Document And Entity Information
Document And Entity Information - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Nov. 13, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | S4 | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,016 | |
Entity Registrant Name | IPALCO ENTERPRISES, INC. | |
Entity Central Index Key | 728,391 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 108,907,318 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | Yes | |
Entity Public Float | $ 0 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
UTILITY OPERATING REVENUES | $ 355,314 | $ 361,339 | $ 1,014,048 | $ 1,012,373 | $ 1,347,430 | $ 1,250,399 | $ 1,321,674 |
UTILITY OPERATING EXPENSES: | |||||||
Fuel | 77,061 | 80,451 | 210,521 | 200,115 | 276,171 | 315,600 | 411,217 |
Other operating expenses | 62,776 | 59,548 | 188,288 | 178,991 | 245,130 | 224,282 | 218,932 |
Power purchased | 44,470 | 39,464 | 141,058 | 132,333 | 170,466 | 145,064 | 116,648 |
Maintenance | 29,706 | 25,918 | 96,032 | 92,919 | 130,385 | 131,574 | 113,248 |
Depreciation and amortization | 52,711 | 54,876 | 156,099 | 166,027 | 218,444 | 188,267 | 185,263 |
Taxes other than income taxes | 11,804 | 11,779 | 33,640 | 34,317 | 45,262 | 43,617 | 45,218 |
Income taxes - net | 23,049 | 29,457 | 53,189 | 63,290 | 73,161 | 57,284 | 70,235 |
Total utility operating expenses | 301,577 | 301,493 | 878,827 | 867,992 | 1,159,019 | 1,105,688 | 1,160,761 |
UTILITY OPERATING INCOME | 53,737 | 59,846 | 135,221 | 144,381 | 188,411 | 144,711 | 160,913 |
OTHER INCOME AND (DEDUCTIONS): | |||||||
Allowance for equity funds used during construction | 6,628 | 7,077 | 19,576 | 20,454 | 27,140 | 15,302 | 7,381 |
Gain (Loss) on Early Extinguishment of Debt | (8,875) | 0 | (8,875) | 0 | 0 | (21,956) | 0 |
Loss on early extinguishment of debt | 0 | (21,956) | 0 | ||||
Miscellaneous income and (deductions) - net | (185) | (299) | (728) | (1,433) | (2,311) | (2,994) | (2,236) |
Income tax benefit applicable to nonoperating income | 8,308 | 4,485 | 15,492 | 10,748 | 11,952 | 25,718 | 22,191 |
Total other income and (deductions) - net | 5,876 | 11,263 | 25,465 | 29,769 | 36,781 | 16,070 | 27,336 |
INTEREST AND OTHER CHARGES: | |||||||
Interest on long-term debt | 30,575 | 29,018 | 89,077 | 82,571 | 111,611 | 106,936 | 108,104 |
Other interest | 466 | 367 | 1,263 | 1,730 | 2,240 | 2,063 | 1,865 |
Allowance for borrowed funds used during construction | (5,702) | (6,549) | (16,763) | (18,007) | (23,866) | (12,809) | (4,963) |
Amortization of redemption premiums and expense on debt | 1,081 | 1,017 | 3,241 | 3,123 | 4,147 | 5,067 | 5,275 |
Total interest and other charges - net | 26,420 | 23,853 | 76,818 | 69,417 | 94,132 | 101,257 | 110,281 |
NET INCOME | 33,193 | 47,256 | 83,868 | 104,733 | 131,060 | 59,524 | 77,968 |
LESS: PREFERRED DIVIDENDS OF SUBSIDIARY | 803 | 803 | 2,410 | 2,410 | 3,213 | 3,213 | 3,213 |
NET INCOME APPLICABLE TO COMMON STOCK | 32,390 | 46,453 | 81,458 | 102,323 | 127,847 | 56,311 | 74,755 |
Indianapolis Power And Light Company [Member] | |||||||
UTILITY OPERATING REVENUES | 355,314 | 361,339 | 1,014,048 | 1,012,373 | 1,347,430 | 1,250,399 | 1,321,674 |
UTILITY OPERATING EXPENSES: | |||||||
Fuel | 77,061 | 80,451 | 210,521 | 200,115 | 276,171 | 315,600 | 411,217 |
Other operating expenses | 62,776 | 59,548 | 188,288 | 178,991 | 245,130 | 224,282 | 218,932 |
Power purchased | 44,470 | 39,464 | 141,058 | 132,333 | 170,466 | 145,064 | 116,648 |
Maintenance | 29,706 | 25,918 | 96,032 | 92,919 | 130,385 | 131,574 | 113,248 |
Depreciation and amortization | 52,711 | 54,876 | 156,099 | 166,027 | 218,444 | 188,267 | 185,263 |
Taxes other than income taxes | 11,804 | 11,779 | 33,640 | 34,317 | 45,262 | 43,617 | 45,218 |
Income taxes - net | 23,049 | 29,457 | 53,189 | 63,290 | 73,161 | 57,284 | 70,235 |
Total utility operating expenses | 301,577 | 301,493 | 878,827 | 867,992 | 1,159,019 | 1,105,688 | 1,160,761 |
UTILITY OPERATING INCOME | 53,737 | 59,846 | 135,221 | 144,381 | 188,411 | 144,711 | 160,913 |
OTHER INCOME AND (DEDUCTIONS): | |||||||
Allowance for equity funds used during construction | 6,628 | 7,077 | 19,576 | 20,454 | 27,140 | 15,302 | 7,381 |
Miscellaneous income and (deductions) - net | (328) | (264) | (988) | (648) | (1,354) | (2,019) | (1,203) |
Income tax benefit applicable to nonoperating income | 109 | 107 | 363 | 291 | 460 | 1,066 | 953 |
Total other income and (deductions) - net | 6,409 | 6,920 | 18,951 | 20,097 | 26,246 | 14,349 | 7,131 |
INTEREST AND OTHER CHARGES: | |||||||
Interest on long-term debt | 21,015 | 20,526 | 62,530 | 57,092 | 77,638 | 65,277 | 59,104 |
Other interest | 466 | 367 | 1,263 | 1,730 | 2,240 | 2,063 | 1,865 |
Allowance for borrowed funds used during construction | (5,702) | (6,549) | (16,763) | (18,007) | (23,866) | (12,809) | (4,963) |
Amortization of redemption premiums and expense on debt | 551 | 517 | 1,674 | 1,670 | 2,200 | 2,608 | 2,510 |
Total interest and other charges - net | 16,330 | 14,861 | 48,704 | 42,485 | 58,212 | 57,139 | 58,516 |
NET INCOME | 43,816 | 51,905 | 105,468 | 121,993 | 156,445 | 101,921 | 109,528 |
LESS: PREFERRED DIVIDENDS OF SUBSIDIARY | 803 | 803 | 2,410 | 2,410 | 3,213 | 3,213 | 3,213 |
NET INCOME APPLICABLE TO COMMON STOCK | $ 43,013 | $ 51,102 | $ 103,058 | $ 119,583 | $ 153,232 | $ 98,708 | $ 106,315 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
UTILITY PLANT: | |||
Utility plant in service | $ 5,342,196 | $ 4,997,846 | $ 4,890,063 |
Less accumulated depreciation | 2,110,899 | 2,030,497 | 2,228,440 |
Utility plant in service - net | 3,231,297 | 2,967,349 | 2,661,623 |
Construction work in progress | 703,231 | 898,330 | 766,406 |
Spare parts inventory | 14,428 | 14,237 | 12,336 |
Property held for future use | 1,002 | 1,002 | 1,002 |
Utility plant - net | 3,949,958 | 3,880,918 | 3,441,367 |
OTHER ASSETS: | |||
Nonutility property - at cost, less accumulated depreciation | 504 | 512 | 517 |
Intangible Assets, Net (Excluding Goodwill) | 10,812 | 11,976 | 10,016 |
Other long-term assets | 6,005 | 5,916 | 5,664 |
Other assets - net | 17,321 | 18,404 | 16,197 |
CURRENT ASSETS: | |||
Cash and cash equivalents | 26,327 | 34,953 | 21,521 |
Accounts receivable and unbilled revenue (less allowance for doubtful accounts of $2,076 and $1,982, respectively) | 151,951 | 154,586 | 124,167 |
Fuel inventories - at average cost | 34,162 | 30,237 | 66,834 |
Materials and supplies - at average cost | 61,139 | 60,648 | 57,997 |
Regulatory assets | 32,784 | 33,912 | 8,002 |
Prepayments and other current assets | 30,964 | 33,504 | 26,063 |
Total current assets | 337,327 | 347,840 | 304,584 |
DEFERRED DEBITS: | |||
Regulatory assets | 436,956 | 450,710 | 448,200 |
Miscellaneous | 4,224 | 4,409 | 6,821 |
Total deferred debits | 441,180 | 455,119 | 455,021 |
TOTAL | 4,745,786 | 4,702,281 | 4,217,169 |
Common shareholders' equity: | |||
Paid in capital | 597,296 | 596,810 | 383,448 |
Accumulated deficit | (19,645) | (25,627) | (30,515) |
Total common shareholders' equity | 577,651 | 571,183 | 352,933 |
Cumulative preferred stock of subsidiary | 59,784 | 59,784 | 59,784 |
Long-term debt | 2,477,051 | 2,474,840 | 2,153,276 |
Total capitalization | 3,114,486 | 3,105,807 | 2,565,993 |
CURRENT LIABILITIES: | |||
Short-term debt | 120,500 | 74,650 | 166,655 |
Accounts payable | 107,809 | 119,511 | 155,428 |
Accrued expenses | 23,196 | 18,754 | 19,482 |
Accrued real estate and personal property taxes | 21,951 | 18,930 | 17,712 |
Regulatory liabilities | 5,181 | 7,704 | 28,169 |
Accrued Income Taxes, Current | 3,054 | 0 | |
Accrued interest | 35,492 | 32,541 | 31,690 |
Customer deposits | 30,600 | 29,780 | 30,719 |
Other current liabilities | 10,451 | 19,467 | 12,623 |
Total current liabilities | 358,234 | 321,337 | 462,478 |
DEFERRED CREDITS AND OTHER LONG-TERM LIABILITIES: | |||
Regulatory liabilities | 690,363 | 670,294 | 639,516 |
Deferred income taxes - net | 445,539 | 449,730 | 397,394 |
Non-current income tax liability | 6,687 | 6,634 | 7,147 |
Unamortized investment tax credit | 1,376 | 2,410 | 3,910 |
Accrued pension and other postretirement benefits | 48,310 | 64,139 | 80,734 |
Asset retirement obligations | 80,077 | 80,568 | 58,986 |
Miscellaneous | 714 | 1,362 | 1,011 |
Total deferred credits and other long-term liabilities | 1,273,066 | 1,275,137 | 1,188,698 |
COMMITMENTS AND CONTINGENCIES | |||
TOTAL | 4,745,786 | 4,702,281 | 4,217,169 |
Indianapolis Power And Light Company [Member] | |||
UTILITY PLANT: | |||
Utility plant in service | 5,342,196 | 4,997,846 | 4,890,063 |
Less accumulated depreciation | 2,110,899 | 2,030,497 | 2,228,440 |
Utility plant in service - net | 3,231,297 | 2,967,349 | 2,661,623 |
Construction work in progress | 703,231 | 898,330 | 766,406 |
Spare parts inventory | 14,428 | 14,237 | 12,336 |
Property held for future use | 1,002 | 1,002 | 1,002 |
Utility plant - net | 3,949,958 | 3,880,918 | 3,441,367 |
OTHER ASSETS: | |||
Intangible Assets, Net (Excluding Goodwill) | 10,812 | 11,976 | 10,016 |
Other Assets | 1,565 | 1,263 | 947 |
Other assets - net | 12,377 | 13,239 | 10,963 |
CURRENT ASSETS: | |||
Cash and cash equivalents | 17,142 | 26,607 | 19,852 |
Accounts receivable and unbilled revenue (less allowance for doubtful accounts of $2,076 and $1,982, respectively) | 151,951 | 154,586 | 124,167 |
Fuel inventories - at average cost | 34,162 | 30,237 | 66,834 |
Materials and supplies - at average cost | 61,140 | 60,649 | 57,998 |
Regulatory assets | 32,784 | 33,912 | 8,002 |
Prepayments and other current assets | 31,543 | 31,497 | 28,578 |
Total current assets | 328,722 | 337,488 | 305,431 |
DEFERRED DEBITS: | |||
Regulatory assets | 436,956 | 450,710 | 448,200 |
Miscellaneous | 4,111 | 4,409 | 6,819 |
Total deferred debits | 441,067 | 455,119 | 455,019 |
TOTAL | 4,732,124 | 4,686,764 | 4,212,780 |
Common shareholders' equity: | |||
Common stock | 324,537 | 324,537 | 324,537 |
Paid in capital | 598,985 | 598,500 | 385,140 |
Accumulated deficit | 443,535 | 434,993 | 415,227 |
Total common shareholders' equity | 1,367,057 | 1,358,030 | 1,124,904 |
Cumulative preferred stock of subsidiary | 59,784 | 59,784 | 59,784 |
Long-term debt | 1,675,769 | 1,675,131 | 1,355,505 |
Total capitalization | 3,102,610 | 3,092,945 | 2,540,193 |
CURRENT LIABILITIES: | |||
Short-term debt | 120,500 | 74,650 | 166,655 |
Accounts payable | 107,624 | 119,506 | 155,411 |
Accrued expenses | 21,959 | 18,742 | 19,466 |
Accrued real estate and personal property taxes | 21,951 | 18,930 | 17,712 |
Regulatory liabilities | 5,181 | 7,704 | 28,169 |
Accrued Income Taxes, Current | 8,265 | 984 | 0 |
Accrued interest | 30,885 | 22,731 | 21,104 |
Customer deposits | 30,600 | 29,780 | 30,719 |
Other current liabilities | 10,151 | 26,167 | 22,323 |
Total current liabilities | 357,116 | 319,194 | 461,559 |
DEFERRED CREDITS AND OTHER LONG-TERM LIABILITIES: | |||
Regulatory liabilities | 690,363 | 670,294 | 639,516 |
Deferred income taxes - net | 444,870 | 449,220 | 419,731 |
Non-current income tax liability | 6,687 | 6,634 | 7,147 |
Unamortized investment tax credit | 1,376 | 2,410 | 3,910 |
Accrued pension and other postretirement benefits | 48,310 | 64,139 | 80,734 |
Asset retirement obligations | 80,077 | 80,568 | 58,986 |
Miscellaneous | 715 | 1,360 | 1,004 |
Total deferred credits and other long-term liabilities | 1,272,398 | 1,274,625 | 1,211,028 |
COMMITMENTS AND CONTINGENCIES | |||
TOTAL | $ 4,732,124 | $ 4,686,764 | $ 4,212,780 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts receivable and unbilled revenue, allowance for doubtful accounts | $ 2,365 | $ 2,498 | |
Indianapolis Power And Light Company [Member] | |||
Accounts receivable and unbilled revenue, allowance for doubtful accounts | $ 2,842 | $ 2,365 | $ 2,498 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income | $ 83,868 | $ 104,733 | $ 131,060 | $ 59,524 | $ 77,968 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 156,103 | 166,031 | 216,019 | 201,475 | 188,477 |
Amortization of redemption premiums and expense on debt | 3,241 | 3,123 | 4,147 | 5,067 | 5,275 |
Amortization (deferral) of regulatory assets | 6,377 | (8,731) | 1,123 | ||
Amortization of debt premium | 200 | 596 | 942 | ||
Deferred income taxes and investment tax credit adjustments - net | (14,546) | 15,680 | 34,012 | 31,566 | 47,455 |
Loss on early extinguishment of debt | 8,875 | 0 | 0 | 21,956 | 0 |
Allowance for equity funds used during construction | (19,576) | (20,125) | (27,140) | (14,996) | (7,136) |
Change in certain assets and liabilities: | |||||
Accounts receivable | 2,635 | (29,864) | (30,420) | 15,542 | 3,699 |
Fuel, materials and supplies | (4,626) | 31,705 | 33,434 | (18,372) | 5,094 |
Increase (Decrease) in Income Taxes Payable | 5,143 | 12,163 | |||
Income taxes receivable or payable | (1,603) | 0 | 590 | ||
Financial transmission rights | (788) | (3,279) | (243) | 2,086 | (1,947) |
Accounts payable and accrued expenses | (10,864) | (1,306) | 13,668 | (716) | (24,322) |
Accrued real estate and personal property taxes | 3,020 | 4,456 | 1,218 | (1,465) | (47) |
Accrued interest | 2,951 | 11,354 | 850 | 965 | 1,034 |
Pension and other postretirement benefit expenses | (15,828) | (23,573) | (16,595) | (15,730) | 2,785 |
Short-term and long-term regulatory assets and liabilities | 21,183 | (26,623) | (38,026) | (22,980) | (44,252) |
Prepaids and other current assets | 156 | (2,802) | (1,779) | (4,949) | 1,725 |
Other - net | (4,841) | 7,395 | 3,559 | 6,654 | 809 |
Net cash provided by operating activities | 324,591 | 252,425 | 253,997 | ||
Net Cash Provided by (Used in) Operating Activities | 216,106 | 249,068 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Capital expenditures - utility | (163,714) | (516,895) | (592,243) | (672,849) | (381,626) |
Project development costs | (1,315) | (852) | (1,356) | (8,980) | (9,657) |
Cost of removal, net of salvage | (7,523) | (10,881) | (13,403) | (12,064) | (6,036) |
Other | (2,957) | (1,525) | (1,686) | (1,224) | (39) |
Net cash used in investing activities | (608,688) | (695,117) | (397,358) | ||
Net Cash Provided by (Used in) Investing Activities | (175,509) | (530,153) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Short-term debt borrowings | 126,500 | 248,000 | 298,000 | 388,850 | 105,000 |
Short-term debt repayments | (80,650) | (389,850) | (414,850) | (272,000) | (105,000) |
Long-term borrowings, net of discount | 404,633 | 347,662 | 387,662 | 753,350 | 128,358 |
Retirement of long-term debt and early tender premium | (408,152) | 0 | (40,000) | (552,179) | 0 |
Dividends on common stock | (75,476) | (86,443) | (122,959) | (69,487) | (78,400) |
Issuance of common stock | 0 | 134,276 | 134,276 | 214,366 | 0 |
Proceeds from Contributed Capital | 0 | 78,738 | 78,738 | 0 | 106,400 |
Dividends on preferred stock | (2,410) | (2,410) | (3,213) | (3,213) | (3,213) |
Deferred financing costs paid | (3,652) | (3,964) | (4,499) | (8,824) | (1,724) |
Payments for financed capital expenditures | (9,788) | (14,990) | (15,473) | (13,215) | 0 |
Other | (228) | (152) | (153) | (368) | (194) |
Net cash provided by financing activities | 297,529 | 437,280 | 151,227 | ||
Net Cash Provided by (Used in) Financing Activities | (49,223) | 310,867 | |||
Net change in cash and cash equivalents | (8,626) | 29,782 | 13,432 | (5,412) | 7,866 |
Cash and cash equivalents at beginning of period | 34,953 | 21,521 | 21,521 | 26,933 | 19,067 |
Cash and cash equivalents at end of period | 26,327 | 51,303 | 34,953 | 21,521 | 26,933 |
Cash paid during the period for: | |||||
Interest (net of amount capitalized) | 70,395 | 54,911 | 89,098 | 95,137 | 103,938 |
Income taxes | 47,100 | 24,700 | 28,800 | 0 | 0 |
Non-cash investing activities: | |||||
Accruals for capital expenditures | 33,184 | 37,357 | 36,249 | 79,553 | 37,293 |
Indianapolis Power And Light Company [Member] | |||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income | 105,468 | 121,993 | 156,445 | 101,921 | 109,528 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 156,103 | 166,031 | 214,169 | 199,551 | 186,614 |
Amortization of redemption premiums and expense on debt | 1,674 | 1,670 | 2,200 | 2,608 | 2,510 |
Amortization (deferral) of regulatory assets | 6,377 | (8,731) | 1,123 | ||
Amortization of debt premium | 103 | 60 | 40 | ||
Deferred income taxes and investment tax credit adjustments - net | (14,705) | (6,992) | 11,165 | 33,756 | 67,831 |
Allowance for equity funds used during construction | (19,576) | (20,125) | (27,140) | (14,996) | (7,136) |
Change in certain assets and liabilities: | |||||
Accounts receivable | 2,635 | (29,864) | (30,420) | 15,542 | 3,699 |
Fuel, materials and supplies | (4,626) | 31,705 | 33,434 | (18,372) | 5,094 |
Increase (Decrease) in Income Taxes Payable | 7,281 | 22,791 | |||
Income taxes receivable or payable | 3,821 | (2,544) | 1,171 | ||
Financial transmission rights | (788) | (3,279) | (243) | 2,086 | (1,947) |
Accounts payable and accrued expenses | (9,339) | (1,108) | 13,891 | (356) | (23,723) |
Accrued real estate and personal property taxes | 3,020 | 4,456 | 1,218 | (1,465) | (47) |
Accrued interest | 8,154 | 10,623 | 1,627 | 996 | 1,034 |
Pension and other postretirement benefit expenses | (15,828) | (23,573) | (16,595) | (15,730) | 2,785 |
Short-term and long-term regulatory assets and liabilities | 21,183 | (26,623) | (38,026) | (22,980) | (44,252) |
Prepaids and other current assets | 86 | (3,122) | (1,910) | (4,671) | (170) |
Other - net | (6,053) | 7,736 | 3,511 | 5,895 | 2,385 |
Net cash provided by operating activities | 331,427 | 269,962 | 304,029 | ||
Net Cash Provided by (Used in) Operating Activities | 234,689 | 252,319 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Capital expenditures - utility | (163,714) | (516,895) | (592,243) | (672,849) | (381,626) |
Project development costs | (1,315) | (852) | (1,356) | (8,980) | (9,657) |
Cost of removal, net of salvage | (7,523) | (10,881) | (13,403) | (12,064) | (6,036) |
Other | (3,402) | (1,542) | (1,703) | (1,224) | (56) |
Net cash used in investing activities | (608,705) | (695,117) | (397,375) | ||
Net Cash Provided by (Used in) Investing Activities | (175,954) | (530,170) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Short-term debt borrowings | 126,500 | 248,000 | 298,000 | 388,850 | 105,000 |
Short-term debt repayments | (80,650) | (389,850) | (414,850) | (272,000) | (105,000) |
Long-term borrowings, net of discount | 0 | 347,662 | 387,662 | 348,638 | 128,358 |
Retirement of long-term debt and early tender premium | (40,000) | (131,850) | 0 | ||
Dividends on common stock | (101,516) | (100,966) | (136,466) | (103,747) | (127,400) |
Dividends on preferred stock | (2,410) | (2,410) | (3,213) | (3,213) | (3,213) |
Proceeds from Contributions from Parent | 0 | 213,014 | 213,014 | 214,364 | 106,400 |
Payments for financed capital expenditures | (9,788) | (14,990) | (15,473) | (13,215) | 0 |
Other | (336) | (4,106) | (4,641) | (3,819) | (1,920) |
Net cash provided by financing activities | 284,033 | 424,008 | 102,225 | ||
Net Cash Provided by (Used in) Financing Activities | (68,200) | 296,354 | |||
Net change in cash and cash equivalents | (9,465) | 18,503 | 6,755 | (1,147) | 8,879 |
Cash and cash equivalents at beginning of period | 26,607 | 19,852 | 19,852 | 20,999 | |
Cash and cash equivalents at end of period | 17,142 | 38,355 | 26,607 | 19,852 | |
Cash paid during the period for: | |||||
Interest (net of amount capitalized) | 38,645 | 30,162 | 54,350 | 53,447 | 54,938 |
Income taxes | 60,250 | 47,200 | 57,900 | 25,000 | 0 |
Non-cash investing activities: | |||||
Accruals for capital expenditures | $ 33,184 | $ 37,357 | $ 36,249 | $ 79,553 | $ 37,293 |
Consolidated Statements Of Comm
Consolidated Statements Of Common Shareholders' Equity (Deficit) And Noncontrolling Interest - USD ($) $ in Thousands | Total | Paid In Capital [Member] | Accumulated Deficit [Member] | Cumulative Preferred Stock Of Subsidiary [Member] | Indianapolis Power And Light Company [Member] | Indianapolis Power And Light Company [Member]Corporate Stocks - Common [Member] | Indianapolis Power And Light Company [Member]Paid In Capital [Member] | Indianapolis Power And Light Company [Member]Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2013 | $ 47,774 | $ 61,468 | $ (13,694) | $ 59,784 | $ 839,061 | $ 324,537 | $ 63,173 | $ 451,351 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income applicable to common stock | 74,755 | 74,755 | 3,213 | 106,315 | ||||
Net income | 77,968 | 109,528 | 109,528 | |||||
Preferred stock dividends | (3,213) | (3,213) | (3,213) | |||||
Cash dividends declared on common stock | (127,400) | (127,400) | ||||||
Adjustments to Additional Paid in Capital Contributions from Parent | 106,400 | 106,400 | ||||||
Distributions to AES | (78,400) | (78,400) | ||||||
Proceeds from Contributed Capital | 106,400 | 106,400 | ||||||
Other | 742 | 742 | 733 | 733 | ||||
Ending Balance at Dec. 31, 2014 | 151,271 | 168,610 | (17,339) | 59,784 | 925,109 | 324,537 | 170,306 | 430,266 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Proceeds from Contributions from Parent | 106,400 | |||||||
Net income applicable to common stock | 56,311 | 56,311 | 3,213 | 98,708 | ||||
Net income | 59,524 | 101,921 | 101,921 | |||||
Preferred stock dividends | (3,213) | (3,213) | (3,213) | |||||
Cash dividends declared on common stock | (113,747) | (113,747) | ||||||
Adjustments to Additional Paid in Capital Contributions from Parent | 214,364 | 214,364 | ||||||
Distributions to AES | (69,487) | (69,487) | ||||||
Proceeds from Contributed Capital | 0 | |||||||
Issuance of common stock | 214,366 | 214,366 | ||||||
Other | 472 | 472 | 470 | 470 | ||||
Ending Balance at Dec. 31, 2015 | 352,933 | 383,448 | (30,515) | 59,784 | 1,124,904 | 324,537 | 385,140 | 415,227 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Proceeds from Contributions from Parent | 214,364 | |||||||
Net income applicable to common stock | 127,847 | 127,847 | 3,213 | 153,232 | ||||
Net income | 131,060 | 156,445 | 156,445 | |||||
Preferred stock dividends | (3,213) | (3,213) | (3,213) | |||||
Cash dividends declared on common stock | (133,466) | (133,466) | ||||||
Distributions to AES | (122,959) | (122,959) | ||||||
Proceeds from Contributed Capital | 78,738 | 78,738 | ||||||
Issuance of common stock | 134,276 | 134,276 | ||||||
Other | 348 | 348 | 346 | 346 | ||||
Ending Balance at Dec. 31, 2016 | $ 571,183 | $ 596,810 | $ (25,627) | $ 59,784 | 1,358,030 | $ 324,537 | 598,500 | $ 434,993 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Proceeds from Contributions from Parent | $ 213,014 | $ 213,014 |
Overview and Summary of Signifi
Overview and Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Overview and Summary of Significant Accounting Policies | OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES IPALCO is a holding company incorporated under the laws of the state of Indiana. IPALCO, acquired by AES in March 2001, is owned by AES U.S. Investments ( 82.35% ) and CDPQ ( 17.65% ). AES U.S. Investments is owned by AES U.S. Holdings, LLC ( 85% ) and CDPQ ( 15% ). IPALCO owns all of the outstanding common stock of IPL. Substantially all of IPALCO’s business consists of generating, transmitting, distributing and selling of electric energy conducted through its principal subsidiary, IPL. IPL was incorporated under the laws of the state of Indiana in 1926. IPL has approximately 490,000 retail customers in the city of Indianapolis and neighboring cities, towns and communities, and adjacent rural areas all within the state of Indiana, with the most distant point being approximately forty miles from Indianapolis. IPL has an exclusive right to provide electric service to those customers. IPL owns and operates four generating stations, all within the state of Indiana. IPL’s largest generating station, Petersburg, is coal-fired. The second largest station, Harding Street, has converted its coal-fired units to natural gas and uses natural gas and fuel oil to power combustion turbines. In addition, IPL began the operation of a 20 MW battery energy storage unit at this location in May 2016, which provides frequency response. The third station, Eagle Valley, retired its coal-fired units in April 2016. The CCGT at Eagle Valley is expected to be completed in the first half of 2018 with a rated output of 671 MW. The fourth station, Georgetown, is a small peaking station that uses natural gas to power combustion turbines. As of September 30, 2017 , IPL’s net electric generation capacity for winter is 2,996 MW and net summer capacity is 2,881 MW. Principles of Consolidation The accompanying Financial Statements include the accounts of IPALCO, IPL and Mid-America Capital Resources, Inc., a non-regulated wholly-owned subsidiary of IPALCO. All significant intercompany amounts have been eliminated. The accompanying Financial Statements are unaudited; however, they have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the SEC. Accordingly, they do not include all of the disclosures required by GAAP for annual fiscal reporting periods. In the opinion of management, all adjustments of a normal recurring nature necessary for fair presentation have been included. The electric utility business is affected by seasonal weather patterns throughout the year and, therefore, the operating revenues and associated operating expenses are not generated evenly by month during the year. These unaudited Financial Statements have been prepared in accordance with the accounting policies described in IPALCO’s 2016 Form 10-K and should be read in conjunction therewith. Use of Management Estimates The preparation of financial statements in conformity with GAAP requires that management make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The reported amounts of revenues and expenses during the reporting period may also be affected by the estimates and assumptions that management is required to make. Actual results may differ from those estimates. Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. New Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that had or may have a material impact on the Company’s Financial Statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on the Company’s Financial Statements. New Accounting Standards Adopted ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The standard simplifies the following aspects of accounting for share-based payments awards: accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities and classification of employee taxes paid on statement of cash flows when an employer withholds shares for tax-withholding purposes. Transition method: The recognition of excess tax benefits and tax deficiencies arising from vesting or settlement were applied retrospectively. The elimination of the requirement that excess tax benefits be realized before they are recognized was adopted on a modified retrospective basis with a cumulative adjustment to the opening balance sheet. January 1, 2017 The primary effect of adoption was the recognition of excess tax benefits in our provision for income taxes in the period when the awards vest or are settled, rather than in paid-in-capital in the period when the excess tax benefits are realized. We will continue to estimate the number of awards that are expected to vest in our determination of the related periodic compensation cost. The adoption of this standard did not have a material impact on the consolidated financial statements. New Accounting Standards Issued But Not Yet Effective ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities This standard shortens the period of amortization of the premium on certain callable debt securities to the earliest call date. Transition method: modified retrospective. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost This standard changes the presentation of non-service cost expense associated with defined benefit plans and updates the guidance so that only the service cost component will be eligible for capitalization. Transition method: Prospective for presentation of non-service cost expense. Retrospective for the change in capitalization. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements and does not plan to early adopt. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20) This standard clarifies the scope and application of ASC 610-20 on the sale, transfer, and derecognition of nonfinancial assets and in substance nonfinancial assets to non-customers, including partial sales. It also clarifies that the derecognition of business is under scope of ASC 810. Transition method: full or modified retrospective. The Company is in the process of identifying contracts that would not be completed as of January 1, 2018. Based on the assessment of contracts already executed as of September 30, 2017, the contracts that may require any type of assessment under the new standard is limited. January 1, 2018. Earlier application is permitted only as of January 1, 2017. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. The Company will adopt the standard on January 1, 2018 and plans to use the modified retrospective approach. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) This standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Transition method: retrospective. January 1, 2018 Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory This standard requires that an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Transition method: modified retrospective. January 1, 2018 Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-13, Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The standard updates the impairment model for financial assets measured at amortized cost to an expected loss model rather than an incurred loss model. It also allows for the presentation of credit losses on available-for-sale debt securities as an allowance rather than a write down. Transition method: various. January 1, 2020 Early adoption is permitted only as of January 1, 2019. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-02, Leases (Topic 842) This standard requires lesses to recognize assets and liabilities for most leases but recognize expenses in a manner similar to today's accounting. For Lessors, the guidance modifies the lease classification criteria and the accounting for sales-type and direct financing leases. The guidance also eliminates today’s real estate-specific provisions. Transition method: modified retrospective at the beginning of the earliest comparative period presented in the financial statements (January 1, 2017). The Company has established a task force focused on the identification of contracts that would be under the scope of the new standard and on the assessment and measurement of the right-of-use asset and related liability. The implementation team is in the process of evaluating changes to our business processes, systems and controls to support recognition and disclosure under the new standard. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. The Company intends to adopt the standard as of January 1, 2019. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-13, Revenue from Contracts with Customers (Topic 606) See discussion of this ASU below: January 1, 2018. Earlier application is permitted only as of January 1, 2017. The Company will adopt the standard on January 1, 2018; see below for the evaluation of the impact of its adoption on the consolidated financial statements. ASU 2014-09 and its subsequent corresponding updates provide the principles an entity must apply to measure and recognize revenue. The core principle is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Amendments to the standard were issued that provide further clarification of the principle and to provide certain transition expedients. The standard will replace most existing revenue recognition guidance in GAAP. In 2016, the Company established a cross-functional implementation team and is in the process of evaluating and implementing changes to our business processes, systems and controls to support recognition and disclosure under the new standard. At this time, we do not expect any significant impact on our financial systems or a material change to controls as a result of the implementation of the new revenue recognition standard. The Company is assessing the standard on a contract-by-contract basis and is in the process of completing the contract assessments by applying the interpretations issued during 2017 on key issues. These issues include the application of the practical expedient for measuring progress towards satisfaction of a performance obligation, when variable quantities would be considered variable consideration versus an option to acquire additional goods and services and how to allocate variable consideration to one or more, but not all, distinct goods or services promised in a series of distinct goods or services that forms part of a single performance obligation. Additionally, the Company is working on the application of the standard to contracts that are under the scope of Service Concession Arrangements (Topic 853) and assessing the gross versus net presentation for spot energy sale and purchases. Through this assessment to date, the Company has not identified any situations where revenue recognized under ASC 606 could differ from that recognized under ASC 605 or where the presentation of sales to and purchases from the spot markets will change. The Company will continue its work to complete the assessment of the full population of contracts and determine the overall impact to the consolidated financial statements. The standard requires retrospective application and allows either a full retrospective adoption in which all periods are presented under the new standard or a modified retrospective approach in which the cumulative effect of initially applying the guidance is recognized at the date of initial application. Although we had previously been working toward adopting the standard using the full retrospective method, given the limited situations we have thus far determined where revenue recognized under ASC 606 differs from that recognized under ASC 605, we now expect to use the modified retrospective approach. However, the Company will continue to assess this conclusion which is dependent on the final impact to the Financial Statements. We are continuing to work with various non-authoritative industry groups, and monitoring the FASB and Transition Resource Group activity, as we finalize our accounting policy on these and other industry specific interpretative issues, which is expected in 2017. | OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES IPALCO is a holding company incorporated under the laws of the state of Indiana. IPALCO, acquired by AES in March 2001, is owned by AES U.S. Investments ( 82.35% ) and CDPQ ( 17.65% ) (see Note 6, “ Equity – Equity Transactions ” for details). AES U.S. Investments is owned by AES U.S. Holdings, LLC ( 85% ) and CDPQ ( 15% ). IPALCO owns all of the outstanding common stock of IPL. Substantially all of IPALCO’s business consists of generating, transmitting, distributing and selling of electric energy conducted through its principal subsidiary, IPL. IPL was incorporated under the laws of the state of Indiana in 1926. IPL has approximately 490,000 retail customers in the city of Indianapolis and neighboring cities, towns and communities, and adjacent rural areas all within the state of Indiana, with the most distant point being approximately forty miles from Indianapolis. IPL has an exclusive right to provide electric service to those customers. IPL owns and operates four generating stations all within the state of Indiana. Our largest generating station, Petersburg, is coal-fired. The second largest station, Harding Street, has converted its coal-fired units to natural gas and uses natural gas and fuel oil to power combustion turbines; approximately 90 MW of old oil-fired units were retired at Harding Street in recent years. In addition, IPL began the operation of a 20 MW battery energy storage unit at this location in May 2016. The third station, Eagle Valley, retired its coal-fired units in April 2016 and several small oil-fired units prior to this date. The CCGT at Eagle Valley is expected to be completed in the first half of 2018 with a rated output of 671 MW. The fourth station, Georgetown, is a small peaking station that uses natural gas to power combustion turbines. IPL’s net electric generation capacity for winter is 2,993 MW and net summer capacity is 2,878 MW. IPALCO’s other direct subsidiary is Mid-America. Mid-America is the holding company for IPALCO’s unregulated activities, which have not been material to the financial statements in the periods covered by this report. IPALCO’s regulated business is conducted through IPL. IPALCO has two business segments: utility and nonutility. The utility segment consists of the operations of IPL and everything else is included in the nonutility segment. Principles of Consolidation IPALCO’s consolidated financial statements are prepared in accordance with GAAP and in conjunction with the rules and regulations of the SEC. The consolidated financial statements include the accounts of IPALCO, its regulated utility subsidiary, IPL, and its unregulated subsidiary, Mid-America. All intercompany items have been eliminated in consolidation. Certain costs for shared resources amongst IPL and IPALCO, such as labor and benefits, are allocated to each entity based on allocation methodologies that management believes to be reasonable. We have evaluated subsequent events through the date this report is issued. All income of Mid-America, as well as nonoperating income of IPL, are included below UTILITY OPERATING INCOME in the accompanying Consolidated Statements of Operations. Use of Management Estimates The preparation of financial statements in conformity with GAAP requires that management make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The reported amounts of revenues and expenses during the reporting period may also be affected by the estimates and assumptions management is required to make. Actual results may differ from those estimates. Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. See “Intangible Assets” below for additional information. Regulatory Accounting The retail utility operations of IPL are subject to the jurisdiction of the IURC. IPL’s wholesale power transactions are subject to the jurisdiction of the FERC. These agencies regulate IPL’s utility business operations, tariffs, accounting, depreciation allowances, services, issuances of securities and the sale and acquisition of utility properties. The financial statements of IPL are based on GAAP, including the provisions of FASB ASC 980 “Regulated Operations,” which gives recognition to the ratemaking and accounting practices of these agencies. See also Note 5, “Regulatory Assets and Liabilities” for a discussion of specific regulatory assets and liabilities. Revenues and Accounts Receivable Revenues related to the sale of energy are generally recognized when service is rendered or energy is delivered to customers. However, the determination of the energy sales to individual customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to certain customers since the date of the last meter reading are estimated and the corresponding unbilled revenue is accrued. In making its estimates of unbilled revenue, IPL uses complex models that consider various factors including daily generation volumes; known amounts of energy usage by nearly all residential, small commercial and industrial customers; estimated line losses; and estimated customer rates based on prior period billings. Given the use of these models, and that customers are billed on a monthly cycle, we believe it is unlikely that materially different results will occur in future periods when revenue is billed. At December 31, 2016 and 2015 , customer accounts receivable include unbilled energy revenues of $57.0 million and $42.1 million , respectively, on a base of annual revenue of $ 1.3 billion in 2016 and 2015 . An allowance for potential credit losses is maintained and amounts are written off when normal collection efforts have been exhausted. Our provision for doubtful accounts included in “Other operating expenses” on the accompanying Consolidated Statements of Operations was $4.1 million , $4.3 million and $ 4.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. IPL’s basic rates include a provision for fuel costs as established in IPL’s most recent rate proceeding, which last adjusted IPL’s rates in March 2016. IPL is permitted to recover actual costs of purchased power and fuel consumed, subject to certain restrictions. This is accomplished through quarterly FAC proceedings, in which IPL estimates the amount of fuel and purchased power costs in future periods. Through these proceedings, IPL is also permitted to recover, in future rates, underestimated fuel and purchased power costs from prior periods, subject to certain restrictions, and therefore the over or underestimated costs are deferred or accrued and amortized into fuel expense in the same period that IPL’s rates are adjusted. See also Note 2, “ Regulatory Matters ” for a discussion of other costs that IPL is permitted to recover through periodic rate adjustment proceedings and the status of current rate adjustment proceedings. In addition, we are one of many transmission system owner members of MISO, a regional transmission organization which maintains functional control over the combined transmission systems of its members and manages one of the largest energy markets in the U.S. In the MISO market, IPL offers its generation and bids its demand into the market on an hourly basis. MISO settles these hourly offers and bids based on locational marginal prices, which is pricing for energy at a given location based on a market clearing price that takes into account physical limitations, generation, and demand throughout the MISO region. MISO evaluates the market participants’ energy offers and demand bids to economically and reliably dispatch the entire MISO system. IPL accounts for these hourly offers and bids, on a net basis, in UTILITY OPERATING REVENUES when in a net selling position and in UTILITY OPERATING EXPENSES – Power purchased when in a net purchasing position. Contingencies IPALCO accrues for loss contingencies when the amount of the loss is probable and estimable. IPL is subject to various environmental regulations, and is involved in certain legal proceedings. If IPL’s actual environmental and/or legal obligations are different from our estimates, the recognition of the actual amounts may have a material impact on our results of operations, financial condition and cash flows; although that has not been the case during the periods covered by this report. As of December 31, 2016 and 2015 , total loss contingencies accrued were $11.6 million and $5.6 million , respectively, which were included in “Other Current Liabilities” on the accompanying Consolidated Balance Sheets. Concentrations of Risk Substantially all of IPL’s customers are located within the Indianapolis area. Approximately 66% of IPL’s full-time employees are covered by collective bargaining agreements in two bargaining units: a physical unit and a clerical-technical unit. IPL’s contract with the physical unit expires on December 10, 2018 , and the contract with the clerical-technical unit expires February 17, 2020 . Additionally, IPL has long-term coal contracts with three suppliers, with about 39% of our existing coal under contract for the three-year period ending December 31, 2019 coming from one supplier. Substantially all of the coal is currently mined in the state of Indiana. Allowance For Funds Used During Construction In accordance with the Uniform System of Accounts prescribed by FERC, IPL capitalizes an allowance for the net cost of funds (interest on borrowed funds and a reasonable rate of return on equity funds) used for construction purposes during the period of construction with a corresponding credit to income. For the Eagle Valley CCGT, Harding Street refueling projects, and NPDES projects, IPL capitalized amounts using a pretax composite rate of 7.1% , 7.3% and 7.6% during 2016, 2015 and 2014, respectively. For all other construction projects, IPL capitalized amounts using pretax composite rates of 7.2% , 8.1% and 8.3% during 2016 , 2015 and 2014 , respectively. Utility Plant and Depreciation Utility plant is stated at original cost as defined for regulatory purposes. The cost of additions to utility plant and replacements of retirement units of property are charged to plant accounts. Units of property replaced or abandoned in the ordinary course of business are retired from the plant accounts at cost; such amounts, less salvage, are charged to accumulated depreciation. Depreciation is computed by the straight-line method based on functional rates approved by the IURC and averaged 4.3% , 4.2% , and 4.1% during 2016 , 2015 and 2014 , respectively. Depreciation expense was $213.4 million , $198.8 million , and $185.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, which is net of depreciation expense that has been deferred as a regulatory asset. Derivatives We have only limited involvement with derivative financial instruments and do not use them for trading purposes. IPALCO accounts for its derivatives in accordance with ASC 815 “Derivatives and Hedging.” In addition, IPL has entered into contracts involving the physical delivery of energy and fuel. Because these contracts qualify for the normal purchases and normal sales scope exception in ASC 815, IPL has elected to account for them as accrual contracts, which are not adjusted for changes in fair value. Fuel, Materials and Supplies We maintain coal, fuel oil, materials and supplies inventories for use in the production of electricity. These inventories are accounted for at the lower of cost or market, using the average cost. Impairment of Long-lived Assets GAAP requires that we measure long-lived assets for impairment when indicators of impairment exist. If an asset is deemed to be impaired, we are required to write down the asset to its fair value with a charge to current earnings. The net book value of our utility plant assets was $3.9 billion and $3.4 billion as of December 31, 2016 and 2015 , respectively. We do not believe any of these assets are currently impaired. In making this assessment, we consider such factors as: the overall condition and generating and distribution capacity of the assets; the expected ability to recover additional expenditures in the assets; the anticipated demand and relative pricing of retail electricity in our service territory and wholesale electricity in the region; and the cost of fuel. Intangible Assets Intangible assets primarily include capitalized software of $91.7 million and $102.5 million and its corresponding amortization of $79.7 million and $92.5 million , as of December 31, 2016 and 2015, respectively, previously classified within utility plant that were reclassified to intangibles at the applicable year end. Amortization expense was $5.9 million , $5.2 million and $5.2 million for the years ended December 31, 2016, 2015 and 2014, respectively. The estimated amortization expense over the remaining useful life of this capitalized software is $12.0 million ( $5.9 million in 2017, $5.9 million in 2018 and $0.2 million in 2019). See “New Accounting Pronouncements – New Accounting Standards Adopted” below for additional information. