cash investing activities: | ||
Additions to property, plant and equipment in accounts payable | 22,843 | 23,690 |
Idaho Power Company | ||
Operating Activities: | ||
Net Income | 36,776 | 41,584 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 43,505 | 43,212 |
Deferred income taxes and investment tax credits | (1,207) | (4,137) |
Changes in regulatory assets and liabilities | (9,672) | 19,540 |
Pension and postretirement benefit plan expense | 7,260 | 6,965 |
Contributions to pension and postretirement benefit plans | (12,270) | (12,410) |
Earnings of equity-method investments | (2,453) | (2,231) |
Distributions from equity-method investments | 2,000 | 7,700 |
Allowance for equity funds used during construction | (7,272) | (6,356) |
Other non-cash adjustments to net income, net | 867 | 77 |
Change in: | ||
Accounts receivable | 4,161 | (24,378) |
Accounts payable and other accrued liabilities | (49,344) | (44,631) |
Taxes accrued/receivable | 22,446 | 16,802 |
Other current assets | 1,297 | 9,132 |
Other current liabilities | 5,207 | 3,843 |
Other assets | (1,935) | (957) |
Other liabilities | (180) | 692 |
Net cash provided by operating activities | 39,186 | 54,447 |
Investing Activities: | ||
Additions to property, plant and equipment | (73,566) | (61,330) |
Payments received from transmission project joint funding partners | 393 | 695 |
Purchase of equity securities | (3,230) | (240) |
Proceeds from the sale of equity securities | 839 | 1,313 |
Other | 3,796 | 2,830 |
Net cash used in investing activities | (71,768) | (56,732) |
Financing Activities: | ||
Dividends on common stock | (33,952) | (32,054) |
Other | 4 | 0 |
Net cash (used in) provided by financing activities | (33,948) | (32,054) |
Net (decrease) increase in cash and cash equivalents | (66,530) | (34,339) |
Cash and cash equivalents at beginning of the period | 98,950 | 165,460 |
Cash and cash equivalents at end of the period | 32,420 | 131,121 |
Supplemental Disclosure of Cash Flow Information: | ||
Income taxes | (9,189) | 0 |
Interest (net of amount capitalized) | 19,888 | 22,866 |
Non-cash investing activities: | ||
Additions to property, plant and equipment in accounts payable | $ 22,843 | $ 23,690 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity $ in Thousands | USD ($) |
Balance at beginning of period at Dec. 31, 2018 | $ 863,593 |
Common Stock | |
Share-based Payment Arrangement, Expense | 2,837 |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 0 |
Treasury Stock Issued | (3,031) |
Other common stock changes | 26 |
Balance at end of period at Mar. 31, 2019 | 863,425 |
Balance at beginning of period at Dec. 31, 2018 | 1,531,543 |
Retained Earnings | |
Net Income Attributable to IDACORP, Inc. | 42,686 |
Common stock dividends | (32,054) |
Balance at end of period at Mar. 31, 2019 | 1,542,175 |
AOCI - Beginning Balance at Dec. 31, 2018 | (22,844) |
Accumulated Other Comprehensive (Loss) Income | |
Unfunded pension liability adjustment, net of tax | 488 |
AOCI - Ending Balance at Mar. 31, 2019 | (22,356) |
Balance at beginning of period at Dec. 31, 2018 | (1,932) |
Treasury Stock | |
Issued | 3,031 |
Acquired | (4,107) |
Balance at end of period at Mar. 31, 2019 | (3,008) |
Balance at beginning of period at Dec. 31, 2018 | 5,451 |
Noncontrolling Interests | |
Net Loss attributable to noncontrolling interests | (49) |
Balance at end of period at Mar. 31, 2019 | 5,402 |
Treasury Stock | |
Total IDACORP, Inc. shareholders’ equity at end of period | 2,380,236 |
Noncontrolling Interests | |
Total equity at end of period | 2,385,638 |
Total IDACORP, Inc. shareholders’ equity at end of period | 2,464,628 |
Total equity at end of period | 2,470,553 |
Balance at beginning of period at Dec. 31, 2019 | 868,307 |
Common Stock | |
Share-based Payment Arrangement, Expense | 2,624 |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (4,183) |
Treasury Stock Issued | (1,920) |
Other common stock changes | 22 |
Balance at end of period at Mar. 31, 2020 | 864,850 |
Balance at beginning of period at Dec. 31, 2019 | 1,634,525 |
Retained Earnings | |
Net Income Attributable to IDACORP, Inc. | 37,490 |
Common stock dividends | (33,950) |
Balance at end of period at Mar. 31, 2020 | 1,638,065 |
AOCI - Beginning Balance at Dec. 31, 2019 | (36,284) |
Accumulated Other Comprehensive (Loss) Income | |
Unfunded pension liability adjustment, net of tax | 747 |
AOCI - Ending Balance at Mar. 31, 2020 | (35,537) |
Balance at beginning of period at Dec. 31, 2019 | (1,920) |
Treasury Stock | |
Issued | 1,920 |
Acquired | 0 |
Balance at end of period at Mar. 31, 2020 | 0 |
Balance at beginning of period at Dec. 31, 2019 | 5,925 |
Noncontrolling Interests | |
Net Loss attributable to noncontrolling interests | (32) |
Balance at end of period at Mar. 31, 2020 | 5,893 |
Treasury Stock | |
Total IDACORP, Inc. shareholders’ equity at end of period | 2,467,378 |
Noncontrolling Interests | |
Total equity at end of period | $ 2,473,271 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Equity (Parenthetical) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Dividends Declared Per Share of Common Stock | $ 1.89 | $ 0.63 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This Quarterly Report on Form 10-Q is a combined report of IDACORP, Inc. (IDACORP) and Idaho Power Company (Idaho Power). Therefore, these Notes to Condensed 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, sale, 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 (Jim Bridger plant) owned in part by Idaho Power. IDACORP’s significant other 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 hydropower generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA). 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. 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 effects of applying these regulatory accounting principles to Idaho Power's operations are discussed in more detail in Note 3 - "Regulatory Matters." Financial Statements In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's consolidated financial position as of March 31, 2020 , consolidated results of operations for the three months ended March 31, 2020 and 2019 , and consolidated cash flows for the three months ended March 31, 2020 and 2019 . These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or note disclosures concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in IDACORP’s and Idaho Power’s Annual Report on Form 10-K for the year ended December 31, 2019 (2019 Annual Report). The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective financial condition and results of operations during the period in which such change occurred. 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. New and Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments to provide financial statement users with more information about expected credit losses on financial instruments and other commitments. The ASU revises the incurred loss impairment methodology to reflect current expected credit losses and requires consideration of a broader range of information to estimate credit losses. IDACORP and Idaho Power adopted ASU 2016-13 on January 1, 2020. The adoption did not have a material impact on their respective financial statements but did result in the additional disclosure below. The measurement of expected credit losses on Idaho Power accounts receivable is based upon historical experience, current conditions, and forecasted information that may affect collections on the outstanding balance. Generally, this includes adjustments based upon a combination of historical write-off experience, aging of accounts receivable, an analysis of specific customer accounts, and an evaluation of whether there are current or forecasted economic conditions that might cause variation in collection from the historical experience. In response to the COVID-19 public health crisis, Idaho Power provided certain relief to customers including temporarily suspending disconnections for homes and small businesses facing hardship because of the coronavirus pandemic and temporarily waiving late fees for residential and small business customers. Idaho Power currently anticipates that this relief as well as the economic conditions created by the response to the COVID-19 public health crisis will increase late payments and uncollectible account write-offs. As a result, Idaho Power increased its allowance for uncollectible accounts related to customer receivables at March 31, 2020. The allowance for uncollectible accounts increased to 3.1 percent of the total customer receivables balance at March 31, 2020, compared with 1.9 percent at December 31, 2019, and 2.1 percent at March 31, 2019. The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the three months ended March 31, 2020 and 2019 (in thousands): Three months ended 2020 2019 Balance at beginning of period $ 1,401 $ 1,725 Additions to the allowance 983 1,012 Write-offs, net of recoveries (216 ) (646 ) Balance at end of period $ 2,168 $ 2,091 Allowance for uncollectible accounts as a percentage of customer receivables 3.1 % 2.1 % In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , to provide guidance on implementation costs incurred in a cloud computing arrangement that is a service contract. ASU 2018-15 aligns the recognition of such implementation costs with the accounting for costs incurred to implement an internal-use software solution. However, the balance sheet line item for presentation of capitalized implementation costs for a cloud computing arrangement that is a service contract should be the same as that for the prepayment of fees related to the same arrangement, while capitalized implementation costs for internal-use software solutions are often included in property, plant, and equipment as an intangible asset. IDACORP and Idaho Power adopted ASU 2018-15 on January 1, 2020. The adoption did not have a material impact on their respective financial statements. |