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax bases. The Company establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company’s tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. The Company’s policy for interest and penalties is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. Income taxes payable which are includable in allowable costs for ratemaking purposes in future years are recorded as regulatory assets with a corresponding deferred tax liability. Investment tax credits that reduced federal income taxes in the years they arose have been deferred and are being amortized to income over the useful lives of the properties in accordance with regulatory treatment. Cash and Cash Equivalents Cash and cash equivalents are stated at cost, which approximates fair value. All highly liquid short-term investments with original maturities of three months or less are considered cash equivalents. Pension and Postretirement Benefits We recognize in our Consolidated Balance Sheets an asset or liability reflecting the funded status of pension and other postretirement plans with current-year changes in the funded status, that would otherwise be recognized in AOCI, recorded as a regulatory asset as this can be recovered through future rates. All plan assets are recorded at fair value. We follow the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. We account for and disclose pension and postretirement benefits in accordance with the provisions of GAAP relating to the accounting for pension and other postretirement plans. These GAAP provisions require the use of assumptions, such as the discount rate for liabilities and long-term rate of return on assets, in determining the obligations, annual cost and funding requirements of the plans. Effective January 1, 2016, we began applying a disaggregated discount rate approach for determining service cost and interest cost for our defined benefit pension plans and postretirement plans. This approach is consistent with the requirements of ASC 715 and is considered to be preferential to the aggregated single rate discount approach, which has historically been used in the U.S., because it is more consistent with the philosophy of a full yield curve valuation. The change in discount rate approach did not have an impact on the measurement of the benefit obligations at December 31, 2015, nor will it impact future remeasurements. This change in approach impacted the service cost and interest cost recorded in 2016 and will impact future years. It also impacted the actuarial gains and losses recorded in 2016 and will impact future years, as well as the amortization thereof. The 2016 service costs and interest costs included in Note 9, “ Benefit Plans ” reflect the change in methodology described above. The impact of the change in approach on service costs and interest costs in 2016 is shown below: $ in thousands 2016 Service Cost 2016 Interest Cost Disaggregated rate approach Aggregate rate approach Impact of change Disaggregated rate approach Aggregate rate approach Impact of change Pension $ 7,018 $ 7,382 $ (364 ) $ 25,815 $ 31,142 $ (5,327 ) Repair and Maintenance Costs Repair and maintenance costs are expensed as incurred. Per Share Data IPALCO is owned by AES U.S. Investments and CDPQ. IPALCO does not report earnings on a per-share basis. New Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that had and/or could have a material impact on the Company’s consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on the Company’s consolidated financial statements. New Accounting Standards Adopted ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2016-19, Technical Corrections and Improvements This standard clarifies that the license of internal-use software shall be accounted for as the acquisition of an intangible asset. Transition Method: retrospective. The adoption of the new guidance did not have an impact on net income, net assets or net equity. December 31, 2016 The license fees and capitalized costs of internal-use software of $102.5 million and its corresponding amortization of $92.5 million previously classified within utility plant were reclassified to intangible assets as of December 31, 2015. 2015-03, 2015-15, Interest - Imputation of Interest (Subtopic 835-30) These standards simplify the presentation of debt issuance costs by requiring that debt issuance costs related to a tranche of debt be presented on the balance sheet as a direct deduction from the carrying amount of that debt, consistent with debt discounts. Debt issuance costs related to a line-of-credit can still be presented as an asset and subsequently amortized over the term of the line-of-credit, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The recognition and measurement guidance for debt issuance costs are not affected by the standard. Transition method: retrospective. January 1, 2016 Deferred financing costs of approximately $20.8 million previously classified within Deferred Debits were reclassified to reduce the related debt liabilities as of December 31, 2015. 2015-02, Consolidation - Amendments to the Consolidation Analysis (Topic 810) The standard makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the VIE guidance. The standard amends the evaluation of whether (1) fees paid to a decision-maker or service providers represent a variable interest, (2) a limited partnership or similar entity has the characteristics of a VIE and (3) a reporting entity is the primary beneficiary of a VIE. Transition method: retrospective. January 1, 2016 There were no changes to the consolidation conclusions. 2014 -15, Presentation of Financial Statements - Going Concern (Subtopic 205-40: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern This standard requires management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. There are required disclosures if substantial doubt is identified including documentation of principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans), management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. December 31, 2016 The Company adopted this standard and it had no impact on its consolidated financial statements. New Accounting Standards Issued But Not Yet Effective ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment This standard simplifies the accounting for goodwill impairment by removing the requirement to calculate the implied fair value. Instead, it requires that an entity records an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. Transition method: retrospective. January 1, 2020. Early adoption is permitted as of January 1, 2017. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business This standard provides guidance to assist the entities with evaluating when a set of transferred assets and activities is a business. Transition method: prospective. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-18, Statement of Cash Flows (Topic 320): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) This standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Transition method: retrospective. January 1, 2018 Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory This standard requires that an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Transition method: modified retrospective. January 1, 2018 Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) This standard provides specific guidance on how certain cash transactions are presented and classified in the statement of cash flows. Transition method: retrospective. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard, but does not anticipate a material impact on its consolidated financial statements. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The standard updates the impairment model for financial assets measured at amortized cost to an expected loss model rather than an incurred loss model. It also allows for the presentation of credit losses on available-for-sale debt securities as an allowance rather than a write down. Transition method: various. January 1, 2020 Early adoption is permitted only as of January 1, 2019. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The standard simplifies the following aspects of accounting for share-based payment awards: accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities and classification of employee taxes paid on statement of cash flows when an employer withholds shares for tax-withholding purposes. Transition method: The recording of excess tax benefits and tax deficiencies arising from vesting or settlement will be applied prospectively. The elimination of the requirement that excess tax benefits be realized before they are recognized will be adopted on a modified retrospective basis with a cumulative adjustment to the opening balance sheet. January 1, 2017 The primary effect of adoption will be the recognition of excess tax benefits in our provision for income taxes in the period when the awards vest or are settled, rather than in paid-in- capital in the period when the excess tax benefits are realized. We will continue to estimate the number of awards that are expected to vest in our determination of the related periodic compensation cost. 2016-02, Leases (Topic 842) The standard creates Topic 842, Leases, which supersedes Topic 840, Leases. It introduces a lessee model that brings substantially all leases onto the balance sheet while retaining most of the principles of the existing lessor model in U.S. GAAP and aligning many of those principles with ASC 606, Revenue from Contracts with Customers. Transition method: modified retrospective approach with certain practical expedients. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. The Company intends to adopt the standard as of January 1, 2019. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12, 2016-20 Revenue from Contracts with Customers (Topic 606) See discussion of the ASU below: January 1, 2018. Earlier application is permitted only as of January 1, 2017. The Company will adopt the standard on January 1, 2018; see below for the evaluation of the impact of its adoption on the consolidated financial statements. ASU 2014-09 and its subsequent corresponding updates provide the principles an entity must apply to measure and recognize revenue. The core principle is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Amendments to the standard were issued that provide further clarification of the principle and to provide certain transition expedients. The standard will replace most existing revenue recognition guidance in GAAP, including the guidance on recognizing other income upon the sale or transfer of non-financial assets (including in-substance real estate). The standard requires retrospective application and allows either a full retrospective adoption in which all of the periods are presented under the new standard or a modified retrospective approach in which the cumulative effect of initially applying the guidance is recognized at the date of initial application. We are currently working towards adopting the standard using the full retrospective method. However, the Company will continue to assess this conclusion which is dependent on the final impact to the financial statements. In 2016, the Company established a cross-functional implementation team and is in the process of evaluating changes to our business processes, systems and controls to support recognition and disclosure under the new standard. The Company is currently evaluating certain contracts along with our tariff revenue and certain revenue arrangements with MISO (i.e., capacity and wholesale agreements). The Company expects additional contracts to be executed during 2017 that will require assessment under the new standard. Through this assessment, the Company has identified certain key issues that we are continuing to evaluate in order to complete our assessment of the full population of contracts and be able to assess the overall impact to the financial statements. These issues include: the application of the practical expedient for measuring progress toward satisfaction of a performance obligation, when variable quantities would be considered variable consideration versus an option to acquire additional goods and services, and how to measure progress toward completion for a performance obligation that is a bundle. We are continuing to work with various non-authoritative industry groups, and monitoring the FASB and Transition Resource Group (TRG) activity, as we finalize our accounting policy on these and other industry specific interpretative issues which are expected in 2017. |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Overview and Summary of Significant Accounting Policies | OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES IPL (“the Company”) was incorporated under the laws of the state of Indiana in 1926. All of the outstanding common stock of IPL is owned by IPALCO. IPALCO, acquired by AES in March 2001, is owned by AES U.S. Investments and CDPQ. IPL is engaged primarily in generating, transmitting, distributing and selling of electric energy to approximately 490,000 retail customers in the city of Indianapolis and neighboring cities, towns and communities, and adjacent rural areas all within the state of Indiana, with the most distant point being approximately forty miles from Indianapolis. IPL has an exclusive right to provide electric service to those customers. IPL owns and operates four generating stations, all within the state of Indiana. IPL’s largest generating station, Petersburg, is coal-fired. The second largest station, Harding Street, has converted its coal-fired units to natural gas and uses natural gas and fuel oil to power combustion turbines. In addition, IPL began the operation of a 20 MW battery energy storage unit at this location in May 2016, which provides frequency response. The third station, Eagle Valley, retired its coal-fired units in April 2016. The CCGT at Eagle Valley is expected to be completed in the first half of 2018 with a rated output of 671 MW. The fourth station, Georgetown, is a small peaking station that uses natural gas to power combustion turbines. As of September 30, 2017, IPL’s net electric generation capacity for winter is 2,996 MW and net summer capacity is 2,881 MW. Principles of Consolidation The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of IPL and its unregulated subsidiary, IPL Funding. All significant intercompany amounts have been eliminated. The accompanying financial statements are unaudited; however, they have been prepared in accordance with GAAP for interim financial information. Accordingly, they do not include all of the disclosures required by GAAP for annual fiscal reporting periods. In the opinion of management, all adjustments of a normal recurring nature necessary for fair presentation have been included. The electric utility business is affected by seasonal weather patterns throughout the year and, therefore, the operating revenues and associated operating expenses are not generated evenly by month during the year. These unaudited financial statements have been prepared in accordance with the accounting policies described in IPL’s consolidated financial statements included in IPALCO’s Annual Report on Form 10-K for the year ended December 31, 2016 and should be read in conjunction therewith. We have evaluated subsequent events through November 1, 2017, the date of this report. Use of Management Estimates The preparation of financial statements in conformity with GAAP requires that management make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The reported amounts of revenues and expenses during the reporting period may also be affected by the estimates and assumptions that management is required to make. Actual results may differ from those estimates. Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. New Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that had or may have a material impact on IPL’s consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on the Company’s consolidated financial statements. New Accounting Standards Adopted ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The standard simplifies the following aspects of accounting for share-based payments awards: accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities and classification of employee taxes paid on statement of cash flows when an employer withholds shares for tax-withholding purposes. Transition method: The recognition of excess tax benefits and tax deficiencies arising from vesting or settlement were applied retrospectively. The elimination of the requirement that excess tax benefits be realized before they are recognized was adopted on a modified retrospective basis with a cumulative adjustment to the opening balance sheet. January 1, 2017 The primary effect of adoption was the recognition of excess tax benefits in our provision for income taxes in the period when the awards vest or are settled, rather than in paid-in-capital in the period when the excess tax benefits are realized. We will continue to estimate the number of awards that are expected to vest in our determination of the related periodic compensation cost. The adoption of this standard did not have a material impact on the consolidated financial statements. New Accounting Standards Issued But Not Yet Effective ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities This standard shortens the period of amortization of the premium on certain callable debt securities to the earliest call date. Transition method: modified retrospective. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost This standard changes the presentation of non-service cost expense associated with defined benefit plans and updates the guidance so that only the service cost component will be eligible for capitalization. Transition method: Prospective for presentation of non-service cost expense. Retrospective for the change in capitalization. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements and does not plan to early adopt. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20) This standard clarifies the scope and application of ASC 610-20 on the sale, transfer, and derecognition of nonfinancial assets and in substance nonfinancial assets to non-customers, including partial sales. It also clarifies that the derecognition of business is under scope of ASC 810. Transition method: full or modified retrospective. The Company is in the process of identifying contracts that would not be completed as of January 1, 2018. Based on the assessment of contracts already executed as of September 30, 2017, the contracts that may require any type of assessment under the new standard is limited. January 1, 2018. Earlier application is permitted only as of January 1, 2017. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. The Company will adopt the standard on January 1, 2018 and plans to use the modified retrospective approach. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) This standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Transition method: retrospective. January 1, 2018 Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory This standard requires that an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Transition method: modified retrospective. January 1, 2018 Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-13, Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The standard updates the impairment model for financial assets measured at amortized cost to an expected loss model rather than an incurred loss model. It also allows for the presentation of credit losses on available-for-sale debt securities as an allowance rather than a write down. Transition method: various. January 1, 2020 Early adoption is permitted only as of January 1, 2019. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-02, Leases (Topic 842) This standard requires lessees to recognize assets and liabilities for most leases but recognize expenses in a manner similar to today's accounting. For Lessors, the guidance modifies the lease classification criteria and the accounting for sales-type and direct financing leases. The guidance also eliminates today's real estate-specific provisions. Transition method: modified retrospective at the beginning of the earliest comparative period presented in the financial statements (January 1, 2017). The Company has established a task force focused on the identification of contracts that would be under the scope of the new standard and on the assessment and measurement of the right-of-use asset and related liability. The implementation team is in the process of evaluating changes to our business processes, systems and controls to support recognition and disclosure under the new standard. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. The Company intends to adopt the standard as of January 1, 2019. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-13, Revenue from Contracts with Customers (Topic 606) See discussion of this ASU below: January 1, 2018. Earlier application is permitted only as of January 1, 2017. The Company will adopt the standard on January 1, 2018; see below for the evaluation of the impact of its adoption on the consolidated financial statements. ASU 2014-09 and its subsequent corresponding updates provide the principles an entity must apply to measure and recognize revenue. The core principle is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Amendments to the standard were issued that provide further clarification of the principle and to provide certain transition expedients. The standard will replace most existing revenue recognition guidance in GAAP. In 2016, the Company established a cross-functional implementation team and is in the process of evaluating and implementing changes to our business processes, systems and controls to support recognition and disclosure under the new standard. At this time, we do not expect any significant impact on our financial systems or a material change to controls as a result of the implementation of the new revenue recognition standard. The Company is assessing the standard on a contract-by-contract basis and is in the process of completing the contract assessments by applying the interpretations issued during 2017 on key issues. These issues include the application of the practical expedient for measuring progress towards satisfaction of a performance obligation, when variable quantities would be considered variable consideration versus an option to acquire additional goods and services and how to allocate variable consideration to one or more, but not all, distinct goods or services promised in a series of distinct goods or services that forms part of a single performance obligation. Additionally, the Company is working on the application of the standard to contracts that are under the scope of Service Concession Arrangements (Topic 853) and assessing the gross versus net presentation for spot energy sale and purchases. Through this assessment to date, the Company has not identified any situations where revenue recognized under ASC 606 could differ from that recognized under ASC 605 or where the presentation of sales to and purchases from the spot markets will change. The Company will continue its work to complete the assessment of the full population of contracts and determine the overall impact to the consolidated financial statements. The standard requires retrospective application and allows either a full retrospective adoption in which all periods are presented under the new standard or a modified retrospective approach in which the cumulative effect of initially applying the guidance is recognized at the date of initial application. Although we had previously been working toward adopting the standard using the full retrospective method, given the limited situations we have thus far determined where revenue recognized under ASC 606 differs from that recognized under ASC 605, we now expect to use the modified retrospective approach. However, the Company will continue to assess this conclusion which is dependent on the final impact to the financial statements. We are continuing to work with various non-authoritative industry groups, and monitoring the FASB and Transition Resource Group activity, as we finalize our accounting policy on these and other industry specific interpretative issues, which is expected in 2017. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES IPL was incorporated under the laws of the state of Indiana in 1926. All of the outstanding common stock of IPL is owned by IPALCO. IPALCO, acquired by AES in March 2001, is owned by AES U.S. Investments and CDPQ. AES U.S. Investments is owned by AES ( 85% ) and CDPQ ( 15% ). IPL is engaged primarily in generating, transmitting, distributing and selling of electric energy to approximately 490,000 retail customers in the city of Indianapolis and neighboring cities, towns and communities, and adjacent rural areas all within the state of Indiana, with the most distant point being approximately forty miles from Indianapolis. IPL has an exclusive right to provide electric service to those customers. IPL owns and operates four generating stations all within the state of Indiana. Our largest generating station, Petersburg, is coal-fired. The second largest station, Harding Street, has converted its coal-fired units to natural gas and uses natural gas and fuel oil to power combustion turbines; approximately 90 MW of old oil-fired units were retired at Harding Street in recent years. In addition, IPL began the operation of a 20 MW battery energy storage unit at this location in May 2016. The third station, Eagle Valley, retired its coal-fired units in April 2016 and several small oil-fired units prior to this date. The CCGT at Eagle Valley is expected to be completed in the first half of 2018 with a rated output of 671 MW. The fourth station, Georgetown, is a small peaking station that uses natural gas to power combustion turbines. IPL’s net electric generation capacity for winter is 2,993 MW and net summer capacity is 2,878 MW. IPL Funding is a special-purpose entity and a wholly-owned subsidiary of IPL and is included in the audited consolidated financial statements of IPL. IPL formed IPL Funding in 1996 to sell, on a revolving basis, up to $50 million of the retail accounts receivable and related collections of IPL to third-party purchasers in exchange for cash. This program was terminated in October 2015 (see Note 7, “ Debt – Accounts Receivable Securitization ” for additional details). Principles of Consolidation IPL’s consolidated financial statements are prepared in accordance with GAAP and in conjunction with the rules and regulations of the SEC. The consolidated financial statements include the accounts of IPL and its unregulated subsidiary, IPL Funding. All intercompany items have been eliminated in consolidation. Certain costs for shared resources amongst IPL and IPALCO, such as labor and benefits, are allocated to each entity based on allocation methodologies that management believes to be reasonable. We have evaluated subsequent events through the date this report is issued. Use of Management Estimates The preparation of financial statements in conformity with GAAP requires that management make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The reported amounts of revenues and expenses during the reporting period may also be affected by the estimates and assumptions management is required to make. Actual results may differ from those estimates. Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. See “Intangible Assets” below for additional information. Regulatory Accounting The retail utility operations of IPL are subject to the jurisdiction of the IURC. IPL’s wholesale power transactions are subject to the jurisdiction of the FERC. These agencies regulate IPL’s utility business operations, tariffs, accounting, depreciation allowances, services, issuances of securities and the sale and acquisition of utility properties. The financial statements of IPL are based on GAAP, including the provisions of FASB ASC 980 “Regulated Operations,” which gives recognition to the ratemaking and accounting practices of these agencies. See also Note 5, “Regulatory Assets and Liabilities” for a discussion of specific regulatory assets and liabilities. Revenues and Accounts Receivable Revenues related to the sale of energy are generally recognized when service is rendered or energy is delivered to customers. However, the determination of the energy sales to individual customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to certain customers since the date of the last meter reading are estimated and the corresponding unbilled revenue is accrued. In making its estimates of unbilled revenue, IPL uses complex models that consider various factors including daily generation volumes; known amounts of energy usage by nearly all residential, small commercial and industrial customers; estimated line losses; and estimated customer rates based on prior period billings. Given the use of these models, and that customers are billed on a monthly cycle, we believe it is unlikely that materially different results will occur in future periods when revenue is billed. At December 31, 2016 and 2015 , customer accounts receivable include unbilled energy revenues of $57.0 million and $42.1 million , respectively, on a base of annual revenue of $1.3 billion in 2016 and 2015 . An allowance for potential credit losses is maintained and amounts are written off when normal collection efforts have been exhausted. Our provision for doubtful accounts included in “ Other operating expenses” on the accompanying Consolidated Statements of Operations was $4.1 million , $4.3 million and $4.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. IPL’s basic rates include a provision for fuel costs as established in IPL’s most recent rate proceeding, which last adjusted IPL’s rates in March 2016. IPL is permitted to recover actual costs of purchased power and fuel consumed, subject to certain restrictions. This is accomplished through quarterly FAC proceedings, in which IPL estimates the amount of fuel and purchased power costs in future periods. Through these proceedings, IPL is also permitted to recover, in future rates, underestimated fuel and purchased power costs from prior periods, subject to certain restrictions, and therefore the over or underestimated costs are deferred or accrued and amortized into fuel expense in the same period that IPL’s rates are adjusted. See also Note 2, “ Regulatory Matters ” for a discussion of other costs that IPL is permitted to recover through periodic rate adjustment proceedings and the status of current rate adjustment proceedings. In addition, we are one of many transmission system owner members of MISO, a regional transmission organization which maintains functional control over the combined transmission systems of its members and manages one of the largest energy markets in the U.S. In the MISO market, IPL offers its generation and bids its demand into the market on an hourly basis. MISO settles these hourly offers and bids based on locational marginal prices, which is pricing for energy at a given location based on a market clearing price that takes into account physical limitations, generation, and demand throughout the MISO region. MISO evaluates the market participants’ energy offers and demand bids to economically and reliably dispatch the entire MISO system. IPL accounts for these hourly offers and bids, on a net basis, in OPERATING REVENUES when in a net selling position and in OPERATING EXPENSES – Power purchased when in a net purchasing position. Contingencies IPL accrues for loss contingencies when the amount of the loss is probable and estimable. IPL is subject to various environmental regulations, and is involved in certain legal proceedings. If IPL’s actual environmental and/or legal obligations are different from our estimates, the recognition of the actual amounts may have a material impact on our results of operations, financial condition and cash flows; although that has not been the case during the periods covered by this report. As of December 31, 2016 and 2015 , total loss contingencies accrued were $11.6 million and $5.6 million , respectively, which were included in “ Other Current Liabilities” on the accompanying Consolidated Balance Sheets. Concentrations of Risk Substantially all of IPL’s customers are located within the Indianapolis area. Approximately 66% of IPL’s full-time employees are covered by collective bargaining agreements in two bargaining units: a physical unit and a clerical-technical unit. IPL’s contract with the physical unit expires on December 10, 2018 , and the contract with the clerical-technical unit expires February 17, 2020 . Additionally, IPL has long-term coal contracts with three suppliers, with about 39% of our existing coal under contract for the three-year period ending December 31, 2019 coming from one supplier. Substantially all of the coal is currently mined in the state of Indiana. Allowance For Funds Used During Construction In accordance with the Uniform System of Accounts prescribed by FERC, IPL capitalizes an allowance for the net cost of funds (interest on borrowed funds and a reasonable rate of return on equity funds) used for construction purposes during the period of construction with a corresponding credit to income. For the Eagle Valley CCGT, Harding Street refueling projects, and NPDES projects, IPL capitalized amounts using a pretax composite rate of 7.1% , 7.3% and 7.6% during 2016, 2015 and 2014, respectively. For all other construction projects, IPL capitalized amounts using pretax composite rates of 7.2% , 8.1% and 8.3% during 2016 , 2015 and 2014 , respectively. Utility Plant and Depreciation Utility plant is stated at original cost as defined for regulatory purposes. The cost of additions to utility plant and replacements of retirement units of property are charged to plant accounts. Units of property replaced or abandoned in the ordinary course of business are retired from the plant accounts at cost; such amounts, less salvage, are charged to accumulated depreciation. Depreciation is computed by the straight-line method based on functional rates approved by the IURC and averaged 4.3% , 4.2% , and 4.1% during 2016 , 2015 and 2014 , respectively. Depreciation expense was $213.4 million , $198.8 million , and $185.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, which is net of depreciation expense that has been deferred as a regulatory asset. Derivatives We have only limited involvement with derivative financial instruments and do not use them for trading purposes. IPL accounts for its derivatives in accordance with ASC 815 “Derivatives and Hedging.” In addition, IPL has entered into contracts involving the physical delivery of energy and fuel. Because these contracts qualify for the normal purchases and normal sales scope exception in ASC 815, IPL has elected to account for them as accrual contracts, which are not adjusted for changes in fair value. Fuel, Materials and Supplies We maintain coal, fuel oil, materials and supplies inventories for use in the production of electricity. These inventories are accounted for at the lower of cost or market, using the average cost. Impairment of Long-lived Assets GAAP requires that we measure long-lived assets for impairment when indicators of impairment exist. If an asset is deemed to be impaired, we are required to write down the asset to its fair value with a charge to current earnings. The net book value of our utility plant assets was $3.9 billion and $3.4 billion as of December 31, 2016 and 2015 , respectively. We do not believe any of these assets are currently impaired. In making this assessment, we consider such factors as: the overall condition and generating and distribution capacity of the assets; the expected ability to recover additional expenditures in the assets; the anticipated demand and relative pricing of retail electricity in our service territory and wholesale electricity in the region; and the cost of fuel. Intangible Assets Intangible assets primarily include capitalized software of $91.7 million and $102.5 million and its corresponding amortization of $79.7 million and $92.5 million , as of December 31, 2016 and 2015, respectively, previously classified within utility plant that were reclassified to intangibles at the applicable year end. Amortization expense was $5.9 million , $5.2 million and $5.2 million for the years ended December 31, 2016, 2015 and 2014, respectively. The estimated amortization expense over the remaining useful life of this capitalized software is $12.0 million ( $5.9 million in 2017, $5.9 million in 2018 and $0.2 million in 2019). See “New Accounting Pronouncements – New Accounting Standards Adopted” below for additional information. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax bases. The Company establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company’s tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. The Company’s policy for interest and penalties is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. Income taxes payable which are includable in allowable costs for ratemaking purposes in future years are recorded as regulatory assets with a corresponding deferred tax liability. Investment tax credits that reduced federal income taxes in the years they arose have been deferred and are being amortized to income over the useful lives of the properties in accordance with regulatory treatment. Cash and Cash Equivalents Cash and cash equivalents are stated at cost, which approximates fair value. All highly liquid short-term investments with original maturities of three months or less are considered cash equivalents. Pension and Postretirement Benefits We recognize in our Consolidated Balance Sheets an asset or liability reflecting the funded status of pension and other postretirement plans with current-year changes in the funded status, that would otherwise be recognized in AOCI, recorded as a regulatory asset as this can be recovered through future rates. All plan assets are recorded at fair value. We follow the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. We account for and disclose pension and postretirement benefits in accordance with the provisions of GAAP relating to the accounting for pension and other postretirement plans. These GAAP provisions require the use of assumptions, such as the discount rate for liabilities and long-term rate of return on assets, in determining the obligations, annual cost and funding requirements of the plans. Effective January 1, 2016, we began applying a disaggregated discount rate approach for determining service cost and interest cost for our defined benefit pension plans and postretirement plans. This approach is consistent with the requirements of ASC 715 and is considered to be preferential to the aggregated single rate discount approach, which has historically been used in the U.S., because it is more consistent with the philosophy of a full yield curve valuation. The change in discount rate approach did not have an impact on the measurement of the benefit obligations at December 31, 2015, nor will it impact future remeasurements. This change in approach impacted the service cost and interest cost recorded in 2016 and will impact future years. It also impacted the actuarial gains and losses recorded in 2016 and will impact future years, as well as the amortization thereof. The 2016 service costs and interest costs included in Note 9, “ Benefit Plans ” reflect the change in methodology described above. The impact of the change in approach on service costs and interest costs in 2016 is shown below: $ in thousands 2016 Service Cost 2016 Interest Cost Disaggregated rate approach Aggregate rate approach Impact of change Disaggregated rate approach Aggregate rate approach Impact of change Pension $ 7,018 $ 7,382 $ (364 ) $ 25,815 $ 31,142 $ (5,327 ) Repair and Maintenance Costs Repair and maintenance costs are expensed as incurred. Per Share Data IPALCO owns all of the outstanding common stock of IPL. IPL does not report earnings on a per-share basis. New Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that had and/or could have a material impact on IPL’s consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on IPL’s consolidated financial statements. New Accounting Standards Adopted ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2016-19, Technical Corrections and Improvements This standard clarifies that the license of internal-use software shall be accounted for as the acquisition of an intangible asset. Transition Method: retrospective. The adoption of the new guidance did not have an impact on net income, net assets or net equity. December 31, 2016 The license fees and capitalized costs of internal-use software of $102.5 million and its corresponding amortization of $92.5 million previously classified within utility plant were reclassified to intangible assets as of December 31, 2015. 2015-03, 2015-15, Interest - Imputation of Interest (Subtopic 835-30) These standards simplify the presentation of debt issuance costs by requiring that debt issuance costs related to a tranche of debt be presented on the balance sheet as a direct deduction from the carrying amount of that debt, consistent with debt discounts. Debt issuance costs related to a line-of-credit can still be presented as an asset and subsequently amortized over the term of the line-of-credit, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The recognition and measurement guidance for debt issuance costs are not affected by the standard. Transition method: retrospective. January 1, 2016 Deferred financing costs of approximately $13.9 million previously classified within Deferred Debits were reclassified to reduce the related debt liabilities as of December 31, 2015. 2015-02, Consolidation - Amendments to the Consolidation Analysis (Topic 810) The standard makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the VIE guidance. The standard amends the evaluation of whether (1) fees paid to a decision-maker or service providers represent a variable interest, (2) a limited partnership or similar entity has the characteristics of a VIE and (3) a reporting entity is the primary beneficiary of a VIE. Transition method: retrospective. January 1, 2016 There were no changes to the consolidation conclusions. 2014 -15, Presentation of Financial Statements - Going Concern (Subtopic 205-40: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern This standard requires management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. There are required disclosures if substantial doubt is identified including documentation of principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans), management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. December 31, 2016 IPL adopted this standard and it had no impact on its consolidated financial statements. New Accounting Standards Issued But Not Yet Effective ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment This standard simplifies the accounting for goodwill impairment by removing the requirement to calculate the implied fair value. Instead, it requires that an entity records an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. Transition method: retrospective. January 1, 2020. Early adoption is permitted as of January 1, 2017. IPL is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business This standard provides guidance to assist the entities with evaluating when a set of transferred assets and activities is a business. Transition method: prospective. January 1, 2018. Early adoption is permitted. IPL is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-18, Statement of Cash Flows (Topic 320): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) This standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Transition method: retrospective. January 1, 2018 Early adoption is permitted. IPL is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory This standard requires that an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Transition method: modified retrospective. January 1, 2018 Early adoption is permitted. IPL is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) This standard provides specific guidance on how certain cash transactions are presented and classified in the statement of cash flows. Transition method: retrospective. January 1, 2018. Early adoption is permitted. IPL is currently evaluating the impact of adopting the standard, but does not anticipate a material impact on its consolidated financial statements. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The standard updates the impairment model for financial assets measured at amortized cost to an expected loss model rather than an incurred loss model. It also allows for the presentation of credit losses on available-for-sale debt securities as an allowance rather than a write down. Transition method: various. January 1, 2020 Early adoption is permitted only as of January 1, 2019. IPL is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The standard simplifies the following aspects of accounting for share-based payment awards: accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities and classification of employee taxes paid on statement of cash flows when an employer withholds shares for tax-withholding purposes. Transition method: The recording of excess tax benefits and tax deficiencies arising from vesting or settlement will be applied prospectively. The elimination of the requirement that excess tax benefits be realized before they are recognized will be adopted on a modified retrospective basis with a cumulative adjustment to the opening balance sheet. January 1, 2017 The primary effect of adoption will be the recognition of excess tax benefits in our provision for income taxes in the period when the awards vest or are settled, rather than in paid-in- capital in the period when the excess tax benefits are realized. We will continue to estimate the number of awards that are expected to vest in our determination of the related periodic compensation cost. 2016-02, Leases (Topic 842) The standard creates Topic 842, Leases, which supersedes Topic 840, Leases. It introduces a lessee model that brings substantially all leases onto the balance sheet while retaining most of the principles of the existing lessor model in U.S. GAAP and aligning many of those principles with ASC 606, Revenue from Contracts with Customers. Transition method: modified retrospective approach with certain practical expedients. January 1, 2019. Early adoption is permitted. IPL is currently evaluating the impact of adopting the standard on its consolidated financial statements. The Company intends to adopt the standard as of January 1, 2019. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12, 2016-20 Revenue from Contracts with Customers (Topic 606) See discussion of the ASU below: January 1, 2018. Earlier application is permitted only as of January 1, 2017. The Company will adopt the standard on January 1, 2018; see below for the evaluation of the impact of its adoption on the consolidated financial statements. ASU 2014-09 and its subsequent corresponding updates provide the principles an entity must apply to measure and recognize revenue. The core principle is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Amendments to the standard were issued that provide further clarification of the principle and to provide certain transition expedients. The standard will replace most existing revenue recognition guidance in GAAP, including the guidance on recognizing other income upon the sale or transfer of non-financial assets (including in-substance real estate). The standard requires retrospective application and allows either a full retrospective adoption in which all of the periods are presented under the new standard or a modified retrospective approach in which the cumulative effect of initially applying the guidance is recognized at the date of initial application. We are currently working towards adopting the standard using the full retrospective method. However, IPL will continue to assess this conclusion which is dependent on the final impact to the financial statements. In 2016, IPL established a cross-functional implementation team and is in the process of evaluating changes to our business processes, systems and controls to support recognition and disclosure under the new standard. IPL is currently evaluating certain contracts along with our tariff revenue and certain revenue arrangements with MISO (i.e., capacity and wholesale agreements). IPL expects additional contracts to be executed during 2017 that will require assessment under the new standard. Through this assessment, IPL has identified certain key issues that we are continuing to evaluate in order to complete our assessment of the full population of contracts and be able to assess the overall impact to the financial statements. These issues include: the application of the practical expedient for measuring progress toward satisfaction of a performance obligation, when variable quantities would be considered variable consideration versus an option to acquire additional goods and services, and how to measure progress toward completion for a performance obligation that is a bundle. We are continuing to work with various non-authoritative industry groups, and monitoring the FASB and Transition Resource Group (TRG) activity, as we finalize our accounting policy on these and other industry specific interpretative issues which are expected in 2017. |
Regulatory Matters
Regulatory Matters | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Regulatory Assets and Liabilities | REGULATORY MATTERS Basic Rates and Charges In March 2016, the IURC issued the 2016 Rate Order authorizing IPL to increase its basic rates and charges by $30.8 million annually. The order also authorized IPL to collect, over a ten year period, $117.7 million of previously deferred regulatory assets related to IPL’s participation in the regional transmission organization known as MISO. Such deferred costs are amortized to expense over ten years. Accordingly, $11.8 million of IPL’s long-term MISO regulatory asset is included within current regulatory assets on the accompanying Unaudited Condensed Consolidated Balance Sheets. The rate order also authorized an increase in IPL’s depreciation rates of $24.3 million annually compared to the twelve months ended June 30, 2014, which is the period upon which the rate increase was calculated. IPL also received approval to implement three new rate riders for current recovery from customers of ongoing MISO costs and capacity costs, and for sharing with customers 50% of wholesale sales margins above and below the established annual benchmark of $6.3 million . Additionally, the capacity rider provides that IPL will share with customers 50% of any capacity sales. The order approved recovery of IPL’s pension expenses and a return on IPL’s discretionary pension fundings. While the IURC noted in the order that they found IPL’s Service Company cost allocations to be reasonable, IPL was directed to request the FERC to review its Service Company allocations. In September 2017, the FERC completed its review, authorizing the Service Company’s allocation of costs of non-power goods and services to IPL. In the 2016 Rate Order, the IURC also closed their investigation into IPL’s underground network. Some of the intervening parties in the IURC rate case filed petitions for reconsideration of the IURC’s 2016 Rate Order with respect to certain issues. These petitions were subsequently denied by the IURC. In addition, certain intervening parties filed notices of appeal of the order. On April 5, 2017, the Indiana Court of Appeals affirmed the IURC’s 2016 Rate Order. In May 2014, IPL received an order from the IURC granting approval to build a 644 to 685 MW CCGT at Eagle Valley. The costs to build and operate the CCGT, other than fuel costs, will not be recoverable by IPL through rates until the conclusion of a base rate case proceeding with the IURC after construction is completed. On December 22, 2016, IPL filed a petition with the IURC for authority to increase its basic rates and charges primarily to recover the cost of the new CCGT. The CCGT was previously expected to be completed in the first half of 2017, but is now expected to be completed in the first half of 2018. To address this change, on February 24, 2017, IPL filed a motion to withdraw the case without prejudice or alternatively amend the petition and case-in-chief at a later date. On March 15, 2017, the IURC dismissed the rate case without prejudice. IPL expects to file a new base rate case with the IURC to coincide with the completion of the CCGT. CCR On April 26, 2017, the IURC approved IPL’s CCR compliance request to install a bottom ash dewatering system at its Petersburg generating station and to recover 80% of qualifying costs through a rate adjustment mechanism with the remainder recorded as a regulatory asset for recovery in a subsequent rate case. The approved capital cost of the CCR compliance plan is approximately $47 million . NAAQS On April 26, 2017, the IURC approved IPL’s request for NAAQS SO 2 compliance at its Petersburg generation station with 80% of qualifying costs recovered through a rate adjustment mechanism and the remainder recorded as a regulatory asset for recovery in a subsequent rate case. The approved capital cost of the NAAQS SO 2 compliance plan is approximately $29 million . | REGULATORY ASSETS AND LIABILITIES Regulatory assets represent deferred costs or credits that have been included as allowable costs or credits for ratemaking purposes. IPL has recorded regulatory assets or liabilities relating to certain costs or credits as authorized by the IURC or established regulatory practices in accordance with ASC 980. IPL is amortizing non tax‑related regulatory assets to expense over periods ranging from 1 to 35 years. Tax-related regulatory assets represent the net income tax costs to be considered in future regulatory proceedings generally as the tax-related amounts are paid. The amounts of regulatory assets and regulatory liabilities at December 31 are as follows: 2016 2015 Recovery Period (In Thousands) Regulatory Assets Current: Undercollections of rate riders $ 19,959 $ 8,002 Approximately 1 year (1) Costs being recovered through base rates 13,953 — Approximately 1 year (1) Total current regulatory assets $ 33,912 $ 8,002 Long-term: Unrecognized pension and other postretirement benefit plan costs $ 218,070 $ 226,889 Various (2) Income taxes recoverable through rates 51,131 35,765 Various Deferred MISO costs 114,359 128,610 Through 2026 (3) Unamortized Petersburg Unit 4 carrying charges and certain other costs 10,193 11,248 Through 2026 (1)(4) Unamortized reacquisition premium on debt 22,501 23,268 Over remaining life of debt Environmental projects 30,678 16,876 Through 2050 (1)(4) Other miscellaneous 3,778 5,544 To be determined (1)(5) Total long-term regulatory assets $ 450,710 $ 448,200 Total regulatory assets $ 484,622 $ 456,202 Regulatory Liabilities Current: Overcollections of rate riders $ 3,311 $ 24,019 Approximately 1 year (1) FTRs 4,393 4,150 Approximately 1 year (1) Total current regulatory liabilities $ 7,704 $ 28,169 Long-term: ARO and accrued asset removal costs $ 668,787 $ 637,065 Not Applicable Unamortized investment tax credit 1,507 2,451 Through 2021 Total long-term regulatory liabilities $ 670,294 $ 639,516 Total regulatory liabilities $ 677,998 $ 667,685 (1) Recovered (credited) per specific rate orders (2) IPL receives a return on its discretionary funding (3) The majority of these costs are being recovered per specific rate order; recovery for the remaining costs is probable but timing not yet determined (4) Recovered with a current return (5) A portion of this amount will be recovered over the next two years Deferred Fuel Deferred fuel costs are a component of current regulatory assets or liabilities (which is a result of IPL charging either more or less for fuel than our actual costs to our jurisdictional customers) and are expected to be recovered through future FAC proceedings. IPL records deferred fuel in accordance with standards prescribed by the FERC. The deferred fuel adjustment is the result of variances between estimated fuel and purchased power costs in IPL’s FAC and actual fuel and purchased power costs. IPL is generally permitted to recover underestimated fuel and purchased power costs in future rates through the FAC proceedings and therefore the costs are deferred when incurred and amortized into fuel expense in the same period that IPL’s rates are adjusted to reflect these costs. Unrecognized Pension and Postretirement Benefit Plan Costs In accordance with ASC 715 “Compensation – Retirement Benefits” and ASC 980, we recognize a regulatory asset equal to the unrecognized actuarial gains and losses and prior service costs. Pension expenses are recorded based on the benefit plan’s actuarially determined pension liability and associated level of annual expenses to be recognized. The other postretirement benefit plan’s deferred benefit cost is the excess of the other postretirement benefit liability over the amount previously recognized. Income Taxes Recoverable Through Rates This amount represents the portion of deferred income taxes that we believe will be recovered through future rates, based upon established regulatory practices, which permit the recovery of current taxes. Accordingly, this regulatory asset is offset by a deferred tax liability and is expected to be recovered, without interest, over the period underlying book-tax timing differences reverse and become current taxes. Deferred MISO Costs These consist of administrative costs for transmission services, transmission expansion cost sharing, and certain other operational and administrative costs from the MISO market. The majority of these costs are being recovered per specific rate order; recovery for the remaining costs is probable but timing not yet determined. See Note 2, “Regulatory Matters.” ARO and Accrued Asset Removal Costs In accordance with ASC 410 and ASC 980, IPL recognizes the cost of removal component of its depreciation reserve that does not have an associated legal retirement obligation as a deferred liability. This amount is net of the portion of legal ARO costs that is currently being recovered in rates. |
Regulatory Matters | REGULATORY MATTERS General IPL is subject to regulation by the IURC as to its services and facilities, the valuation of property, the construction, purchase, or lease of electric generating facilities, the classification of accounts, rates of depreciation, retail rates and charges, the issuance of securities (other than evidences of indebtedness payable less than twelve months after the date of issue), the acquisition and sale of some public utility properties or securities and certain other matters. In addition, IPL is subject to the jurisdiction of the FERC with respect to, among other things, short-term borrowings not regulated by the IURC, the sale of electricity at wholesale, the transmission of electric energy in interstate commerce, the classification of accounts, reliability standards, and the acquisition and sale of utility property in certain circumstances as provided by the Federal Power Act. As a regulated entity, IPL is required to use certain accounting methods prescribed by regulatory bodies which may differ from those accounting methods required to be used by unregulated entities. IPL is also affected by the regulatory jurisdiction of the EPA at the federal level, and the IDEM at the state level. Other significant regulatory agencies affecting IPL include, but are not limited to, the NERC, the U.S. Department of Labor and the IOSHA. Basic Rates and Charges Our basic rates and charges represent the largest component of our annual revenues. Our basic rates and charges are determined after giving consideration, on a pro-forma basis, to all allowable costs for ratemaking purposes including a fair return on the fair value of the utility property used and useful in providing service to customers. These basic rates and charges are set and approved by the IURC after public hearings. Such proceedings, which have occurred at irregular intervals, involve IPL, the IURC, the Indiana Office of Utility Consumer Counselor, and other interested stakeholders. Pursuant to statute, the IURC is to conduct a periodic review of the basic rates and charges of all Indiana utilities at least once every four years, but the IURC has the authority to review the rates of any Indiana utility at any time. Once set, the basic rates and charges authorized do not assure the realization of a fair return on the fair value of property. Our declining block rate structure generally provides for residential and commercial customers to be charged a lower per kWh rate at higher consumption levels. Therefore, as volumes increase, the weighted average price per kWh decreases. Numerous factors including, but not limited to, weather, inflation, customer growth and usage, the level of actual operating and maintenance expenditures, capital expenditures including those required by environmental regulations, fuel costs, generating unit availability and purchased power costs, can affect the return realized. In March 2016, the IURC issued an order authorizing IPL to increase its basic rates and charges by $30.8 million annually. The order also authorized IPL to collect, over a ten year period, $117.7 million of previously deferred regulatory assets related to IPL’s participation in the regional transmission organization known as MISO. Such deferred costs will be amortized to expense over ten years. Accordingly, $11.8 million of IPL’s long-term MISO regulatory asset has been reclassified to current regulatory assets on the accompanying Consolidated Balance Sheets. The rate order also authorized an increase in IPL’s depreciation rates of $24.3 million annually compared to the twelve months ended June 30, 2014, which is the period upon which the rate increase was calculated. IPL also received approval to implement three new rate riders for current recovery from customers of ongoing MISO costs and capacity costs , and for sharing with customers 50% of wholesale sales margins above and below the established benchmark of $6.3 million . Additionally, the capacity rider provides that IPL will share with customers 50% of any capacity sales. The order approved recovery of IPL’s pension expenses and a return on IPL’s discretionary pension fundings. While the IURC noted in the order that they found IPL’s Service Company cost allocations to be reasonable, IPL was directed to request the FERC to review its Service Company allocations. Such review is currently underway. The IURC also closed their investigation into IPL’s underground network. Some of the intervening parties in the IURC rate case filed petitions for reconsideration of the IURC’s March 2016 order with respect to certain issues. These petitions were subsequently denied by the IURC. In addition, certain intervening parties have filed notices of appeal of the order. No assurances can be given as to the timing or outcome of this proceeding. In May 2014, IPL received an order from the IURC granting approval to build a 644 to 685 MW CCGT at Eagle Valley. The costs to build and operate the CCGT, other than fuel costs, will not be recoverable by IPL through rates until the conclusion of a base rate case proceeding with the IURC after construction is completed. On December 22, 2016, IPL filed a petition with the IURC for authority to increase its basic rates and charges primarily to recover the cost of the new CCGT. The CCGT was previously expected to be completed in the first half of 2017, but is now expected to be completed in the first half of 2018. To address this change, on February 24, 2017, IPL filed a motion to withdraw the case without prejudice or alternatively amend the petition and case-in-chief, at a later date. No assurances can be given as to the timing or outcome of this proceeding. FAC and Authorized Annual Jurisdictional Net Operating Income IPL may apply to the IURC for a change in IPL’s fuel charge every three months to recover IPL’s estimated fuel costs, including the energy portion of purchased power costs, which may be above or below the levels included in IPL’s basic rates and charges. IPL must present evidence in each FAC proceeding that it has made every reasonable effort to acquire fuel and generate or purchase power or both so as to provide electricity to its retail customers at the lowest fuel cost reasonably possible. Independent of the IURC’s ability to review basic rates and charges, Indiana law requires electric utilities under the jurisdiction of the IURC to meet operating expense and income test requirements as a condition for approval of requested changes in the FAC. Additionally, customer refunds may result if a utility’s rolling twelve-month operating income, determined at quarterly measurement dates, exceeds a utility’s authorized annual jurisdictional net operating income and there are not sufficient applicable cumulative net operating income deficiencies against which the excess rolling twelve-month jurisdictional net operating income can be offset. ECCRA IPL may apply to the IURC for approval of a rate adjustment known as the ECCRA every six months to recover costs (including a return) to comply with certain environmental regulations applicable to IPL’s generating stations. The total amount of IPL’s equipment approved for ECCRA recovery as of December 31, 2016 was $676 million . The jurisdictional revenue requirement that was approved by the IURC to be included in IPL’s rates for the six-month period from September 2016 through February 2017 was $49.9 million . During the years ended December 31, 2016 , 2015 and 2014 , we made environmental compliance expenditures of $124.0 million , $252.2 million , and $176.3 million , respectively. The vast majority of such costs are recoverable through our ECCRA filings. DSM In March 2014, legislation, referred to as SEA 340, was approved that effectively ended the IURC’s energy efficiency targets established in a 2009 statewide Generic DSM Order. Although SEA 340 puts an end to established efficiency targets, IPL will continue to offer cost-effective energy efficiency and demand response programs as one of many resources to meet future demand for electricity. In December 2014, we received approval from the IURC of our 2015-2016 DSM plan. The approval included cost recovery on a set of DSM programs to be offered in 2015-2016 that was similar to the 2014 set of programs. It also included the ability for us to receive performance incentives dependent upon the level of success of the programs. Additionally, we were granted authority to record a regulatory asset for recovery in a future base rate case proceeding for lost margins which result from decreased kWh related to implementation of these DSM programs. We began recovering lost margins in the second half of 2016 utilizing the cost of service allocations approved in the IURC’s March 2016 rate case order. In December 2016, we received approval from the IURC of our DSM programs through the end of 2017; however, the IURC denied shareholder incentives pursuant to this order. IPL received shareholder incentives of approximately $7.7 million in 2016. Wind and Solar Power Purchase Agreements We are committed under a power purchase agreement to purchase all wind-generated electricity through 2029 from a wind project in Indiana. We are also committed under another agreement to purchase all wind-generated electricity for 20 years from a project in Minnesota. The Indiana project has a maximum output capacity of approximately 100 MW. The Minnesota project, which began commercial operation in October 2011, has a maximum output capacity of approximately 200 MW. In addition, we have 97 MW of solar-generated electricity in our service territory under long-term contracts in 2017 (these long-term contracts expire ranging from 2021 to 2030), of which 95 MW was in operation as of December 31, 2016 . We have authority from the IURC to recover the costs for all of these agreements through an adjustment mechanism administered within the FAC. In addition, IPL sells the renewable energy in the form of renewable energy credits generated from these facilities for the benefit of retail customers through the same rate adjustment mechanism. | |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Regulatory Assets and Liabilities | REGULATORY MATTERS Basic Rates and Charges In March 2016, the IURC issued the 2016 Rate Order authorizing IPL to increase its basic rates and charges by $30.8 million annually. The order also authorized IPL to collect, over a ten year period, $117.7 million of previously deferred regulatory assets related to IPL’s participation in the regional transmission organization known as MISO. Such deferred costs are amortized to expense over ten years. Accordingly, $11.8 million of IPL’s long-term MISO regulatory asset is included within current regulatory assets on the accompanying Unaudited Condensed Consolidated Balance Sheets. The rate order also authorized an increase in IPL’s depreciation rates of $24.3 million annually compared to the twelve months ended June 30, 2014, which is the period upon which the rate increase was calculated. IPL also received approval to implement three new rate riders for current recovery from customers of ongoing MISO costs and capacity costs, and for sharing with customers 50% of wholesale sales margins above and below the established annual benchmark of $6.3 million . Additionally, the capacity rider provides that IPL will share with customers 50% of any capacity sales. The order approved recovery of IPL’s pension expenses and a return on IPL’s discretionary pension fundings. While the IURC noted in the order that they found IPL’s Service Company cost allocations to be reasonable, IPL was directed to request the FERC to review its Service Company allocations. In September 2017, the FERC completed its review, authorizing the Service Company’s allocation of costs of non-power goods and services to IPL. In the 2016 Rate Order, the IURC also closed their investigation into IPL’s underground network. Some of the intervening parties in the IURC rate case filed petitions for reconsideration of the IURC’s 2016 Rate Order with respect to certain issues. These petitions were subsequently denied by the IURC. In addition, certain intervening parties filed notices of appeal of the order. On April 5, 2017, the Indiana Court of Appeals affirmed the IURC’s 2016 Rate Order. In May 2014, IPL received an order from the IURC granting approval to build a 644 to 685 MW CCGT at Eagle Valley. The costs to build and operate the CCGT, other than fuel costs, will not be recoverable by IPL through rates until the conclusion of a base rate case proceeding with the IURC after construction is completed. On December 22, 2016, IPL filed a petition with the IURC for authority to increase its basic rates and charges primarily to recover the cost of the new CCGT. The CCGT was previously expected to be completed in the first half of 2017, but is now expected to be completed in the first half of 2018. To address this change, on February 24, 2017, IPL filed a motion to withdraw the case without prejudice or alternatively amend the petition and case-in-chief at a later date. On March 15, 2017, the IURC dismissed the rate case without prejudice. IPL expects to file a new base rate case with the IURC to coincide with the completion of the CCGT. CCR On April 26, 2017, the IURC approved IPL’s CCR compliance request to install a bottom ash dewatering system at its Petersburg generating station and to recover 80% of qualifying costs through a rate adjustment mechanism with the remainder recorded as a regulatory asset for recovery in a subsequent rate case. The approved capital cost of the CCR compliance plan is approximately $47 million . NAAQS On April 26, 2017, the IURC approved IPL’s request for NAAQS SO2 compliance at its Petersburg generation station with 80% of qualifying costs recovered through a rate adjustment mechanism and the remainder recorded as a regulatory asset for recovery in a subsequent rate case. The approved capital cost of the NAAQS SO2 compliance plan is approximately $29 million . | REGULATORY ASSETS AND LIABILITIES Regulatory assets represent deferred costs or credits that have been included as allowable costs or credits for ratemaking purposes. IPL has recorded regulatory assets or liabilities relating to certain costs or credits as authorized by the IURC or established regulatory practices in accordance with ASC 980. IPL is amortizing non tax‑related regulatory assets to expense over periods ranging from 1 to 35 years. Tax-related regulatory assets represent the net income tax costs to be considered in future regulatory proceedings generally as the tax-related amounts are paid. The amounts of regulatory assets and regulatory liabilities at December 31 are as follows: 2016 2015 Recovery Period (In Thousands) Regulatory Assets Current: Undercollections of rate riders $ 19,959 8,002 $ 8,002 Approximately 1 year (1) Costs being recovered through base rates 13,953 — Approximately 1 year (1) Total current regulatory assets $ 33,912 $ 8,002 Long-term: Unrecognized pension and other postretirement benefit plan costs $ 218,070 $ 226,889 Various (2) Income taxes recoverable through rates 51,131 35,765 Various Deferred MISO costs 114,359 128,610 Through 2026 (3) Unamortized Petersburg Unit 4 carrying charges and certain other costs 10,193 11,248 Through 2026 (1)(4) Unamortized reacquisition premium on debt 22,501 23,268 Over remaining life of debt Environmental projects 30,678 16,876 Through 2050 (1)(4) Other miscellaneous 3,778 5,544 To be determined (1)(5) Total long-term regulatory assets $ 450,710 $ 448,200 Total regulatory assets $ 484,622 $ 456,202 Regulatory Liabilities Current: Overcollections of rate riders $ 3,311 $ 24,019 Approximately 1 year (1) FTRs 4,393 4,150 Approximately 1 year (1) Total current regulatory liabilities $ 7,704 $ 28,169 Long-term: ARO and accrued asset removal costs $ 668,787 $ 637,065 Not Applicable Unamortized investment tax credit 1,507 2,451 Through 2021 Total long-term regulatory liabilities $ 670,294 $ 639,516 Total regulatory liabilities $ 677,998 $ 667,685 (1) Recovered (credited) per specific rate orders (2) IPL receives a return on its discretionary funding (3) The majority of these costs are being recovered per specific rate order; recovery for the remaining costs is probable but timing not yet determined (4) Recovered with a current return (5) A portion of this amount will be recovered over the next two years Deferred Fuel Deferred fuel costs are a component of current regulatory assets or liabilities (which is a result of IPL charging either more or less for fuel than our actual costs to our jurisdictional customers) and are expected to be recovered through future FAC proceedings. IPL records deferred fuel in accordance with standards prescribed by the FERC. The deferred fuel adjustment is the result of variances between estimated fuel and purchased power costs in IPL’s FAC and actual fuel and purchased power costs. IPL is generally permitted to recover underestimated fuel and purchased power costs in future rates through the FAC proceedings and therefore the costs are deferred when incurred and amortized into fuel expense in the same period that IPL’s rates are adjusted to reflect these costs. Unrecognized Pension and Postretirement Benefit Plan Costs In accordance with ASC 715 “Compensation – Retirement Benefits” and ASC 980, we recognize a regulatory asset equal to the unrecognized actuarial gains and losses and prior service costs. Pension expenses are recorded based on the benefit plan’s actuarially determined pension liability and associated level of annual expenses to be recognized. The other postretirement benefit plan’s deferred benefit cost is the excess of the other postretirement benefit liability over the amount previously recognized. Income Taxes Recoverable Through Rates This amount represents the portion of deferred income taxes that we believe will be recovered through future rates, based upon established regulatory practices, which permit the recovery of current taxes. Accordingly, this regulatory asset is offset by a deferred tax liability and is expected to be recovered, without interest, over the period underlying book-tax timing differences reverse and become current taxes. Deferred MISO Costs These consist of administrative costs for transmission services, transmission expansion cost sharing, and certain other operational and administrative costs from the MISO market. The majority of these costs are being recovered per specific rate order; recovery for the remaining costs is probable but timing not yet determined. See Note 2, “Regulatory Matters.” ARO and Accrued Asset Removal Costs In accordance with ASC 410 and ASC 980, IPL recognizes the cost of removal component of its depreciation reserve that does not have an associated legal retirement obligation as a deferred liability. This amount is net of the portion of legal ARO costs that is currently being recovered in rates. |
Regulatory Matters | . REGULATORY MATTERS General IPL is subject to regulation by the IURC as to its services and facilities, the valuation of property, the construction, purchase, or lease of electric generating facilities, the classification of accounts, rates of depreciation, retail rates and charges, the issuance of securities (other than evidences of indebtedness payable less than twelve months after the date of issue), the acquisition and sale of some public utility properties or securities and certain other matters. In addition, IPL is subject to the jurisdiction of the FERC with respect to, among other things, short-term borrowings not regulated by the IURC, the sale of electricity at wholesale, the transmission of electric energy in interstate commerce, the classification of accounts, reliability standards, and the acquisition and sale of utility property in certain circumstances as provided by the Federal Power Act. As a regulated entity, IPL is required to use certain accounting methods prescribed by regulatory bodies which may differ from those accounting methods required to be used by unregulated entities. IPL is also affected by the regulatory jurisdiction of the EPA at the federal level, and the IDEM at the state level. Other significant regulatory agencies affecting IPL include, but are not limited to, the NERC, the U.S. Department of Labor and the IOSHA. Basic Rates and Charges Our basic rates and charges represent the largest component of our annual revenues. Our basic rates and charges are determined after giving consideration, on a pro-forma basis, to all allowable costs for ratemaking purposes including a fair return on the fair value of the utility property used and useful in providing service to customers. These basic rates and charges are set and approved by the IURC after public hearings. Such proceedings, which have occurred at irregular intervals, involve IPL, the IURC, the Indiana Office of Utility Consumer Counselor, and other interested stakeholders. Pursuant to statute, the IURC is to conduct a periodic review of the basic rates and charges of all Indiana utilities at least once every four years, but the IURC has the authority to review the rates of any Indiana utility at any time. Once set, the basic rates and charges authorized do not assure the realization of a fair return on the fair value of property. Our declining block rate structure generally provides for residential and commercial customers to be charged a lower per kWh rate at higher consumption levels. Therefore, as volumes increase, the weighted average price per kWh decreases. Numerous factors including, but not limited to, weather, inflation, customer growth and usage, the level of actual operating and maintenance expenditures, capital expenditures including those required by environmental regulations, fuel costs, generating unit availability and purchased power costs, can affect the return realized. In March 2016, the IURC issued an order authorizing IPL to increase its basic rates and charges by $30.8 million annually. The order also authorized IPL to collect, over a ten year period, $117.7 million of previously deferred regulatory assets related to IPL’s participation in the regional transmission organization known as MISO. Such deferred costs will be amortized to expense over ten years. Accordingly, $11.8 million of IPL’s long-term MISO regulatory asset has been reclassified to current regulatory assets on the accompanying Consolidated Balance Sheets. The rate order also authorized an increase in IPL’s depreciation rates of $24.3 million annually compared to the twelve months ended June 30, 2014, which is the period upon which the rate increase was calculated. IPL also received approval to implement three new rate riders for current recovery from customers of ongoing MISO costs and capacity costs , and for sharing with customers 50% of wholesale sales margins above and below the established benchmark of $6.3 million . Additionally, the capacity rider provides that IPL will share with customers 50% of any capacity sales. The order approved recovery of IPL’s pension expenses and a return on IPL’s discretionary pension fundings. While the IURC noted in the order that they found IPL’s Service Company cost allocations to be reasonable, IPL was directed to request the FERC to review its Service Company allocations. Such review is currently underway. The IURC also closed their investigation into IPL’s underground network. Some of the intervening parties in the IURC rate case filed petitions for reconsideration of the IURC’s March 2016 order with respect to certain issues. These petitions were subsequently denied by the IURC. In addition, certain intervening parties have filed notices of appeal of the order. No assurances can be given as to the timing or outcome of this proceeding. In May 2014, IPL received an order from the IURC granting approval to build a 644 to 685 MW CCGT at Eagle Valley. The costs to build and operate the CCGT, other than fuel costs, will not be recoverable by IPL through rates until the conclusion of a base rate case proceeding with the IURC after construction is completed. On December 22, 2016, IPL filed a petition with the IURC for authority to increase its basic rates and charges primarily to recover the cost of the new CCGT. The CCGT was previously expected to be completed in the first half of 2017, but is now expected to be completed in the first half of 2018. To address this change, on February 24, 2017, IPL filed a motion to withdraw the case without prejudice or alternatively amend the petition and case-in-chief, at a later date. No assurances can be given as to the timing or outcome of this proceeding. FAC and Authorized Annual Jurisdictional Net Operating Income IPL may apply to the IURC for a change in IPL’s fuel charge every three months to recover IPL’s estimated fuel costs, including the energy portion of purchased power costs, which may be above or below the levels included in IPL’s basic rates and charges. IPL must present evidence in each FAC proceeding that it has made every reasonable effort to acquire fuel and generate or purchase power or both so as to provide electricity to its retail customers at the lowest fuel cost reasonably possible. Independent of the IURC’s ability to review basic rates and charges, Indiana law requires electric utilities under the jurisdiction of the IURC to meet operating expense and income test requirements as a condition for approval of requested changes in the FAC. Additionally, customer refunds may result if a utility’s rolling twelve-month operating income, determined at quarterly measurement dates, exceeds a utility’s authorized annual jurisdictional net operating income and there are not sufficient applicable cumulative net operating income deficiencies against which the excess rolling twelve-month jurisdictional net operating income can be offset. ECCRA IPL may apply to the IURC for approval of a rate adjustment known as the ECCRA every six months to recover costs (including a return) to comply with certain environmental regulations applicable to IPL’s generating stations. The total amount of IPL’s equipment approved for ECCRA recovery as of December 31, 2016 was $676 million . The jurisdictional revenue requirement that was approved by the IURC to be included in IPL’s rates for the six-month period from September 2016 through February 2017 was $49.9 million . During the years ended December 31, 2016 , 2015 and 2014 , we made environmental compliance expenditures of $124.0 million , $252.2 million , and $176.3 million , respectively. The vast majority of such costs are recoverable through our ECCRA filings. DSM In March 2014, legislation, referred to as SEA 340, was approved that effectively ended the IURC’s energy efficiency targets established in a 2009 statewide Generic DSM Order. Although SEA 340 puts an end to established efficiency targets, IPL will continue to offer cost-effective energy efficiency and demand response programs as one of many resources to meet future demand for electricity. In December 2014, we received approval from the IURC of our 2015-2016 DSM plan. The approval included cost recovery on a set of DSM programs to be offered in 2015-2016 that was similar to the 2014 set of programs. It also included the ability for us to receive performance incentives dependent upon the level of success of the programs. Additionally, we were granted authority to record a regulatory asset for recovery in a future base rate case proceeding for lost margins which result from decreased kWh related to implementation of these DSM programs. We began recovering lost margins in the second half of 2016 utilizing the cost of service allocations approved in the IURC’s March 2016 rate case order. In December 2016, we received approval from the IURC of our DSM programs through the end of 2017; however, the IURC denied shareholder incentives pursuant to this order. IPL received shareholder incentives of approximately $7.7 million in 2016. Wind and Solar Power Purchase Agreements We are committed under a power purchase agreement to purchase all wind-generated electricity through 2029 from a wind project in Indiana. We are also committed under another agreement to purchase all wind-generated electricity for 20 years from a project in Minnesota. The Indiana project has a maximum output capacity of approximately 100 MW. The Minnesota project, which began commercial operation in October 2011, has a maximum output capacity of approximately 200 MW. In addition, we have 97 MW of solar-generated electricity in our service territory under long-term contracts in 2017 (these long-term contracts expire ranging from 2021 to 2030), of which 95 MW was in operation as of December 31, 2016 . We have authority from the IURC to recover the costs for all of these agreements through an adjustment mechanism administered within the FAC. In addition, IPL sells the renewable energy in the form of renewable energy credits generated from these facilities for the benefit of retail customers through the same rate adjustment mechanism. |
Utility Plant In Service
Utility Plant In Service | 12 Months Ended |
Dec. 31, 2016 | |
Entity Information [Line Items] | |
Utility Plant In Service | UTILITY PLANT IN SERVICE The original cost of utility plant in service segregated by functional classifications follows: As of December 31, 2016 2015 (In Thousands) Production $ 2,923,349 $ 3,009,143 Transmission 376,659 293,767 Distribution 1,433,044 1,371,029 General plant 264,794 216,124 Total utility plant in service $ 4,997,846 $ 4,890,063 Substantially all of IPL’s property is subject to a $1,633.5 million direct first mortgage lien, as of December 31, 2016 , securing IPL’s first mortgage bonds. IPL had no property under capital leases as of December 31, 2016 and 2015 . Total non-contractually or legally required removal costs of utility plant in service at December 31, 2016 and 2015 were $705.6 million and $673.8 million , respectively; and total contractually or legally required removal costs of utility plant in service at December 31, 2016 and 2015 were $80.6 million and $59.0 million , respectively. Please see “ARO” below for further information. IPL anticipates material additional costs to comply with various pending and final federal legislation and regulations and it is IPL’s intent to seek recovery of any additional costs. The majority of the expenditures for construction projects designed to reduce SO 2 and mercury emissions are recoverable from jurisdictional retail customers as part of IPL’s CCT projects; however, since jurisdictional retail rates are subject to regulatory approval, there can be no assurance that all costs will be recovered in rates. ARO ASC 410 “Asset Retirement and Environmental Obligations” addresses financial accounting and reporting for legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal operation. A legal obligation for purposes of ASC 410 is an obligation that a party is required to settle as a result of an existing law, statute, ordinance, written or oral contract or the doctrine of promissory estoppel. IPL’s ARO relates primarily to environmental issues involving asbestos-containing materials, ash ponds, landfills and miscellaneous contaminants associated with its generating plants, transmission system and distribution system. The following is a reconciliation of the ARO legal liability year end balances: 2016 2015 (In Millions) Balance as of January 1 $ 59.0 $ 59.1 Liabilities incurred — 0.6 Liabilities settled (3.2 ) (2.5 ) Revisions in estimated cash flows 21.6 (1.3 ) Accretion expense 3.2 3.1 Balance as of December 31 $ 80.6 $ 59.0 Revisions in estimated cash flows of $21.6 million were incurred in 2016 for adjustments recorded to the estimated ARO liability for IPL’s ash ponds. As of December 31, 2016 and 2015 , IPL did not have any assets that are legally restricted for settling its ARO liability. |
Indianapolis Power And Light Company [Member] | |
Entity Information [Line Items] | |
Utility Plant In Service | . UTILITY PLANT IN SERVICE The original cost of utility plant in service segregated by functional classifications follows: As of December 31, 2016 2015 (In Thousands) Production $ 2,923,349 $ 3,009,143 Transmission 376,659 293,767 Distribution 1,433,044 1,371,029 General plant 264,794 216,124 Total utility plant in service $ 4,997,846 $ 4,890,063 Substantially all of IPL’s property is subject to a $1,633.5 million direct first mortgage lien, as of December 31, 2016 , securing IPL’s first mortgage bonds. IPL had no property under capital leases as of December 31, 2016 and 2015 . Total non-contractually or legally required removal costs of utility plant in service at December 31, 2016 and 2015 were $705.6 million and $673.8 million , respectively; and total contractually or legally required removal costs of utility plant in service at December 31, 2016 and 2015 were $80.6 million and $59.0 million , respectively. Please see “ARO” below for further information. IPL anticipates material additional costs to comply with various pending and final federal legislation and regulations and it is IPL’s intent to seek recovery of any additional costs. The majority of the expenditures for construction projects designed to reduce SO 2 and mercury emissions are recoverable from jurisdictional retail customers as part of IPL’s CCT projects; however, since jurisdictional retail rates are subject to regulatory approval, there can be no assurance that all costs will be recovered in rates. ARO ASC 410 “Asset Retirement and Environmental Obligations” addresses financial accounting and reporting for legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal operation. A legal obligation for purposes of ASC 410 is an obligation that a party is required to settle as a result of an existing law, statute, ordinance, written or oral contract or the doctrine of promissory estoppel. IPL’s ARO relates primarily to environmental issues involving asbestos-containing materials, ash ponds, landfills and miscellaneous contaminants associated with its generating plants, transmission system and distribution system. The following is a reconciliation of the ARO legal liability year end balances: 2016 2015 (In Millions) Balance as of January 1 $ 59.0 $ 59.1 Liabilities incurred — 0.6 Liabilities settled (3.2 ) (2.5 ) Revisions in estimated cash flows 21.6 (1.3 ) Accretion expense 3.2 3.1 Balance as of December 31 $ 80.6 $ 59.0 Revisions in estimated cash flows of $21.6 million were incurred in 2016 for adjustments recorded to the estimated ARO liability for IPL’s ash ponds. As of December 31, 2016 and 2015 , IPL did not have any assets that are legally restricted for settling its ARO liability. |
Fair Value