INCOME TAXES_
INCOME TAXES: | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount. Income Tax Expense The following table provides a summary of income tax expense for the three months ended March 31, 2020 and 2019 (in thousands): IDACORP Idaho Power 2020 2019 2020 2019 Income tax at statutory rates (federal and state) $ 10,651 $ 12,098 $ 10,595 $ 11,905 Excess deferred income tax reversal (1,481 ) (1,631 ) (1,481 ) (1,631 ) Other (1) (5,282 ) (6,151 ) (4,728 ) (5,608 ) Income tax expense $ 3,888 $ 4,316 $ 4,386 $ 4,666 Effective tax rate 9.4 % 9.2 % 10.7 % 10.1 % (1) "Other" is primarily comprised of the net tax effect of Idaho Power's regulatory flow-through tax adjustments. The decrease in income tax expense for the three months ended March 31, 2020 , compared with the same period in 2019 , was primarily due to lower pre-tax earnings for Idaho Power. On a net basis, Idaho Power’s estimate of its annual 2020 regulatory flow-through tax adjustments is comparable to 2019 . |
REGULATORY MATTERS_
REGULATORY MATTERS: | 3 Months Ended |
Mar. 31, 2020 | |
Public Utilities, Rate Matters [Abstract] | |
Regulatory Matters | REGULATORY MATTERS Included below is a summary of Idaho Power's most recent general rate cases and base rate changes, as well as other recent or pending notable regulatory matters and proceedings. Idaho and Oregon General Rate Cases Idaho Power's current base rates result from orders from the Idaho Public Utilities Commission (IPUC) and Public Utility Commission of Oregon (OPUC), as described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2019 Annual Report. Idaho Settlement Stipulations 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 otherwise modified or terminated by order of the IPUC (October 2014 Idaho Earnings Support and Sharing Settlement Stipulation). A May 2018 Idaho settlement stipulation related to tax reform (May 2018 Idaho Tax Reform Settlement Stipulation) provides for the extension of the October 2014 Idaho Earnings Support and Sharing Settlement Stipulation beyond the initial termination date of December 31, 2019, with modified terms that became effective beginning January 1, 2020, related to the accumulated deferred investment tax credits (ADITC) and revenue sharing mechanism. The October 2014 Idaho Earnings Support and Sharing Settlement Stipulation and the May 2018 Idaho Tax Reform Settlement Stipulation are described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2019 Annual Report and include provisions for the accelerated amortization of ADITC to help achieve a minimum 9.4 percent ( 9.5 percent prior to 2020) return on year-end equity in the Idaho jurisdiction (Idaho ROE). In addition, under the May 2018 Idaho Tax Reform Settlement Stipulation, minimum Idaho ROE would revert back to 95 percent of the allowed return on equity in the next rate case. The settlement stipulations also provide for the potential sharing between Idaho Power and Idaho customers of Idaho-jurisdictional earnings in excess of 10.0 percent of Idaho ROE. Based on its estimate of full-year 2020 Idaho ROE, in the first quarter of 2020, Idaho Power recorded no additional ADITC amortization or provision against current revenues for sharing of earnings with customers for 2020 under the May 2018 Idaho Tax Reform Settlement Stipulation. Accordingly, at March 31, 2020, the full $45 million of additional ADITC remains available for future use. Idaho Power recorded no additional ADITC amortization or provision against revenues for sharing of earnings with customers during the first quarter of 2019, based on its then-current estimate of full-year 2019 Idaho ROE. Idaho Power Cost Adjustment Mechanisms 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 wholesale energy 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 sheet 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. On April 15, 2020, Idaho Power filed an application with the IPUC requesting a $58.7 million net increase in Idaho-jurisdiction power cost adjustment (PCA) revenues, effective for the 2020-2021 PCA collection period from June 1, 2020 to May 31, 2021. The net increase in PCA revenues reflects a return to a more normal level of power supply costs as wholesale market energy prices have come down from unusually high levels reflected in last year's PCA. The reduction in market energy prices results in Idaho Power forecasting lower wholesale energy sales, which serve as an offset to power supply costs. The net increase in PCA revenues also reflects a forecasted reduction in low-cost hydroelectric generation. The existing PCA for the 2019-2020 collection period also includes $7.7 million in one-time customer benefits associated with revenue sharing and income tax reform benefits, which will expire at the end of the current PCA year (May 2020). As of the date of this report, the IPUC has not yet issued an order on the application. Previously, in May 2019, the IPUC issued an order approving a $50.1 million net decrease in PCA rates, effective for the 2019-2020 PCA collection period from June 1, 2019, to May 31, 2020. The net decrease in PCA revenues reflected reduced power supply costs due to higher-than-expected wholesale energy sales and positive results from natural gas hedging activities, which combined to reduce actual net power supply costs for the 2018-2019 PCA year (April 2018 through March 2019). The net decrease in PCA revenues for the 2019-2020 PCA collection period also included the $5.0 million credit to customers for sharing of 2018 earnings under the October 2014 Idaho Earnings Support and Sharing Settlement Stipulation and $2.7 million credit for income tax reform benefits related to Idaho Power's open access transmission tariff (OATT) rate under the May 2018 Idaho Tax Reform Settlement Stipulation. Idaho Fixed Cost Adjustment Mechanism The Idaho jurisdiction fixed cost adjustment (FCA) mechanism, applicable to Idaho residential and small general service customers, is designed to remove a portion of 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. Under Idaho Power's current rate design, Idaho Power recovers a portion of fixed costs through the variable kilowatt-hour charge, which may result in over-collection or under-collection of fixed costs. To return over-collection to customers or to collect under-collection from customers, the FCA mechanism allows Idaho Power to accrue, or defer, the difference between the authorized fixed-cost recovery amount per customer and the actual fixed costs per customer recovered by Idaho Power during the year. The IPUC has discretion to cap the annual increase in the FCA recovery at 3 percent of base revenue, with any excess deferred for collection in a subsequent year. In March 2020, Idaho Power filed its annual FCA update with the IPUC requesting an increase of $0.7 million in recovery from the FCA from $34.8 million to $35.5 million , with new rates effective for the period from June 1, 2020 to May 31, 2021. Previously, in May 2019, the IPUC issued an order approving an increase of $19.2 million in the FCA from $15.6 million to $34.8 million , with rates effective for the period from June 1, 2019 to May 31, 2020. Deferred Costs for COVID-19 Public Health Crisis In March and April 2020, Idaho Power submitted applications to the OPUC and IPUC, respectively, requesting authorization to defer any incremental costs associated with its response to the COVID-19 public health crisis. Idaho Power may incur significant costs in its response to the public health emergency. These costs may include higher than average levels of write-offs of uncollectible accounts associated with its suspension of disconnects and late payment fees, and other additional costs that Idaho Power cannot predict as of the date of this report given the unprecedented nature of this public health emergency. Revenues that are designed to recover Idaho Power's normal business costs could be reduced significantly due to the impact of and response to the COVID-19 public health crisis, which has caused shutdowns or slowdowns of many commercial and industrial businesses throughout Idaho Power's service area in part due to state and local stay-in-place orders. Accordingly, Idaho Power requested authorization to establish a new regulatory asset to record the deferral of any incremental costs and, in the Idaho jurisdiction, unrecovered costs associated with the COVID-19 response. Both applications request only the authority to defer these costs and to determine ratemaking treatment at a later date. Subsequent to Idaho Power's application and other public utilities' similar applications, the IPUC staff issued a decision memorandum recommending that the IPUC open a general docket to address whether and to what extent Idaho public utilities should be authorized to defer incremental COVID-19-related expenses into a regulatory asset for possible future recovery. As of the date of this report, Idaho Power has not received authorization in either jurisdiction and has not deferred any such costs. |
Long-Term Debt (Notes)