Fair Value | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Fair Value | FAIR VALUE Fair Value Hierarchy ASC 820 defined and established a framework for measuring fair value and expands disclosures about fair value measurements for financial assets and liabilities that are adjusted to fair value on a recurring basis and/or financial assets and liabilities that are measured at fair value on a nonrecurring basis, which have been adjusted to fair value during the period. In accordance with ASC 820, we have categorized our financial assets and liabilities that are adjusted to fair value, based on the priority of the inputs to the valuation technique, following the three-level fair value hierarchy prescribed by ASC 820 as follows: Level 1 - unadjusted quoted prices for identical assets or liabilities in an active market; Level 2 - inputs from quoted prices in markets where trading occurs infrequently or quoted prices of instruments with similar attributes in active markets; and Level 3 - unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. As of September 30, 2017 and December 31, 2016 , all of IPALCO’s financial assets or liabilities adjusted to fair value on a recurring basis (excluding pension assets – see Note 7, “ Benefit Plans ”) were considered Level 3, based on the above fair value hierarchy. These primarily consisted of FTRs, which are used to offset MISO congestion charges. Because the benefit associated with FTRs is a flow-through to IPL’s jurisdictional customers, IPL records a regulatory liability matching the value of the FTRs. In addition, IPALCO had one financial asset, a nonutility investment accounted for using the cost method of accounting, which is measured at fair value on a non-recurring basis, again using Level 3 measurements. All of these financial assets and liabilities were not material to the Financial Statements in the periods covered by this report, individually or in the aggregate. Whenever possible, quoted prices in active markets are used to determine the fair value of our financial instruments. Our financial instruments are not held for trading or other speculative purposes. The estimated fair value of financial instruments has been determined by using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Non-Recurring Fair Value Measurements ASC 410 “Asset Retirement and Environmental Obligations” addresses financial accounting and reporting for legal obligations associated with the retirement of long-lived assets that result from acquisition, construction, development and/or normal operation. A legal obligation for purposes of ASC 410 is an obligation that a party is required to settle as a result of an existing law, statute, ordinance, written or oral contract or the doctrine of promissory estoppel. IPL’s ARO liabilities relate primarily to environmental issues involving asbestos-containing materials, ash ponds, landfills and miscellaneous contaminants associated with its generating plants, transmission system and distribution system. We use the cost approach to determine the fair value of IPL’s ARO liabilities, which is estimated by discounting expected cash outflows to their present value at the initial recording of the liabilities. Cash outflows are based on the approximate future disposal costs as determined by market information, historical information or other management estimates. These inputs to the fair value of the ARO liabilities would be considered Level 3 inputs under the fair value hierarchy. As of September 30, 2017 and December 31, 2016 , ARO liabilities were $80.1 million and $80.6 million , respectively. Financial Instruments not Measured at Fair Value in the Consolidated Balance Sheets Debt The fair value of our outstanding fixed-rate debt has been determined on the basis of the quoted market prices of the specific securities issued and outstanding. In certain circumstances, the market for such securities was inactive and therefore the valuation was adjusted to consider changes in market spreads for similar securities. Accordingly, the purpose of this disclosure is not to approximate the value on the basis of how the debt might be refinanced. The following table shows the face value and the fair value of fixed-rate and variable-rate indebtedness (Level 2) for the periods ending: September 30, 2017 December 31, 2016 Face Value Fair Value Face Value Fair Value (In Millions) Fixed-rate $ 2,418.8 $ 2,609.3 $ 2,438.5 $ 2,543.5 Variable-rate 210.5 210.5 140.0 140.0 Total indebtedness $ 2,629.3 $ 2,819.8 $ 2,578.5 $ 2,683.5 The difference between the face value and the carrying value of this indebtedness represents the following: • unamortized deferred financing costs of $24.8 million and $22.2 million at September 30, 2017 and December 31, 2016, respectively; and • unamortized discounts of $6.9 million and $6.8 million at September 30, 2017 and December 31, 2016 , respectively. | FAIR VALUE The fair value of financial assets and liabilities approximate their reported carrying amounts. The estimated fair values of the Company’s assets and liabilities have been determined using available market information. As these amounts are estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Fair Value Hierarchy and Valuation Techniques ASC 820 defined and established a framework for measuring fair value and expands disclosures about fair value measurements for financial assets and liabilities that are adjusted to fair value on a recurring basis and/or financial assets and liabilities that are measured at fair value on a nonrecurring basis, which have been adjusted to fair value during the period. In accordance with ASC 820, we have categorized our financial assets and liabilities that are adjusted to fair value, based on the priority of the inputs to the valuation technique, following the three-level fair value hierarchy prescribed by ASC 820 as follows: Level 1 - unadjusted quoted prices for identical assets or liabilities in an active market; Level 2 - inputs from quoted prices in markets where trading occurs infrequently or quoted prices of instruments with similar attributes in active markets; and Level 3 - unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. Whenever possible, quoted prices in active markets are used to determine the fair value of our financial instruments. Our financial instruments are not held for trading or other speculative purposes. The estimated fair value of financial instruments has been determined by using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. FTRs In connection with IPL’s participation in MISO, in the second quarter of each year IPL is granted financial instruments that can be converted into cash or FTRs based on IPL’s forecasted peak load for the period. FTRs are used in the MISO market to hedge IPL’s exposure to congestion charges, which result from constraints on the transmission system. IPL converts all of these financial instruments into FTRs. IPL’s FTRs are valued at the cleared auction prices for FTRs in MISO’s annual auction. Because of the infrequent nature of this valuation, the fair value assigned to the FTRs is considered a Level 3 input under the fair value hierarchy required by ASC 820. An offsetting regulatory liability has been recorded as these revenues or costs will be flowed through to customers through the FAC. As such, there is no impact on our Consolidated Statements of Operations. Other Financial Liabilities As of December 31, 2016 and 2015 , all of IPALCO's financial assets or liabilities measured at fair value on a recurring basis were considered Level 3, based on the fair value hierarchy. Summary The fair value of assets and liabilities at December 31, 2016 measured on a recurring basis and the respective category within the fair value hierarchy for IPALCO was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Fair value at December 31, 2016 Based on quoted market prices in active markets Other observable inputs Unobservable inputs (In Thousands) Financial assets: Financial transmission rights $ 4,393 $ — $ — $ 4,393 Total financial assets measured at fair value $ 4,393 $ — $ — $ 4,393 Financial liabilities: Other derivative liabilities $ 100 $ — $ — $ 100 Total financial liabilities measured at fair value $ 100 $ — $ — $ 100 The fair value of assets and liabilities at December 31, 2015 measured on a recurring basis and the respective category within the fair value hierarchy for IPALCO was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Fair value at December 31, 2015 Based on quoted market prices in active markets Other observable inputs Unobservable inputs (In Thousands) Financial assets: Financial transmission rights $ 4,150 $ — $ — $ 4,150 Total financial assets measured at fair value $ 4,150 $ — $ — $ 4,150 Financial liabilities: Other derivative liabilities $ 121 $ — $ — $ 121 Total financial liabilities measured at fair value $ 121 $ — $ — $ 121 The following table sets forth a reconciliation of financial instruments, measured at fair value on a recurring basis, classified as Level 3 in the fair value hierarchy (note, amounts in this table indicate carrying values, which approximate fair values): Derivative Financial (In Thousands) Balance at January 1, 2015 $ 6,095 Unrealized gain recognized in earnings 47 Issuances 13,281 Settlements (15,394 ) Balance at December 31, 2015 $ 4,029 Unrealized gain recognized in earnings 46 Issuances 10,892 Settlements (10,674 ) Balance at December 31, 2016 $ 4,293 Non-Recurring Fair Value Measurements IPL’s ARO liabilities relate primarily to environmental issues involving asbestos-containing materials, ash ponds, landfills and miscellaneous contaminants associated with its generating plants, transmission system and distribution system. We use the cost approach to determine the fair value of IPL’s ARO liabilities, which is estimated by discounting expected cash outflows to their present value at the initial recording of the liabilities. Cash outflows are based on the approximate future disposal costs as determined by market information, historical information or other management estimates. These inputs to the fair value of the ARO liabilities would be considered Level 3 inputs under the fair value hierarchy. As of December 31, 2016 and 2015, ARO liabilities were $80.6 million and $59.0 million , respectively. See Note 3, “Utility Plant in Service ” for a rollforward of the ARO liability. Financial Instruments not Measured at Fair Value in the Consolidated Balance Sheets Debt The fair value of our outstanding fixed-rate debt has been determined on the basis of the quoted market prices of the specific securities issued and outstanding. In certain circumstances, the market for such securities was inactive and therefore the valuation was adjusted to consider changes in market spreads for similar securities. Accordingly, the purpose of this disclosure is not to approximate the value on the basis of how the debt might be refinanced. The following table shows the face value and the fair value of fixed-rate and variable-rate indebtedness (Level 2) for the periods ending: December 31, 2016 December 31, 2015 Face Value Fair Value Face Value Fair Value (In Millions) Fixed-rate $ 2,438.5 $ 2,543.5 $ 2,088.4 $ 2,225.3 Variable-rate 140.0 140.0 256.9 256.9 Total indebtedness $ 2,578.5 $ 2,683.5 $ 2,345.3 $ 2,482.2 The difference between the face value and the carrying value of this indebtedness represents the following: • unamortized deferred financing costs of $22.2 million and $20.8 million at December 31, 2016 and 2015, respectively. • unamortized discounts of $6.8 million and $4.6 million at December 31, 2016 and 2015, respectively. |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Fair Value | FAIR VALUE Fair Value Hierarchy ASC 820 defined and established a framework for measuring fair value and expands disclosures about fair value measurements for financial assets and liabilities that are adjusted to fair value on a recurring basis and/or financial assets and liabilities that are measured at fair value on a nonrecurring basis, which have been adjusted to fair value during the period. In accordance with ASC 820, we have categorized our financial assets and liabilities that are adjusted to fair value, based on the priority of the inputs to the valuation technique, following the three-level fair value hierarchy prescribed by ASC 820 as follows: Level 1 - unadjusted quoted prices for identical assets or liabilities in an active market; Level 2 - inputs from quoted prices in markets where trading occurs infrequently or quoted prices of instruments with similar attributes in active markets; and Level 3 - unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. IPL did not have any financial assets or liabilities measured at fair value on a non-recurring basis, which have been adjusted to fair value during the periods covered by this report. As of September 30, 2017 and December 31, 2016, all of IPL’s financial assets or liabilities adjusted to fair value on a recurring basis (excluding pension assets - see Note 7, “ Benefit Plans ”) were considered Level 3, based on the above fair value hierarchy. These primarily consisted of FTRs, which are used to offset MISO congestion charges. Because the benefit associated with FTRs is a flow-through to IPL’s jurisdictional customers, IPL records a regulatory liability matching the value of the FTRs. All of these financial assets and liabilities were not material to the financial statements in the periods covered by this report, individually or in the aggregate. Whenever possible, quoted prices in active markets are used to determine the fair value of our financial instruments. Our financial instruments are not held for trading or other speculative purposes. The estimated fair value of financial instruments has been determined by using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Non-Recurring Fair Value Measurements ASC 410 “Asset Retirement and Environmental Obligations” addresses financial accounting and reporting for legal obligations associated with the retirement of long-lived assets that result from acquisition, construction, development and/or normal operation. A legal obligation for purposes of ASC 410 is an obligation that a party is required to settle as a result of an existing law, statute, ordinance, written or oral contract or the doctrine of promissory estoppel. IPL’s ARO liabilities relate primarily to environmental issues involving asbestos-containing materials, ash ponds, landfills and miscellaneous contaminants associated with its generating plants, transmission system and distribution system. We use the cost approach to determine the fair value of IPL’s ARO liabilities, which is estimated by discounting expected cash outflows to their present value at the initial recording of the liabilities. Cash outflows are based on the approximate future disposal costs as determined by market information, historical information or other management estimates. These inputs to the fair value of the ARO liabilities would be considered Level 3 inputs under the fair value hierarchy. As of September 30, 2017 and December 31, 2016, ARO liabilities were $80.1 million and $80.6 million , respectively. Financial Instruments not Measured at Fair Value in the Consolidated Balance Sheets Debt The fair value of our outstanding fixed-rate debt has been determined on the basis of the quoted market prices of the specific securities issued and outstanding. In certain circumstances, the market for such securities was inactive and therefore the valuation was adjusted to consider changes in market spreads for similar securities. Accordingly, the purpose of this disclosure is not to approximate the value on the basis of how the debt might be refinanced. The following table shows the face value and the fair value of fixed-rate and variable-rate indebtedness (Level 2) for the periods ending: September 30, 2017 December 31, 2016 Face Value Fair Value Face Value Fair Value (In Millions) Fixed-rate $ 1,608.8 $ 1,789.4 $ 1,633.5 $ 1,717.2 Variable-rate 210.5 210.5 140.0 140.0 Total indebtedness $ 1,819.3 $ 1,999.9 $ 1,773.5 $ 1,857.2 The difference between the face value and the carrying value of this indebtedness represents the following: • unamortized deferred financing costs of $16.6 million and $17.2 million at September 30, 2017 and December 31, 2016, respectively; and • unamortized discounts of $6.4 million and $6.5 million at September 30, 2017 and December 31, 2016, respectively. | FAIR VALUE The fair value of financial assets and liabilities approximate their reported carrying amounts. The estimated fair values of the Company’s assets and liabilities have been determined using available market information. As these amounts are estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Fair Value Hierarchy and Valuation Techniques ASC 820 defined and established a framework for measuring fair value and expands disclosures about fair value measurements for financial assets and liabilities that are adjusted to fair value on a recurring basis and/or financial assets and liabilities that are measured at fair value on a nonrecurring basis, which have been adjusted to fair value during the period. In accordance with ASC 820, we have categorized our financial assets and liabilities that are adjusted to fair value, based on the priority of the inputs to the valuation technique, following the three-level fair value hierarchy prescribed by ASC 820 as follows: Level 1 - unadjusted quoted prices for identical assets or liabilities in an active market; Level 2 - inputs from quoted prices in markets where trading occurs infrequently or quoted prices of instruments with similar attributes in active markets; and Level 3 - unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. Whenever possible, quoted prices in active markets are used to determine the fair value of our financial instruments. Our financial instruments are not held for trading or other speculative purposes. The estimated fair value of financial instruments has been determined by using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. FTRs In connection with IPL’s participation in MISO, in the second quarter of each year IPL is granted financial instruments that can be converted into cash or FTRs based on IPL’s forecasted peak load for the period. FTRs are used in the MISO market to hedge IPL’s exposure to congestion charges, which result from constraints on the transmission system. IPL converts all of these financial instruments into FTRs. IPL’s FTRs are valued at the cleared auction prices for FTRs in MISO’s annual auction. Because of the infrequent nature of this valuation, the fair value assigned to the FTRs is considered a Level 3 input under the fair value hierarchy required by ASC 820. An offsetting regulatory liability has been recorded as these revenues or costs will be flowed through to customers through the FAC. As such, there is no impact on our Consolidated Statements of Operations. Other Financial Liabilities IPL did not have any financial assets or liabilities measured at fair value on a nonrecurring basis, which have been adjusted to fair value during the periods covered by this report. As of December 31, 2016 and 2015 , all of IPL’s financial assets or liabilities measured at fair value on a recurring basis were considered Level 3, based on the fair value hierarchy. Summary The fair value of assets and liabilities at December 31, 2016 measured on a recurring basis and the respective category within the fair value hierarchy for IPL was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Fair value at December 31, 2016 Based on quoted market prices in active markets Other observable inputs Unobservable inputs (In Thousands) Financial assets: Financial transmission rights $ 4,393 $ — $ — $ 4,393 Total financial assets measured at fair value $ 4,393 $ — $ — $ 4,393 Financial liabilities: Other derivative liabilities $ 100 $ — $ — $ 100 Total financial liabilities measured at fair value $ 100 $ — $ — $ 100 The fair value of assets and liabilities at December 31, 2015 measured on a recurring basis and the respective category within the fair value hierarchy for IPL was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Fair value at December 31, 2015 Based on quoted market prices in active markets Other observable inputs Unobservable inputs (In Thousands) Financial assets: Financial transmission rights $ 4,150 $ — $ — $ 4,150 Total financial assets measured at fair value $ 4,150 $ — $ — $ 4,150 Financial liabilities: Other derivative liabilities $ 121 $ — $ — $ 121 Total financial liabilities measured at fair value $ 121 $ — $ — $ 121 The following table sets forth a reconciliation of financial instruments, measured at fair value on a recurring basis, classified as Level 3 in the fair value hierarchy (note, amounts in this table indicate carrying values, which approximate fair values): Derivative Financial (In Thousands) Balance at January 1, 2015 $ 6,095 Unrealized gain recognized in earnings 47 Issuances 13,281 Settlements (15,394 ) Balance at December 31, 2015 $ 4,029 Unrealized gain recognized in earnings 46 Issuances 10,892 Settlements (10,674 ) Balance at December 31, 2016 $ 4,293 Non-Recurring Fair Value Measurements IPL’s ARO liabilities relate primarily to environmental issues involving asbestos-containing materials, ash ponds, landfills and miscellaneous contaminants associated with its generating plants, transmission system and distribution system. We use the cost approach to determine the fair value of IPL’s ARO liabilities, which is estimated by discounting expected cash outflows to their present value at the initial recording of the liabilities. Cash outflows are based on the approximate future disposal costs as determined by market information, historical information or other management estimates. These inputs to the fair value of the ARO liabilities would be considered Level 3 inputs under the fair value hierarchy. As of December 31, 2016 and 2015, ARO liabilities were $80.6 million and $59.0 million , respectively. See Note 3, “Utility Plant in Service” for a rollforward of the ARO liability. Financial Instruments not Measured at Fair Value in the Consolidated Balance Sheets Debt The fair value of our outstanding fixed-rate debt has been determined on the basis of the quoted market prices of the specific securities issued and outstanding. In certain circumstances, the market for such securities was inactive and therefore the valuation was adjusted to consider changes in market spreads for similar securities. Accordingly, the purpose of this disclosure is not to approximate the value on the basis of how the debt might be refinanced. The following table shows the face value and the fair value of fixed-rate and variable-rate indebtedness (Level 2) for the periods ending: December 31, 2016 December 31, 2015 Face Value Fair Value Face Value Fair Value (In Millions) Fixed-rate $ 1,633.5 $ 1,717.2 $ 1,283.4 $ 1,406.8 Variable-rate 140.0 140.0 256.9 256.9 Total indebtedness $ 1,773.5 $ 1,857.2 $ 1,540.3 $ 1,663.7 The difference between the face value and the carrying value of this indebtedness represents the following: • unamortized deferred financing costs of $17.2 million and $13.7 million at December 31, 2016 and 2015, respectively. • unamortized discounts of $6.5 million and $4.2 million at December 31, 2016 and 2015, respectively. |
Regulatory Assets And Liabiliti
Regulatory Assets And Liabilities | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Regulatory Assets and Liabilities | REGULATORY MATTERS Basic Rates and Charges In March 2016, the IURC issued the 2016 Rate Order authorizing IPL to increase its basic rates and charges by $30.8 million annually. The order also authorized IPL to collect, over a ten year period, $117.7 million of previously deferred regulatory assets related to IPL’s participation in the regional transmission organization known as MISO. Such deferred costs are amortized to expense over ten years. Accordingly, $11.8 million of IPL’s long-term MISO regulatory asset is included within current regulatory assets on the accompanying Unaudited Condensed Consolidated Balance Sheets. The rate order also authorized an increase in IPL’s depreciation rates of $24.3 million annually compared to the twelve months ended June 30, 2014, which is the period upon which the rate increase was calculated. IPL also received approval to implement three new rate riders for current recovery from customers of ongoing MISO costs and capacity costs, and for sharing with customers 50% of wholesale sales margins above and below the established annual benchmark of $6.3 million . Additionally, the capacity rider provides that IPL will share with customers 50% of any capacity sales. The order approved recovery of IPL’s pension expenses and a return on IPL’s discretionary pension fundings. While the IURC noted in the order that they found IPL’s Service Company cost allocations to be reasonable, IPL was directed to request the FERC to review its Service Company allocations. In September 2017, the FERC completed its review, authorizing the Service Company’s allocation of costs of non-power goods and services to IPL. In the 2016 Rate Order, the IURC also closed their investigation into IPL’s underground network. Some of the intervening parties in the IURC rate case filed petitions for reconsideration of the IURC’s 2016 Rate Order with respect to certain issues. These petitions were subsequently denied by the IURC. In addition, certain intervening parties filed notices of appeal of the order. On April 5, 2017, the Indiana Court of Appeals affirmed the IURC’s 2016 Rate Order. In May 2014, IPL received an order from the IURC granting approval to build a 644 to 685 MW CCGT at Eagle Valley. The costs to build and operate the CCGT, other than fuel costs, will not be recoverable by IPL through rates until the conclusion of a base rate case proceeding with the IURC after construction is completed. On December 22, 2016, IPL filed a petition with the IURC for authority to increase its basic rates and charges primarily to recover the cost of the new CCGT. The CCGT was previously expected to be completed in the first half of 2017, but is now expected to be completed in the first half of 2018. To address this change, on February 24, 2017, IPL filed a motion to withdraw the case without prejudice or alternatively amend the petition and case-in-chief at a later date. On March 15, 2017, the IURC dismissed the rate case without prejudice. IPL expects to file a new base rate case with the IURC to coincide with the completion of the CCGT. CCR On April 26, 2017, the IURC approved IPL’s CCR compliance request to install a bottom ash dewatering system at its Petersburg generating station and to recover 80% of qualifying costs through a rate adjustment mechanism with the remainder recorded as a regulatory asset for recovery in a subsequent rate case. The approved capital cost of the CCR compliance plan is approximately $47 million . NAAQS On April 26, 2017, the IURC approved IPL’s request for NAAQS SO 2 compliance at its Petersburg generation station with 80% of qualifying costs recovered through a rate adjustment mechanism and the remainder recorded as a regulatory asset for recovery in a subsequent rate case. The approved capital cost of the NAAQS SO 2 compliance plan is approximately $29 million . | REGULATORY ASSETS AND LIABILITIES Regulatory assets represent deferred costs or credits that have been included as allowable costs or credits for ratemaking purposes. IPL has recorded regulatory assets or liabilities relating to certain costs or credits as authorized by the IURC or established regulatory practices in accordance with ASC 980. IPL is amortizing non tax‑related regulatory assets to expense over periods ranging from 1 to 35 years. Tax-related regulatory assets represent the net income tax costs to be considered in future regulatory proceedings generally as the tax-related amounts are paid. The amounts of regulatory assets and regulatory liabilities at December 31 are as follows: 2016 2015 Recovery Period (In Thousands) Regulatory Assets Current: Undercollections of rate riders $ 19,959 $ 8,002 Approximately 1 year (1) Costs being recovered through base rates 13,953 — Approximately 1 year (1) Total current regulatory assets $ 33,912 $ 8,002 Long-term: Unrecognized pension and other postretirement benefit plan costs $ 218,070 $ 226,889 Various (2) Income taxes recoverable through rates 51,131 35,765 Various Deferred MISO costs 114,359 128,610 Through 2026 (3) Unamortized Petersburg Unit 4 carrying charges and certain other costs 10,193 11,248 Through 2026 (1)(4) Unamortized reacquisition premium on debt 22,501 23,268 Over remaining life of debt Environmental projects 30,678 16,876 Through 2050 (1)(4) Other miscellaneous 3,778 5,544 To be determined (1)(5) Total long-term regulatory assets $ 450,710 $ 448,200 Total regulatory assets $ 484,622 $ 456,202 Regulatory Liabilities Current: Overcollections of rate riders $ 3,311 $ 24,019 Approximately 1 year (1) FTRs 4,393 4,150 Approximately 1 year (1) Total current regulatory liabilities $ 7,704 $ 28,169 Long-term: ARO and accrued asset removal costs $ 668,787 $ 637,065 Not Applicable Unamortized investment tax credit 1,507 2,451 Through 2021 Total long-term regulatory liabilities $ 670,294 $ 639,516 Total regulatory liabilities $ 677,998 $ 667,685 (1) Recovered (credited) per specific rate orders (2) IPL receives a return on its discretionary funding (3) The majority of these costs are being recovered per specific rate order; recovery for the remaining costs is probable but timing not yet determined (4) Recovered with a current return (5) A portion of this amount will be recovered over the next two years Deferred Fuel Deferred fuel costs are a component of current regulatory assets or liabilities (which is a result of IPL charging either more or less for fuel than our actual costs to our jurisdictional customers) and are expected to be recovered through future FAC proceedings. IPL records deferred fuel in accordance with standards prescribed by the FERC. The deferred fuel adjustment is the result of variances between estimated fuel and purchased power costs in IPL’s FAC and actual fuel and purchased power costs. IPL is generally permitted to recover underestimated fuel and purchased power costs in future rates through the FAC proceedings and therefore the costs are deferred when incurred and amortized into fuel expense in the same period that IPL’s rates are adjusted to reflect these costs. Unrecognized Pension and Postretirement Benefit Plan Costs In accordance with ASC 715 “Compensation – Retirement Benefits” and ASC 980, we recognize a regulatory asset equal to the unrecognized actuarial gains and losses and prior service costs. Pension expenses are recorded based on the benefit plan’s actuarially determined pension liability and associated level of annual expenses to be recognized. The other postretirement benefit plan’s deferred benefit cost is the excess of the other postretirement benefit liability over the amount previously recognized. Income Taxes Recoverable Through Rates This amount represents the portion of deferred income taxes that we believe will be recovered through future rates, based upon established regulatory practices, which permit the recovery of current taxes. Accordingly, this regulatory asset is offset by a deferred tax liability and is expected to be recovered, without interest, over the period underlying book-tax timing differences reverse and become current taxes. Deferred MISO Costs These consist of administrative costs for transmission services, transmission expansion cost sharing, and certain other operational and administrative costs from the MISO market. The majority of these costs are being recovered per specific rate order; recovery for the remaining costs is probable but timing not yet determined. See Note 2, “Regulatory Matters.” ARO and Accrued Asset Removal Costs In accordance with ASC 410 and ASC 980, IPL recognizes the cost of removal component of its depreciation reserve that does not have an associated legal retirement obligation as a deferred liability. This amount is net of the portion of legal ARO costs that is currently being recovered in rates. |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Regulatory Assets and Liabilities | REGULATORY MATTERS Basic Rates and Charges In March 2016, the IURC issued the 2016 Rate Order authorizing IPL to increase its basic rates and charges by $30.8 million annually. The order also authorized IPL to collect, over a ten year period, $117.7 million of previously deferred regulatory assets related to IPL’s participation in the regional transmission organization known as MISO. Such deferred costs are amortized to expense over ten years. Accordingly, $11.8 million of IPL’s long-term MISO regulatory asset is included within current regulatory assets on the accompanying Unaudited Condensed Consolidated Balance Sheets. The rate order also authorized an increase in IPL’s depreciation rates of $24.3 million annually compared to the twelve months ended June 30, 2014, which is the period upon which the rate increase was calculated. IPL also received approval to implement three new rate riders for current recovery from customers of ongoing MISO costs and capacity costs, and for sharing with customers 50% of wholesale sales margins above and below the established annual benchmark of $6.3 million . Additionally, the capacity rider provides that IPL will share with customers 50% of any capacity sales. The order approved recovery of IPL’s pension expenses and a return on IPL’s discretionary pension fundings. While the IURC noted in the order that they found IPL’s Service Company cost allocations to be reasonable, IPL was directed to request the FERC to review its Service Company allocations. In September 2017, the FERC completed its review, authorizing the Service Company’s allocation of costs of non-power goods and services to IPL. In the 2016 Rate Order, the IURC also closed their investigation into IPL’s underground network. Some of the intervening parties in the IURC rate case filed petitions for reconsideration of the IURC’s 2016 Rate Order with respect to certain issues. These petitions were subsequently denied by the IURC. In addition, certain intervening parties filed notices of appeal of the order. On April 5, 2017, the Indiana Court of Appeals affirmed the IURC’s 2016 Rate Order. In May 2014, IPL received an order from the IURC granting approval to build a 644 to 685 MW CCGT at Eagle Valley. The costs to build and operate the CCGT, other than fuel costs, will not be recoverable by IPL through rates until the conclusion of a base rate case proceeding with the IURC after construction is completed. On December 22, 2016, IPL filed a petition with the IURC for authority to increase its basic rates and charges primarily to recover the cost of the new CCGT. The CCGT was previously expected to be completed in the first half of 2017, but is now expected to be completed in the first half of 2018. To address this change, on February 24, 2017, IPL filed a motion to withdraw the case without prejudice or alternatively amend the petition and case-in-chief at a later date. On March 15, 2017, the IURC dismissed the rate case without prejudice. IPL expects to file a new base rate case with the IURC to coincide with the completion of the CCGT. CCR On April 26, 2017, the IURC approved IPL’s CCR compliance request to install a bottom ash dewatering system at its Petersburg generating station and to recover 80% of qualifying costs through a rate adjustment mechanism with the remainder recorded as a regulatory asset for recovery in a subsequent rate case. The approved capital cost of the CCR compliance plan is approximately $47 million . NAAQS On April 26, 2017, the IURC approved IPL’s request for NAAQS SO2 compliance at its Petersburg generation station with 80% of qualifying costs recovered through a rate adjustment mechanism and the remainder recorded as a regulatory asset for recovery in a subsequent rate case. The approved capital cost of the NAAQS SO2 compliance plan is approximately $29 million . | REGULATORY ASSETS AND LIABILITIES Regulatory assets represent deferred costs or credits that have been included as allowable costs or credits for ratemaking purposes. IPL has recorded regulatory assets or liabilities relating to certain costs or credits as authorized by the IURC or established regulatory practices in accordance with ASC 980. IPL is amortizing non tax‑related regulatory assets to expense over periods ranging from 1 to 35 years. Tax-related regulatory assets represent the net income tax costs to be considered in future regulatory proceedings generally as the tax-related amounts are paid. The amounts of regulatory assets and regulatory liabilities at December 31 are as follows: 2016 2015 Recovery Period (In Thousands) Regulatory Assets Current: Undercollections of rate riders $ 19,959 8,002 $ 8,002 Approximately 1 year (1) Costs being recovered through base rates 13,953 — Approximately 1 year (1) Total current regulatory assets $ 33,912 $ 8,002 Long-term: Unrecognized pension and other postretirement benefit plan costs $ 218,070 $ 226,889 Various (2) Income taxes recoverable through rates 51,131 35,765 Various Deferred MISO costs 114,359 128,610 Through 2026 (3) Unamortized Petersburg Unit 4 carrying charges and certain other costs 10,193 11,248 Through 2026 (1)(4) Unamortized reacquisition premium on debt 22,501 23,268 Over remaining life of debt Environmental projects 30,678 16,876 Through 2050 (1)(4) Other miscellaneous 3,778 5,544 To be determined (1)(5) Total long-term regulatory assets $ 450,710 $ 448,200 Total regulatory assets $ 484,622 $ 456,202 Regulatory Liabilities Current: Overcollections of rate riders $ 3,311 $ 24,019 Approximately 1 year (1) FTRs 4,393 4,150 Approximately 1 year (1) Total current regulatory liabilities $ 7,704 $ 28,169 Long-term: ARO and accrued asset removal costs $ 668,787 $ 637,065 Not Applicable Unamortized investment tax credit 1,507 2,451 Through 2021 Total long-term regulatory liabilities $ 670,294 $ 639,516 Total regulatory liabilities $ 677,998 $ 667,685 (1) Recovered (credited) per specific rate orders (2) IPL receives a return on its discretionary funding (3) The majority of these costs are being recovered per specific rate order; recovery for the remaining costs is probable but timing not yet determined (4) Recovered with a current return (5) A portion of this amount will be recovered over the next two years Deferred Fuel Deferred fuel costs are a component of current regulatory assets or liabilities (which is a result of IPL charging either more or less for fuel than our actual costs to our jurisdictional customers) and are expected to be recovered through future FAC proceedings. IPL records deferred fuel in accordance with standards prescribed by the FERC. The deferred fuel adjustment is the result of variances between estimated fuel and purchased power costs in IPL’s FAC and actual fuel and purchased power costs. IPL is generally permitted to recover underestimated fuel and purchased power costs in future rates through the FAC proceedings and therefore the costs are deferred when incurred and amortized into fuel expense in the same period that IPL’s rates are adjusted to reflect these costs. Unrecognized Pension and Postretirement Benefit Plan Costs In accordance with ASC 715 “Compensation – Retirement Benefits” and ASC 980, we recognize a regulatory asset equal to the unrecognized actuarial gains and losses and prior service costs. Pension expenses are recorded based on the benefit plan’s actuarially determined pension liability and associated level of annual expenses to be recognized. The other postretirement benefit plan’s deferred benefit cost is the excess of the other postretirement benefit liability over the amount previously recognized. Income Taxes Recoverable Through Rates This amount represents the portion of deferred income taxes that we believe will be recovered through future rates, based upon established regulatory practices, which permit the recovery of current taxes. Accordingly, this regulatory asset is offset by a deferred tax liability and is expected to be recovered, without interest, over the period underlying book-tax timing differences reverse and become current taxes. Deferred MISO Costs These consist of administrative costs for transmission services, transmission expansion cost sharing, and certain other operational and administrative costs from the MISO market. The majority of these costs are being recovered per specific rate order; recovery for the remaining costs is probable but timing not yet determined. See Note 2, “Regulatory Matters.” ARO and Accrued Asset Removal Costs In accordance with ASC 410 and ASC 980, IPL recognizes the cost of removal component of its depreciation reserve that does not have an associated legal retirement obligation as a deferred liability. This amount is net of the portion of legal ARO costs that is currently being recovered in rates. |
Equity
Equity | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Stockholders' Equity Note Disclosure [Text Block] | EQUITY On March 1, 2016, IPALCO issued and sold 7,403,213 shares of IPALCO’s common stock to CDPQ for $134.3 million under the Subscription Agreement. After completion of these transactions, CDPQ’s direct and indirect interests in IPALCO total approximately 30% . On June 1, 2016, IPALCO received equity capital contributions of $64.8 million from AES U.S. Investments and $13.9 million from CDPQ. IPALCO then made the same investments in IPL. The proceeds were primarily used for funding needs related to IPL’s environmental and replacement generation projects. The capital contributions on June 1, 2016 were made on a proportional share basis and, therefore, did not change CDPQ’s or AES’ ownership interests in IPALCO. | |
Equity | EQUITY Equity Transactions On December 15, 2014, AES announced that it entered into an agreement with CDPQ, a long-term institutional investor headquartered in Quebec, Canada. Pursuant to the agreement, on February 11, 2015, CDPQ purchased from AES 15% of AES U.S. Investments and 100 shares of IPALCO’s common stock were issued to CDPQ. In addition, pursuant to the agreement, CDPQ invested approximately $349 million in IPALCO through 2016, in exchange for a 17.65% equity stake, funding existing growth and environmental projects at IPL. After completion of these transactions, CDPQ’s direct and indirect interests in IPALCO total approximately 30% , AES owns 85% of AES U.S. Investments, and AES U.S. Investments owns 82.35% of IPALCO. There has been no significant change in management or operational control of AES U.S. Investments, IPALCO or IPL as a result of these transactions. In connection with the initial closing under the agreement, CDPQ, AES U.S. Investments, and IPALCO entered into a Shareholders’ Agreement. The Shareholders’ Agreement established the general framework governing the relationship between and among CDPQ and AES U.S. Investments, and their respective successors and transferees, as shareholders of IPALCO. Pursuant to the Shareholders’ Agreement, the Board of Directors of IPALCO will initially consist of 11 directors, two nominated by CDPQ and 9 nominated by AES U.S. Investments. The Shareholders’ Agreement contains restrictions on IPALCO making certain major decisions without the prior affirmative vote of a majority of the Board of Directors of IPALCO. In addition, for so long as CDPQ holds at least 5% of IPALCO’s common shares, CDPQ will have review and consultation rights with respect to certain actions of IPALCO. Certain transfer restrictions and other transfer rights apply to CDPQ and AES U.S. Investments under the Shareholders’ Agreement, including certain rights of first offer, drag along rights, tag along rights, put rights and rights of first refusal. On February 11, 2015, in connection with the initial closing under the Subscription Agreement and the entry into the Shareholders’ Agreement, IPALCO submitted the Third Amended and Restated Articles of Incorporation for filing with the Indiana Secretary of State, as approved and adopted by the IPALCO Board. The purpose of the Third Amended and Restated Articles of Incorporation is to amend, among other things, Article VI of the Second Amended and Restated Articles of Incorporation of IPALCO in order to effectuate changes to the size and composition of the IPALCO Board in furtherance of the terms and conditions of the IPALCO Shareholders’ Agreement. Paid In Capital and Capital Stock On June 27, 2014, IPALCO received equity capital contributions of $106.4 million from AES for funding needs related to IPL’s environmental and replacement generation projects. IPALCO then made the same equity capital contributions to IPL. On February 11, 2015, IPALCO issued and sold 100 shares of IPALCO’s common stock to CDPQ under the Subscription Agreement. On April 1, 2015, IPALCO issued and sold 11,818,828 shares of IPALCO’s common stock to CDPQ for $214.4 million under the Subscription Agreement. On March 1, 2016, IPALCO issued and sold 7,403,213 shares of IPALCO’s common stock to CDPQ for $134.3 million under the Subscription Agreement. After completion of these transactions, CDPQ’s direct and indirect interest in IPALCO is approximately 30% . On June 1, 2016, IPALCO received equity capital contributions of $64.8 million from AES U.S. Investments and $13.9 million from CDPQ. IPALCO then made the same investments in IPL. The proceeds were primarily used for funding needs related to IPL’s environmental and replacement generation projects. The capital contributions on June 1, 2016 were made on a proportional share basis and, therefore, did not change CDPQ’s or AES’ ownership interests in IPALCO. Dividend Restrictions IPL’s mortgage and deed of trust and its amended articles of incorporation contain restrictions on IPL’s ability to issue certain securities or pay cash dividends. So long as any of the several series of bonds of IPL issued under its mortgage remains outstanding, and subject to certain exceptions, IPL is restricted in the declaration and payment of dividends, or other distribution on shares of its capital stock of any class, or in the purchase or redemption of such shares, to the aggregate of its net income, as defined in the mortgage, after December 31, 1939. In addition, pursuant to IPL’s articles, no dividends may be paid or accrued and no other distribution may be made on IPL’s common stock unless dividends on all outstanding shares of IPL preferred stock have been paid or declared and set apart for payment. As of December 31, 2016 and as of the filing of this report, IPL was in compliance with these restrictions. IPL is also restricted in its ability to pay dividends if it is in default under the terms of its Credit Agreement and its unsecured notes, which could happen if IPL fails to comply with certain covenants. These covenants, among other things, require IPL to maintain a ratio of total debt to total capitalization not in excess of 0.65 to 1 . As of December 31, 2016 and as of the filing of this report, IPL was in compliance with all covenants and no event of default existed. Cumulative Preferred Stock IPL has five separate series of cumulative preferred stock. Holders of preferred stock are entitled to receive dividends at rates per annum ranging from 4.0% to 5.65% . During each year ended December 31, 2016 , 2015 and 2014 , total preferred stock dividends declared were $3.2 million . Holders of preferred stock are entitled to two votes per share for IPL matters, and if four full quarterly dividends are in default on all shares of the preferred stock then outstanding, they are entitled to elect the smallest number of IPL directors to constitute a majority of IPL’s Board of Directors. Based on the preferred stockholders’ ability to elect a majority of IPL’s Board of Directors in this circumstance, the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock was considered temporary equity and presented in the mezzanine level of the audited consolidated balance sheets in accordance with the relevant accounting guidance for non-controlling interests and redeemable securities. IPL has issued and outstanding 500,000 shares of 5.65% preferred stock, which are now redeemable at par value, subject to certain restrictions, in whole or in part. Additionally, IPL has 91,353 shares of preferred stock which are redeemable solely at the option of IPL and can be redeemed in whole or in part at any time at specific call prices. At December 31, 2016 , 2015 and 2014 , preferred stock consisted of the following: December 31, 2016 December 31, Shares Call Price 2016 2015 2014 Par Value, plus premium, if applicable (In Thousands) Cumulative $100 par value, authorized 2,000,000 shares 4% Series 47,611 $ 118.00 $ 5,410 $ 5,410 $ 5,410 4.2% Series 19,331 103.00 1,933 1,933 1,933 4.6% Series 2,481 103.00 248 248 248 4.8% Series 21,930 101.00 2,193 2,193 2,193 5.65% Series 500,000 100.00 50,000 50,000 50,000 Total cumulative preferred stock 591,353 $ 59,784 $ 59,784 $ 59,784 | |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Stockholders' Equity Note Disclosure [Text Block] | EQUITY On March 1, 2016, IPALCO issued and sold 7,403,213 shares of IPALCO’s common stock to CDPQ for $134.3 million under the Subscription Agreement. After completion of these transactions, CDPQ’s direct and indirect interests in IPALCO total approximately 30% . On June 1, 2016, IPALCO received equity capital contributions of $64.8 million from AES U.S. Investments and $13.9 million from CDPQ. IPALCO then made the same investments in IPL. The proceeds were primarily used for funding needs related to IPL’s environmental and replacement generation projects. The capital contributions on June 1, 2016 were made on a proportional share basis and, therefore, did not change CDPQ’s or AES’ ownership interests in IPALCO. | |