Long-Term Debt (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | LONG-TERM DEBT In April 2020, Idaho Power issued $230 million in principal amount of its 4.20 percent first mortgage bonds, secured medium term notes, Series K, maturing March 1, 2048. The bonds were issued at a reoffer yield of 3.422 percent , which resulted in a net premium of 13.0 percent and net proceeds to Idaho Power of $259.9 million . After this offering the aggregate principal amount of the 4.20 percent first mortgage bonds is $450 million . Idaho Power intends to use a portion of the net proceeds of the April 2020 sale of first mortgage bonds to satisfy its obligations at or prior to maturity of $100 million in principal amount of 3.40 percent first mortgage bonds due in November 2020. As a result, the $100 million in principal amount of 3.40 percent first mortgage bonds due in November 2020 are reported as long-term debt in the condensed consolidated balance sheets at March 31, 2020. As of the date of this report, $270 million |
REVENUES_ (Notes)
REVENUES: (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Revenues [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUES The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three months ended March 31 , 2020 and 2019 (in thousands): Three months ended 2020 2019 Electric utility operating revenues: Revenue from contracts with customers $ 270,184 $ 335,402 Alternative revenue programs and other revenues 20,304 14,369 Total electric utility operating revenues $ 290,488 $ 349,771 Revenues from Contracts with Customers The following table presents revenues from contracts with customers disaggregated by revenue source for the three months ended March 31 , 2020 and 2019 (in thousands): Three months ended 2020 2019 Revenues from contracts with customers: Retail revenues: Residential (includes $15,710 and $11,309, respectively, related to the FCA) (1) $ 144,887 $ 150,219 Commercial (includes $484, and $342, respectively, related to the FCA) (1) 69,513 73,106 Industrial 42,760 45,498 Irrigation 1,375 999 Deferred revenue related to HCC relicensing AFUDC (2) (2,119 ) (2,119 ) Total retail revenues 256,416 267,703 Less: FCA mechanism revenues (1) (16,194 ) (11,651 ) Wholesale energy sales 3,908 47,215 Transmission wheeling-related revenues 10,363 15,728 Energy efficiency program revenues 9,475 10,112 Other revenues from contracts with customers 6,216 6,295 Total revenues from contracts with customers $ 270,184 $ 335,402 (1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers. (2) As part of its January 30, 2009, general rate case order, the IPUC is allowing Idaho Power to recover a portion of the allowance for funds used during construction (AFUDC) on construction work in progress related to the Hells Canyon Complex (HCC) relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service. Alternative Revenue Programs and Other Revenues While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of an additional regulatory mechanism, the Idaho FCA mechanism, which may increase or decrease tariff-based customer rates. The Idaho FCA mechanism is described in Note 3 - "Regulatory Matters." The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues. Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the condensed consolidated statements of income. For more information on settled electricity swaps, see Note 11 - "Derivative Financial Instruments." The table below presents the FCA mechanism revenues and other revenues for the three months ended March 31 , 2020 and 2019 (in thousands): Three months ended 2020 2019 Alternative revenue programs and other revenues: FCA mechanism revenues $ 16,194 $ 11,651 Derivative revenues 4,110 2,718 Total alternative revenue programs and other revenues $ 20,304 $ 14,369 |
COMMON STOCK_
COMMON STOCK: | 3 Months Ended |
Mar. 31, 2020 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Common Stock | COMMON STOCK IDACORP Common Stock During the three months ended March 31, 2020 , IDACORP granted 75,030 restricted stock unit awards to employees, issued 6,828 shares of common stock to directors, and issued 33,919 shares of common stock using market purchases pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan. As directed by IDACORP, plan administrators of the IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan and Idaho Power Company Employee Savings Plan used market purchases of IDACORP common stock to acquire shares of IDACORP common stock for the plans. 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 March 31, 2020 , the leverage ratios for IDACORP and Idaho Power were 43 percent and 45 percent , respectively. Based on these restrictions, IDACORP’s and Idaho Power’s dividends were limited to $1.5 billion and $1.3 billion , respectively, at March 31, 2020 . 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 IDACORP and Idaho Power from any material subsidiary. At March 31, 2020 , IDACORP and Idaho Power were in compliance with those financial covenants. Idaho Power’s Revised 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 March 31, 2020 , Idaho Power's common equity capital was 55 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. |
EARNINGS PER SHARE_
EARNINGS PER SHARE: | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The table below presents the computation of IDACORP’s basic and diluted earnings per share for the three months ended March 31, 2020 and 2019 (in thousands, except for per share amounts). Three months ended 2020 2019 Numerator: Net income attributable to IDACORP, Inc. $ 37,490 $ 42,686 Denominator: Weighted-average common shares outstanding - basic 50,517 50,509 Effect of dilutive securities 10 9 Weighted-average common shares outstanding - diluted 50,527 50,518 Basic earnings per share $ 0.74 $ 0.85 Diluted earnings per share $ 0.74 $ 0.84 |
COMMITMENTS_
COMMITMENTS: | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Commitments | COMMITMENTS Purchase Obligations During the three months ended March 31, 2020 , IDACORP's and Idaho Power's contractual obligations, outside the ordinary course of business, did not change materially from the amounts disclosed in the notes to the consolidated financial statements in the 2019 Annual Report, except that Idaho Power entered into eight new replacement contracts for expiring power purchase agreements with hydropower and cogeneration PURPA-qualifying facilities, which increased Idaho Power's contractual purchase obligations by approximately $22 million over the 20-year terms of the contracts. 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 $58.3 million at March 31, 2020 , representing IERCo's one-third share of BCC's total reclamation obligation of $175.0 million . BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs. At March 31, 2020 , the value of BCC's reclamation trust fund was $119.5 million . During the three months ended March 31, 2020 , 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. In May 2019, the state of Wyoming enacted legislation that limits a mine operator's maximum amount of self-bonding. Idaho Power and the co-owners of BCC have until December 2020 to comply with the new regulations, which would reduce the portion of Idaho Power's guarantee of reclamation activities and obligations at BCC that Idaho Power is allowed to self-bond. As of the date of this report, Idaho Power believes the cost of any insurance, third-party assurance, or additional collateral that might be required for this guarantee due to the new law would be immaterial to the companies' consolidated financial statements. 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 March 31, 2020 , 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 condensed consolidated balance sheets with respect to these indemnification obligations. |
CONTINGENCIES_
CONTINGENCIES: | 3 Months Ended |
Mar. 31, 2020 | |
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. IDACORP and Idaho Power are parties to legal claims and legal, tax, and regulatory actions and proceedings in the ordinary course of business and, as noted above, record an accrual for associated loss contingencies when they are probable and reasonably estimable. In connection with its utility operations, Idaho Power is subject to claims by individuals, entities, and governmental agencies for damages for alleged personal injury, property damage, and economic losses relating to Idaho Power’s provision of electric service and the operation of its generation, transmission, and distribution facilities. Some of those claims relate to electrical contacts, service quality, property damage, and wildfires. In recent years, utilities in the western United States have been subject to significant liability for personal injury, loss of life, property damage, trespass, and economic losses, and in some cases, punitive damages and criminal charges, associated with wildfires that originated from utility property, most commonly transmission and distribution lines. In recent years, Idaho Power has regularly received claims by both governmental agencies and private landowners for damages for fires allegedly originating from Idaho Power’s transmission and distribution system. As of the date of this report, the companies believe that resolution of existing claims will not have a material adverse effect on their respective consolidated financial statements. Idaho Power is also actively monitoring various pending environmental regulations and 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: | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits, Description [Abstract] | |
Benefit Plans | BENEFIT PLANS Idaho Power has a noncontributory defined benefit pension plan (pension plan) and two nonqualified defined benefit plans for certain senior management employees called the 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 the pension plan are based on years of service and the employee’s final average earnings. Idaho Power also maintains a defined benefit postretirement benefit plan (consisting of health care and death benefits) that covers all employees who were enrolled in the active-employee group plan at the time of retirement as well as their spouses and qualifying dependents. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended March 31, 2020 and 2019 (in thousands). Pension Plan SMSP Postretirement Total 2020 2019 2020 2019 2020 2019 2020 2019 Service cost $ 10,915 $ 8,714 $ 53 $ (45 ) $ 274 $ 231 $ 11,242 $ 8,900 Interest cost 10,018 10,596 1,088 1,143 614 732 11,720 12,471 Expected return on plan assets (14,030 ) (12,124 ) — — (605 ) (553 ) (14,635 ) (12,677 ) Amortization of prior service cost 2 1 72 24 12 12 86 37 Amortization of net loss 4,367 3,480 934 633 — — 5,301 4,113 Net periodic benefit cost 11,272 10,667 2,147 1,755 295 422 13,714 12,844 Regulatory deferral of net periodic benefit cost (1) (10,742 ) (10,167 ) — — — — (10,742 ) (10,167 ) Previously deferred pension costs recognized (1) 4,288 4,288 — — — — 4,288 4,288 Net periodic benefit cost recognized for financial reporting (1)(2) $ 4,818 $ 4,788 $ 2,147 $ 1,755 $ 295 $ 422 $ 7,260 $ 6,965 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. (2) Of total net periodic benefit cost recognized for financial reporting, $4.3 million and $4.2 million , respectively, were recognized in "Other operations and maintenance" and $3.0 million and $2.8 million , respectively, were recognized in "Other expense, net" on the condensed consolidated statements of income of the companies for the three months ended March 31, 2020 and 2019 . Idaho Power has a $14 million minimum contribution requirement to its defined benefit pension plan in 2020. During the three months ended March 31, 2020 , Idaho Power made $10 million of contributions to its defined benefit pension plan, in a continued effort to 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. The primary impact of pension contributions is on the timing of cash flows, as the timing of cost recovery lags behind contributions. Idaho Power also has an Employee Savings Plan that complies with Section 401(k) of the Internal Revenue Code and covers substantially all employees. Idaho Power matches specified percentages of employee contributions to the Employee Savings Plan. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS: | 3 Months Ended |
Mar. 31, 2020 | |
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 that follows. The table below presents the gains and losses on derivatives not designated as hedging instruments for the three months ended March 31, 2020 and 2019 (in thousands). Gain/(Loss) on Derivatives Recognized in Income (1) Location of Realized Gain/(Loss) on Derivatives Recognized in Income Three months ended 2020 2019 Financial swaps Operating revenues $ 826 $ (3,203 ) Financial swaps Purchased power (190 ) 743 Financial swaps Fuel expense (2,848 ) 12,395 Forward contracts Operating revenues 79 64 Forward contracts Purchased power (76 ) (64 ) Forward contracts Fuel expense (19 ) 416 (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 operating revenues 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 12 - "Fair Value Measurements" for additional information concerning the determination of fair value for Idaho Power’s assets and liabilities from price risk management activities. Credit Risk At March 31, 2020 , 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, physical gas, and financial transactions are generally under standardized industry 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 Idaho Power 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 March 31, 2020 , was $4.8 million . Idaho Power posted $3.6 million cash collateral related to this amount. If the credit-risk-related contingent features underlying these agreements were triggered on March 31, 2020 , Idaho Power would have been required to pay or post collateral to its counterparties up to an additional $3.5 million to cover the open liability positions as well as completed transactions that have not yet been paid. 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 March 31, 2020 , and December 31, 2019 (in thousands). Asset Derivatives Liability Derivatives Balance Sheet Location Gross Fair Value Amounts Offset Net Assets Gross Fair Value Amounts Offset Net Liabilities March 31, 2020 Current: Financial swaps Other current assets $ 14 $ — $ 14 $ — $ — $ — Financial swaps Other current liabilities 891 (891 ) — 4,812 (2,868 ) (1) 1,944 Forward contracts Other current liabilities — — — 1 — 1 Long-term: Financial swaps Other assets 407 — 407 — — — Total $ 1,312 $ (891 ) $ 421 $ 4,813 $ (2,868 ) $ 1,945 December 31, 2019 Current: Financial swaps Other current assets $ 2,426 $ (2,034 ) $ 392 $ 2,034 $ (2,034 ) $ — Financial swaps Other current liabilities 134 (134 ) — 924 (134 ) 790 Forward contracts Other current assets 13 — 13 — — — Forward contracts Other current liabilities — — — 32 — 32 Long-term: Financial swaps Other assets 3 (3 ) — 27 (3 ) 24 Total $ 2,576 $ (2,171 ) $ 405 $ 3,017 $ (2,171 ) $ 846 (1) Current liability derivative amounts offset include $2.0 million of collateral receivable for the period ended March 31, 2020 . The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at March 31, 2020 and 2019 (in thousands of units). March 31, Commodity Units 2020 2019 Electricity purchases MWh 136 194 Electricity sales MWh 125 116 Natural gas purchases MMBtu 12,220 9,596 Natural gas sales MMBtu 375 338 |
FAIR VALUE MEASUREMENTS_
FAIR VALUE MEASUREMENTS: | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring 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 condensed 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 three months ended March 31, 2020 . The table below presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 , and December 31, 2019 (in thousands). March 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds IDACORP (1) $ 52,745 $ — $ — $ 52,745 $ 64,173 $ — $ — $ 64,173 Idaho Power 13,275 — — 13,275 26,510 — — 26,510 Derivatives 421 — — 421 392 13 — 405 Equity securities 44,843 — — 44,843 42,738 — — 42,738 Liabilities: Derivatives 1,944 1 — 1,945 814 32 — 846 (1) Holding company only. Does not include amounts held by Idaho Power. 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 derivatives are valued using New York Mercantile Exchange (NYMEX) and ICE pricing, adjusted for location basis, which are also quoted under NYMEX and ICE pricing. Equity securities consist of employee-directed investments related to an executive deferred compensation plan and actively traded money market and exchange traded funds related to the SMSP. The investments are measured using quoted prices in active markets and are held in a Rabbi trust. The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, as of March 31, 2020 , and December 31, 2019 , using available market information and appropriate valuation methodologies (in thousands). March 31, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value IDACORP Assets: Notes receivable (1) $ 3,804 $ 3,804 $ 3,804 $ 3,804 Liabilities: Long-term debt (1) 1,837,010 2,153,743 1,836,659 2,083,931 Idaho Power Liabilities: Long-term debt (1) 1,837,010 2,153,743 1,836,659 2,083,931 (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 12 - "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 hydropower 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: | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Information | 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 hydropower generation projects, 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). Utility Operations All Other Eliminations Consolidated Total Three months ended March 31, 2020: Revenues $ 290,488 $ 520 $ — $ 291,008 Net income attributable to IDACORP, Inc. 36,776 714 — 37,490 Total assets as of March 31, 2020 6,453,701 229,440 (73,191 ) 6,609,950 Three months ended March 31, 2019: Revenues $ 349,771 $ 548 $ — $ 350,319 Net income attributable to IDACORP, Inc. 41,584 1,102 — 42,686 |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME: CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME: | 3 Months Ended |
Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |
Changes in Accumulated Other Comprehensive Income [Text Block] | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the three months ended March 31, 2020 and 2019 (in thousands). Items in parentheses indicate charges to AOCI. Defined Benefit Pension Items Three months ended 2020 2019 Balance at beginning of period $ (36,284 ) $ (22,844 ) Amounts reclassified out of AOCI 747 488 Balance at end of period $ (35,537 ) $ (22,356 ) The table below presents amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the three months ended March 31, 2020 and 2019 (in thousands). Items in parentheses indicate increases to net income. Amount Reclassified from AOCI Details About AOCI Three months ended 2020 2019 Amortization of defined benefit pension items (1) Prior service cost $ 72 $ 24 Net loss 934 633 Total before tax 1,006 657 Tax benefit (2) (259 ) (169 ) Total reclassification for the period, net of tax $ 747 $ 488 (1) Amortization of these items is included in IDACORP's condensed consolidated income statements in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net. (2) The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power. |