Equity | EQUITY Paid In Capital and Capital Stock On June 27, 2014, IPALCO received equity capital contributions of $106.4 million from AES for funding needs related to IPL’s environmental and replacement generation projects. IPALCO then made the same equity capital contributions to IPL. On February 11, 2015, IPALCO issued and sold 100 shares of IPALCO’s common stock to CDPQ under the Subscription Agreement. On April 1, 2015, IPALCO issued and sold 11,818,828 shares of IPALCO’s common stock to CDPQ for $214.4 million under the Subscription Agreement. On March 1, 2016, IPALCO issued and sold 7,403,213 shares of IPALCO’s common stock to CDPQ for $ 134.3 million under the Subscription Agreement. After completion of these transactions, CDPQ’s direct and indirect interest in IPALCO is approximately 30% . On June 1, 2016, IPALCO received equity capital contributions of $64.8 million from AES U.S. Investments and $13.9 million from CDPQ. IPALCO then made the same investments in IPL. The proceeds were primarily used for funding needs related to IPL’s environmental and replacement generation projects. The capital contributions on June 1, 2016 were made on a proportional share basis and, therefore, did not change CDPQ’s or AES’ ownership interests in IPALCO. All of the outstanding common stock of IPL is owned by IPALCO. IPL’s common stock is pledged under the 2018 IPALCO Notes and 2020 IPALCO Notes. There have been no changes in the capital stock of IPL during the three years ended December 31, 2016 . Dividend Restrictions IPL’s mortgage and deed of trust and its amended articles of incorporation contain restrictions on IPL’s ability to issue certain securities or pay cash dividends. So long as any of the several series of bonds of IPL issued under its mortgage remains outstanding, and subject to certain exceptions, IPL is restricted in the declaration and payment of dividends, or other distribution on shares of its capital stock of any class, or in the purchase or redemption of such shares, to the aggregate of its net income, as defined in the mortgage, after December 31, 1939. In addition, pursuant to IPL’s articles, no dividends may be paid or accrued and no other distribution may be made on IPL’s common stock unless dividends on all outstanding shares of IPL preferred stock have been paid or declared and set apart for payment. As of December 31, 2016 and as of the filing of this report, IPL was in compliance with these restrictions. IPL is also restricted in its ability to pay dividends if it is in default under the terms of its Credit Agreement and its unsecured notes, which could happen if IPL fails to comply with certain covenants. These covenants, among other things, require IPL to maintain a ratio of total debt to total capitalization not in excess of 0.65 to 1 . As of December 31, 2016 and as of the filing of this report, IPL was in compliance with all covenants and no event of default existed. Cumulative Preferred Stock IPL has five separate series of cumulative preferred stock. Holders of preferred stock are entitled to receive dividends at rates per annum ranging from 4.0% to 5.65% . During each year ended December 31, 2016 , 2015 and 2014 , total preferred stock dividends declared were $3.2 million . Holders of preferred stock are entitled to two votes per share for IPL matters, and if four full quarterly dividends are in default on all shares of the preferred stock then outstanding, they are entitled to elect the smallest number of IPL directors to constitute a majority of IPL’s Board of Directors. Based on the preferred stockholders’ ability to elect a majority of IPL’s Board of Directors in this circumstance, the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock was considered temporary equity and presented in the mezzanine level of the audited consolidated balance sheets in accordance with the relevant accounting guidance for non-controlling interests and redeemable securities. IPL has issued and outstanding 500,000 shares of 5.65% preferred stock, which are now redeemable at par value, subject to certain restrictions, in whole or in part. Additionally, IPL has 91,353 shares of preferred stock which are redeemable solely at the option of IPL and can be redeemed in whole or in part at any time at specific call prices. At December 31, 2016 , 2015 and 2014 , preferred stock consisted of the following: December 31, 2016 December 31, Shares Call Price 2016 2015 2014 Par Value, plus premium, if applicable (In Thousands) Cumulative $100 par value, authorized 2,000,000 shares 4% Series 47,611 $ 118.00 $ 5,410 $ 5,410 $ 5,410 4.2% Series 19,331 103.00 1,933 1,933 1,933 4.6% Series 2,481 103.00 248 248 248 4.8% Series 21,930 101.00 2,193 2,193 2,193 5.65% Series 500,000 100.00 50,000 50,000 50,000 Total cumulative preferred stock 591,353 $ 59,784 $ 59,784 $ 59,784 |
Debt
Debt | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Debt | DEBT Long-Term Debt The following table presents our long-term debt: September 30, December 31, Series Due 2017 2016 (In Thousands) IPL first mortgage bonds: 5.40% (1) August 2017 $ — $ 24,650 3.875% (2) August 2021 55,000 55,000 3.875% (2) August 2021 40,000 40,000 3.125% (2) December 2024 40,000 40,000 6.60% January 2034 100,000 100,000 6.05% October 2036 158,800 158,800 6.60% June 2037 165,000 165,000 4.875% November 2041 140,000 140,000 4.65% June 2043 170,000 170,000 4.50% June 2044 130,000 130,000 4.70% September 2045 260,000 260,000 4.05% May 2046 350,000 350,000 Unamortized discount – net (6,384 ) (6,477 ) Deferred financing costs (16,275 ) (16,736 ) Total IPL first mortgage bonds 1,586,141 1,610,237 IPL unsecured debt: Variable (3) December 2020 30,000 30,000 Variable (3) December 2020 60,000 60,000 Deferred financing costs (372 ) (456 ) Total IPL unsecured debt 89,628 89,544 Total Long-term Debt – IPL 1,675,769 1,699,781 Long-term Debt – IPALCO: 5.00% Senior Secured Notes May 2018 — 400,000 3.45% Senior Secured Notes July 2020 405,000 405,000 3.70% Senior Secured Notes September 2024 405,000 — Unamortized discount – net (559 ) (273 ) Deferred financing costs (8,159 ) (5,018 ) Total Long-term Debt – IPALCO 801,282 799,709 Total Consolidated IPALCO Long-term Debt 2,477,051 2,499,490 Less: Current Portion of Long-term Debt — 24,650 Net Consolidated IPALCO Long-term Debt $ 2,477,051 $ 2,474,840 (1) First mortgage bonds issued to the city of Petersburg, Indiana, to secure the loan proceeds from various tax-exempt bonds issued by the city. IPL repaid these first mortgage bonds on August 1, 2017. (2) First mortgage bonds issued to the Indiana Finance Authority, to secure the loan of proceeds from tax-exempt bonds issued by the Indiana Finance Authority. (3) Unsecured notes issued to the Indiana Finance Authority by IPL to facilitate the loan of proceeds from various tax-exempt notes issued by the Indiana Finance Authority. The notes have a final maturity date of December 2038, but are subject to a mandatory put in December 2020. IPALCO’s Senior Secured Notes In August 2017, IPALCO completed the sale of the $405 million 2024 IPALCO Notes pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 2024 IPALCO Notes were issued pursuant to an Indenture dated August 22, 2017, by and between IPALCO and U.S. Bank, National Association, as trustee. The 2024 IPALCO Notes were priced to the public at 99.901% of the principal amount. Net proceeds to IPALCO were approximately $399.3 million after deducting underwriting costs and estimated offering expenses. These costs are being amortized to the maturity date using the effective interest method. We used the net proceeds from this offering, together with cash on hand, to redeem the $400 million 2018 IPALCO Notes on September 21, 2017, and to pay certain related fees, expenses and make-whole premiums. A loss on early extinguishment of debt of $8.9 million for the 2018 IPALCO Notes is included as a separate line item within Other Income and (Deductions) in the accompanying Unaudited Condensed Consolidated Statements of Operations. The 2024 IPALCO Notes are secured by IPALCO’s pledge of all of the outstanding common stock of IPL. The lien on the pledged shares is shared equally and ratably with IPALCO’s existing senior secured notes. IPALCO has also agreed to register the 2024 IPALCO Notes under the Securities Act by filing an exchange offer registration statement or, under specified circumstances, a shelf registration statement with the SEC pursuant to a Registration Rights Agreement that IPALCO entered into with Morgan Stanley & Co. LLC and PNC Capital Markets LLC, as representatives of the initial purchasers of the 2024 IPALCO Notes, dated August 22, 2017. Line of Credit As of September 30, 2017 and December 31, 2016 , IPL had $120.5 million and $50.0 million in outstanding borrowings on the committed line of credit, respectively. | DEBT Long-Term Debt The following table presents our long-term debt: December 31, Series Due 2016 2015 (In Thousands) IPL first mortgage bonds: 5.40% (1) August 2017 $ 24,650 $ 24,650 3.875% (2) August 2021 55,000 55,000 3.875% (2) August 2021 40,000 40,000 3.125% (2) December 2024 40,000 40,000 6.60% January 2034 100,000 100,000 6.05% October 2036 158,800 158,800 6.60% June 2037 165,000 165,000 4.875% November 2041 140,000 140,000 4.65% June 2043 170,000 170,000 4.50% June 2044 130,000 130,000 4.70% September 2045 260,000 260,000 4.05% May 2046 350,000 — Unamortized discount – net (6,477 ) (4,242 ) Deferred financing costs (3) (16,736 ) (13,703 ) Total IPL first mortgage bonds 1,610,237 1,265,505 IPL unsecured debt: Variable (4) December 2020 30,000 30,000 Variable (4) December 2020 60,000 60,000 Deferred financing costs (3) (456 ) — Total IPL unsecured debt 89,544 90,000 Total Long-term Debt – IPL 1,699,781 1,355,505 Long-term Debt – IPALCO: 5.00% Senior Secured Notes May 2018 400,000 400,000 3.45% Senior Secured Notes July 2020 405,000 405,000 Unamortized discount – net (273 ) (371 ) Deferred financing costs (3) (5,018 ) (6,858 ) Total Long-term Debt – IPALCO 799,709 797,771 Total Consolidated IPALCO Long-term Debt 2,499,490 2,153,276 Less: Current Portion of Long-term Debt 24,650 — Net Consolidated IPALCO Long-term Debt $ 2,474,840 $ 2,153,276 (1) First mortgage bonds are issued to the city of Petersburg, Indiana, to secure the loan of proceeds from tax-exempt bonds issued by the city. (2) First mortgage bonds are issued to the Indiana Finance Authority, to secure the loan of proceeds from tax-exempt bonds issued by the Indiana Finance Authority. (3) The Company adopted ASU No. 2015-03 on January 1, 2016, which requires the use of the full retrospective approach with respect to the presentation of debt issuance costs, including deferred charges. (4) Unsecured notes are issued to the Indiana Finance Authority by IPL to facilitate the loan of proceeds from various tax-exempt notes issued by the Indiana Finance Authority. The notes have a final maturity date of December 2038, but are subject to a mandatory put in December 2020. Debt Maturities Maturities on long-term indebtedness subsequent to December 31, 2016 , are as follows: Year Amount (In Thousands) 2017 $ 24,650 2018 400,000 2019 — 2020 495,000 2021 95,000 Thereafter 1,513,800 Total $ 2,528,450 Significant Transactions IPL First Mortgage Bonds and Recent Indiana Finance Authority Bond Issuances The mortgage and deed of trust of IPL, together with the supplemental indentures thereto, secure the first mortgage bonds issued by IPL. Pursuant to the terms of the mortgage, substantially all property owned by IPL is subject to a first mortgage lien securing indebtedness of $1,633.5 million as of December 31, 2016 . The IPL first mortgage bonds require net earnings as calculated thereunder be at least two and one-half times the annual interest requirements before additional bonds can be authenticated on the basis of property additions. IPL was in compliance with such requirements as of December 31, 2016 . In June 2014, IPL issued $130 million aggregate principal amount of first mortgage bonds, 4.50% Series, due June 2044. Net proceeds from this offering were approximately $126.8 million , after deducting the initial purchasers’ discounts, fees and expenses for the offering. The net proceeds from the offering were used: (i) to finance a portion of IPL’s construction program; (ii) to finance a portion of IPL’s capital costs related to environmental and replacement generation projects; and (iii) for other general corporate purposes. In September 2015, IPL issued $260 million aggregate principal amount of first mortgage bonds, 4.70% Series, due September 2045, pursuant to Rule 144A and Regulation S under the Securities Act. Net proceeds from this offering were approximately $255.6 million , after deducting the initial purchasers’ discounts and fees and expenses for the offering. The net proceeds from the offering were used to finance a portion of IPL's construction program and capital costs related to environmental and replacement generation projects and for other general corporate purposes. In December 2015, IPL refunded $131.9 million aggregate principal amount of first mortgage bonds, 4.90% Series, due January 2016 from the proceeds of unsecured notes with a syndication of banks. For further discussion, please see “ IPL Unsecured Notes” below. In May 2016, IPL issued $350 million aggregate principal amount of first mortgage bonds, 4.05% Series, due May 2046, pursuant to Rule 144A and Regulation S under the Securities Act. Net proceeds from this offering were approximately $343.6 million , after deducting the initial purchasers’ discounts and fees and expenses for the offering. The net proceeds from this offering were used to finance a portion of IPL’s construction program and capital costs related to environmental and replacement generation projects, to repay outstanding borrowings under IPL’s 364-day delayed-draw term loan and other short-term debt, and for other general corporate purposes. In December 2016, the Indiana Finance Authority issued on behalf of IPL an aggregate principal amount of $40.0 million of 3.125% Environmental Facilities Refunding Revenue Bonds, Series 2016A (Indianapolis Power & Light Company Project) due December 2024. IPL issued $40.0 million aggregate principal amount of first mortgage bonds to the Indiana Finance Authority at 3.125% to secure the loan of proceeds from this series of bonds issued by the Indiana Finance Authority. Proceeds of the bonds were used to refund $40.0 million of Indiana Finance Authority Pollution Control Refunding Revenue Bonds Series 2006B (Indianapolis Power & Light Company Project) at a redemption price of 100% . IPL Unsecured Notes In October 2015, IPL entered into an unsecured $91.9 million 364 -day committed credit facility with a delayed draw feature at variable rates with a syndication of banks. It was drawn on in October and December 2015 to fund the October 2015 termination of IPL’s $50 million accounts receivable securitization program and to assist in the December 2015 refunding of $41.9 million of IPL’s outstanding aggregate principal amount of 4.90% Environmental Facilities Refunding Revenue Bonds (Indianapolis Power & Light Company Project) Series 2009A due in January 2016. This agreement had a maturity date of October 14, 2016, with interest incurred at variable rates as described in the credit agreement. This credit facility contained customary representations, warranties and covenants, including a leverage covenant consistent with the leverage covenant contained in IPL’s Credit Agreement. In May 2016, IPL repaid $91.9 million in outstanding borrowings under its 364-day delayed-draw term loan with a portion of the proceeds from its $350 million aggregate principal amount of first mortgage bonds as described above in “IPL First Mortgage Bonds . ” In December 2015, the Indiana Finance Authority issued on behalf of IPL an aggregate principal amount of $90 million of Environmental Facilities Refunding Revenue Notes due December 2038 (Indianapolis Power & Light Company Project). These unsecured notes were issued in two series: $30 million Series 2015A notes and $60 million 2015B notes. These notes were initially purchased by a syndication of banks who will hold the notes until the mandatory put date of December 22, 2020. The proceeds of the 2015A notes and the 2015B notes were loaned to IPL to assist it in refunding the $30 million Indiana Finance Authority Environmental Facilities Refunding Revenue Bonds (Indianapolis Power & Light Company Project) Series 2009B and $60 million Indiana Finance Authority Environmental Facilities Refunding Revenue Bonds (Indianapolis Power & Light Company Project) Series 2009C each series due January 1, 2016. These notes bear interest at a variable rate as described in the notes purchase and covenants agreement. The agreement contains customary representations, warranties and covenants, including a leverage covenant consistent with the leverage covenant contained in IPL’s Credit Agreement. IPALCO’s Senior Secured Notes In June 2015, IPALCO completed the sale of the 2020 IPALCO Notes pursuant to Rule 144A and Regulation S under the Securities Act. The 2020 IPALCO Notes were issued pursuant to an Indenture dated June 25, 2015, by and between IPALCO and U.S. Bank, National Association, as trustee. The 2020 IPALCO Notes were priced to the public at 99.929% of the principal amount. Net proceeds to IPALCO were approximately $399.5 million after deducting underwriting costs and estimated offering expenses. These costs are being amortized to the maturity date using the effective interest method. We used the net proceeds from this offering to fund the purchase of the 2016 IPALCO Notes validly tendered and to pay for a related consent solicitation, to redeem any 2016 IPALCO Notes that remained outstanding after the completion of the tender, and to pay certain related fees, expenses and make-whole premiums. Of the 2016 IPALCO Notes outstanding, $366.5 million were tendered in June 2015. The remainder, $33.5 million , was redeemed in July 2015. An early tender premium was paid related to the tender offer and a redemption premium was paid related to the redemption of the 2016 IPALCO Notes. A loss on early extinguishment of debt of $22.1 million for the 2016 IPALCO Notes is included as a separate line item within “ Other Income and (Deductions) ” in the accompanying Consolidated Statements of Operations. The lien on the pledged shares is shared equally and ratably with IPALCO's existing senior secured notes. IPALCO has entered into a Pledge Agreement Supplement with the Bank of New York Mellon Trust Company, N.A., as Collateral Agent, dated June 25, 2015, to the Pledge Agreement between IPALCO and The Bank of New York Mellon Trust Company, N.A., dated November 14, 2001, as supplemented by a Pledge Agreement Supplement dated April 15, 2008 and a Pledge Agreement Supplement dated May 18, 2011, each by IPALCO in favor of the Collateral Agent. IPALCO also agreed to register the 2020 IPALCO Notes under the Securities Act by filing an exchange offer registration statement or, under specified circumstances, a shelf registration statement with the SEC pursuant to a Registration Rights Agreement that IPALCO entered into with J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC, as representatives of the initial purchasers of the 2020 IPALCO Notes. IPALCO filed its registration statement on Form S-4 with respect to the 2020 IPALCO Notes with the SEC on September 28, 2015, and this registration statement was declared effective on October 15, 2015. The exchange offer was completed on November 16, 2015. The 2018 IPALCO Notes and 2020 IPALCO Notes are secured by IPALCO’s pledge of all of the outstanding common stock of IPL. Line of Credit IPL entered into an amendment and restatement of its 5 -year $250 million revolving credit facility in May 2014, and a further amendment and extension of the credit facility on October 16, 2015 (the “Credit Agreement”) with a syndication of banks. This Credit Agreement is an unsecured committed line of credit to be used: (i) to finance capital expenditures; (ii) to refinance indebtedness under the existing credit agreement; (iii) to support working capital; and (iv) for general corporate purposes. This agreement matures on October 16, 2020, and bears interest at variable rates as described in the Credit Agreement. It includes an uncommitted $150 million accordion feature to provide IPL with an option to request an increase in the size of the facility at any time prior to October 16, 2019, subject to approval by the lenders. Prior to execution, IPL and IPALCO had existing general banking relationships with the parties to the Credit Agreement. As of December 31, 2016 and 2015 , IPL had $50.0 million and $75.0 million in outstanding borrowings on the committed line of credit, respectively. Restrictions on Issuance of Debt All of IPL’s long-term borrowings must first be approved by the IURC and the aggregate amount of IPL’s short-term indebtedness must be approved by the FERC. IPL has approval from FERC to borrow up to $500 million of short-term indebtedness outstanding at any time through July 27, 2018. In December 2015, IPL received an order from the IURC granting IPL authority through December 31, 2018 to, among other things, issue up to $650 million in aggregate principal amount of long-term debt and refinance up to $196.5 million in existing indebtedness. As of December 31, 2016, IPL has $106.5 million of total debt issuance authority remaining under this order. This order also grants IPL authority to have up to $500 million of long-term credit agreements and liquidity facilities outstanding at any one time, of which $250.0 million remains available under the order as of December 31, 2016. As an alternative to the sale of all or a portion of $65 million in principal of the long-term debt mentioned above, we have the authority to issue up to $65 million of new preferred stock, all of which authority remains available under the order as of December 31, 2016. IPL also has restrictions on the amount of new debt that may be issued due to contractual obligations of AES and by financial covenant restrictions under our existing debt obligations. Under such restrictions, IPL is generally allowed to fully draw the amounts available on its credit facility, refinance existing debt and issue new debt approved by the IURC and issue certain other indebtedness. Credit Ratings Our ability to borrow money or to refinance existing indebtedness and the interest rates at which we can borrow money or refinance existing indebtedness are affected by our credit ratings. In addition, the applicable interest rates on IPL’s Credit Agreement and other unsecured notes are dependent upon the credit ratings of IPL. Downgrades in the credit ratings of AES could result in IPL’s and/or IPALCO’s credit ratings being downgraded. Accounts Receivable Securitization IPL formed IPL Funding in 1996 as a special-purpose entity to purchase receivables originated by IPL pursuant to a receivables purchase agreement between IPL and IPL Funding. Pursuant to the terms of the Receivables Sale Agreement, the Purchasers agreed to purchase from IPL Funding, on a revolving basis, interests in the pool of receivables purchased from IPL up to the lesser of (1) an amount determined pursuant to the sale facility that took into account certain eligibility requirements and reserves relating to the receivables, or (2) $50 million . On October 16, 2015, IPL closed on a new unsecured $91.9 million 364 -day committed credit facility with a syndication of banks. The first $50 million of the term loan was drawn at closing to fund the October 19, 2015 termination of IPL's $50 million accounts receivable securitization program. Please see “ IPL Unsecured Notes ” above for details. |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Debt | DEBT Long-Term Debt The following table presents our long-term debt: September 30, December 31, Series Due 2017 2016 (In Thousands) IPL first mortgage bonds: 5.40% (1) August 2017 $ — $ 24,650 3.875% (2) August 2021 55,000 55,000 3.875% (2) August 2021 40,000 40,000 3.125% (2) December 2024 40,000 40,000 6.60% January 2034 100,000 100,000 6.05% October 2036 158,800 158,800 6.60% June 2037 165,000 165,000 4.875% November 2041 140,000 140,000 4.65% June 2043 170,000 170,000 4.50% June 2044 130,000 130,000 4.70% September 2045 260,000 260,000 4.05% May 2046 350,000 350,000 Unamortized discount – net (6,384 ) (6,477 ) Deferred financing costs (16,275 ) (16,736 ) Total IPL first mortgage bonds 1,586,141 1,610,237 IPL unsecured debt: Variable (3) December 2020 30,000 30,000 Variable (3) December 2020 60,000 60,000 Deferred financing costs (372 ) (456 ) Total IPL unsecured debt 89,628 89,544 Total Consolidated Long-term Debt 1,675,769 1,699,781 Less: Current Portion of Long-term Debt — 24,650 Net Consolidated IPL Long-term Debt $ 1,675,769 $ 1,675,131 (1) First mortgage bonds issued to the city of Petersburg, Indiana, to secure the loan proceeds from various tax-exempt bonds issued by the city. IPL repaid these first mortgage bonds on August 1, 2017. (2) First mortgage bonds issued to the Indiana Finance Authority, to secure the loan of proceeds from tax-exempt bonds issued by the Indiana Finance Authority. (3) Unsecured notes issued to the Indiana Finance Authority by IPL to facilitate the loan of proceeds from various tax-exempt notes issued by the Indiana Finance Authority. The notes have a final maturity date of December 2038, but are subject to a mandatory put in December 2020. Line of Credit As of September 30, 2017 and December 31, 2016, IPL had $120.5 million and $50.0 million in outstanding borrowings on the committed line of credit, respectively. | . DEBT Long-Term Debt The following table presents our long-term debt: December 31, Series Due 2016 2015 (In Thousands) IPL first mortgage bonds: 5.40% (1) August 2017 $ 24,650 $ 24,650 3.875% (2) August 2021 55,000 55,000 3.875% (2) August 2021 40,000 40,000 3.125% (2) December 2024 40,000 40,000 6.60% January 2034 100,000 100,000 6.05% October 2036 158,800 158,800 6.60% June 2037 165,000 165,000 4.875% November 2041 140,000 140,000 4.65% June 2043 170,000 170,000 4.50% June 2044 130,000 130,000 4.70% September 2045 260,000 260,000 4.05% May 2046 350,000 — Unamortized discount – net (6,477 ) (4,242 ) Deferred financing costs (3) (16,736 ) (13,703 ) Total IPL first mortgage bonds 1,610,237 1,265,505 IPL unsecured debt: Variable (4) December 2020 30,000 30,000 Variable (4) December 2020 60,000 60,000 Deferred financing costs (3) (456 ) — Total IPL unsecured debt 89,544 90,000 Total Consolidated IPL Long-term Debt 1,699,781 1,355,505 Less: Current Portion of Long-term Debt 24,650 — Net Consolidated IPL Long-term Debt $ 1,675,131 $ 1,355,505 (1) First mortgage bonds are issued to the city of Petersburg, Indiana, to secure the loan of proceeds from tax-exempt bonds issued by the city. (2) First mortgage bonds are issued to the Indiana Finance Authority, to secure the loan of proceeds from tax-exempt bonds issued by the Indiana Finance Authority. (3) The Company adopted ASU No. 2015-03 on January 1, 2016, which requires the use of the full retrospective approach with respect to the presentation of debt issuance costs, including deferred charges. (4) Unsecured notes are issued to the Indiana Finance Authority by IPL to facilitate the loan of proceeds from various tax-exempt notes issued by the Indiana Finance Authority. The notes have a final maturity date of December 2038, but are subject to a mandatory put in December 2020. Debt Maturities Maturities on long-term indebtedness subsequent to December 31, 2016 , are as follows: Year Amount (In Thousands) 2017 $ 24,650 2018 — 2019 — 2020 90,000 2021 95,000 Thereafter 1,513,800 Total $ 1,723,450 Significant Transactions IPL First Mortgage Bonds and Recent Indiana Finance Authority Bond Issuances The mortgage and deed of trust of IPL, together with the supplemental indentures thereto, secure the first mortgage bonds issued by IPL. Pursuant to the terms of the mortgage, substantially all property owned by IPL is subject to a first mortgage lien securing indebtedness of $1,633.5 million as of December 31, 2016 . The IPL first mortgage bonds require net earnings as calculated thereunder be at least two and one-half times the annual interest requirements before additional bonds can be authenticated on the basis of property additions. IPL was in compliance with such requirements as of December 31, 2016 . In June 2014, IPL issued $130 million aggregate principal amount of first mortgage bonds, 4.50% Series, due June 2044. Net proceeds from this offering were approximately $126.8 million , after deducting the initial purchasers’ discounts, fees and expenses for the offering. The net proceeds from the offering were used: (i) to finance a portion of IPL’s construction program; (ii) to finance a portion of IPL’s capital costs related to environmental and replacement generation projects; and (iii) for other general corporate purposes. In September 2015, IPL issued $260 million aggregate principal amount of first mortgage bonds, 4.70% Series, due September 2045, pursuant to Rule 144A and Regulation S under the Securities Act. Net proceeds from this offering were approximately $255.6 million , after deducting the initial purchasers’ discounts and fees and expenses for the offering. The net proceeds from the offering were used to finance a portion of IPL's construction program and capital costs related to environmental and replacement generation projects and for other general corporate purposes. In December 2015, IPL refunded $131.9 million aggregate principal amount of first mortgage bonds, 4.90% Series, due January 2016 from the proceeds of unsecured notes with a syndication of banks. For further discussion, please see “ IPL Unsecured Notes” below. In May 2016, IPL issued $350 million aggregate principal amount of first mortgage bonds, 4.05% Series, due May 2046, pursuant to Rule 144A and Regulation S under the Securities Act. Net proceeds from this offering were approximately $343.6 million , after deducting the initial purchasers’ discounts and fees and expenses for the offering. The net proceeds from this offering were used to finance a portion of IPL’s construction program and capital costs related to environmental and replacement generation projects, to repay outstanding borrowings under IPL’s 364-day delayed-draw term loan and other short-term debt, and for other general corporate purposes. In December 2016, the Indiana Finance Authority issued on behalf of IPL an aggregate principal amount of $40.0 million of 3.125% Environmental Facilities Refunding Revenue Bonds, Series 2016A (Indianapolis Power & Light Company Project) due December 2024. IPL issued $40.0 million aggregate principal amount of first mortgage bonds to the Indiana Finance Authority at 3.125% to secure the loan of proceeds from this series of bonds issued by the Indiana Finance Authority. Proceeds of the bonds were used to refund $40.0 million of Indiana Finance Authority Pollution Control Refunding Revenue Bonds Series 2006B (Indianapolis Power & Light Company Project) at a redemption price of 100% . IPL Unsecured Notes In October 2015, IPL entered into an unsecured $91.9 million 364 -day committed credit facility with a delayed draw feature at variable rates with a syndication of banks. It was drawn on in October and December 2015 to fund the October 2015 termination of IPL’s $50 million accounts receivable securitization program and to assist in the December 2015 refunding of $41.9 million of IPL’s outstanding aggregate principal amount of 4.90% Environmental Facilities Refunding Revenue Bonds (Indianapolis Power & Light Company Project) Series 2009A due in January 2016. This agreement had a maturity date of October 14, 2016, with interest incurred at variable rates as described in the credit agreement. This credit facility contained customary representations, warranties and covenants, including a leverage covenant consistent with the leverage covenant contained in IPL’s Credit Agreement. In May 2016, IPL repaid $91.9 million in outstanding borrowings under its 364-day delayed-draw term loan with a portion of the proceeds from its $350 million aggregate principal amount of first mortgage bonds as described above in “IPL First Mortgage Bonds . ” In December 2015, the Indiana Finance Authority issued on behalf of IPL an aggregate principal amount of $90 million of Environmental Facilities Refunding Revenue Notes due December 2038 (Indianapolis Power & Light Company Project). These unsecured notes were issued in two series: $30 million Series 2015A notes and $60 million 2015B notes. These notes were initially purchased by a syndication of banks who will hold the notes until the mandatory put date of December 22, 2020. The proceeds of the 2015A notes and the 2015B notes were loaned to IPL to assist it in refunding the $30 million Indiana Finance Authority Environmental Facilities Refunding Revenue Bonds (Indianapolis Power & Light Company Project) Series 2009B and $60 million Indiana Finance Authority Environmental Facilities Refunding Revenue Bonds (Indianapolis Power & Light Company Project) Series 2009C each series due January 1, 2016. These notes bear interest at a variable rate as described in the notes purchase and covenants agreement. The agreement contains customary representations, warranties and covenants, including a leverage covenant consistent with the leverage covenant contained in IPL’s Credit Agreement. Line of Credit IPL entered into an amendment and restatement of its 5 -year $250 million revolving credit facility in May 2014, and a further amendment and extension of the credit facility on October 16, 2015 (the “Credit Agreement”) with a syndication of banks. This Credit Agreement is an unsecured committed line of credit to be used: (i) to finance capital expenditures; (ii) to refinance indebtedness under the existing credit agreement; (iii) to support working capital; and (iv) for general corporate purposes. This agreement matures on October 16, 2020, and bears interest at variable rates as described in the Credit Agreement. It includes an uncommitted $150 million accordion feature to provide IPL with an option to request an increase in the size of the facility at any time prior to October 16, 2019, subject to approval by the lenders. Prior to execution, IPL had existing general banking relationships with the parties to the Credit Agreement. As of December 31, 2016 and 2015, IPL had $50.0 million and $75.0 million in outstanding borrowings on the committed line of credit, respectively. Restrictions on Issuance of Debt All of IPL’s long-term borrowings must first be approved by the IURC and the aggregate amount of IPL’s short-term indebtedness must be approved by the FERC. IPL has approval from FERC to borrow up to $500 million of short-term indebtedness outstanding at any time through July 27, 2018. In December 2015, IPL received an order from the IURC granting IPL authority through December 31, 2018 to, among other things, issue up to $650 million in aggregate principal amount of long-term debt and refinance up to $196.5 million in existing indebtedness. As of December 31, 2016, IPL has $106.5 million of total debt issuance authority remaining under this order. This order also grants IPL authority to have up to $500 million of long-term credit agreements and liquidity facilities outstanding at any one time, of which $250.0 million remains available under the order as of December 31, 2016. As an alternative to the sale of all or a portion of $65 million in principal of the long-term debt mentioned above, we have the authority to issue up to $65 million of new preferred stock, all of which authority remains available under the order as of December 31, 2016. IPL also has restrictions on the amount of new debt that may be issued due to contractual obligations of AES and by financial covenant restrictions under our existing debt obligations. Under such restrictions, IPL is generally allowed to fully draw the amounts available on its credit facility, refinance existing debt and issue new debt approved by the IURC and issue certain other indebtedness. Credit Ratings Our ability to borrow money or to refinance existing indebtedness and the interest rates at which we can borrow money or refinance existing indebtedness are affected by our credit ratings. In addition, the applicable interest rates on IPL’s Credit Agreement and other unsecured notes are dependent upon the credit ratings of IPL. Downgrades in the credit ratings of AES and/or IPALCO could result in IPL’s credit ratings being downgraded. Accounts Receivable Securitization IPL formed IPL Funding in 1996 as a special-purpose entity to purchase receivables originated by IPL pursuant to a receivables purchase agreement between IPL and IPL Funding. Pursuant to the terms of the Receivables Sale Agreement, the Purchasers agreed to purchase from IPL Funding, on a revolving basis, interests in the pool of receivables purchased from IPL up to the lesser of (1) an amount determined pursuant to the sale facility that took into account certain eligibility requirements and reserves relating to the receivables, or (2) $50 million . On October 16, 2015, IPL closed on a new unsecured $91.9 million 364 -day committed credit facility with a syndication of banks. The first $50 million of the term loan was drawn at closing to fund the October 19, 2015 termination of IPL’s $50 million accounts receivable securitization program. Please see “ IPL Unsecured Notes ” above for details. |
Income Taxes
Income Taxes | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Income Taxes | INCOME TAXES IPALCO’s effective combined state and federal income tax rates were 31.3% and 31.6% for the three and nine months ended September 30, 2017, respectively, as compared to 35.0% and 33.9% for the three and nine months ended September 30, 2016, respectively. The decrease in the effective tax rates versus the comparable periods was primarily due to the manufacturer’s production deduction (Internal Revenue Code Section 199) that had been previously limited due to a Net Operating Loss carryover, and the allowance for equity funds used during construction as a percentage of pretax income. | INCOME TAXES IPALCO follows a policy of comprehensive interperiod income tax allocation. Investment tax credits related to utility property have been deferred and are being amortized over the estimated useful lives of the related property. AES files federal and state income tax returns which consolidate IPALCO and its subsidiaries. Under a tax sharing agreement with AES, IPALCO is responsible for the income taxes associated with its own taxable income and records the provision for income taxes as if IPALCO and its subsidiaries each filed separate income tax returns. IPALCO is no longer subject to U.S. or state income tax examinations for tax years through March 27, 2001, but is open for all subsequent periods. On March 25, 2014, the State of Indiana amended Indiana Code 6-3-2-1 through Senate Bill 001, which phases in an additional 1.6% reduction to the state corporate income tax rate that was initially being reduced by 2% . While the statutory state income tax rate remained at 6.375% for the calendar year 2016, the deferred tax balances were adjusted according to the anticipated reversal of temporary differences. The change in required deferred taxes on plant and plant-related temporary differences resulted in a reduction to the associated regulatory asset of $0.8 million . The change in required deferred taxes on non-property related temporary differences which are not probable to cause a reduction in future base customer rates resulted in a tax benefit of $0.6 million . The statutory state corporate income tax rate will be 6.125% for 2017. Internal Revenue Code Section 199 permits taxpayers to claim a deduction from taxable income attributable to certain domestic production activities. IPL’s electric production activities qualify for this deduction. Beginning in 2010 and thereafter, the deduction is equal to 9% of the taxable income attributable to qualifying production activity. The tax benefit associated with the Internal Revenue Code Section 199 domestic production deduction for the 2016 tax year is estimated to be $2.4 million . There was no tax benefit for tax years 2015 and 2014 , primarily due to the election of the final tangible property regulations. Income Tax Provision Federal and state income taxes charged to income are as follows: 2016 2015 2014 (In Thousands) Charged to utility operating expenses: Current income taxes: Federal $ 50,482 $ 18,661 $ 944 State 12,080 5,758 110 Total current income taxes 62,562 24,419 1,054 Deferred income taxes: Federal 11,885 29,165 58,114 State 215 5,019 12,498 Total deferred income taxes 12,100 34,184 70,612 Net amortization of investment credit (1,501 ) (1,319 ) (1,431 ) Total charge to utility operating expenses 73,161 57,284 70,235 Charged to other income and deductions: Current income taxes: Federal (30,558 ) (18,661 ) (459 ) State (4,807 ) (5,758 ) (5 ) Total current income taxes (35,365 ) (24,419 ) (464 ) Deferred income taxes: Federal 20,998 (2,573 ) (18,082 ) State 2,415 1,274 (3,645 ) Total deferred income taxes 23,413 (1,299 ) (21,727 ) Net provision to other income and deductions (11,952 ) (25,718 ) (22,191 ) Total federal and state income tax provisions $ 61,209 $ 31,566 $ 48,044 Effective and Statutory Rate Reconciliation The provision for income taxes (including net investment tax credit adjustments) is different than the amount computed by applying the statutory tax rate to pretax income. The reasons for the difference, stated as a percentage of pretax income, are as follows: 2016 2015 2014 Federal statutory tax rate 35.0 % 35.0 % 35.0 % State income tax, net of federal tax benefit 4.1 % 4.7 % 4.8 % Amortization of investment tax credits (0.8 )% (1.5 )% (1.2 )% Preferred dividends of subsidiary 0.6 % 1.3 % 0.9 % Depreciation flow through and amortization (0.5 )% (0.3 )% (0.3 )% Additional funds used during construction - equity (3.8 )% (3.5 )% (0.3 )% Manufacturers’ Production Deduction (Sec. 199) (1.3 )% — % — % Other – net (0.9 )% 0.2 % 0.2 % Effective tax rate 32.4 % 35.9 % 39.1 % Deferred Income Taxes The significant items comprising IPALCO’s net accumulated deferred tax liability recognized on the audited Consolidated Balance Sheets as of December 31, 2016 and 2015 , are as follows: 2016 2015 (In Thousands) Deferred tax liabilities: Relating to utility property, net $ 569,204 $ 541,369 Regulatory assets recoverable through future rates 180,608 178,187 Other 11,612 11,768 Total deferred tax liabilities 761,424 731,324 Deferred tax assets: Investment tax credit 927 1,507 Regulatory liabilities including ARO 272,001 260,555 Employee benefit plans 27,358 38,159 Net operating loss — 23,161 Other 11,408 10,548 Total deferred tax assets 311,694 333,930 Deferred income taxes – net $ 449,730 $ 397,394 Uncertain Tax Positions The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 (In Thousands) Unrecognized tax benefits at January 1 $ 7,147 $ 7,042 $ 6,734 Gross increases – current period tax positions 724 962 975 Gross decreases – prior period tax positions (1,237 ) (857 ) (667 ) Unrecognized tax benefits at December 31 $ 6,634 $ 7,147 $ 7,042 The unrecognized tax benefits at December 31, 2016 represent tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the timing of the deductions will not affect the annual effective tax rate but would accelerate the tax payments to an earlier period. Tax-related interest expense and income is reported as part of the provision for federal and state income taxes. Penalties, if incurred, would also be recognized as a component of tax expense. There are no interest or penalties applicable to the periods contained in this report. |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Income Taxes | INCOME TAXES IPL’s effective combined state and federal income tax rates were 34.4% and 33.4% for the three and nine months ended September 30, 2017, respectively, as compared to 36.1% and 34.1% for the three and nine months ended September 30, 2016, respectively. The decrease in the effective tax rates versus the comparable periods was primarily due to the manufacturer’s production deduction (Internal Revenue Code Section 199) that had been previously limited due to a Net Operating Loss carryover, and the allowance for equity funds used during construction as a percentage of pretax income. | INCOME TAXES IPL follows a policy of comprehensive interperiod income tax allocation. Investment tax credits related to utility property have been deferred and are being amortized over the estimated useful lives of the related property. AES files federal and state income tax returns which consolidate IPALCO and IPL. Under a tax sharing agreement with IPALCO, IPL is responsible for the income taxes associated with its own taxable income and records the provision for income taxes as if IPL filed separate income tax returns. IPL is no longer subject to U.S. or state income tax examinations for tax years through March 27, 2001, but is open for all subsequent periods. On March 25, 2014, the State of Indiana amended Indiana Code 6-3-2-1 through Senate Bill 001, which phases in an additional 1.6% reduction to the state corporate income tax rate that was initially being reduced by 2% . While the statutory state income tax rate remained at 6.375% for the calendar year 2016, the deferred tax balances were adjusted according to the anticipated reversal of temporary differences. The change in required deferred taxes on plant and plant-related temporary differences resulted in a reduction to the associated regulatory asset of $0.8 million . The change in required deferred taxes on non-property related temporary differences which are not probable to cause a reduction in future base customer rates resulted in a tax benefit of $0.6 million . The statutory state corporate income tax rate will be 6.125% for 2017. Internal Revenue Code Section 199 permits taxpayers to claim a deduction from taxable income attributable to certain domestic production activities. IPL’s electric production activities qualify for this deduction. Beginning in 2010 and thereafter, the deduction is equal to 9% of the taxable income attributable to qualifying production activity. The tax benefit associated with the Internal Revenue Code Section 199 domestic production deduction for 2015 and 2014 was $1.7 million and $0.0 million , respectively. The benefit for 2016 is estimated to be $5.1 million . Income Tax Provision Federal and state income taxes charged to income are as follows: 2016 2015 2014 (In Thousands) Charged to utility operating expenses: Current income taxes: Federal $ 50,482 $ 18,661 $ 944 State 12,080 5,758 110 Total current income taxes 62,562 24,419 1,054 Deferred income taxes: Federal 11,885 29,165 58,114 State 215 5,019 12,498 Total deferred income taxes 12,100 34,184 70,612 Net amortization of investment credit (1,501 ) (1,319 ) (1,431 ) Total charge to utility operating expenses 73,161 57,284 70,235 Charged to other income and deductions: Current income taxes: Federal (1,009 ) (1,715 ) 329 State (16 ) (240 ) 69 Total current income taxes (1,025 ) (1,955 ) 398 Deferred income taxes: Federal 552 740 (1,202 ) State 13 150 (148 ) Total deferred income taxes 565 890 (1,350 ) Net provision to other income and deductions (460 ) (1,065 ) (952 ) Total federal and state income tax provisions $ 72,701 $ 56,219 $ 69,283 Effective and Statutory Rate Reconciliation The provision for income taxes (including net investment tax credit adjustments) is different than the amount computed by applying the statutory tax rate to pretax income. The reasons for the difference, stated as a percentage of pretax income, are as follows: 2016 2015 2014 Federal statutory tax rate 35.0 % 35.0 % 35.0 % State income tax, net of federal tax benefit 4.0 % 4.4 % 4.6 % Amortization of investment tax credits (0.7 )% (0.8 )% (0.8 )% Depreciation flow through and amortization (0.4 )% (0.2 )% (0.2 )% Additional funds used during construction - equity (3.2 )% (1.9 )% (0.2 )% Manufacturers’ Production Deduction (Sec. 199) (2.2 )% (1.0 )% — % Other – net (0.8 )% 0.1 % 0.4 % Effective tax rate 31.7 % 35.6 % 38.8 % Deferred Income Taxes The significant items comprising IPL’s net accumulated deferred tax liability recognized on the audited Consolidated Balance Sheets as of December 31, 2016 and 2015 , are as follows: 2016 2015 (In Thousands) Deferred tax liabilities: Relating to utility property, net $ 569,204 $ 541,369 Regulatory assets recoverable through future rates 180,608 178,187 Other 11,090 11,349 Total deferred tax liabilities 760,902 730,905 Deferred tax assets: Investment tax credit 927 1,507 Regulatory liabilities including ARO 272,001 260,555 Employee benefit plans 27,358 38,159 Other 11,396 10,953 Total deferred tax assets 311,682 311,174 Deferred income taxes – net $ 449,220 $ 419,731 Uncertain Tax Positions The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 (In Thousands) Unrecognized tax benefits at January 1 $ 7,147 $ 7,042 $ 6,734 Gross increases – current period tax positions 724 962 975 Gross decreases – prior period tax positions (1,237 ) (857 ) (667 ) Unrecognized tax benefits at December 31 $ 6,634 $ 7,147 $ 7,042 The unrecognized tax benefits at December 31, 2016 represent tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the timing of the deductions will not affect the annual effective tax rate but would accelerate the tax payments to an earlier period. Tax-related interest expense and income is reported as part of the provision for federal and state income taxes. Penalties, if incurred, would also be recognized as a component of tax expense. There are no interest or penalties applicable to the periods contained in this report. |