CHANGES IN IDAHO POWER RETAINED
CHANGES IN IDAHO POWER RETAINED EARNINGS (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Changes in Idaho Power Retained Earnings | |
Changes in Idaho Power Retained Earnings | CHANGES IN IDAHO POWER RETAINED EARNINGS The table below presents changes in Idaho Power retained earnings during the three months ended March 31, 2020 and 2019 (in thousands). Three months ended 2020 2019 Balance at beginning of period $ 1,503,805 $ 1,409,245 Net income 36,776 41,584 Dividends to parent (33,952 ) (32,054 ) Balance at end of period $ 1,506,629 $ 1,418,775 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Organization, Consolidation, Presentation, and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Policy | The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues. Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward |
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, sale, 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 (Jim Bridger plant) owned in part by Idaho Power. IDACORP’s significant other 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 hydropower generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA). |
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. |
Financial Statements | In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's consolidated financial position as of March 31, 2020 , consolidated results of operations for the three months ended March 31, 2020 and 2019 , and consolidated cash flows for the three months ended March 31, 2020 and 2019 . These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or note disclosures concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in IDACORP’s and Idaho Power’s Annual Report on Form 10-K for the year ended December 31, 2019 |
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. |
Income Tax | In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount. |
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 condensed 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. |
New Accounting Pronouncements | New and Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments to provide financial statement users with more information about expected credit losses on financial instruments and other commitments. The ASU revises the incurred loss impairment methodology to reflect current expected credit losses and requires consideration of a broader range of information to estimate credit losses. IDACORP and Idaho Power adopted ASU 2016-13 on January 1, 2020. The adoption did not have a material impact on their respective financial statements but did result in the additional disclosure below. The measurement of expected credit losses on Idaho Power accounts receivable is based upon historical experience, current conditions, and forecasted information that may affect collections on the outstanding balance. Generally, this includes adjustments based upon a combination of historical write-off experience, aging of accounts receivable, an analysis of specific customer accounts, and an evaluation of whether there are current or forecasted economic conditions that might cause variation in collection from the historical experience. In response to the COVID-19 public health crisis, Idaho Power provided certain relief to customers including temporarily suspending disconnections for homes and small businesses facing hardship because of the coronavirus pandemic and temporarily waiving late fees for residential and small business customers. Idaho Power currently anticipates that this relief as well as the economic conditions created by the response to the COVID-19 public health crisis will increase late payments and uncollectible account write-offs. As a result, Idaho Power increased its allowance for uncollectible accounts related to customer receivables at March 31, 2020. The allowance for uncollectible accounts increased to 3.1 percent of the total customer receivables balance at March 31, 2020, compared with 1.9 percent at December 31, 2019, and 2.1 percent at March 31, 2019. The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the three months ended March 31, 2020 and 2019 (in thousands): Three months ended 2020 2019 Balance at beginning of period $ 1,401 $ 1,725 Additions to the allowance 983 1,012 Write-offs, net of recoveries (216 ) (646 ) Balance at end of period $ 2,168 $ 2,091 Allowance for uncollectible accounts as a percentage of customer receivables 3.1 % 2.1 % In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , to provide guidance on implementation costs incurred in a cloud computing arrangement that is a service contract. ASU 2018-15 aligns the recognition of such implementation costs with the accounting for costs incurred to implement an internal-use software solution. However, the balance sheet line item for presentation of capitalized implementation costs for a cloud computing arrangement that is a service contract should be the same as that for the prepayment of fees related to the same arrangement, while capitalized implementation costs for internal-use software solutions are often included in property, plant, and equipment as an intangible asset. IDACORP and Idaho Power adopted ASU 2018-15 on January 1, 2020. The adoption did not have a material impact on their respective financial statements. |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | 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 that follows. |
Derivatives, Reporting of Derivative Activity | Settlement gains and losses on electricity swap contracts are recorded on the income statement in operating revenues 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. |
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 hydropower generation projects, and IDACORP’s holding company expenses. |
REVENUES_ (Policies)
REVENUES: (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Revenues [Abstract] | |
Revenue Recognition, Policy | The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues. Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the three months ended March 31, 2020 and 2019 (in thousands): Three months ended 2020 2019 Balance at beginning of period $ 1,401 $ 1,725 Additions to the allowance 983 1,012 Write-offs, net of recoveries (216 ) (646 ) Balance at end of period $ 2,168 $ 2,091 Allowance for uncollectible accounts as a percentage of customer receivables 3.1 % 2.1 % |
INCOME TAXES_ Level 3 (Tables)
INCOME TAXES: Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The following table provides a summary of income tax expense for the three months ended March 31, 2020 and 2019 (in thousands): IDACORP Idaho Power 2020 2019 2020 2019 Income tax at statutory rates (federal and state) $ 10,651 $ 12,098 $ 10,595 $ 11,905 Excess deferred income tax reversal (1,481 ) (1,631 ) (1,481 ) (1,631 ) Other (1) (5,282 ) (6,151 ) (4,728 ) (5,608 ) Income tax expense $ 3,888 $ 4,316 $ 4,386 $ 4,666 Effective tax rate 9.4 % 9.2 % 10.7 % 10.1 % (1) "Other" is primarily comprised of the net tax effect of Idaho Power's regulatory flow-through tax adjustments. |
REVENUES_ Electric utility oper
REVENUES: Electric utility operating revenues (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Electric utility operating revenues [Line Items] | |
Electric utility operating revenues [Table Text Block] | The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three months ended March 31 , 2020 and 2019 (in thousands): Three months ended 2020 2019 Electric utility operating revenues: Revenue from contracts with customers $ 270,184 $ 335,402 Alternative revenue programs and other revenues 20,304 14,369 Total electric utility operating revenues $ 290,488 $ 349,771 |
REVENUES_ (Tables)
REVENUES: (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | The following table presents revenues from contracts with customers disaggregated by revenue source for the three months ended March 31 , 2020 and 2019 (in thousands): Three months ended 2020 2019 Revenues from contracts with customers: Retail revenues: Residential (includes $15,710 and $11,309, respectively, related to the FCA) (1) $ 144,887 $ 150,219 Commercial (includes $484, and $342, respectively, related to the FCA) (1) 69,513 73,106 Industrial 42,760 45,498 Irrigation 1,375 999 Deferred revenue related to HCC relicensing AFUDC (2) (2,119 ) (2,119 ) Total retail revenues 256,416 267,703 Less: FCA mechanism revenues (1) (16,194 ) (11,651 ) Wholesale energy sales 3,908 47,215 Transmission wheeling-related revenues 10,363 15,728 Energy efficiency program revenues 9,475 10,112 Other revenues from contracts with customers 6,216 6,295 Total revenues from contracts with customers $ 270,184 $ 335,402 (1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers. (2) As part of its January 30, 2009, general rate case order, the IPUC is allowing Idaho Power to recover a portion of the allowance for funds used during construction (AFUDC) on construction work in progress related to the Hells Canyon Complex (HCC) relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service. |
REVENUES_ Alternative revenue p
REVENUES: Alternative revenue program and other revenues (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Regulated Operations [Abstract] | |
Alternative revenue programs and other revenues [Table Text Block] | The table below presents the FCA mechanism revenues and other revenues for the three months ended March 31 , 2020 and 2019 (in thousands): Three months ended 2020 2019 Alternative revenue programs and other revenues: FCA mechanism revenues $ 16,194 $ 11,651 Derivative revenues 4,110 2,718 Total alternative revenue programs and other revenues $ 20,304 $ 14,369 |