Benefit Plans
Benefit Plans | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Benefit Plans | BENEFIT PLANS The following table (in thousands) presents information for the nine months ended September 30, 2017 , relating to the Pension Plans: Net unfunded status of plans: Net unfunded status at December 31, 2016, before tax adjustments $ (57,395 ) Net benefit cost components reflected in net unfunded status during first quarter: Service cost (1,836 ) Interest cost (6,327 ) Expected return on assets 11,167 Actuarial valuation adjustment 80 Employer contributions 7,211 Net unfunded status at March 31, 2017, before tax adjustments $ (47,100 ) Net benefit cost components reflected in net unfunded status during second quarter: Service cost (1,836 ) Interest cost (6,326 ) Expected return on assets 11,168 Net unfunded status at June 30, 2017, before tax adjustments $ (44,094 ) Net benefit cost components reflected in net unfunded status during third quarter: Service cost (1,836 ) Interest cost (6,326 ) Expected return on assets 11,168 Net unfunded status at September 30, 2017, before tax adjustments $ (41,088 ) Regulatory assets related to pensions (1) : Regulatory assets at December 31, 2016, before tax adjustments $ 223,705 Amount reclassified through net benefit cost: Amortization of prior service cost (1,060 ) Amortization of net actuarial loss (3,300 ) Settlements (2) (146 ) Actuarial valuation adjustment (80 ) Regulatory assets at March 31, 2017, before tax adjustments $ 219,119 Amount reclassified through net benefit cost: Amortization of prior service cost (1,060 ) Amortization of net actuarial loss (3,299 ) Regulatory assets at June 30, 2017, before tax adjustments $ 214,760 Amount reclassified through net benefit cost: Amortization of prior service cost (1,060 ) Amortization of net actuarial loss (3,298 ) Regulatory assets at September 30, 2017, before tax adjustments $ 210,402 (1) Amounts that would otherwise be charged/credited to Accumulated Other Comprehensive Income or Loss upon application of ASC 715, “Compensation – Retirement Benefits,” are recorded as a regulatory asset or liability because IPL has historically recovered and currently recovers pension and other postretirement benefit expenses in rates. These are unrecognized amounts not yet recognized as components of net periodic benefit costs. (2) The settlement loss of $0.1 million for the three months ended March 31, 2017 was the result of a lump sum distribution paid out of the Supplemental Retirement Plan. Pension Expense The following table presents net periodic benefit cost information relating to the Pension Plans combined: For the Three Months Ended, For the Nine Months Ended, September 30, September 30, 2017 2016 2017 2016 (In Thousands) (In Thousands) Components of net periodic benefit cost: Service cost $ 1,836 $ 1,754 $ 5,508 $ 5,263 Interest cost 6,326 6,454 18,979 19,362 Expected return on plan assets (11,168 ) (10,873 ) (33,503 ) (32,620 ) Amortization of prior service cost 1,060 1,296 3,180 3,888 Amortization of actuarial loss 3,298 3,474 9,897 10,422 Settlements — — 146 — Net periodic benefit cost $ 1,352 $ 2,105 $ 4,207 $ 6,315 In addition, IPL provides postretirement health care benefits to certain active or retired employees and the spouses of certain active or retired employees. These postretirement health care benefits and the related unfunded obligation of $7.3 million and $6.8 million at September 30, 2017 and December 31, 2016 , respectively, were not material to the Financial Statements in the periods covered by this report. | BENEFIT PLANS Defined Contribution Plans All of IPL’s employees are covered by one of two defined contribution plans, the Thrift Plan or the RSP: The Thrift Plan Approximately 87% of IPL’s active employees are covered by the Thrift Plan, a qualified defined contribution plan. All union new hires are covered under the Thrift Plan. Participants elect to make contributions to the Thrift Plan based on a percentage of their base compensation. Each participant’s contribution is matched up to certain thresholds of base compensation. The IBEW clerical-technical union new hires receive an annual lump sum company contribution into the Thrift Plan in addition to the company match. Employer contributions to the Thrift Plan were $3.1 million , $3.1 million and $3.0 million for 2016 , 2015 and 2014 , respectively. The RSP Approximately 13% of IPL’s active employees are covered by the RSP, a qualified defined contribution plan containing a profit sharing component. All non-union new hires are covered under the RSP. Participants elect to make contributions to the RSP based on a percentage of their taxable compensation. Each participant’s contribution is matched in amounts up to, but not exceeding, 5% of the participant’s taxable compensation. In addition, the RSP has a profit sharing component whereby IPL contributes a percentage of each employee’s annual salary into the plan on a pre-tax basis. The profit sharing percentage is determined by the AES Board of Directors on an annual basis. Employer payroll-matching and profit sharing contributions (by IPL) relating to the RSP were $1.0 million , $0.3 million and $1.5 million for 2016 , 2015 and 2014 , respectively. Defined Benefit Plans Approximately 79% of IPL’s active employees are covered by the qualified Defined Benefit Pension Plan; while approximately 8% of active employees are IBEW clerical-technical unit employees who are only eligible for the Thrift Plan, which is a defined contribution plan. The remaining 13% of active employees are covered by the RSP. The RSP is a qualified defined contribution plan containing a profit sharing component. All non-union new hires are covered under the RSP, while IBEW physical unit union new hires are covered under the Defined Benefit Pension Plan and Thrift Plan. The IBEW clerical-technical unit new hires are no longer covered under the Defined Benefit Pension Plan but do receive an annual lump sum company contribution into the Thrift Plan, in addition to the company match. The Defined Benefit Pension Plan is noncontributory and is funded by IPL through a trust. Benefits for non-union participants in the Defined Benefit Pension Plan are based on salary, years of service and accrued benefits at April 1, 2015. Benefits for eligible union participants are based on each individual employee's pension band and years of service as opposed to their compensation. Pension bands are based primarily on job duties and responsibilities. Additionally, a small group of former officers and their surviving spouses are covered under a funded non-qualified Supplemental Retirement Plan. The total number of participants in the plan as of December 31, 2016 was 23 . The plan is closed to new participants. IPL also provides postretirement health care benefits to certain active or retired employees and the spouses of certain active or retired employees. Approximately 168 active employees and 15 retirees (including spouses) were receiving such benefits or entitled to future benefits as of January 1, 2016. The plan is unfunded. These postretirement health care benefits and the related unfunded obligation of $6.8 million and $4.5 million at December 31, 2016 and 2015, respectively, were not material to the consolidated financial statements in the periods covered by this report. The following table presents information relating to the Pension Plans: Pension benefits 2016 2015 (In Thousands) Change in benefit obligation: Projected benefit obligation at January 1 $ 723,887 $ 748,421 Service cost 7,018 8,314 Interest cost 25,815 29,638 Actuarial loss (gain) 9,718 (31,989 ) Amendments (primarily increases in pension bands) — 5,409 Settlements — (395 ) Benefits paid (34,613 ) (35,511 ) Projected benefit obligation at December 31 731,825 723,887 Change in plan assets: Fair value of plan assets at January 1 647,573 657,239 Actual return on plan assets 45,520 1,074 Employer contributions 15,950 25,166 Settlements — (395 ) Benefits paid (34,613 ) (35,511 ) Fair value of plan assets at December 31 674,430 647,573 Unfunded status $ (57,395 ) $ (76,314 ) Amounts recognized in the statement of financial position: Noncurrent liabilities $ (57,395 ) $ (76,314 ) Net amount recognized at end of year $ (57,395 ) $ (76,314 ) Sources of change in regulatory assets (1) : Prior service cost arising during period $ — $ 5,409 Net loss arising during period 7,690 11,757 Amortization of prior service cost (5,183 ) (4,867 ) Amortization of loss (13,896 ) (14,096 ) Total recognized in regulatory assets (1) $ (11,389 ) $ (1,797 ) Amounts included in regulatory assets (1) : Net loss $ 203,047 $ 209,252 Prior service cost 20,658 25,842 Total amounts included in regulatory assets $ 223,705 $ 235,094 (1) Represents amounts included in regulatory assets yet to be recognized as components of net prepaid (accrued) benefit costs. Information for Pension Plans with a projected benefit obligation in excess of plan assets Pension benefits 2016 2015 (In Thousands) Benefit obligation $ 731,825 $ 723,887 Plan assets 674,430 647,573 Benefit obligation in excess of plan assets $ 57,395 $ 76,314 IPL’s total benefit obligation in excess of plan assets was $ 57.4 million as of December 31, 2016 ($ 56.3 million Defined Benefit Pension Plan and $1.1 million Supplemental Retirement Plan). Information for Pension Plans with an accumulated benefit obligation in excess of plan assets Pension benefits 2016 2015 (In Thousands) Accumulated benefit obligation $ 720,901 $ 712,297 Plan assets 674,430 647,573 Accumulated benefit obligation in excess of plan assets $ 46,471 $ 64,724 IPL’s total accumulated benefit obligation in excess of plan assets was $46.5 million as of December 31, 2016 ( $45.4 million Defined Benefit Pension Plan and $1.1 million Supplemental Retirement Plan). Pension Benefits and Expense Reported expenses relevant to the Defined Benefit Pension Plan are dependent upon numerous factors resulting from actual plan experience and assumptions of future experience, including the performance of plan assets and actual benefits paid out in future years. Pension costs associated with the Defined Benefit Pension Plan are impacted by the level of contributions made to the plan, earnings on plan assets, the adoption of new mortality tables, and employee demographics, including age, job responsibilities, salary and employment periods. Changes made to the provisions of the Defined Benefit Pension Plan may impact current and future pension costs. Pension costs may also be significantly affected by changes in key actuarial assumptions, including anticipated rates of return on plan assets and the corporate bond discount rates, as well as, the adoption of a new mortality table used in determining the projected benefit obligation and pension costs. Effective January 1, 2016 the Company applied a disaggregated discount rate approach for determining service cost and interest cost for its defined benefit pension plans and postretirement plans. Refer to Note 1, “ Overview and Summary of Significant Accounting Policies ” for further information relating to this change in estimate. The impact of the change in approach is a reduction in: (1) service costs of $0.4 million for pension plans in 2016 ( $0.4 million Defined Benefit Pension Plan and $0.0 million Supplemental Retirement Plan), and (2) interest costs of $5.3 million for pension plans in 2016 ( $5.3 million Defined Benefit Pension Plan and $0.0 million Supplemental Retirement Plan). The 2016 net actuarial loss of $7.7 million is comprised of two parts: (1) a $9.7 million pension liability actuarial loss primarily due to a decrease in the discount rate used to value pension liabilities; partially offset by (2) a $2.0 million pension asset actuarial gain primarily due to higher than expected return on assets. The unrecognized net loss of $203.0 million in the Pension Plans has accumulated over time primarily due to the long-term declining trend in corporate bond rates, the lower than expected return on assets during the year 2008, and the adoption of new mortality tables which increased the expected benefit obligation due to the longer expected lives of plan participants, since ASC 715 was adopted. During 2016, the accumulated net loss was decreased due to a combination of higher than expected return on pension assets, as well as the year 2016 amortization of accumulated loss, which was partially offset by lower discount rates used to value pension liabilities. The unrecognized net loss, to the extent that it exceeds 10% of the greater of the benefit obligation or the assets, will be amortized and included as a component of net periodic benefit cost in future years. The amortization period is approximately 9.75 years based on estimated demographic data as of December 31, 2016 . The projected benefit obligation of $731.8 million less the fair value of assets of $674.4 million results in an unfunded status of $(57.4) million at December 31, 2016 . Pension benefits for 2016 2015 2014 (In Thousands) Components of net periodic benefit cost: Service cost $ 7,018 $ 8,314 $ 7,231 Interest cost 25,815 29,638 31,154 Expected return on plan assets (43,492 ) (44,819 ) (41,893 ) Amortization of prior service cost 5,183 4,867 4,853 Recognized actuarial loss 13,896 13,890 9,710 Recognized settlement loss — 206 — — Total pension cost 8,420 12,096 11,055 Less: amounts capitalized 1,187 1,403 1,426 Amount charged to expense $ 7,233 $ 10,693 $ 9,629 Rates relevant to each year’s expense calculations: Discount rate – defined benefit pension plan 4.42 % 4.06 % 4.92 % Discount rate – supplemental retirement plan 4.19 % 3.82 % 4.64 % Expected return on defined benefit pension plan assets 6.75 % 6.75 % 7.00 % Expected return on supplemental retirement plan assets 6.75 % 6.75 % 7.00 % Pension expense for the following year is determined as of the December 31 measurement date based on the fair value of the Pension Plans’ assets, the expected long-term rate of return on plan assets, a mortality table assumption that reflects the life expectancy of plan participants, and a discount rate used to determine the projected benefit obligation. For 2016, pension expense was determined using an assumed long-term rate of return on plan assets of 6.75% . As of the December 31, 2016 measurement date, IPL decreased the discount rate from 4.42% to 4.29% for the Defined Benefit Pension Plan and decreased the discount rate from 4.19% to 4.00% for the Supplemental Retirement Plan. The discount rate assumption affects the pension expense determined for 2017. In addition, IPL kept the expected long-term rate of return on plan assets at 6.75% effective January 1, 2017. The expected long-term rate of return assumption affects the pension expense determined for 2017. The effect on 2017 total pension expense of a 25 basis point increase and decrease in the assumed discount rate is $(1.2) million and $1.3 million , respectively. In determining the discount rate to use for valuing liabilities we use the market yield curve on high-quality fixed income investments as of December 31, 2016. We project the expected benefit payments under the plan based on participant data and based on certain assumptions concerning mortality, retirement rates, termination rates, etc. The expected benefit payments for each year are discounted back to the measurement date using the appropriate spot rate for each half-year from the yield curve, thereby obtaining a present value of all expected future benefit payments using the yield curve. Finally, an equivalent single discount rate is determined which produces a present value equal to the present value determined using the full yield curve. Expected amortization The estimated net loss and prior service cost for the Pension Plans that will be amortized from the regulatory asset into net periodic benefit cost over the 2017 plan year are $13.2 million and $4.2 million , respectively (Defined Benefit Pension Plan of $13.0 million and $4.2 million , respectively; and the Supplemental Retirement Plan of $0.2 million and $0.0 million , respectively). Pension Plan Assets and Fair Value Measurements Pension plan assets consist of investments in equities (domestic and international), fixed income securities, and short-term securities. Differences between actual portfolio returns and expected returns may result in increased or decreased pension costs in future periods. Pension costs are determined as of the plan’s measurement date of December 31, 2016. Pension costs are determined for the following year based on the market value of pension plan assets, expected level of employer contributions, a discount rate used to determine the projected benefit obligation and the expected long-term rate of return on plan assets. Fair value is defined under ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3) as discussed in Note 1. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded as earned. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold, as well as held, during the year. A description of the valuation methodologies used for each major class of assets and liabilities measured at fair value follows: • All the Plan’s investments have quoted market prices and are categorized as Level 1 in the fair value hierarchy. • The Plan’s investments in U.S. Government agency fixed income securities are valued from third-party pricing sources, but they generally do not represent transaction prices for the identical security in an active market nor does it represent data obtained from an exchange. The primary objective of the Plan is to provide a source of retirement income for its participants and beneficiaries, while the primary financial objective is to improve the unfunded status of the Plan. A secondary financial objective is, where possible, to minimize pension expense volatility. The objective is based on a long-term investment horizon, so that interim fluctuations should be viewed with appropriate perspective. There can be no assurance that these objectives will be met. In establishing our expected long-term rate of return assumption, we utilize a methodology developed by the plan’s investment consultant who maintains a capital market assumption model that takes into consideration risk, return and correlation assumptions across asset classes. A combination of quantitative analysis of historical data and qualitative judgment is used to capture trends, structural changes and potential scenarios not reflected in historical data. The result of the analyses is a series of inputs that produce a picture of how the plan consultant believes portfolios are likely to behave through time. Capital market assumptions are intended to reflect the behavior of asset classes observed over several market cycles. Stress assumptions are also examined, since the characteristics of asset classes are constantly changing. A dynamic model is employed to manage the numerous assumptions required to estimate portfolio characteristics under different base currencies, time horizons and inflation expectations. The Plan consultant develops forward-looking, long-term capital market assumptions for risk, return and correlations for a variety of global asset classes, interest rates and inflation. These assumptions are created using a combination of historical analysis, current market environment assessment and by applying the consultant’s own judgment. The consultant then determines an equilibrium long-term rate of return. We then take into consideration the investment manager/consultant expenses, as well as any other expenses expected to be paid out of the Plan’s trust. Finally, we have the Plan’s actuary perform a tolerance test of the consultant’s equilibrium expected long-term rate of return. We use an expected long-term rate of return compatible with the actuary’s tolerance level. The following table summarizes the Company’s target pension plan allocation for 2016 : Asset Category: Target Allocations Equity Securities 60% Debt Securities 40% Fair Value Measurements at December 31, 2016 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Asset Category Total (Level 1) (Level 2) % Short-term investments $ 78 $ 78 $ — — % Mutual funds: U.S. equities 329,877 329,877 — 49 % International equities 58,833 58,833 — 9 % Fixed income 230,926 230,926 — 34 % Fixed income securities: U.S. Treasury securities 54,716 54,716 — 8 % Total $ 674,430 $ 674,430 $ — 100 % Fair Value Measurements at December 31, 2015 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Asset Category Total (Level 1) (Level 2) % Short-term investments $ 176 $ 176 $ — — % Mutual funds: U.S. equities 318,368 318,368 — 49 % International equities 60,751 60,751 — 10 % Fixed income 215,325 215,325 — 33 % Fixed income securities: U.S. Treasury securities 52,953 52,953 — 8 % Total $ 647,573 $ 647,573 $ — 100 % Pension Funding We contributed $16.0 million , $25.2 million , and $54.1 million to the Pension Plans in 2016 , 2015 and 2014 , respectively. Funding for the qualified Defined Benefit Pension Plan is based upon actuarially determined contributions that take into account the amount deductible for income tax purposes and the minimum contribution required under ERISA, as amended by the Pension Protection Act of 2006, as well as targeted funding levels necessary to meet certain thresholds. From an ERISA funding perspective, IPL’s funded target liability percentage was estimated to be 108%. In addition to the surplus, IPL must also contribute the normal service cost earned by active participants during the plan year. The funding of normal cost is expected to be about $7.1 million in 2017 , which includes $2.2 million for plan expenses. Each year thereafter, if the plan’s underfunding increases to more than the present value of the remaining annual installments, the excess is separately amortized over a seven-year period. IPL elected to fund $7.1 million in January 2017, which satisfies all funding requirements for the calendar year 2017. IPL’s funding policy for the Pension Plans is to contribute annually no less than the minimum required by applicable law, and no more than the maximum amount that can be deducted for federal income tax purposes. Benefit payments made from the Pension Plans for the years ended December 31, 2016 and 2015 were $34.6 million and $35.7 million , respectively. Expected benefit payments are expected to be paid out of the Pension Plans as follows: Year Pension Benefits (In Thousands) 2017 $ 39,624 2018 41,043 2019 42,527 2020 43,745 2021 45,084 2022 through 2026 235,759 |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Benefit Plans | BENEFIT PLANS The following table (in thousands) presents information for the nine months ended September 30, 2017 , relating to the Pension Plans: Net unfunded status of plans: Net unfunded status at December 31, 2016, before tax adjustments $ (57,395 ) Net benefit cost components reflected in net unfunded status during first quarter: Service cost (1,836 ) Interest cost (6,327 ) Expected return on assets 11,167 Actuarial valuation adjustment 80 Employer contributions 7,211 Net unfunded status at March 31, 2017, before tax adjustments $ (47,100 ) Net benefit cost components reflected in net unfunded status during second quarter: Service cost (1,836 ) Interest cost (6,326 ) Expected return on assets 11,168 Net unfunded status at June 30, 2017, before tax adjustments $ (44,094 ) Net benefit cost components reflected in net unfunded status during third quarter: Service cost (1,836 ) Interest cost (6,326 ) Expected return on assets 11,168 Net unfunded status at September 30, 2017, before tax adjustments $ (41,088 ) Regulatory assets related to pensions (1) : Regulatory assets at December 31, 2016, before tax adjustments $ 223,705 Amount reclassified through net benefit cost: Amortization of prior service cost (1,060 ) Amortization of net actuarial loss (3,300 ) Settlements (2) (146 ) Actuarial valuation adjustment (80 ) Regulatory assets at March 31, 2017, before tax adjustments $ 219,119 Amount reclassified through net benefit cost: Amortization of prior service cost (1,060 ) Amortization of net actuarial loss (3,299 ) Regulatory assets at June 30, 2017, before tax adjustments $ 214,760 Amount reclassified through net benefit cost: Amortization of prior service cost (1,060 ) Amortization of net actuarial loss (3,298 ) Regulatory assets at September 30, 2017, before tax adjustments $ 210,402 (1) Amounts that would otherwise be charged/credited to Accumulated Other Comprehensive Income or Loss upon application of ASC 715, “Compensation – Retirement Benefits,” are recorded as a regulatory asset or liability because IPL has historically recovered and currently recovers pension and other postretirement benefit expenses in rates. These are unrecognized amounts not yet recognized as components of net periodic benefit costs. (2) The settlement loss of $0.1 million for the three months ended March 31, 2017 was the result of a lump sum distribution paid out of the Supplemental Retirement Plan. Pension Expense The following table presents net periodic benefit cost information relating to the Pension Plans combined: For the Three Months Ended, For the Nine Months Ended, September 30, September 30, 2017 2016 2017 2016 (In Thousands) (In Thousands) Components of net periodic benefit cost: Service cost $ 1,836 $ 1,754 $ 5,508 $ 5,263 Interest cost 6,326 6,454 18,979 19,362 Expected return on plan assets (11,168 ) (10,873 ) (33,503 ) (32,620 ) Amortization of prior service cost 1,060 1,296 3,180 3,888 Amortization of actuarial loss 3,298 3,474 9,897 10,422 Settlements — — 146 — Net periodic benefit cost $ 1,352 $ 2,105 $ 4,207 $ 6,315 In addition, IPL provides postretirement health care benefits to certain active or retired employees and the spouses of certain active or retired employees. These postretirement health care benefits and the related unfunded obligation of $7.3 million and $6.8 million at September 30, 2017 and December 31, 2016 , respectively, were not material to the Financial Statements in the periods covered by this report. | BENEFIT PLANS Defined Contribution Plans All of IPL’s employees are covered by one of two defined contribution plans, the Thrift Plan or the RSP: The Thrift Plan Approximately 87% of IPL’s active employees are covered by the Thrift Plan, a qualified defined contribution plan. All union new hires are covered under the Thrift Plan. Participants elect to make contributions to the Thrift Plan based on a percentage of their base compensation. Each participant’s contribution is matched up to certain thresholds of base compensation. The IBEW clerical-technical union new hires receive an annual lump sum company contribution into the Thrift Plan in addition to the company match. Employer contributions to the Thrift Plan were $3.1 million , $3.1 million and $3.0 million for 2016 , 2015 and 2014 , respectively. The RSP Approximately 13% of IPL’s active employees are covered by the RSP, a qualified defined contribution plan containing a profit sharing component. All non-union new hires are covered under the RSP. Participants elect to make contributions to the RSP based on a percentage of their taxable compensation. Each participant’s contribution is matched in amounts up to, but not exceeding, 5% of the participant’s taxable compensation. In addition, the RSP has a profit sharing component whereby IPL contributes a percentage of each employee’s annual salary into the plan on a pre-tax basis. The profit sharing percentage is determined by the AES Board of Directors on an annual basis. Employer payroll-matching and profit sharing contributions (by IPL) relating to the RSP were $1.0 million , $0.3 million and $1.5 million for 2016 , 2015 and 2014 , respectively. Defined Benefit Plans Approximately 79% of IPL’s active employees are covered by the qualified Defined Benefit Pension Plan; while approximately 8% of active employees are IBEW clerical-technical unit employees who are only eligible for the Thrift Plan, which is a defined contribution plan. The remaining 13% of active employees are covered by the RSP. The RSP is a qualified defined contribution plan containing a profit sharing component. All non-union new hires are covered under the RSP, while IBEW physical unit union new hires are covered under the Defined Benefit Pension Plan and Thrift Plan. The IBEW clerical-technical unit new hires are no longer covered under the Defined Benefit Pension Plan but do receive an annual lump sum company contribution into the Thrift Plan, in addition to the company match. The Defined Benefit Pension Plan is noncontributory and is funded by IPL through a trust. Benefits for non-union participants in the Defined Benefit Pension Plan are based on salary, years of service and accrued benefits at April 1, 2015. Benefits for eligible union participants are based on each individual employee's pension band and years of service as opposed to their compensation. Pension bands are based primarily on job duties and responsibilities. Additionally, a small group of former officers and their surviving spouses are covered under a funded non-qualified Supplemental Retirement Plan. The total number of participants in the plan as of December 31, 2016 was 23 . The plan is closed to new participants. IPL also provides postretirement health care benefits to certain active or retired employees and the spouses of certain active or retired employees. Approximately 168 active employees and 15 retirees (including spouses) were receiving such benefits or entitled to future benefits as of January 1, 2016. The plan is unfunded. These postretirement health care benefits and the related unfunded obligation of $6.8 million and $4.5 million at December 31, 2016 and 2015, respectively, were not material to the consolidated financial statements in the periods covered by this report. The following table presents information relating to the Pension Plans: Pension benefits 2016 2015 (In Thousands) Change in benefit obligation: Projected benefit obligation at January 1 $ 723,887 $ 748,421 Service cost 7,018 8,314 Interest cost 25,815 29,638 Actuarial loss (gain) 9,718 (31,989 ) Amendments (primarily increases in pension bands) — 5,409 Settlements — (395 ) Benefits paid (34,613 ) (35,511 ) Projected benefit obligation at December 31 731,825 723,887 Change in plan assets: Fair value of plan assets at January 1 647,573 657,239 Actual return on plan assets 45,520 1,074 Employer contributions 15,950 25,166 Settlements — (395 ) Benefits paid (34,613 ) (35,511 ) Fair value of plan assets at December 31 674,430 647,573 Unfunded status $ (57,395 ) $ (76,314 ) Amounts recognized in the statement of financial position: Noncurrent liabilities $ (57,395 ) $ (76,314 ) Net amount recognized at end of year $ (57,395 ) $ (76,314 ) Sources of change in regulatory assets (1) : Prior service cost arising during period $ — $ 5,409 Net loss arising during period 7,690 11,757 Amortization of prior service cost (5,183 ) (4,867 ) Amortization of loss (13,896 ) (14,096 ) Total recognized in regulatory assets (1) $ (11,389 ) $ (1,797 ) Amounts included in regulatory assets (1) : Net loss $ 203,047 $ 209,252 Prior service cost 20,658 25,842 Total amounts included in regulatory assets $ 223,705 $ 235,094 (1) Represents amounts included in regulatory assets yet to be recognized as components of net prepaid (accrued) benefit costs. Information for Pension Plans with a projected benefit obligation in excess of plan assets Pension benefits 2016 2015 (In Thousands) Benefit obligation $ 731,825 $ 723,887 Plan assets 674,430 647,573 Benefit obligation in excess of plan assets $ 57,395 $ 76,314 IPL’s total benefit obligation in excess of plan assets was $57.4 million as of December 31, 2016 ( $56.3 million Defined Benefit Pension Plan and $1.1 million Supplemental Retirement Plan). Information for Pension Plans with an accumulated benefit obligation in excess of plan assets Pension benefits 2016 2015 (In Thousands) Accumulated benefit obligation $ 720,901 $ 712,297 Plan assets 674,430 647,573 Accumulated benefit obligation in excess of plan assets $ 46,471 $ 64,724 IPL’s total accumulated benefit obligation in excess of plan assets was $46.5 million as of December 31, 2016 ( $45.4 million Defined Benefit Pension Plan and $1.1 million Supplemental Retirement Plan). Pension Benefits and Expense Reported expenses relevant to the Defined Benefit Pension Plan are dependent upon numerous factors resulting from actual plan experience and assumptions of future experience, including the performance of plan assets and actual benefits paid out in future years. Pension costs associated with the Defined Benefit Pension Plan are impacted by the level of contributions made to the plan, earnings on plan assets, the adoption of new mortality tables, and employee demographics, including age, job responsibilities, salary and employment periods. Changes made to the provisions of the Defined Benefit Pension Plan may impact current and future pension costs. Pension costs may also be significantly affected by changes in key actuarial assumptions, including anticipated rates of return on plan assets and the corporate bond discount rates, as well as, the adoption of a new mortality table used in determining the projected benefit obligation and pension costs. Effective January 1, 2016 the Company applied a disaggregated discount rate approach for determining service cost and interest cost for its defined benefit pension plans and postretirement plans. Refer to Note 1, “ Overview and Summary of Significant Accounting Policies ” for further information relating to this change in estimate. The impact of the change in approach is a reduction in: (1) service costs of $0.4 million for pension plans in 2016 ( $0.4 million Defined Benefit Pension Plan and $0.0 million Supplemental Retirement Plan), and (2) interest costs of $5.3 million for pension plans in 2016 ( $5.3 million Defined Benefit Pension Plan and $0.0 million Supplemental Retirement Plan). The 2016 net actuarial loss of $7.7 million is comprised of two parts: (1) a $9.7 million pension liability actuarial loss primarily due to a decrease in the discount rate used to value pension liabilities; partially offset by (2) a $2.0 million pension asset actuarial gain primarily due to higher than expected return on assets. The unrecognized net loss of $203.0 million in the Pension Plans has accumulated over time primarily due to the long-term declining trend in corporate bond rates, the lower than expected return on assets during the year 2008, and the adoption of new mortality tables which increased the expected benefit obligation due to the longer expected lives of plan participants, since ASC 715 was adopted. During 2016, the accumulated net loss was decreased due to a combination of higher than expected return on pension assets, as well as the year 2016 amortization of accumulated loss, which was partially offset by lower discount rates used to value pension liabilities. The unrecognized net loss, to the extent that it exceeds 10% of the greater of the benefit obligation or the assets, will be amortized and included as a component of net periodic benefit cost in future years. The amortization period is approximately 9.75 years based on estimated demographic data as of December 31, 2016 . The projected benefit obligation of $731.8 million less the fair value of assets of $674.4 million results in an unfunded status of $(57.4) million at December 31, 2016 . Pension benefits for 2016 2015 2014 (In Thousands) Components of net periodic benefit cost: Service cost $ 7,018 $ 8,314 $ 7,231 Interest cost 25,815 29,638 31,154 Expected return on plan assets (43,492 ) (44,819 ) (41,893 ) Amortization of prior service cost 5,183 4,867 4,853 Recognized actuarial loss 13,896 13,890 9,710 Recognized settlement loss — 206 — Total pension cost 8,420 12,096 11,055 Less: amounts capitalized 1,187 1,403 1,426 Amount charged to expense $ 7,233 $ 10,693 $ 9,629 Rates relevant to each year’s expense calculations: Discount rate – defined benefit pension plan 4.42 % 4.06 % 4.92 % Discount rate – supplemental retirement plan 4.19 % 3.82 % 4.64 % Expected return on defined benefit pension plan assets 6.75 % 6.75 % 7.00 % Expected return on supplemental retirement plan assets 6.75 % 6.75 % 7.00 % Pension expense for the following year is determined as of the December 31 measurement date based on the fair value of the Pension Plans’ assets, the expected long-term rate of return on plan assets, a mortality table assumption that reflects the life expectancy of plan participants, and a discount rate used to determine the projected benefit obligation. For 2016 , pension expense was determined using an assumed long-term rate of return on plan assets of 6.75% . As of the December 31, 2016 measurement date, IPL decreased the discount rate from 4.42% to 4.29% for the Defined Benefit Pension Plan and decreased the discount rate from 4.19% to 4.00% for the Supplemental Retirement Plan. The discount rate assumption affects the pension expense determined for 2017. In addition, IPL kept the expected long-term rate of return on plan assets at 6.75% effective January 1, 2017. The expected long-term rate of return assumption affects the pension expense determined for 2017 . The effect on 2017 total pension expense of a 25 basis point increase and decrease in the assumed discount rate is $(1.2) million and $1.3 million , respectively. In determining the discount rate to use for valuing liabilities we use the market yield curve on high-quality fixed income investments as of December 31, 2016. We project the expected benefit payments under the plan based on participant data and based on certain assumptions concerning mortality, retirement rates, termination rates, etc. The expected benefit payments for each year are discounted back to the measurement date using the appropriate spot rate for each half-year from the yield curve, thereby obtaining a present value of all expected future benefit payments using the yield curve. Finally, an equivalent single discount rate is determined which produces a present value equal to the present value determined using the full yield curve. Expected amortization The estimated net loss and prior service cost for the Pension Plans that will be amortized from the regulatory asset into net periodic benefit cost over the 2017 plan year are $13.2 million and $4.2 million , respectively (Defined Benefit Pension Plan of $13.0 million and $4.2 million , respectively; and the Supplemental Retirement Plan of $0.2 million and $0.0 million , respectively). Pension Plan Assets and Fair Value Measurements Pension plan assets consist of investments in equities (domestic and international), fixed income securities, and short-term securities. Differences between actual portfolio returns and expected returns may result in increased or decreased pension costs in future periods. Pension costs are determined as of the plan’s measurement date of December 31, 2016. Pension costs are determined for the following year based on the market value of pension plan assets, expected level of employer contributions, a discount rate used to determine the projected benefit obligation and the expected long-term rate of return on plan assets. Fair value is defined under ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3) as discussed in Note 1. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded as earned. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold, as well as held, during the year. A description of the valuation methodologies used for each major class of assets and liabilities measured at fair value follows: • All the Plan’s investments have quoted market prices and are categorized as Level 1 in the fair value hierarchy. • The Plan’s investments in U.S. Government agency fixed income securities are valued from third-party pricing sources, but they generally do not represent transaction prices for the identical security in an active market nor does it represent data obtained from an exchange. The primary objective of the Plan is to provide a source of retirement income for its participants and beneficiaries, while the primary financial objective is to improve the unfunded status of the Plan. A secondary financial objective is, where possible, to minimize pension expense volatility. The objective is based on a long-term investment horizon, so that interim fluctuations should be viewed with appropriate perspective. There can be no assurance that these objectives will be met. In establishing our expected long-term rate of return assumption, we utilize a methodology developed by the plan’s investment consultant who maintains a capital market assumption model that takes into consideration risk, return and correlation assumptions across asset classes. A combination of quantitative analysis of historical data and qualitative judgment is used to capture trends, structural changes and potential scenarios not reflected in historical data. The result of the analyses is a series of inputs that produce a picture of how the plan consultant believes portfolios are likely to behave through time. Capital market assumptions are intended to reflect the behavior of asset classes observed over several market cycles. Stress assumptions are also examined, since the characteristics of asset classes are constantly changing. A dynamic model is employed to manage the numerous assumptions required to estimate portfolio characteristics under different base currencies, time horizons and inflation expectations. The Plan consultant develops forward-looking, long-term capital market assumptions for risk, return and correlations for a variety of global asset classes, interest rates and inflation. These assumptions are created using a combination of historical analysis, current market environment assessment and by applying the consultant’s own judgment. The consultant then determines an equilibrium long-term rate of return. We then take into consideration the investment manager/consultant expenses, as well as any other expenses expected to be paid out of the Plan’s trust. Finally, we have the Plan’s actuary perform a tolerance test of the consultant’s equilibrium expected long-term rate of return. We use an expected long-term rate of return compatible with the actuary’s tolerance level. The following table summarizes the Company’s target pension plan allocation for 2016 : Asset Category: Target Allocations Equity Securities 60% Debt Securities 40% Fair Value Measurements at December 31, 2016 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Asset Category Total (Level 1) (Level 2) % Short-term investments $ 78 $ 78 $ — — % Mutual funds: U.S. equities 329,877 329,877 — 49 % International equities 58,833 58,833 — 9 % Fixed income 230,926 230,926 — 34 % Fixed income securities: U.S. Treasury securities 54,716 54,716 — 8 % Total $ 674,430 $ 674,430 $ — 100 % Fair Value Measurements at December 31, 2015 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Asset Category Total (Level 1) (Level 2) % Short-term investments $ 176 $ 176 $ — — % Mutual funds: U.S. equities 318,368 318,368 — 49 % International equities 60,751 60,751 — 10 % Fixed income 215,325 215,325 — 33 % Fixed income securities: U.S. Treasury securities 52,953 52,953 — 8 % Total $ 647,573 $ 647,573 $ — 100 % Pension Funding We contributed $16.0 million , $25.2 million , and $54.1 million to the Pension Plans in 2016 , 2015 and 2014 , respectively. Funding for the qualified Defined Benefit Pension Plan is based upon actuarially determined contributions that take into account the amount deductible for income tax purposes and the minimum contribution required under ERISA, as amended by the Pension Protection Act of 2006, as well as targeted funding levels necessary to meet certain thresholds. From an ERISA funding perspective, IPL’s funded target liability percentage was estimated to be 108% . In addition to the surplus, IPL must also contribute the normal service cost earned by active participants during the plan year. The funding of normal cost is expected to be about $7.1 million in 2017 , which includes $2.2 million for plan expenses. Each year thereafter, if the plan’s underfunding increases to more than the present value of the remaining annual installments, the excess is separately amortized over a seven-year period. IPL elected to fund $7.1 million in January 2017, which satisfies all funding requirements for the calendar year 2017. IPL’s funding policy for the Pension Plans is to contribute annually no less than the minimum required by applicable law, and no more than the maximum amount that can be deducted for federal income tax purposes. Benefit payments made from the Pension Plans for the years ended December 31, 2016 and 2015 were $34.6 million and $35.7 million , respectively. Expected benefit payments are expected to be paid out of the Pension Plans as follows: Year Pension Benefits (In Thousands) 2017 $ 39,624 2018 41,043 2019 42,527 2020 43,745 2021 45,084 2022 through 2026 235,759 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Legal Loss Contingencies IPALCO and IPL are involved in litigation arising in the normal course of business. While the results of such litigation cannot be predicted with certainty, management believes that the final outcome will not have a material adverse effect on IPALCO’s results of operations, financial condition and cash flows. Amounts accrued or expensed for legal or environmental contingencies collectively during the periods covered by this report have not been material to the Financial Statements. Environmental Loss Contingencies We are subject to various federal, state, regional and local environmental protection and health and safety laws and regulations governing, among other things, the generation, storage, handling, use, disposal and transportation of hazardous materials; the emission and discharge of hazardous and other materials into the environment; and the health and safety of our employees. These laws and regulations often require a lengthy and complex process of obtaining and renewing permits and other governmental authorizations from federal, state and local agencies. Violation of these laws, regulations or permits can result in substantial fines, other sanctions, permit revocation and/or facility shutdowns. We cannot be certain that we have been or will be at all times in full compliance with such laws, regulations and permits. New Source Review and Other CAA NOVs In October 2009, IPL received a NOV and Finding of Violation from the EPA pursuant to the CAA Section 113(a). The NOV alleges violations of the CAA at IPL’s three primarily coal-fired electric generating facilities at the time, dating back to 1986. The alleged violations primarily pertain to the PSD and nonattainment New Source Review requirements under the CAA. In addition, on October 1, 2015, IPL received a NOV from the EPA pursuant to CAA Section 113(a) alleging violations of the CAA, the Indiana SIP, and the Title V operating permit related to alleged particulate matter and opacity violations at IPL Petersburg Unit 3. Also, on February 5, 2016, the EPA issued a NOV pursuant to CAA Section 113(a) alleging violations of New Source Review and other CAA regulations, the Indiana SIP, and the Title V operating permit at Petersburg Generating Station. Since receiving the letters, IPL management has met with the EPA staff regarding possible resolutions of the NOVs. Settlements and litigated outcomes of similar New Source Review cases have required companies to pay civil penalties, install additional pollution control technology on coal-fired electric generating units, retire existing generating units, and invest in additional environmental projects. A similar outcome in these cases could have a material impact on our business. It is too early to determine whether these NOVs could have a material impact on our business, financial condition or results of operations. We would seek recovery of any operating or capital expenditures, but not fines or penalties, related to air pollution control technology to reduce regulated air emissions; however, there can be no assurances that we would be successful in this regard. IPL has recorded a contingent liability related to these New Source Review cases and other CAA NOV matters. | COMMITMENTS AND CONTINGENCIES Legal Loss Contingencies IPALCO and IPL are involved in litigation arising in the normal course of business. While the results of such litigation cannot be predicted with certainty, management believes that the final outcome will not have a material adverse effect on IPALCO’s results of operations, financial condition and cash flows. Amounts accrued or expensed for legal or environmental contingencies collectively during the periods covered by this report have not been material to the Financial Statements. Environmental Loss Contingencies We are subject to various federal, state, regional and local environmental protection and health and safety laws and regulations governing, among other things, the generation, storage, handling, use, disposal and transportation of hazardous materials; the emission and discharge of hazardous and other materials into the environment; and the health and safety of our employees. These laws and regulations often require a lengthy and complex process of obtaining and renewing permits and other governmental authorizations from federal, state and local agencies. Violation of these laws, regulations or permits can result in substantial fines, other sanctions, permit revocation and/or facility shutdowns. We cannot assure that we have been or will be at all times in full compliance with such laws, regulations and permits. New Source Review In October 2009, IPL received a NOV and Finding of Violation from the EPA pursuant to the CAA Section 113(a). The NOV alleges violations of the CAA at IPL’s three primarily coal-fired electric generating facilities at the time, dating back to 1986. The alleged violations primarily pertain to the PSD and nonattainment New Source Review requirements under the CAA. In addition, on October 1, 2015, IPL received a NOV from the EPA pursuant to CAA Section 113(a) alleging violations of the CAA, the Indiana SIP, and the Title V operating permit related to alleged particulate matter and opacity violations at IPL Petersburg Unit 3. Also, on February 5, 2016, EPA issued a NOV pursuant to CAA Section 113(a) alleging violations of New Source Review and other CAA regulations, the Indiana SIP, and the Title V operating permit at Petersburg Generating Station. Since receiving the letters, IPL management has met with the EPA staff regarding possible resolutions of the NOVs. Settlements and litigated outcomes of similar New Source Review cases have required companies to pay civil penalties, install additional pollution control technology on coal-fired electric generating units, retire existing generating units, and invest in additional environmental projects. A similar outcome in these cases could have a material impact on our business. It is too early to determine whether these NOVs could have a material impact on our business, financial condition or results of operations. We would seek recovery of any operating or capital expenditures, but not fines or penalties, related to air pollution control technology to reduce regulated air emissions; however, there can be no assurances that we would be successful in this regard. IPL has recorded a contingent liability related to these New Source Review and other CAA NOV matters. |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Legal Loss Contingencies IPL is involved in litigation arising in the normal course of business. While the results of such litigation cannot be predicted with certainty, management believes that the final outcome will not have a material adverse effect on IPL’s results of operations, financial condition and cash flows. Amounts accrued or expensed for legal or environmental contingencies collectively during the periods covered by this report have not been material to IPL’s consolidated financial statements. Environmental Loss Contingencies We are subject to various federal, state, regional and local environmental protection and health and safety laws and regulations governing, among other things, the generation, storage, handling, use, disposal and transportation of hazardous materials; the emission and discharge of hazardous and other materials into the environment; and the health and safety of our employees. These laws and regulations often require a lengthy and complex process of obtaining and renewing permits and other governmental authorizations from federal, state and local agencies. Violation of these laws, regulations or permits can result in substantial fines, other sanctions, permit revocation and/or facility shutdowns. We cannot be certain that we have been or will be at all times in full compliance with such laws, regulations and permits. New Source Review and Other CAA NOVs In October 2009, IPL received a NOV and Finding of Violation from the EPA pursuant to the CAA Section 113(a). The NOV alleges violations of the CAA at IPL’s three primarily coal-fired electric generating facilities at the time, dating back to 1986. The alleged violations primarily pertain to the PSD and nonattainment New Source Review requirements under the CAA. In addition, on October 1, 2015, IPL received a NOV from the EPA pursuant to CAA Section 113(a) alleging violations of the CAA, the Indiana SIP, and the Title V operating permit related to alleged particulate matter and opacity violations at IPL Petersburg Unit 3. Also, on February 5, 2016, the EPA issued a NOV pursuant to CAA Section 113(a) alleging violations of New Source Review and other CAA regulations, the Indiana SIP, and the Title V operating permit at Petersburg Generating Station. Since receiving the letters, IPL management has met with the EPA staff regarding possible resolutions of the NOVs. Settlements and litigated outcomes of similar New Source Review cases have required companies to pay civil penalties, install additional pollution control technology on coal-fired electric generating units, retire existing generating units, and invest in additional environmental projects. A similar outcome in these cases could have a material impact on our business. It is too early to determine whether these NOVs could have a material impact on our business, financial condition or results of operations. We would seek recovery of any operating or capital expenditures, but not fines or penalties, related to air pollution control technology to reduce regulated air emissions; however, there can be no assurances that we would be successful in this regard. IPL has recorded a contingent liability related to these New Source Review cases and other CAA NOV matters. | COMMITMENTS AND CONTINGENCIES Legal Loss Contingencies IPL is involved in litigation arising in the normal course of business. While the results of such litigation cannot be predicted with certainty, management believes that the final outcome will not have a material adverse effect on IPL’s results of operations, financial condition and cash flows. Amounts accrued or expensed for legal or environmental contingencies collectively during the periods covered by this report have not been material to IPL’s audited consolidated financial statements. Environmental Loss Contingencies We are subject to various federal, state, regional and local environmental protection and health and safety laws and regulations governing, among other things, the generation, storage, handling, use, disposal and transportation of hazardous materials; the emission and discharge of hazardous and other materials into the environment; and the health and safety of our employees. These laws and regulations often require a lengthy and complex process of obtaining and renewing permits and other governmental authorizations from federal, state and local agencies. Violation of these laws, regulations or permits can result in substantial fines, other sanctions, permit revocation and/or facility shutdowns. We cannot assure that we have been or will be at all times in full compliance with such laws, regulations and permits. New Source Review In October 2009, IPL received a NOV and Finding of Violation from the EPA pursuant to the CAA Section 113(a). The NOV alleges violations of the CAA at IPL’s three primarily coal-fired electric generating facilities at the time, dating back to 1986. The alleged violations primarily pertain to the PSD and nonattainment New Source Review requirements under the CAA. In addition, on October 1, 2015, IPL received a NOV from the EPA pursuant to CAA Section 113(a) alleging violations of the CAA, the Indiana SIP, and the Title V operating permit related to alleged particulate matter and opacity violations at IPL Petersburg Unit 3. Also, on February 5, 2016, EPA issued a NOV pursuant to CAA Section 113(a) alleging violations of New Source Review and other CAA regulations, the Indiana SIP, and the Title V operating permit at Petersburg Generating Station. Since receiving the letters, IPL management has met with the EPA staff regarding possible resolutions of the NOVs. Settlements and litigated outcomes of similar New Source Review cases have required companies to pay civil penalties, install additional pollution control technology on coal-fired electric generating units, retire existing generating units, and invest in additional environmental projects. A similar outcome in these cases could have a material impact on our business. It is too early to determine whether these NOVs could have a material impact on our business, financial condition or results of operations. We would seek recovery of any operating or capital expenditures, but not fines or penalties, related to air pollution control technology to reduce regulated air emissions; however, there can be no assurances that we would be successful in this regard. IPL has recorded a contingent liability related to these New Source Review and other CAA NOV matters. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Entity Information [Line Items] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS IPL participates in a property insurance program in which IPL buys insurance from AES Global Insurance Company, a wholly‑owned subsidiary of AES. IPL is not self-insured on property insurance with the exception of a $5 million self-insured retention per occurrence. Except for IPL’s large substations, IPL does not carry insurance on transmission and distribution assets, which are considered to be outside the scope of property insurance. AES and other AES subsidiaries, including IPALCO, also participate in the AES global insurance program. IPL pays premiums for a policy that is written and administered by a third-party insurance company. The premiums paid to this third-party administrator by the participants are deposited into a trust fund owned by AES Global Insurance Company, but controlled by the third-party administrator. The cost to IPL of coverage under this program was approximately $3.1 million , $2.7 million , and $3.2 million in 2016 , 2015 and 2014 , respectively, and is recorded in “ Other operating expenses” on the accompanying Consolidated Statements of Operations. As of December 31, 2016 and 2015 , we had prepaid approximately $2.0 million and $2.2 million , respectively, which is recorded in “ Prepayments and other current assets” on the accompanying Consolidated Balance Sheets. IPL participates in an agreement with Health and Welfare Benefit Plans LLC, an affiliate of AES, to participate in a group benefits program, including but not limited to, health, dental, vision and life benefits. Health and Welfare Benefit Plans LLC administers the financial aspects of the group insurance program, receives all premium payments from the participating affiliates, and makes all vendor payments. The cost of coverage under this program was approximately $23.2 million , $24.5 million , and $20.1 million in 2016 , 2015 and 2014 , respectively, and is recorded in “ Other operating expenses” on the accompanying Consolidated Statements of Operations. We had no prepaids for coverage under this plan as of December 31, 2016 and 2015 , respectively. AES files federal and state income tax returns which consolidate IPALCO and its subsidiaries. Under a tax sharing agreement with AES, IPALCO is responsible for the income taxes associated with its own taxable income and records the provision for income taxes using a separate return method. IPALCO had a receivable balance under this agreement of $2.1 million and $0.7 million as of December 31, 2016 and 2015 , respectively, which is recorded in “ Prepayments and other current assets” on the accompanying Consolidated Balance Sheets. Long-term Compensation Plan During 2016 , 2015 and 2014 , many of IPL’s non-union employees received benefits under the AES Long-term Compensation Plan, a deferred compensation program. This type of plan is a common employee retention tool used in our industry. Benefits under this plan are granted in the form of performance units payable in cash and AES restricted stock units and options to purchase shares of AES common stock, however no stock options were granted in 2016. Total deferred compensation expense recorded during 2016 , 2015 and 2014 was $0.9 million , $0.7 million and $0.7 million , respectively, and was included in “ Other operating expenses” on IPALCO’s Consolidated Statements of Operations. The value of these benefits is being recognized over the 36 month vesting period and a portion is recorded as miscellaneous deferred credits with the remainder recorded as “ Paid in capital” on IPALCO’s Consolidated Balance Sheets in accordance with ASC 718 “Compensation – Stock Compensation.” See also Note 9, “ Benefit Plans” to the Financial Statements for a description of benefits awarded to IPL employees by AES under the RSP. Service Company Total costs incurred by the Service Company on behalf of IPALCO were $27.4 million , $23.2 million and $22.0 million during 2016 , 2015 and 2014, respectively. Total costs incurred by IPALCO on behalf of the Service Company during 2016 , 2015 and 2014 were $9.2 million , $7.5 million and $5.6 million , respectively. IPALCO had a prepaid balance with the Service Company of $3.4 million and $1.2 million as of December 31, 2016 and 2015, respectively. CDPQ Please refer to Note 6, “ Equity – Equity Transactions” for further details. Other In 2014, IPL engaged a third party vendor as part of its replacement generation construction projects. A member of the AES Board of Directors is also currently a member of the Supervisory Board of this vendor. IPL had billings from this vendor of $198.5 million , $232.0 million and $80.3 million during 2016, 2015 and 2014, respectively. IPL had a payable balance to this vendor of $2.3 million and $34.0 million as of December 31, 2016 and 2015, respectively. Additionally, transactions with various other related parties were $3.9 million , $2.4 million and $1.1 million as of December 31, 2016, 2015 and 2014, respectively. These expenses were primarily recorded in “ Other operating expenses” on the accompanying Consolidated Statements of Operations. |
Indianapolis Power And Light Company [Member] | |
Entity Information [Line Items] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS IPL participates in a property insurance program in which IPL buys insurance from AES Global Insurance Company, a wholly‑owned subsidiary of AES. IPL is not self-insured on property insurance with the exception of a $5 million self-insured retention per occurrence. Except for IPL’s large substations, IPL does not carry insurance on transmission and distribution assets, which are considered to be outside the scope of property insurance. AES and other AES subsidiaries, including IPL, also participate in the AES global insurance program. IPL pays premiums for a policy that is written and administered by a third-party insurance company. The premiums paid to this third-party administrator by the participants are deposited into a trust fund owned by AES Global Insurance Company, but controlled by the third-party administrator. The cost to IPL of coverage under this program was approximately $3.1 million , $2.7 million , and $3.2 million in 2016 , 2015 and 2014 , respectively, and is recorded in “ Other operating expenses” on the accompanying Consolidated Statements of Operations. As of December 31, 2016 and 2015 , we had prepaid approximately $2.0 million and $2.2 million , respectively, which is recorded in “ Prepayments and other current assets” on the accompanying Consolidated Balance Sheets. IPL participates in an agreement with Health and Welfare Benefit Plans LLC, an affiliate of AES, to participate in a group benefits program, including but not limited to, health, dental, vision and life benefits. Health and Welfare Benefit Plans LLC administers the financial aspects of the group insurance program, receives all premium payments from the participating affiliates, and makes all vendor payments. The cost of coverage under this program was approximately $23.2 million , $24.5 million , and $20.1 million in 2016 , 2015 and 2014 , respectively, and is recorded in “ Other operating expenses” on the accompanying Consolidated Statements of Operations. We had no prepaids for coverage under this plan as of December 31, 2016 and 2015 , respectively. AES files federal and state income tax returns which consolidate IPALCO and its subsidiaries, including IPL. Under a tax sharing agreement with IPALCO, IPL is responsible for the income taxes associated with its own taxable income and records the provision for income taxes using a separate return method. IPL had a payable and receivable balance under this agreement of $1.0 million and $2.8 million as of December 31, 2016 and 2015 , respectively, which is recorded in “ Accrued income taxes” and “ Prepayments and other current assets” on the accompanying Consolidated Balance Sheets, respectively. Long-term Compensation Plan During 2016 , 2015 and 2014, many of IPL’s non-union employees received benefits under the AES Long-term Compensation Plan, a deferred compensation program. This type of plan is a common employee retention tool used in our industry. Benefits under this plan are granted in the form of performance units payable in cash and AES restricted stock units and options to purchase shares of AES common stock, however no stock options were granted in 2016. Total deferred compensation expense recorded during 2016 , 2015 and 2014 was $0.9 million , $0.7 million and $0.7 million , respectively, and was included in “ Other operating expenses” on IPL’s Consolidated Statements of Operations. The value of these benefits is being recognized over the 36 month vesting period and a portion is recorded as miscellaneous deferred credits with the remainder recorded as “ Paid in capital” on IPL’s Consolidated Balance Sheets in accordance with ASC 718 “Compensation – Stock Compensation.” See also Note 9, “Benefit Plans” to the audited consolidated financial statements of IPL for a description of benefits awarded to IPL employees by AES under the RSP. Service Company Total costs incurred by the Service Company on behalf of IPL were $26.9 million , $22.6 million and $22.0 million during 2016 , 2015 and 2014, respectively. Total costs incurred by IPL on behalf of the Service Company during 2016 , 2015 and 2014 were $9.2 million , $7.5 million and $5.6 million , respectively. IPL had a prepaid balance with the Service Company of $3.4 million and $1.2 million as of December 31, 2016 and 2015, respectively. Other In 2014, IPL engaged a third party vendor as part of its replacement generation construction projects. A member of the AES Board of Directors is also currently a member of the Supervisory Board of this vendor. IPL had billings from this vendor of $198.5 million, $232.0 million and $80.3 million during 2016, 2015 and 2014, respectively. IPL had a payable balance to this vendor of $2.3 million and $34.0 million as of December 31, 2016 and 2015, respectively. Additionally, transactions with various other related parties were $3.9 million , $2.4 million and $1.1 million as of December 31, 2016, 2015 and 2014, respectively. These expenses were primarily recorded in “ Other operating expenses” on the accompanying Consolidated Statements of Operations. |
Business Segment Information
Business Segment Information | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Business Segment Information | SEGMENT INFORMATION Operating segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, for which separate financial information is available, and is evaluated regularly by the chief operating decision maker in assessing performance and deciding how to allocate resources. Substantially all of our business consists of the generation, transmission, distribution and sale of electric energy conducted through IPL which is a vertically integrated electric utility. IPALCO’s reportable business segment is its utility segment, with all other nonutility business activities aggregated separately. The nonutility category primarily includes the 2018 IPALCO Notes, the 2020 IPALCO Notes and the 2024 IPALCO Notes; approximately $9.2 million and $8.3 million of cash and cash equivalents as of September 30, 2017 and December 31, 2016 , respectively; long-term investments of $4.9 million and $5.2 million at September 30, 2017 and December 31, 2016 , respectively; and income taxes and interest related to those items. All other assets represented less than 1% of IPALCO’s total assets as of September 30, 2017 and December 31, 2016 . Net income for the utility segment was $105.5 million and $122.0 million for the nine-month periods ended September 30, 2017 and 2016, respectively, and $43.8 million and $51.9 million for the three-month periods ended September 30, 2017 and 2016 , respectively. The accounting policies of the identified segment are consistent with those policies and procedures described in the summary of significant accounting policies. Intersegment sales, if any, are generally based on prices that reflect the current market conditions. | BUSINESS SEGMENT INFORMATION Operating segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, for which separate financial information is available, and is evaluated regularly by the chief operating decision maker in assessing performance and deciding how to allocate resources. Substantially all of our business consists of the generation, transmission, distribution and sale of electric energy conducted through IPL which is a vertically integrated electric utility. IPALCO’s reportable business segment is its utility segment, with all other non-utility business activities aggregated separately. The non-utility category primarily includes the 2018 IPALCO Notes and the 2020 IPALCO Notes; approximately $8.3 million and $1.7 million of cash and cash equivalents, as of December 31, 2016 and 2015 , respectively; long-term investments of $5.2 million as of December 31, 2016 and 2015 ; and income taxes and interest related to those items. All other assets represented less than 1% of IPALCO’s total assets as of December 31, 2016 and 2015 . The accounting policies of the identified segment are consistent with those policies and procedures described in the summary of significant accounting policies. Intersegment sales, if any, are generally based on prices that reflect the current market conditions. The following table provides information about IPALCO’s business segments (in millions): 2016 2015 2014 Utility All Other Total Utility All Other Total Utility All Other Total Operating revenues $ 1,347 — $ 1,347 $ 1,250 — $ 1,250 $ 1,322 — $ 1,322 Depreciation and amortization 218 — 218 188 — 188 185 — 185 Income taxes 73 (11 ) 61 56 (25 ) 32 69 (21 ) 48 Net income 156 (25 ) 131 102 (42 ) 60 110 (32 ) 78 Utility plant - net of depreciation (1) 3,881 — 3,881 3,441 — 3,441 2,857 — 2,857 Capital expenditures 608 — 608 686 — 686 382 — 382 \ (1) Utility plant - net of depreciation for 2014 was not restated to reclassify capitalized software and its corresponding accumulated amortization balances to Intangible Assets - net because it was impracticable to restate. This impacts Utility plant - net but has no impact on Total assets. |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Business Segment Information | BUSINESS SEGMENT INFORMATION Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in assessing performance and deciding how to allocate resources. All of IPL’s current business consists of the generation, transmission, distribution and sale of electric energy, and therefore IPL had only one reportable segment. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information Of Registrant | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I - Condensed Financial Information Of Registrant | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting for Subsidiaries and Affiliates – IPALCO has accounted for the earnings of its subsidiaries on the equity method in the unconsolidated condensed financial information. EQUITY Equity Transactions On December 15, 2014, AES announced that it entered into an agreement with CDPQ, a long-term institutional investor headquartered in Quebec, Canada. Pursuant to the agreement, on February 11, 2015 CDPQ purchased from AES 15% of AES U.S. Investments and 100 shares of IPALCO’s common stock were issued to CDPQ. In addition, pursuant to the agreement, CDPQ invested approximately $349 million in IPALCO through 2016, in exchange for a 17.65% equity stake, funding existing growth and environmental projects at IPL. After completion of these transactions, CDPQ’s direct and indirect interests in IPALCO total approximately 30% , AES owns 85% of AES U.S. Investments, and AES U.S. Investments owns 82.35% of IPALCO. There has been no significant change in management or operational control of AES U.S. Investments, IPALCO or IPL as a result of these transactions. In connection with the initial closing under the agreement, CDPQ, AES U.S. Investments, and IPALCO entered into a Shareholders’ Agreement. The Shareholders’ Agreement established the general framework governing the relationship between and among CDPQ and AES U.S. Investments, and their respective successors and transferees, as shareholders of IPALCO. Pursuant to the Shareholders’ Agreement, the Board of Directors of IPALCO will initially consist of 11 directors, two nominated by CDPQ and 9 nominated by AES U.S. Investments. The Shareholders’ Agreement contains restrictions on IPALCO making certain major decisions without the prior affirmative vote of a majority of the Board of Directors of IPALCO. In addition, for so long as CDPQ holds at least 5% of IPALCO’s common shares, CDPQ will have review and consultation rights with respect to certain actions of IPALCO. Certain transfer restrictions and other transfer rights apply to CDPQ and AES U.S. Investments under the Shareholders’ Agreement, including certain rights of first offer, drag along rights, tag along rights, put rights and rights of first refusal. On February 11, 2015, in connection with the initial closing under the Subscription Agreement and the entry into the Shareholders’ Agreement, IPALCO submitted the Third Amended and Restated Articles of Incorporation for filing with the Indiana Secretary of State, as approved and adopted by the IPALCO Board. The purpose of the Third Amended and Restated Articles of Incorporation is to amend, among other things, Article VI of the Second Amended and Restated Articles of Incorporation of IPALCO in order to effectuate changes to the size and composition of the IPALCO Board in furtherance of the terms and conditions of the IPALCO Shareholders’ Agreement. Paid In Capital and Capital Stock On June 27, 2014, IPALCO received equity capital contributions of $106.4 million from AES for funding needs related to IPL’s environmental and replacement generation projects. IPALCO then made the same equity capital contributions to IPL. On February 11, 2015, IPALCO issued and sold 100 shares of IPALCO’s common stock to CDPQ under the Subscription Agreement. On April 1, 2015, IPALCO issued and sold 11,818,828 shares of IPALCO's common stock to CDPQ for $214.4 million under the Subscription Agreement. On March 1, 2016, IPALCO issued and sold 7,403,213 shares of IPALCO’s common stock to CDPQ for $134.3 million under the Subscription Agreement. After completion of these transactions, CDPQ’s direct and indirect interest in IPALCO is 30% . On June 1, 2016, IPALCO received equity capital contributions of (i) $64.8 million from AES U.S. Investments and (ii) $13.9 million from CDPQ. IPALCO then made the same investments in IPL. The proceeds were primarily used for funding needs related to IPL’s environmental and replacement generation projects. The capital contributions on June 1, 2016 were made on a proportional share basis and, therefore, did not change CDPQ’s or AES’ ownership interests in IPALCO. DEBT The following table presents IPALCO’s long-term indebtedness: December 31, Series Due 2016 2015 (In Thousands) Long-Term Debt 5.00% Senior Secured Notes May 2018 $ 400,000 $ 400,000 3.45% Senior Secured Notes July 2020 — 405,000 405,000 Unamortized discount – net (273 ) (371 ) Deferred financing costs – net (1) (5,018 ) (6,858 ) Total Long-term Debt 799,709 797,771 Less: Current Portion of Long-term Debt — — Net Long-term Debt $ 799,709 $ 797,771 (1) The Company adopted ASU No. 2015-03 on January 1, 2016, which requires the use of the full retrospective approach with respect to the presentation of debt issuance costs, including deferred charges. Long-term Debt IPALCO’s Senior Secured Notes In June 2015, IPALCO completed the sale of the 2020 IPALCO Notes pursuant to Rule 144A and Regulation S under the Securities Act. The 2020 IPALCO Notes were issued pursuant to an Indenture dated June 25, 2015, by and between IPALCO and U.S. Bank, National Association, as trustee. The 2020 IPALCO Notes were priced to the public at 99.929% of the principal amount. Net proceeds to IPALCO were approximately $399.5 million after deducting underwriting costs and estimated offering expenses. These costs are being amortized to the maturity date using the effective interest method. We used the net proceeds from this offering to fund the purchase of the 2016 IPALCO Notes validly tendered and to pay for a related consent solicitation, to redeem any 2016 IPALCO Notes that remained outstanding after the completion of the tender, and to pay certain related fees, expenses and make-whole premiums. Of the 2016 IPALCO Notes outstanding, $366.5 million were tendered in June 2015. The remainder, $33.5 million , was redeemed in July 2015. An early tender premium was paid related to the tender offer and a redemption premium was paid related to the redemption of the 2016 IPALCO Notes. A loss on early extinguishment of debt of $22.1 million for the 2016 IPALCO Notes is included as a separate line item in the accompanying Unconsolidated Statements of Operations. The lien on the pledged shares is shared equally and ratably with IPALCO's existing senior secured notes. IPALCO has entered into a Pledge Agreement Supplement with the Bank of New York Mellon Trust Company, N.A., as Collateral Agent, dated June 25, 2015, to the Pledge Agreement between IPALCO and The Bank of New York Mellon Trust Company, N.A., dated November 14, 2001, as supplemented by a Pledge Agreement Supplement dated April 15, 2008 and a Pledge Agreement Supplement dated May 18, 2011, each by IPALCO in favor of the Collateral Agent. IPALCO also agreed to register the 2020 IPALCO Notes under the Securities Act by filing an exchange offer registration statement or, under specified circumstances, a shelf registration statement with the SEC pursuant to a Registration Rights Agreement that IPALCO entered into with J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC, as representatives of the initial purchasers of the 2020 IPALCO Notes. IPALCO filed its registration statement on Form S-4 with respect to the 2020 IPALCO Notes with the SEC on September 28, 2015, and this registration statement was declared effective on October 15, 2015. The exchange offer was completed on November 16, 2015. The 2018 IPALCO Notes and 2020 IPALCO Notes are secured by IPALCO’s pledge of all of the outstanding common stock of IPL. |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts And Reserves | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation And Qualifying Accounts And Reserves | IPALCO ENTERPRISES, INC. and SUBSIDIARIES Valuation and Qualifying Accounts and Reserves Years ended December 31, 2016, 2015 and 2014 (In Thousands) Column A – Description Column B Column C – Additions Column D – Deductions Column E Balance at Beginning Charged to Charged to Other Net Balance at Year ended December 31, 2016 Accumulated Provisions Deducted from Assets – Doubtful Accounts $ 2,498 $ 4,122 $ — $ 4,255 $ 2,365 Year ended December 31, 2015 Accumulated Provisions Deducted from Assets – Doubtful Accounts $ 2,076 $ 4,273 $ — $ 3,851 $ 2,498 Year ended December 31, 2014 Accumulated Provisions Deducted from Assets –Doubtful Accounts $ 1,982 $ 4,852 $ — $ 4,758 $ 2,076 INDIANAPOLIS POWER & LIGHT COMPANY and SUBSIDIARY Valuation and Qualifying Accounts and Reserves Years ended December 31, 2016, 2015 and 2014 (In Thousands) Column A – Description Column B Column C – Additions Column D – Deductions Column E Balance at Beginning Charged to Charged to Other Net Balance at Year ended December 31, 2016 Accumulated Provisions Deducted from Assets – Doubtful Accounts $ 2,498 $ 4,122 $ — $ 4,255 $ 2,365 Year ended December 31, 2015 Accumulated Provisions Deducted from Assets – Doubtful Accounts $ 2,076 $ 4,273 $ — $ 3,851 $ 2,498 Year ended December 31, 2014 Accumulated Provisions Deducted from Assets –Doubtful Accounts $ 1,982 $ 4,852 $ — $ 4,758 $ 2,076 |
Overview and Summary of Signi21
Overview and Summary of Significant Accounting Policies (Policy) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Intangible assets primarily include capitalized software of $91.7 million and $102.5 million and its corresponding amortization of $79.7 million and $92.5 million , as of December 31, 2016 and 2015, respectively, previously classified within utility plant that were reclassified to intangibles at the applicable year end. Amortization expense was $5.9 million , $5.2 million and $5.2 million for the years ended December 31, 2016, 2015 and 2014, respectively. The estimated amortization expense over the remaining useful life of this capitalized software is $12.0 million ( $5.9 million in 2017, $5.9 million in 2018 and $0.2 million in 2019). See “New Accounting Pronouncements – New Accounting Standards Adopted” below for additional information. | |
Principles of Consolidation | Principles of Consolidation IPALCO’s consolidated financial statements are prepared in accordance with GAAP and in conjunction with the rules and regulations of the SEC. The consolidated financial statements include the accounts of IPALCO, its regulated utility subsidiary, IPL, and its unregulated subsidiary, Mid-America. All intercompany items have been eliminated in consolidation. Certain costs for shared resources amongst IPL and IPALCO, such as labor and benefits, are allocated to each entity based on allocation methodologies that management believes to be reasonable. We have evaluated subsequent events through the date this report is issued. All income of Mid-America, as well as nonoperating income of IPL, are included below UTILITY OPERATING INCOME in the accompanying Consolidated Statements of Operations. | |
Use of Management Estimates | Use of Management Estimates The preparation of financial statements in conformity with GAAP requires that management make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The reported amounts of revenues and expenses during the reporting period may also be affected by the estimates and assumptions that management is required to make. Actual results may differ from those estimates. | Use of Management Estimates The preparation of financial statements in conformity with GAAP requires that management make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The reported amounts of revenues and expenses during the reporting period may also be affected by the estimates and assumptions management is required to make. Actual results may differ from those estimates. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. See “Intangible Assets” below for additional information. | |
Regulation | Regulatory Accounting The retail utility operations of IPL are subject to the jurisdiction of the IURC. IPL’s wholesale power transactions are subject to the jurisdiction of the FERC. These agencies regulate IPL’s utility business operations, tariffs, accounting, depreciation allowances, services, issuances of securities and the sale and acquisition of utility properties. The financial statements of IPL are based on GAAP, including the provisions of FASB ASC 980 “Regulated Operations,” which gives recognition to the ratemaking and accounting practices of these agencies. | |
Revenues and Accounts Receivable | Revenues and Accounts Receivable Revenues related to the sale of energy are generally recognized when service is rendered or energy is delivered to customers. However, the determination of the energy sales to individual customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to certain customers since the date of the last meter reading are estimated and the corresponding unbilled revenue is accrued. In making its estimates of unbilled revenue, IPL uses complex models that consider various factors including daily generation volumes; known amounts of energy usage by nearly all residential, small commercial and industrial customers; estimated line losses; and estimated customer rates based on prior period billings. Given the use of these models, and that customers are billed on a monthly cycle, we believe it is unlikely that materially different results will occur in future periods when revenue is billed. At December 31, 2016 and 2015 , customer accounts receivable include unbilled energy revenues of $57.0 million and $42.1 million , respectively, on a base of annual revenue of $ 1.3 billion in 2016 and 2015 . An allowance for potential credit losses is maintained and amounts are written off when normal collection efforts have been exhausted. Our provision for doubtful accounts included in “Other operating expenses” on the accompanying Consolidated Statements of Operations was $4.1 million , $4.3 million and $ 4.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. IPL’s basic rates include a provision for fuel costs as established in IPL’s most recent rate proceeding, which last adjusted IPL’s rates in March 2016. IPL is permitted to recover actual costs of purchased power and fuel consumed, subject to certain restrictions. This is accomplished through quarterly FAC proceedings, in which IPL estimates the amount of fuel and purchased power costs in future periods. Through these proceedings, IPL is also permitted to recover, in future rates, underestimated fuel and purchased power costs from prior periods, subject to certain restrictions, and therefore the over or underestimated costs are deferred or accrued and amortized into fuel expense in the same period that IPL’s rates are adjusted. See also Note 2, “ Regulatory Matters ” for a discussion of other costs that IPL is permitted to recover through periodic rate adjustment proceedings and the status of current rate adjustment proceedings. In addition, we are one of many transmission system owner members of MISO, a regional transmission organization which maintains functional control over the combined transmission systems of its members and manages one of the largest energy markets in the U.S. In the MISO market, IPL offers its generation and bids its demand into the market on an hourly basis. MISO settles these hourly offers and bids based on locational marginal prices, which is pricing for energy at a given location based on a market clearing price that takes into account physical limitations, generation, and demand throughout the MISO region. MISO evaluates the market participants’ energy offers and demand bids to economically and reliably dispatch the entire MISO system. IPL accounts for these hourly offers and bids, on a net basis, in UTILITY OPERATING REVENUES when in a net selling position and in UTILITY OPERATING EXPENSES – Power purchased when in a net purchasing position. | |
Contingencies | Contingencies IPALCO accrues for loss contingencies when the amount of the loss is probable and estimable. IPL is subject to various environmental regulations, and is involved in certain legal proceedings. If IPL’s actual environmental and/or legal obligations are different from our estimates, the recognition of the actual amounts may have a material impact on our results of operations, financial condition and cash flows; although that has not been the case during the periods covered by this report. As of December 31, 2016 and 2015 , total loss contingencies accrued were $11.6 million and $5.6 million , respectively, which were included in “Other Current Liabilities” on the accompanying Consolidated Balance Sheets. | |
Concentration of Risk | Concentrations of Risk Substantially all of IPL’s customers are located within the Indianapolis area. Approximately 66% of IPL’s full-time employees are covered by collective bargaining agreements in two bargaining units: a physical unit and a clerical-technical unit. IPL’s contract with the physical unit expires on December 10, 2018 , and the contract with the clerical-technical unit expires February 17, 2020 . Additionally, IPL has long-term coal contracts with three suppliers, with about 39% of our existing coal under contract for the three-year period ending December 31, 2019 coming from one supplier. Substantially all of the coal is currently mined in the state of Indiana. | |