EARNINGS PER SHARE_ Level 3 (Ta
EARNINGS PER SHARE: Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method | The table below presents the computation of IDACORP’s basic and diluted earnings per share for the three months ended March 31, 2020 and 2019 (in thousands, except for per share amounts). Three months ended 2020 2019 Numerator: Net income attributable to IDACORP, Inc. $ 37,490 $ 42,686 Denominator: Weighted-average common shares outstanding - basic 50,517 50,509 Effect of dilutive securities 10 9 Weighted-average common shares outstanding - diluted 50,527 50,518 Basic earnings per share $ 0.74 $ 0.85 Diluted earnings per share $ 0.74 $ 0.84 |
BENEFIT PLANS_ Level 3 (Tables)
BENEFIT PLANS: Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Defined Benefit Plan Disclosure | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended March 31, 2020 and 2019 (in thousands). Pension Plan SMSP Postretirement Total 2020 2019 2020 2019 2020 2019 2020 2019 Service cost $ 10,915 $ 8,714 $ 53 $ (45 ) $ 274 $ 231 $ 11,242 $ 8,900 Interest cost 10,018 10,596 1,088 1,143 614 732 11,720 12,471 Expected return on plan assets (14,030 ) (12,124 ) — — (605 ) (553 ) (14,635 ) (12,677 ) Amortization of prior service cost 2 1 72 24 12 12 86 37 Amortization of net loss 4,367 3,480 934 633 — — 5,301 4,113 Net periodic benefit cost 11,272 10,667 2,147 1,755 295 422 13,714 12,844 Regulatory deferral of net periodic benefit cost (1) (10,742 ) (10,167 ) — — — — (10,742 ) (10,167 ) Previously deferred pension costs recognized (1) 4,288 4,288 — — — — 4,288 4,288 Net periodic benefit cost recognized for financial reporting (1)(2) $ 4,818 $ 4,788 $ 2,147 $ 1,755 $ 295 $ 422 $ 7,260 $ 6,965 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. (2) Of total net periodic benefit cost recognized for financial reporting, $4.3 million and $4.2 million , respectively, were recognized in "Other operations and maintenance" and $3.0 million and $2.8 million , respectively, were recognized in "Other expense, net" on the condensed consolidated statements of income of the companies for the three months ended March 31, 2020 and 2019 . |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS: Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Summary of Derivative Instruments [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 three months ended March 31, 2020 and 2019 (in thousands). Gain/(Loss) on Derivatives Recognized in Income (1) Location of Realized Gain/(Loss) on Derivatives Recognized in Income Three months ended 2020 2019 Financial swaps Operating revenues $ 826 $ (3,203 ) Financial swaps Purchased power (190 ) 743 Financial swaps Fuel expense (2,848 ) 12,395 Forward contracts Operating revenues 79 64 Forward contracts Purchased power (76 ) (64 ) Forward contracts Fuel expense (19 ) 416 (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 March 31, 2020 , and December 31, 2019 (in thousands). Asset Derivatives Liability Derivatives Balance Sheet Location Gross Fair Value Amounts Offset Net Assets Gross Fair Value Amounts Offset Net Liabilities March 31, 2020 Current: Financial swaps Other current assets $ 14 $ — $ 14 $ — $ — $ — Financial swaps Other current liabilities 891 (891 ) — 4,812 (2,868 ) (1) 1,944 Forward contracts Other current liabilities — — — 1 — 1 Long-term: Financial swaps Other assets 407 — 407 — — — Total $ 1,312 $ (891 ) $ 421 $ 4,813 $ (2,868 ) $ 1,945 December 31, 2019 Current: Financial swaps Other current assets $ 2,426 $ (2,034 ) $ 392 $ 2,034 $ (2,034 ) $ — Financial swaps Other current liabilities 134 (134 ) — 924 (134 ) 790 Forward contracts Other current assets 13 — 13 — — — Forward contracts Other current liabilities — — — 32 — 32 Long-term: Financial swaps Other assets 3 (3 ) — 27 (3 ) 24 Total $ 2,576 $ (2,171 ) $ 405 $ 3,017 $ (2,171 ) $ 846 (1) Current liability derivative amounts offset include $2.0 million of collateral receivable for the period ended March 31, 2020 . |
Schedule of Derivative Instruments | The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at March 31, 2020 and 2019 (in thousands of units). March 31, Commodity Units 2020 2019 Electricity purchases MWh 136 194 Electricity sales MWh 125 116 Natural gas purchases MMBtu 12,220 9,596 Natural gas sales MMBtu 375 338 |
FAIR VALUE MEASUREMENTS_ Level
FAIR VALUE MEASUREMENTS: Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The table below presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 , and December 31, 2019 (in thousands). March 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds IDACORP (1) $ 52,745 $ — $ — $ 52,745 $ 64,173 $ — $ — $ 64,173 Idaho Power 13,275 — — 13,275 26,510 — — 26,510 Derivatives 421 — — 421 392 13 — 405 Equity securities 44,843 — — 44,843 42,738 — — 42,738 Liabilities: Derivatives 1,944 1 — 1,945 814 32 — 846 (1) Holding company only. Does not include amounts held by Idaho Power. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, as of March 31, 2020 , and December 31, 2019 , using available market information and appropriate valuation methodologies (in thousands). March 31, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value IDACORP Assets: Notes receivable (1) $ 3,804 $ 3,804 $ 3,804 $ 3,804 Liabilities: Long-term debt (1) 1,837,010 2,153,743 1,836,659 2,083,931 Idaho Power Liabilities: Long-term debt (1) 1,837,010 2,153,743 1,836,659 2,083,931 (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 12 - "Fair Value Measurements." |
SEGMENT INFORMATION_ Level 3 (T
SEGMENT INFORMATION: Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment | 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). Utility Operations All Other Eliminations Consolidated Total Three months ended March 31, 2020: Revenues $ 290,488 $ 520 $ — $ 291,008 Net income attributable to IDACORP, Inc. 36,776 714 — 37,490 Total assets as of March 31, 2020 6,453,701 229,440 (73,191 ) 6,609,950 Three months ended March 31, 2019: Revenues $ 349,771 $ 548 $ — $ 350,319 Net income attributable to IDACORP, Inc. 41,584 1,102 — 42,686 |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME: Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the three months ended March 31, 2020 and 2019 (in thousands). Items in parentheses indicate charges to AOCI. Defined Benefit Pension Items Three months ended 2020 2019 Balance at beginning of period $ (36,284 ) $ (22,844 ) Amounts reclassified out of AOCI 747 488 Balance at end of period $ (35,537 ) $ (22,356 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The table below presents amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the three months ended March 31, 2020 and 2019 (in thousands). Items in parentheses indicate increases to net income. Amount Reclassified from AOCI Details About AOCI Three months ended 2020 2019 Amortization of defined benefit pension items (1) Prior service cost $ 72 $ 24 Net loss 934 633 Total before tax 1,006 657 Tax benefit (2) (259 ) (169 ) Total reclassification for the period, net of tax $ 747 $ 488 (1) Amortization of these items is included in IDACORP's condensed consolidated income statements in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net. (2) The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power. |
CHANGES IN IDAHO POWER RETAIN_2
CHANGES IN IDAHO POWER RETAINED EARNINGS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Changes in Idaho Power Retained Earnings [Abstract] | |
Changes in Idaho Power Retained Earnings Table | Three months ended 2020 2019 Balance at beginning of period $ 1,503,805 $ 1,409,245 Net income 36,776 41,584 Dividends to parent (33,952 ) (32,054 ) Balance at end of period $ 1,506,629 $ 1,418,775 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Accounting Adoption Pronouncement (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accounts Receivable, Allowance for Credit Loss | $ 2,168 | $ 2,091 | $ 1,401 | $ 1,725 |
Accounts Receivable, Credit Loss Expense (Reversal) | 983 | 1,012 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ (216) | $ (646) | ||
Allowance for uncollectible accounts as a percentage of customer receivables | 3.10% | 2.10% | 1.90% |
INCOME TAXES_ Level 4 (Details)
INCOME TAXES: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Income Tax Expense [Line Items] | |||
Income tax at statutory rates (federal and state) | $ 10,651 | $ 12,098 | |
Excess deferred income tax reversal | (1,481) | (1,631) | |
Other | [1] | (5,282) | (6,151) |
Income Tax Expense | $ 3,888 | $ 4,316 | |
Effective tax rate | 9.40% | 9.20% | |
Idaho Power Company | |||
Income Tax Expense [Line Items] | |||
Income tax at statutory rates (federal and state) | $ 10,595 | $ 11,905 | |
Excess deferred income tax reversal | (1,481) | (1,631) | |
Other | [1] | (4,728) | (5,608) |
Income Tax Expense | $ 4,386 | $ 4,666 | |
Effective tax rate | 10.70% | 10.10% | |
[1] | "Other" is primarily comprised of the net tax effect of Idaho Power's regulatory flow-through tax adjustments. |
REGULATORY MATTERS_ Level 4 (De
REGULATORY MATTERS: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2020 | Mar. 31, 2019 | May 31, 2021 | May 31, 2020 | Jun. 01, 2020 | Jun. 01, 2019 | Dec. 31, 2018 | Jun. 01, 2018 | Apr. 30, 2018 | Oct. 31, 2014 | |
Regulatory Matters | ||||||||||
Revenue from contracts with customers | $ (270,184) | $ (335,402) | ||||||||
Idaho fixed cost adjustment mechanism | ||||||||||
Regulatory Matters | ||||||||||
Percentage cap on the FCA adjustment | 3.00% | |||||||||
Idaho fixed cost adjustment mechanism | IDAHO | ||||||||||
Regulatory Matters | ||||||||||
Annual fixed cost adjustment mechanism deferral | $ 34,800 | $ 15,600 | ||||||||
October 2014 Idaho Settlement Stipulation | IDAHO | ||||||||||
Regulatory Matters | ||||||||||
Minimum authorized return on equity | 9.50% | |||||||||
Investment Tax Credits, Maximum, in Rate Case | $ 45,000 | |||||||||
May 2018 Tax Reform Settlement Stipulation | IDAHO | ||||||||||
Regulatory Matters | ||||||||||
Minimum authorized return on equity | 9.40% | |||||||||
Target authorized return on equity | 10.00% | |||||||||
Settlement Stipulation - Investment Tax Credits and Idaho Sharing Mechanism [Member] | ||||||||||
Regulatory Matters | ||||||||||
Additional accumulated deferred investment tax credits (ADITC) amortization | $ 0 | $ 0 | ||||||||
Subsequent Event | Power cost adjustment mechanism | IDAHO | ||||||||||
Regulatory Matters | ||||||||||
Amount of approved rate change | $ 50,100 | |||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 58,700 | |||||||||
Subsequent Event | Idaho fixed cost adjustment mechanism | IDAHO | ||||||||||
Regulatory Matters | ||||||||||
Amount of approved rate change | 19,200 | |||||||||
Annual fixed cost adjustment mechanism deferral | $ 35,500 | |||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 700 | |||||||||
Subsequent Event | Non-recurring [Member] | IDAHO | ||||||||||
Regulatory Matters | ||||||||||
Amount of approved rate change | 7,700 | |||||||||
Subsequent Event | Non-recurring [Member] | May 2018 Tax Reform Settlement Stipulation | IDAHO | ||||||||||
Regulatory Matters | ||||||||||
Amount of approved rate change | $ 2,700 | |||||||||
Settlement agreement sharing [Member] | ||||||||||
Regulatory Matters | ||||||||||
Regulatory liabilities | $ 5,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Millions | Apr. 30, 2020 | Apr. 03, 2020 | Mar. 31, 2020 |
Idaho Power [Member] | First mortgage bonds 4.50 Series due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 100 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | ||
Subsequent Event | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 270 | ||
Subsequent Event | Idaho Power [Member] | First Mortgage Bonds 4.20 K Series due 2048 [Domain] | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 230 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||
Debt Instrument, Re-Offer Yield | 3.422% | ||
Debt Instrument, Net Premium | 13.00% | ||
Debt Instrument, net proceeds | $ 259.9 | ||
Aggregate Principal Amount FMB | $ 450 |
REVENUES_ Electric utility op_2
REVENUES: Electric utility operating revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from contracts with customers | $ 270,184 | $ 335,402 |
Alternative revenue programs and other revenues | 20,304 | 14,369 |
Electric utility revenues | $ 290,488 | $ 349,771 |
REVENUES_ (Details)
REVENUES: (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 270,184 | $ 335,402 | |
Alternative revenue programs and other revenues | 20,304 | 14,369 | |
Derivative revenues | |||
Disaggregation of Revenue [Line Items] | |||
Alternative revenue programs and other revenues | 4,110 | 2,718 | |
Retail revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 256,416 | 267,703 | |
Idaho fixed cost adjustment mechanism | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | [1] | (16,194) | (11,651) |
Alternative revenue programs and other revenues | 16,194 | 11,651 | |
Wholesale energy sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 3,908 | 47,215 | |
Transmission Service Agreement | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 10,363 | 15,728 | |
Energy efficiency program revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 9,475 | 10,112 | |
Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 6,216 | 6,295 | |
Residential Retail Revenue | Retail revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | [1] | 144,887 | 150,219 |
Residential Retail Revenue | Idaho fixed cost adjustment mechanism | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 15,709 | 11,309 | |
Commercial Retail Revenue | Retail revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | [1] | 69,513 | 73,106 |
Commercial Retail Revenue | Idaho fixed cost adjustment mechanism | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 484 | 342 | |
Industrial Retail Revenue | Retail revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 42,760 | 45,498 | |
Irrigation Retail Revenue | Retail revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 1,375 | 999 | |
Deferred revenue-AFUDC | Retail revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | [2] | (2,119) | $ (2,119) |
IPUC authorized AFUDC Collection HCC Relicensing - Gross | Idaho Power Company | Hells Canyon Complex | |||
Disaggregation of Revenue [Line Items] | |||
Regulatory liabilities | $ (8,800) | ||
[1] | The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers. | ||
[2] | As part of its January 30, 2009, general rate case order, the IPUC is allowing Idaho Power to recover a portion of the allowance for funds used during construction (AFUDC) on construction work in progress related to the Hells Canyon Complex (HCC) relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service. |
COMMON STOCK_ Level 4 (Details)
COMMON STOCK: Level 4 (Details) $ in Billions | 3 Months Ended |
Mar. 31, 2020USD ($)shares | |
Shareholders' equity | |
Restricted Stock Unit Awards to Employees | 75,030 |
Restricted stock awards to directors | 6,828 |
IDACORP | |
Shareholders' equity | |
Stock Issued During Period, Shares, New Issues | 33,919 |
Maximum leverage ratio requirement | 0.65 |
Ratio of Indebtedness to Net Capital | 0.43 |
Dividend Distribution Restriction Amount | $ | $ 1.5 |
Idaho Power Company | |
Shareholders' equity | |
Maximum leverage ratio requirement | 0.65 |
Ratio of Indebtedness to Net Capital | 0.45 |
Dividend Distribution Restriction Amount | $ | $ 1.3 |
Dividend Distribution Restriction Threshold | 0.35 |
Ratio of total Capital to total capital and long-term debt | 0.55 |
Preferred Stock, Shares Outstanding | 0 |
EARNINGS PER SHARE_ Level 4 (De
EARNINGS PER SHARE: Level 4 (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | ||
Net Income Attributable to IDACORP, Inc. | $ 37,490 | $ 42,686 |
Denominator: | ||
Weighted-average common shares outstanding - basic | 50,517 | 50,509 |
Effect of dilutive securities | 10 | 9 |
Weighted-average common shares outstanding - diluted | 50,527 | 50,518 |
Earnings attributable to IDACORP, Inc. - basic (in dollars per share) | $ 0.74 | $ 0.85 |
Earnings attributable to IDACORP, Inc. - diluted (in dollars per share) | $ 0.74 | $ 0.84 |
COMMITMENTS_ Level 4 (Details)
COMMITMENTS: Level 4 (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Idaho Power Company | |
Guarantor Obligations | |
IERCo ownership interest in BCC | 33.00% |
IERCo guarantee of BCC reclamation obligation | $ 58,300,000 |
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | |
Life of Contract | 20 years |
Increase of Long-term Purchase Obligations, PURPA | $ 22,000,000 |
Bridger Coal Company | |
Guarantor Obligations | |
IERCo guarantee of BCC reclamation obligation | 175,000,000 |
Guarantor Obligations Total Reclamation Trust Fund | 119,500,000 |
Distribution from Reclamation Trust Fund | $ 0 |
BENEFIT PLANS_ Level 4 (Details
BENEFIT PLANS: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Pension Plan | |||
Defined Benefit Plan Disclosure | |||
Service cost | $ 10,915 | $ 8,714 | |
Interest cost | 10,018 | 10,596 | |
Expected return on plan assets | (14,030) | (12,124) | |
Amortization of prior service cost | 2 | 1 | |
Amortization of net loss | 4,367 | 3,480 | |
Net periodic benefit cost | 11,272 | 10,667 | |
Regulatory deferral of net periodic benefit cost | [1] | (10,742) | (10,167) |
IPUC Authorized recovered pension cost | [1] | 4,288 | 4,288 |
Net periodic benefit cost recognized for financial reporting | [1],[2] | 4,818 | 4,788 |
Contribution Requirement | 14,000 | ||
Defined Benefit Plan, Contributions by Employer | 10,000 | ||
Senior Management Security Plan | |||
Defined Benefit Plan Disclosure | |||
Service cost | 53 | (45) | |
Interest cost | 1,088 | 1,143 | |
Expected return on plan assets | 0 | 0 | |
Amortization of prior service cost | 72 | 24 | |
Amortization of net loss | 934 | 633 | |
Net periodic benefit cost | 2,147 | 1,755 | |
Net periodic benefit cost recognized for financial reporting | [2] | 2,147 | 1,755 |
Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure | |||
Service cost | 274 | 231 | |
Interest cost | 614 | 732 | |
Expected return on plan assets | (605) | (553) | |
Amortization of prior service cost | 12 | 12 | |
Amortization of net loss | 0 | 0 | |
Net periodic benefit cost | 295 | 422 | |
Net periodic benefit cost recognized for financial reporting | 295 | 422 | |
Retirement Plan Total | |||
Defined Benefit Plan Disclosure | |||
Service cost | 11,242 | 8,900 | |
Interest cost | 11,720 | 12,471 | |
Expected return on plan assets | (14,635) | (12,677) | |
Amortization of prior service cost | 86 | 37 | |
Amortization of net loss | 5,301 | 4,113 | |
Net periodic benefit cost | 13,714 | 12,844 | |
Regulatory deferral of net periodic benefit cost | [1] | (10,742) | (10,167) |
IPUC Authorized recovered pension cost | [1] | 4,288 | 4,288 |
Net periodic benefit cost recognized for financial reporting | [1],[2] | 7,260 | 6,965 |
Net Periodic Benefit cost recognize in Other operations and maintenance | 4,300 | 4,200 | |
Net Periodic Benefit cost recognized in other expense, net | $ 3,000 | $ 2,800 | |
[1] | Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. | ||
[2] | Of total net periodic benefit cost recognized for financial reporting, $4.3 million and $4.2 million , respectively, were recognized in "Other operations and maintenance" and $3.0 million and $2.8 million , respectively, were recognized in "Other expense, net" on the condensed consolidated statements of income of the companies for the three months ended March 31, 2020 and 2019 . |
Derivative Instruments Fair Val
Derivative Instruments Fair Value and Offsets Table (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Derivatives, Fair Value [Line Items] | |||
Derivative, Collateral, Right to Reclaim Cash | $ 2,000 | ||
Derivative Asset, Fair Value, Gross Asset | 1,312 | $ 2,576 | |
Derivative Asset, Fair Value, Gross Liability | (891) | (2,171) | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 421 | 405 | |
Derivative Liability, Fair Value, Gross Liability | 4,813 | 3,017 | |
Derivative Liability, Fair Value, Gross Asset | (2,868) | (2,171) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1,945 | 846 | |
Financial Swaps | Other Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 14 | 2,426 | |
Derivative Asset, Fair Value, Gross Liability | 0 | (2,034) | [1] |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 14 | 392 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 2,034 | |
Derivative Liability, Fair Value, Gross Asset | 0 | (2,034) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | |
Financial Swaps | Other Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 891 | 134 | |
Derivative Asset, Fair Value, Gross Liability | (891) | (134) | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 4,812 | 924 | |
Derivative Liability, Fair Value, Gross Asset | (2,868) | (134) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1,944 | 790 | |
Financial Swaps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 407 | 3 | |
Derivative Asset, Fair Value, Gross Liability | 0 | (3) | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 407 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 27 | |
Derivative Liability, Fair Value, Gross Asset | 0 | (3) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 24 | |
Forward contracts | Other Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 13 | ||
Derivative Asset, Fair Value, Gross Liability | 0 | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 13 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Derivative Liability, Fair Value, Gross Asset | 0 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | ||
Forward contracts | Other Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 1 | 32 | |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 1 | $ 32 | |
[1] | Current liability derivative amounts offset include $2.0 million of collateral receivable for the period ended March 31, 2020 . |
Derivative Instruments Gains (L
Derivative Instruments Gains (Loss) on Derivatives Recognized in Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Financial Swaps | Operating revenues | |||
Derivative Instruments, Gain (Loss) | |||
Derivative, Loss on Derivative | [1] | $ (3,203) | |
Derivative, Gain on Derivative | [1] | $ 826 | |
Financial Swaps | Purchased power | |||
Derivative Instruments, Gain (Loss) | |||
Derivative, Loss on Derivative | [1] | (190) | |
Derivative, Gain on Derivative | [1] | 743 | |
Financial Swaps | Fuel expense | |||
Derivative Instruments, Gain (Loss) | |||
Derivative, Loss on Derivative | [1] | (2,848) | |
Derivative, Gain on Derivative | [1] | 12,395 | |
Forward contracts | Operating revenues | |||
Derivative Instruments, Gain (Loss) | |||
Derivative, Gain on Derivative | [1] | 79 | 64 |
Forward contracts | Purchased power | |||
Derivative Instruments, Gain (Loss) | |||
Derivative, Loss on Derivative | [1] | (76) | (64) |
Forward contracts | Fuel expense | |||
Derivative Instruments, Gain (Loss) | |||
Derivative, Loss on Derivative | [1] | $ (19) | |
Derivative, Gain on Derivative | [1] | $ 416 | |
[1] | Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. |
Derivative Commodities and Disc
Derivative Commodities and Disclosures (Details) MWh in Thousands, MMBTU in Thousands, $ in Millions | Mar. 31, 2020USD ($)MMBTUMWh | Mar. 31, 2019MMBTUMWh |
Derivative | ||
Derivatives in a net liability position | $ 4.8 | |
Collateral Already Posted, Aggregate Fair Value | 3.6 | |
Additional Collateral, Aggregate Fair Value | $ 3.5 | |
Electricity (MWh) | Long | ||
Derivative | ||
Derivative, Number of Instruments Held | MWh | 136 | 194 |
Electricity (MWh) | Short | ||
Derivative | ||
Derivative, Number of Instruments Held | MWh | 125 | 116 |
Natural Gas (MMBTU) | Long | ||
Derivative | ||
Derivative, Number of Instruments Held | MMBTU | 12,220 | 9,596 |
Natural Gas (MMBTU) | Short | ||
Derivative | ||
Derivative, Number of Instruments Held | MMBTU | 375 | 338 |
FAIR VALUE MEASUREMENTS_ Leve_2
FAIR VALUE MEASUREMENTS: Level 4 (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | $ 52,745,000 | $ 64,173,000 |
Derivative Assets | 421,000 | 405,000 | |
Equity Securities, FV-NI | 44,843,000 | 42,738,000 | |
Derivative Liabilities | 1,945,000 | 846,000 | |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |
Idaho Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 13,275,000 | 26,510,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 52,745,000 | 64,173,000 |
Derivative Assets | 421,000 | 392,000 | |
Equity Securities, FV-NI | 44,843,000 | 42,738,000 | |
Derivative Liabilities | 1,944,000 | 814,000 | |
Fair Value, Inputs, Level 1 [Member] | Idaho Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 13,275,000 | 26,510,000 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 0 | 0 |
Derivative Assets | 0 | 13,000 | |
Equity Securities, FV-NI | 0 | 0 | |
Derivative Liabilities | 1,000 | 32,000 | |
Fair Value, Inputs, Level 2 [Member] | Idaho Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 0 | 0 |
Derivative Assets | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Idaho Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | $ 0 | $ 0 | |
[1] | Holding company only. Does not include amounts held by Idaho Power. |
FAIR VALUE MEASUREMENTS_ Fair V
FAIR VALUE MEASUREMENTS: Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Receivable | [1] | $ 3,804 | $ 3,804 |
Long-term debt | [1] | 1,837,010 | 1,836,659 |
Carrying Amount | Idaho Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | 1,837,010 | 1,836,659 |
Estimated Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Receivable | [1] | 3,804 | 3,804 |
Long-term debt | [1] | 2,153,743 | 2,083,931 |
Estimated Fair Value | Idaho Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | $ 2,153,743 | $ 2,083,931 |
[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 12 - "Fair Value Measurements." |
SEGMENT INFORMATION_ Level 4 (D
SEGMENT INFORMATION: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information | |||
Electric utility revenues | $ 290,488 | $ 349,771 | |
Total operating revenues | 291,008 | 350,319 | |
Net Income Attributable to IDACORP, Inc. | 37,458 | 42,637 | |
Net Income Attributable to IDACORP, Inc. | 37,490 | 42,686 | |
Total assets | 6,609,950 | $ 6,641,201 | |
All Other | |||
Segment Reporting Information | |||
Total operating revenues | 520 | 548 | |
Net Income Attributable to IDACORP, Inc. | 714 | 1,102 | |
Total assets | 229,440 | ||
Eliminations | |||
Segment Reporting Information | |||
Total operating revenues | 0 | 0 | |
Net Income Attributable to IDACORP, Inc. | 0 | 0 | |
Total assets | (73,191) | ||
Idaho Power Company | |||
Segment Reporting Information | |||
Electric utility revenues | 290,488 | 349,771 | |
Net Income Attributable to IDACORP, Inc. | 36,776 | $ 41,584 | |
Total assets | $ 6,453,701 | $ 6,494,159 | |
IERCo's ownership percentage in Bridger Coal Company | 33.00% |
CHANGES IN ACCUMULATED OTHER _3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Reclassification out of Accumulated Other Comprehensive Income | |||
Amortization of prior service cost | [1] | $ 72 | $ 24 |
Amortization of net loss | [1] | 934 | 633 |
Total reclassification, before tax - pension and postretirement benefits | 1,006 | 657 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | [2] | (259) | (169) |
Reclassifications | 747 | 488 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
AOCI - Beginning Balance | (36,284) | (22,844) | |
Reclassifications | 747 | 488 | |
AOCI - Ending Balance | (35,537) | (22,356) | |
Accumulated Defined Benefit Pension Items | |||
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassifications | 747 | 488 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
AOCI - Beginning Balance | (36,284) | (22,844) | |
Reclassifications | 747 | 488 | |
AOCI - Ending Balance | $ (35,537) | $ (22,356) | |
[1] | Amortization of these items is included in IDACORP's condensed consolidated income statements in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net. | ||
[2] | The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power. |
CHANGES IN IDAHO POWER RETAIN_3
CHANGES IN IDAHO POWER RETAINED EARNINGS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Changes in Idaho Power Retained Earnings | ||
Balance at beginning of period | $ 1,634,525 | $ 1,531,543 |
Net Income | 37,458 | 42,637 |
Dividends to parent | (34,312) | (32,290) |
Common stock dividends | (33,950) | (32,054) |
Balance at end of period | 1,638,065 | 1,542,175 |
Idaho Power Company | ||
Changes in Idaho Power Retained Earnings | ||
Balance at beginning of period | 1,503,805 | 1,409,245 |
Net Income | 36,776 | 41,584 |
Dividends to parent | (33,952) | (32,054) |
Balance at end of period | $ 1,506,629 | $ 1,418,775 |