Allowance For Funds Used During Construction | Allowance For Funds Used During Construction In accordance with the Uniform System of Accounts prescribed by FERC, IPL capitalizes an allowance for the net cost of funds (interest on borrowed funds and a reasonable rate of return on equity funds) used for construction purposes during the period of construction with a corresponding credit to income. For the Eagle Valley CCGT, Harding Street refueling projects, and NPDES projects, IPL capitalized amounts using a pretax composite rate of 7.1% , 7.3% and 7.6% during 2016, 2015 and 2014, respectively. | |
Utility Plant and Depreciation | Utility Plant and Depreciation Utility plant is stated at original cost as defined for regulatory purposes. The cost of additions to utility plant and replacements of retirement units of property are charged to plant accounts. Units of property replaced or abandoned in the ordinary course of business are retired from the plant accounts at cost; such amounts, less salvage, are charged to accumulated depreciation. Depreciation is computed by the straight-line method based on functional rates approved by the IURC and averaged 4.3% , 4.2% , and 4.1% during 2016 , 2015 and 2014 , respectively. Depreciation expense was $213.4 million , $198.8 million , and $185.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, which is net of depreciation expense that has been deferred as a regulatory asset. | |
Derivatives | Derivatives We have only limited involvement with derivative financial instruments and do not use them for trading purposes. IPALCO accounts for its derivatives in accordance with ASC 815 “Derivatives and Hedging.” In addition, IPL has entered into contracts involving the physical delivery of energy and fuel. Because these contracts qualify for the normal purchases and normal sales scope exception in ASC 815, IPL has elected to account for them as accrual contracts, which are not adjusted for changes in fair value. | |
Fuel, Materials and Supplies | Fuel, Materials and Supplies We maintain coal, fuel oil, materials and supplies inventories for use in the production of electricity. These inventories are accounted for at the lower of cost or market, using the average cost. | |
Impairment of Long-Lived Assets | Impairment of Long-lived Assets GAAP requires that we measure long-lived assets for impairment when indicators of impairment exist. If an asset is deemed to be impaired, we are required to write down the asset to its fair value with a charge to current earnings. The net book value of our utility plant assets was $3.9 billion and $3.4 billion as of December 31, 2016 and 2015 , respectively. We do not believe any of these assets are currently impaired. In making this assessment, we consider such factors as: the overall condition and generating and distribution capacity of the assets; the expected ability to recover additional expenditures in the assets; the anticipated demand and relative pricing of retail electricity in our service territory and wholesale electricity in the region; and the cost of fuel. | |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax bases. The Company establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company’s tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. The Company’s policy for interest and penalties is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. Income taxes payable which are includable in allowable costs for ratemaking purposes in future years are recorded as regulatory assets with a corresponding deferred tax liability. Investment tax credits that reduced federal income taxes in the years they arose have been deferred and are being amortized to income over the useful lives of the properties in accordance with regulatory treatment. | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are stated at cost, which approximates fair value. All highly liquid short-term investments with original maturities of three months or less are considered cash equivalents. | |
Pension and Postretirement Benefits | Pension and Postretirement Benefits We recognize in our Consolidated Balance Sheets an asset or liability reflecting the funded status of pension and other postretirement plans with current-year changes in the funded status, that would otherwise be recognized in AOCI, recorded as a regulatory asset as this can be recovered through future rates. All plan assets are recorded at fair value. We follow the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. We account for and disclose pension and postretirement benefits in accordance with the provisions of GAAP relating to the accounting for pension and other postretirement plans. These GAAP provisions require the use of assumptions, such as the discount rate for liabilities and long-term rate of return on assets, in determining the obligations, annual cost and funding requirements of the plans. Effective January 1, 2016, we began applying a disaggregated discount rate approach for determining service cost and interest cost for our defined benefit pension plans and postretirement plans. This approach is consistent with the requirements of ASC 715 and is considered to be preferential to the aggregated single rate discount approach, which has historically been used in the U.S., because it is more consistent with the philosophy of a full yield curve valuation. The change in discount rate approach did not have an impact on the measurement of the benefit obligations at December 31, 2015, nor will it impact future remeasurements. This change in approach impacted the service cost and interest cost recorded in 2016 and will impact future years. It also impacted the actuarial gains and losses recorded in 2016 and will impact future years, as well as the amortization thereof. | |
Repair and Maintenance Costs | Repair and Maintenance Costs Repair and maintenance costs are expensed as incurred. | |
Per Share Data | Per Share Data IPALCO is owned by AES U.S. Investments and CDPQ. IPALCO does not report earnings on a per-share basis. | |
New Accounting Pronouncements | New Accounting Pronouncements | |
Reclassifications [Text Block] | Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. | |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Intangible assets primarily include capitalized software of $91.7 million and $102.5 million and its corresponding amortization of $79.7 million and $92.5 million , as of December 31, 2016 and 2015, respectively, previously classified within utility plant that were reclassified to intangibles at the applicable year end. Amortization expense was $5.9 million , $5.2 million and $5.2 million for the years ended December 31, 2016, 2015 and 2014, respectively. The estimated amortization expense over the remaining useful life of this capitalized software is $12.0 million ( $5.9 million in 2017, $5.9 million in 2018 and $0.2 million in 2019). See “New Accounting Pronouncements – New Accounting Standards Adopted” below for additional information. | |
Principles of Consolidation | Principles of Consolidation The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of IPL and its unregulated subsidiary, IPL Funding. All significant intercompany amounts have been eliminated. The accompanying financial statements are unaudited; however, they have been prepared in accordance with GAAP for interim financial information. Accordingly, they do not include all of the disclosures required by GAAP for annual fiscal reporting periods. In the opinion of management, all adjustments of a normal recurring nature necessary for fair presentation have been included. The electric utility business is affected by seasonal weather patterns throughout the year and, therefore, the operating revenues and associated operating expenses are not generated evenly by month during the year. These unaudited financial statements have been prepared in accordance with the accounting policies described in IPL’s consolidated financial statements included in IPALCO’s Annual Report on Form 10-K for the year ended December 31, 2016 and should be read in conjunction therewith. We have evaluated subsequent events through November 1, 2017, the date of this report. | Principles of Consolidation IPL’s consolidated financial statements are prepared in accordance with GAAP and in conjunction with the rules and regulations of the SEC. The consolidated financial statements include the accounts of IPL and its unregulated subsidiary, IPL Funding. All intercompany items have been eliminated in consolidation. Certain costs for shared resources amongst IPL and IPALCO, such as labor and benefits, are allocated to each entity based on allocation methodologies that management believes to be reasonable. We have evaluated subsequent events through the date this report is issued. |
Use of Management Estimates | Use of Management Estimates The preparation of financial statements in conformity with GAAP requires that management make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The reported amounts of revenues and expenses during the reporting period may also be affected by the estimates and assumptions that management is required to make. Actual results may differ from those estimates. | Use of Management Estimates The preparation of financial statements in conformity with GAAP requires that management make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The reported amounts of revenues and expenses during the reporting period may also be affected by the estimates and assumptions management is required to make. Actual results may differ from those estimates. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. | Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. |
Regulation | Regulatory Accounting The retail utility operations of IPL are subject to the jurisdiction of the IURC. IPL’s wholesale power transactions are subject to the jurisdiction of the FERC. These agencies regulate IPL’s utility business operations, tariffs, accounting, depreciation allowances, services, issuances of securities and the sale and acquisition of utility properties. The financial statements of IPL are based on GAAP, including the provisions of FASB ASC 980 “Regulated Operations,” which gives recognition to the ratemaking and accounting practices of these agencies. See also Note 5, “Regulatory Assets and Liabilities” for a discussion of specific regulatory assets and liabilities. | |
Revenues and Accounts Receivable | Revenues and Accounts Receivable Revenues related to the sale of energy are generally recognized when service is rendered or energy is delivered to customers. However, the determination of the energy sales to individual customers is based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, amounts of energy delivered to certain customers since the date of the last meter reading are estimated and the corresponding unbilled revenue is accrued. In making its estimates of unbilled revenue, IPL uses complex models that consider various factors including daily generation volumes; known amounts of energy usage by nearly all residential, small commercial and industrial customers; estimated line losses; and estimated customer rates based on prior period billings. Given the use of these models, and that customers are billed on a monthly cycle, we believe it is unlikely that materially different results will occur in future periods when revenue is billed. At December 31, 2016 and 2015 , customer accounts receivable include unbilled energy revenues of $57.0 million and $42.1 million , respectively, on a base of annual revenue of $1.3 billion in 2016 and 2015 . An allowance for potential credit losses is maintained and amounts are written off when normal collection efforts have been exhausted. Our provision for doubtful accounts included in “ Other operating expenses” on the accompanying Consolidated Statements of Operations was $4.1 million , $4.3 million and $4.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. IPL’s basic rates include a provision for fuel costs as established in IPL’s most recent rate proceeding, which last adjusted IPL’s rates in March 2016. IPL is permitted to recover actual costs of purchased power and fuel consumed, subject to certain restrictions. This is accomplished through quarterly FAC proceedings, in which IPL estimates the amount of fuel and purchased power costs in future periods. Through these proceedings, IPL is also permitted to recover, in future rates, underestimated fuel and purchased power costs from prior periods, subject to certain restrictions, and therefore the over or underestimated costs are deferred or accrued and amortized into fuel expense in the same period that IPL’s rates are adjusted. See also Note 2, “ Regulatory Matters ” for a discussion of other costs that IPL is permitted to recover through periodic rate adjustment proceedings and the status of current rate adjustment proceedings. In addition, we are one of many transmission system owner members of MISO, a regional transmission organization which maintains functional control over the combined transmission systems of its members and manages one of the largest energy markets in the U.S. In the MISO market, IPL offers its generation and bids its demand into the market on an hourly basis. MISO settles these hourly offers and bids based on locational marginal prices, which is pricing for energy at a given location based on a market clearing price that takes into account physical limitations, generation, and demand throughout the MISO region. MISO evaluates the market participants’ energy offers and demand bids to economically and reliably dispatch the entire MISO system. IPL accounts for these hourly offers and bids, on a net basis, in OPERATING REVENUES when in a net selling position and in OPERATING EXPENSES – Power purchased when in a net purchasing position. | |
Contingencies | Contingencies IPL accrues for loss contingencies when the amount of the loss is probable and estimable. IPL is subject to various environmental regulations, and is involved in certain legal proceedings. If IPL’s actual environmental and/or legal obligations are different from our estimates, the recognition of the actual amounts may have a material impact on our results of operations, financial condition and cash flows; although that has not been the case during the periods covered by this report. As of December 31, 2016 and 2015 , total loss contingencies accrued were $11.6 million and $5.6 million , respectively, which were included in “ Other Current Liabilities” on the accompanying Consolidated Balance Sheets. | |
Concentration of Risk | Concentrations of Risk Substantially all of IPL’s customers are located within the Indianapolis area. Approximately 66% of IPL’s full-time employees are covered by collective bargaining agreements in two bargaining units: a physical unit and a clerical-technical unit. IPL’s contract with the physical unit expires on December 10, 2018 , and the contract with the clerical-technical unit expires February 17, 2020 . Additionally, IPL has long-term coal contracts with three suppliers, with about 39% of our existing coal under contract for the three-year period ending December 31, 2019 coming from one supplier. Substantially all of the coal is currently mined in the state of Indiana. | |
Allowance For Funds Used During Construction | Allowance For Funds Used During Construction In accordance with the Uniform System of Accounts prescribed by FERC, IPL capitalizes an allowance for the net cost of funds (interest on borrowed funds and a reasonable rate of return on equity funds) used for construction purposes during the period of construction with a corresponding credit to income. For the Eagle Valley CCGT, Harding Street refueling projects, and NPDES projects, IPL capitalized amounts using a pretax composite rate of 7.1% , 7.3% and 7.6% during 2016, 2015 and 2014, respectively. | |
Utility Plant and Depreciation | Utility Plant and Depreciation Utility plant is stated at original cost as defined for regulatory purposes. The cost of additions to utility plant and replacements of retirement units of property are charged to plant accounts. Units of property replaced or abandoned in the ordinary course of business are retired from the plant accounts at cost; such amounts, less salvage, are charged to accumulated depreciation. Depreciation is computed by the straight-line method based on functional rates approved by the IURC and averaged 4.3% , 4.2% , and 4.1% during 2016 , 2015 and 2014 , respectively. Depreciation expense was $213.4 million , $198.8 million , and $185.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, which is net of depreciation expense that has been deferred as a regulatory asset. | |
Derivatives | Derivatives We have only limited involvement with derivative financial instruments and do not use them for trading purposes. IPL accounts for its derivatives in accordance with ASC 815 “Derivatives and Hedging.” In addition, IPL has entered into contracts involving the physical delivery of energy and fuel. Because these contracts qualify for the normal purchases and normal sales scope exception in ASC 815, IPL has elected to account for them as accrual contracts, which are not adjusted for changes in fair value. | |
Fuel, Materials and Supplies | Fuel, Materials and Supplies We maintain coal, fuel oil, materials and supplies inventories for use in the production of electricity. These inventories are accounted for at the lower of cost or market, using the average cost. | |
Impairment of Long-Lived Assets | Impairment of Long-lived Assets GAAP requires that we measure long-lived assets for impairment when indicators of impairment exist. If an asset is deemed to be impaired, we are required to write down the asset to its fair value with a charge to current earnings. The net book value of our utility plant assets was $3.9 billion and $3.4 billion as of December 31, 2016 and 2015 , respectively. We do not believe any of these assets are currently impaired. In making this assessment, we consider such factors as: the overall condition and generating and distribution capacity of the assets; the expected ability to recover additional expenditures in the assets; the anticipated demand and relative pricing of retail electricity in our service territory and wholesale electricity in the region; and the cost of fuel. | |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax bases. The Company establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company’s tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. The Company’s policy for interest and penalties is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. Income taxes payable which are includable in allowable costs for ratemaking purposes in future years are recorded as regulatory assets with a corresponding deferred tax liability. Investment tax credits that reduced federal income taxes in the years they arose have been deferred and are being amortized to income over the useful lives of the properties in accordance with regulatory treatment. | |
Cash and Cash Equivalents | Cash and Cash Equivalents | |
Repair and Maintenance Costs | Repair and Maintenance Costs Repair and maintenance costs are expensed as incurred. | |
Per Share Data | Per Share Data IPALCO owns all of the outstanding common stock of IPL. IPL does not report earnings on a per-share basis. | |
New Accounting Pronouncements | New Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that had or may have a material impact on IPL’s consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on the Company’s consolidated financial statements. New Accounting Standards Adopted ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The standard simplifies the following aspects of accounting for share-based payments awards: accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities and classification of employee taxes paid on statement of cash flows when an employer withholds shares for tax-withholding purposes. Transition method: The recognition of excess tax benefits and tax deficiencies arising from vesting or settlement were applied retrospectively. The elimination of the requirement that excess tax benefits be realized before they are recognized was adopted on a modified retrospective basis with a cumulative adjustment to the opening balance sheet. January 1, 2017 The primary effect of adoption was the recognition of excess tax benefits in our provision for income taxes in the period when the awards vest or are settled, rather than in paid-in-capital in the period when the excess tax benefits are realized. We will continue to estimate the number of awards that are expected to vest in our determination of the related periodic compensation cost. The adoption of this standard did not have a material impact on the consolidated financial statements. New Accounting Standards Issued But Not Yet Effective ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities This standard shortens the period of amortization of the premium on certain callable debt securities to the earliest call date. Transition method: modified retrospective. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost This standard changes the presentation of non-service cost expense associated with defined benefit plans and updates the guidance so that only the service cost component will be eligible for capitalization. Transition method: Prospective for presentation of non-service cost expense. Retrospective for the change in capitalization. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements and does not plan to early adopt. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20) This standard clarifies the scope and application of ASC 610-20 on the sale, transfer, and derecognition of nonfinancial assets and in substance nonfinancial assets to non-customers, including partial sales. It also clarifies that the derecognition of business is under scope of ASC 810. Transition method: full or modified retrospective. The Company is in the process of identifying contracts that would not be completed as of January 1, 2018. Based on the assessment of contracts already executed as of September 30, 2017, the contracts that may require any type of assessment under the new standard is limited. January 1, 2018. Earlier application is permitted only as of January 1, 2017. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. The Company will adopt the standard on January 1, 2018 and plans to use the modified retrospective approach. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) This standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Transition method: retrospective. January 1, 2018 Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory This standard requires that an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Transition method: modified retrospective. January 1, 2018 Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-13, Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The standard updates the impairment model for financial assets measured at amortized cost to an expected loss model rather than an incurred loss model. It also allows for the presentation of credit losses on available-for-sale debt securities as an allowance rather than a write down. Transition method: various. January 1, 2020 Early adoption is permitted only as of January 1, 2019. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-02, Leases (Topic 842) This standard requires lessees to recognize assets and liabilities for most leases but recognize expenses in a manner similar to today's accounting. For Lessors, the guidance modifies the lease classification criteria and the accounting for sales-type and direct financing leases. The guidance also eliminates today's real estate-specific provisions. Transition method: modified retrospective at the beginning of the earliest comparative period presented in the financial statements (January 1, 2017). The Company has established a task force focused on the identification of contracts that would be under the scope of the new standard and on the assessment and measurement of the right-of-use asset and related liability. The implementation team is in the process of evaluating changes to our business processes, systems and controls to support recognition and disclosure under the new standard. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. The Company intends to adopt the standard as of January 1, 2019. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-13, Revenue from Contracts with Customers (Topic 606) See discussion of this ASU below: January 1, 2018. Earlier application is permitted only as of January 1, 2017. The Company will adopt the standard on January 1, 2018; see below for the evaluation of the impact of its adoption on the consolidated financial statements. ASU 2014-09 and its subsequent corresponding updates provide the principles an entity must apply to measure and recognize revenue. The core principle is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Amendments to the standard were issued that provide further clarification of the principle and to provide certain transition expedients. The standard will replace most existing revenue recognition guidance in GAAP. In 2016, the Company established a cross-functional implementation team and is in the process of evaluating and implementing changes to our business processes, systems and controls to support recognition and disclosure under the new standard. At this time, we do not expect any significant impact on our financial systems or a material change to controls as a result of the implementation of the new revenue recognition standard. The Company is assessing the standard on a contract-by-contract basis and is in the process of completing the contract assessments by applying the interpretations issued during 2017 on key issues. These issues include the application of the practical expedient for measuring progress towards satisfaction of a performance obligation, when variable quantities would be considered variable consideration versus an option to acquire additional goods and services and how to allocate variable consideration to one or more, but not all, distinct goods or services promised in a series of distinct goods or services that forms part of a single performance obligation. Additionally, the Company is working on the application of the standard to contracts that are under the scope of Service Concession Arrangements (Topic 853) and assessing the gross versus net presentation for spot energy sale and purchases. Through this assessment to date, the Company has not identified any situations where revenue recognized under ASC 606 could differ from that recognized under ASC 605 or where the presentation of sales to and purchases from the spot markets will change. The Company will continue its work to complete the assessment of the full population of contracts and determine the overall impact to the consolidated financial statements. The standard requires retrospective application and allows either a full retrospective adoption in which all periods are presented under the new standard or a modified retrospective approach in which the cumulative effect of initially applying the guidance is recognized at the date of initial application. Although we had previously been working toward adopting the standard using the full retrospective method, given the limited situations we have thus far determined where revenue recognized under ASC 606 differs from that recognized under ASC 605, we now expect to use the modified retrospective approach. However, the Company will continue to assess this conclusion which is dependent on the final impact to the financial statements. We are continuing to work with various non-authoritative industry groups, and monitoring the FASB and Transition Resource Group activity, as we finalize our accounting policy on these and other industry specific interpretative issues, which is expected in 2017. | New Accounting Pronouncements |
Overview and Summary of Signi22
Overview and Summary of Significant Accounting Policies Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Entity Information [Line Items] | |
Schedule of Expected Service and Interest Costs | The impact of the change in approach on service costs and interest costs in 2016 is shown below: $ in thousands 2016 Service Cost 2016 Interest Cost Disaggregated rate approach Aggregate rate approach Impact of change Disaggregated rate approach Aggregate rate approach Impact of change Pension $ 7,018 $ 7,382 $ (364 ) $ 25,815 $ 31,142 $ (5,327 ) |
Indianapolis Power And Light Company [Member] | |
Entity Information [Line Items] | |
Schedule of Expected Service and Interest Costs | $ in thousands 2016 Service Cost 2016 Interest Cost Disaggregated rate approach Aggregate rate approach Impact of change Disaggregated rate approach Aggregate rate approach Impact of change Pension $ 7,018 $ 7,382 $ (364 ) $ 25,815 $ 31,142 $ (5,327 ) |
Utility Plant In Service (Table
Utility Plant In Service (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Entity Information [Line Items] | |
Schedule Of Original Cost Of Utility Plant In Service | As of December 31, 2016 2015 (In Thousands) Production $ 2,923,349 $ 3,009,143 Transmission 376,659 293,767 Distribution 1,433,044 1,371,029 General plant 264,794 216,124 Total utility plant in service $ 4,997,846 $ 4,890,063 |
Reconciliation Of Asset Retirement Obligation Liability | The following is a reconciliation of the ARO legal liability year end balances: 2016 2015 (In Millions) Balance as of January 1 $ 59.0 $ 59.1 Liabilities incurred — 0.6 Liabilities settled (3.2 ) (2.5 ) Revisions in estimated cash flows 21.6 (1.3 ) Accretion expense 3.2 3.1 Balance as of December 31 $ 80.6 $ 59.0 |
Indianapolis Power And Light Company [Member] | |
Entity Information [Line Items] | |
Schedule Of Original Cost Of Utility Plant In Service | As of December 31, 2016 2015 (In Thousands) Production $ 2,923,349 $ 3,009,143 Transmission 376,659 293,767 Distribution 1,433,044 1,371,029 General plant 264,794 216,124 Total utility plant in service $ 4,997,846 $ 4,890,063 |
Reconciliation Of Asset Retirement Obligation Liability | The following is a reconciliation of the ARO legal liability year end balances: 2016 2015 (In Millions) Balance as of January 1 $ 59.0 $ 59.1 Liabilities incurred — 0.6 Liabilities settled (3.2 ) (2.5 ) Revisions in estimated cash flows 21.6 (1.3 ) Accretion expense 3.2 3.1 Balance as of December 31 $ 80.6 $ 59.0 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Summary of Fair Value Assets and Liabilities Measured on a Recurring Basis, Level 3 | The fair value of assets and liabilities at December 31, 2016 measured on a recurring basis and the respective category within the fair value hierarchy for IPALCO was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Fair value at December 31, 2016 Based on quoted market prices in active markets Other observable inputs Unobservable inputs (In Thousands) Financial assets: Financial transmission rights $ 4,393 $ — $ — $ 4,393 Total financial assets measured at fair value $ 4,393 $ — $ — $ 4,393 Financial liabilities: Other derivative liabilities $ 100 $ — $ — $ 100 Total financial liabilities measured at fair value $ 100 $ — $ — $ 100 The fair value of assets and liabilities at December 31, 2015 measured on a recurring basis and the respective category within the fair value hierarchy for IPALCO was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Fair value at December 31, 2015 Based on quoted market prices in active markets Other observable inputs Unobservable inputs (In Thousands) Financial assets: Financial transmission rights $ 4,150 $ — $ — $ 4,150 Total financial assets measured at fair value $ 4,150 $ — $ — $ 4,150 Financial liabilities: Other derivative liabilities $ 121 $ — $ — $ 121 Total financial liabilities measured at fair value $ 121 $ — $ — $ 121 | |
Reconciliation of Financial Instruments Classified as Level 3 | The following table sets forth a reconciliation of financial instruments, measured at fair value on a recurring basis, classified as Level 3 in the fair value hierarchy (note, amounts in this table indicate carrying values, which approximate fair values): Derivative Financial (In Thousands) Balance at January 1, 2015 $ 6,095 Unrealized gain recognized in earnings 47 Issuances 13,281 Settlements (15,394 ) Balance at December 31, 2015 $ 4,029 Unrealized gain recognized in earnings 46 Issuances 10,892 Settlements (10,674 ) Balance at December 31, 2016 $ 4,293 | |
Schedule of Face and Fair Value of Debt | The following table shows the face value and the fair value of fixed-rate and variable-rate indebtedness (Level 2) for the periods ending: September 30, 2017 December 31, 2016 Face Value Fair Value Face Value Fair Value (In Millions) Fixed-rate $ 2,418.8 $ 2,609.3 $ 2,438.5 $ 2,543.5 Variable-rate 210.5 210.5 140.0 140.0 Total indebtedness $ 2,629.3 $ 2,819.8 $ 2,578.5 $ 2,683.5 The difference between the face value and the carrying value of this indebtedness represents the following: • unamortized deferred financing costs of $24.8 million and $22.2 million at September 30, 2017 and December 31, 2016, respectively; and • unamortized discounts of $6.9 million and $6.8 million at September 30, 2017 and December 31, 2016 , respectively. | The following table shows the face value and the fair value of fixed-rate and variable-rate indebtedness (Level 2) for the periods ending: December 31, 2016 December 31, 2015 Face Value Fair Value Face Value Fair Value (In Millions) Fixed-rate $ 2,438.5 $ 2,543.5 $ 2,088.4 $ 2,225.3 Variable-rate 140.0 140.0 256.9 256.9 Total indebtedness $ 2,578.5 $ 2,683.5 $ 2,345.3 $ 2,482.2 |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Summary of Fair Value Assets and Liabilities Measured on a Recurring Basis, Level 3 | The fair value of assets and liabilities at December 31, 2016 measured on a recurring basis and the respective category within the fair value hierarchy for IPL was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Fair value at December 31, 2016 Based on quoted market prices in active markets Other observable inputs Unobservable inputs (In Thousands) Financial assets: Financial transmission rights $ 4,393 $ — $ — $ 4,393 Total financial assets measured at fair value $ 4,393 $ — $ — $ 4,393 Financial liabilities: Other derivative liabilities $ 100 $ — $ — $ 100 Total financial liabilities measured at fair value $ 100 $ — $ — $ 100 The fair value of assets and liabilities at December 31, 2015 measured on a recurring basis and the respective category within the fair value hierarchy for IPL was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Fair value at December 31, 2015 Based on quoted market prices in active markets Other observable inputs Unobservable inputs (In Thousands) Financial assets: Financial transmission rights $ 4,150 $ — $ — $ 4,150 Total financial assets measured at fair value $ 4,150 $ — $ — $ 4,150 Financial liabilities: Other derivative liabilities $ 121 $ — $ — $ 121 Total financial liabilities measured at fair value $ 121 $ — $ — $ 121 | |
Reconciliation of Financial Instruments Classified as Level 3 | The following table sets forth a reconciliation of financial instruments, measured at fair value on a recurring basis, classified as Level 3 in the fair value hierarchy (note, amounts in this table indicate carrying values, which approximate fair values): Derivative Financial (In Thousands) Balance at January 1, 2015 $ 6,095 Unrealized gain recognized in earnings 47 Issuances 13,281 Settlements (15,394 ) Balance at December 31, 2015 $ 4,029 Unrealized gain recognized in earnings 46 Issuances 10,892 Settlements (10,674 ) Balance at December 31, 2016 $ 4,293 | |
Schedule of Face and Fair Value of Debt | The following table shows the face value and the fair value of fixed-rate and variable-rate indebtedness (Level 2) for the periods ending: September 30, 2017 December 31, 2016 Face Value Fair Value Face Value Fair Value (In Millions) Fixed-rate $ 1,608.8 $ 1,789.4 $ 1,633.5 $ 1,717.2 Variable-rate 210.5 210.5 140.0 140.0 Total indebtedness $ 1,819.3 $ 1,999.9 $ 1,773.5 $ 1,857.2 The difference between the face value and the carrying value of this indebtedness represents the following: • unamortized deferred financing costs of $16.6 million and $17.2 million at September 30, 2017 and December 31, 2016, respectively; and • unamortized discounts of $6.4 million and $6.5 million at September 30, 2017 and December 31, 2016, respectively. | The following table shows the face value and the fair value of fixed-rate and variable-rate indebtedness (Level 2) for the periods ending: December 31, 2016 December 31, 2015 Face Value Fair Value Face Value Fair Value (In Millions) Fixed-rate $ 1,633.5 $ 1,717.2 $ 1,283.4 $ 1,406.8 Variable-rate 140.0 140.0 256.9 256.9 Total indebtedness $ 1,773.5 $ 1,857.2 $ 1,540.3 $ 1,663.7 |
Regulatory Assets And Liabili25
Regulatory Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Entity Information [Line Items] | |
Schedule Of Regulatory Assets And Liabilities | The amounts of regulatory assets and regulatory liabilities at December 31 are as follows: 2016 2015 Recovery Period (In Thousands) Regulatory Assets Current: Undercollections of rate riders $ 19,959 $ 8,002 Approximately 1 year (1) Costs being recovered through base rates 13,953 — Approximately 1 year (1) Total current regulatory assets $ 33,912 $ 8,002 Long-term: Unrecognized pension and other postretirement benefit plan costs $ 218,070 $ 226,889 Various (2) Income taxes recoverable through rates 51,131 35,765 Various Deferred MISO costs 114,359 128,610 Through 2026 (3) Unamortized Petersburg Unit 4 carrying charges and certain other costs 10,193 11,248 Through 2026 (1)(4) Unamortized reacquisition premium on debt 22,501 23,268 Over remaining life of debt Environmental projects 30,678 16,876 Through 2050 (1)(4) Other miscellaneous 3,778 5,544 To be determined (1)(5) Total long-term regulatory assets $ 450,710 $ 448,200 Total regulatory assets $ 484,622 $ 456,202 Regulatory Liabilities Current: Overcollections of rate riders $ 3,311 $ 24,019 Approximately 1 year (1) FTRs 4,393 4,150 Approximately 1 year (1) Total current regulatory liabilities $ 7,704 $ 28,169 Long-term: ARO and accrued asset removal costs $ 668,787 $ 637,065 Not Applicable Unamortized investment tax credit 1,507 2,451 Through 2021 Total long-term regulatory liabilities $ 670,294 $ 639,516 Total regulatory liabilities $ 677,998 $ 667,685 (1) Recovered (credited) per specific rate orders (2) IPL receives a return on its discretionary funding (3) The majority of these costs are being recovered per specific rate order; recovery for the remaining costs is probable but timing not yet determined (4) Recovered with a current return |
Indianapolis Power And Light Company [Member] | |
Entity Information [Line Items] | |
Schedule Of Regulatory Assets And Liabilities | The amounts of regulatory assets and regulatory liabilities at December 31 are as follows: 2016 2015 Recovery Period (In Thousands) Regulatory Assets Current: Undercollections of rate riders $ 19,959 8,002 $ 8,002 Approximately 1 year (1) Costs being recovered through base rates 13,953 — Approximately 1 year (1) Total current regulatory assets $ 33,912 $ 8,002 Long-term: Unrecognized pension and other postretirement benefit plan costs $ 218,070 $ 226,889 Various (2) Income taxes recoverable through rates 51,131 35,765 Various Deferred MISO costs 114,359 128,610 Through 2026 (3) Unamortized Petersburg Unit 4 carrying charges and certain other costs 10,193 11,248 Through 2026 (1)(4) Unamortized reacquisition premium on debt 22,501 23,268 Over remaining life of debt Environmental projects 30,678 16,876 Through 2050 (1)(4) Other miscellaneous 3,778 5,544 To be determined (1)(5) Total long-term regulatory assets $ 450,710 $ 448,200 Total regulatory assets $ 484,622 $ 456,202 Regulatory Liabilities Current: Overcollections of rate riders $ 3,311 $ 24,019 Approximately 1 year (1) FTRs 4,393 4,150 Approximately 1 year (1) Total current regulatory liabilities $ 7,704 $ 28,169 Long-term: ARO and accrued asset removal costs $ 668,787 $ 637,065 Not Applicable Unamortized investment tax credit 1,507 2,451 Through 2021 Total long-term regulatory liabilities $ 670,294 $ 639,516 Total regulatory liabilities $ 677,998 $ 667,685 (1) Recovered (credited) per specific rate orders (2) IPL receives a return on its discretionary funding (3) The majority of these costs are being recovered per specific rate order; recovery for the remaining costs is probable but timing not yet determined (4) Recovered with a current return (5) A portion of this amount will be recovered over the next two years |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Entity Information [Line Items] | |
Schedule Of Preferred Stock | At December 31, 2016 , 2015 and 2014 , preferred stock consisted of the following: December 31, 2016 December 31, Shares Call Price 2016 2015 2014 Par Value, plus premium, if applicable (In Thousands) Cumulative $100 par value, authorized 2,000,000 shares 4% Series 47,611 $ 118.00 $ 5,410 $ 5,410 $ 5,410 4.2% Series 19,331 103.00 1,933 1,933 1,933 4.6% Series 2,481 103.00 248 248 248 4.8% Series 21,930 101.00 2,193 2,193 2,193 5.65% Series 500,000 100.00 50,000 50,000 50,000 Total cumulative preferred stock 591,353 $ 59,784 $ 59,784 $ 59,784 |
Indianapolis Power And Light Company [Member] | |
Entity Information [Line Items] | |
Schedule Of Preferred Stock | At December 31, 2016 , 2015 and 2014 , preferred stock consisted of the following: December 31, 2016 December 31, Shares Call Price 2016 2015 2014 Par Value, plus premium, if applicable (In Thousands) Cumulative $100 par value, authorized 2,000,000 shares 4% Series 47,611 $ 118.00 $ 5,410 $ 5,410 $ 5,410 4.2% Series 19,331 103.00 1,933 1,933 1,933 4.6% Series 2,481 103.00 248 248 248 4.8% Series 21,930 101.00 2,193 2,193 2,193 5.65% Series 500,000 100.00 50,000 50,000 50,000 Total cumulative preferred stock 591,353 $ 59,784 $ 59,784 $ 59,784 |
Debt (Tables)
Debt (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Schedule Long-Term Indebtedness | Long-Term Debt The following table presents our long-term debt: September 30, December 31, Series Due 2017 2016 (In Thousands) IPL first mortgage bonds: 5.40% (1) August 2017 $ — $ 24,650 3.875% (2) August 2021 55,000 55,000 3.875% (2) August 2021 40,000 40,000 3.125% (2) December 2024 40,000 40,000 6.60% January 2034 100,000 100,000 6.05% October 2036 158,800 158,800 6.60% June 2037 165,000 165,000 4.875% November 2041 140,000 140,000 4.65% June 2043 170,000 170,000 4.50% June 2044 130,000 130,000 4.70% September 2045 260,000 260,000 4.05% May 2046 350,000 350,000 Unamortized discount – net (6,384 ) (6,477 ) Deferred financing costs (16,275 ) (16,736 ) Total IPL first mortgage bonds 1,586,141 1,610,237 IPL unsecured debt: Variable (3) December 2020 30,000 30,000 Variable (3) December 2020 60,000 60,000 Deferred financing costs (372 ) (456 ) Total IPL unsecured debt 89,628 89,544 Total Long-term Debt – IPL 1,675,769 1,699,781 Long-term Debt – IPALCO: 5.00% Senior Secured Notes May 2018 — 400,000 3.45% Senior Secured Notes July 2020 405,000 405,000 3.70% Senior Secured Notes September 2024 405,000 — Unamortized discount – net (559 ) (273 ) Deferred financing costs (8,159 ) (5,018 ) Total Long-term Debt – IPALCO 801,282 799,709 Total Consolidated IPALCO Long-term Debt 2,477,051 2,499,490 Less: Current Portion of Long-term Debt — 24,650 Net Consolidated IPALCO Long-term Debt $ 2,477,051 $ 2,474,840 (1) First mortgage bonds issued to the city of Petersburg, Indiana, to secure the loan proceeds from various tax-exempt bonds issued by the city. IPL repaid these first mortgage bonds on August 1, 2017. (2) First mortgage bonds issued to the Indiana Finance Authority, to secure the loan of proceeds from tax-exempt bonds issued by the Indiana Finance Authority. (3) Unsecured notes issued to the Indiana Finance Authority by IPL to facilitate the loan of proceeds from various tax-exempt notes issued by the Indiana Finance Authority. The notes have a final maturity date of December 2038, but are subject to a mandatory put in December 2020. | The following table presents our long-term debt: December 31, Series Due 2016 2015 (In Thousands) IPL first mortgage bonds: 5.40% (1) August 2017 $ 24,650 $ 24,650 3.875% (2) August 2021 55,000 55,000 3.875% (2) August 2021 40,000 40,000 3.125% (2) December 2024 40,000 40,000 6.60% January 2034 100,000 100,000 6.05% October 2036 158,800 158,800 6.60% June 2037 165,000 165,000 4.875% November 2041 140,000 140,000 4.65% June 2043 170,000 170,000 4.50% June 2044 130,000 130,000 4.70% September 2045 260,000 260,000 4.05% May 2046 350,000 — Unamortized discount – net (6,477 ) (4,242 ) Deferred financing costs (3) (16,736 ) (13,703 ) Total IPL first mortgage bonds 1,610,237 1,265,505 IPL unsecured debt: Variable (4) December 2020 30,000 30,000 Variable (4) December 2020 60,000 60,000 Deferred financing costs (3) (456 ) — Total IPL unsecured debt 89,544 90,000 Total Long-term Debt – IPL 1,699,781 1,355,505 Long-term Debt – IPALCO: 5.00% Senior Secured Notes May 2018 400,000 400,000 3.45% Senior Secured Notes July 2020 405,000 405,000 Unamortized discount – net (273 ) (371 ) Deferred financing costs (3) (5,018 ) (6,858 ) Total Long-term Debt – IPALCO 799,709 797,771 Total Consolidated IPALCO Long-term Debt 2,499,490 2,153,276 Less: Current Portion of Long-term Debt 24,650 — Net Consolidated IPALCO Long-term Debt $ 2,474,840 $ 2,153,276 (1) First mortgage bonds are issued to the city of Petersburg, Indiana, to secure the loan of proceeds from tax-exempt bonds issued by the city. (2) First mortgage bonds are issued to the Indiana Finance Authority, to secure the loan of proceeds from tax-exempt bonds issued by the Indiana Finance Authority. (3) The Company adopted ASU No. 2015-03 on January 1, 2016, which requires the use of the full retrospective approach with respect to the presentation of debt issuance costs, including deferred charges. (4) Unsecured notes are issued to the Indiana Finance Authority by IPL to facilitate the loan of proceeds from various tax-exempt notes issued by the Indiana Finance Authority. |
Schedule Of Maturities On Long-Term Indebtedness | Maturities on long-term indebtedness subsequent to December 31, 2016 , are as follows: Year Amount (In Thousands) 2017 $ 24,650 2018 400,000 2019 — 2020 495,000 2021 95,000 Thereafter 1,513,800 Total $ 2,528,450 | |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Schedule Long-Term Indebtedness | DEBT Long-Term Debt The following table presents our long-term debt: September 30, December 31, Series Due 2017 2016 (In Thousands) IPL first mortgage bonds: 5.40% (1) August 2017 $ — $ 24,650 3.875% (2) August 2021 55,000 55,000 3.875% (2) August 2021 40,000 40,000 3.125% (2) December 2024 40,000 40,000 6.60% January 2034 100,000 100,000 6.05% October 2036 158,800 158,800 6.60% June 2037 165,000 165,000 4.875% November 2041 140,000 140,000 4.65% June 2043 170,000 170,000 4.50% June 2044 130,000 130,000 4.70% September 2045 260,000 260,000 4.05% May 2046 350,000 350,000 Unamortized discount – net (6,384 ) (6,477 ) Deferred financing costs (16,275 ) (16,736 ) Total IPL first mortgage bonds 1,586,141 1,610,237 IPL unsecured debt: Variable (3) December 2020 30,000 30,000 Variable (3) December 2020 60,000 60,000 Deferred financing costs (372 ) (456 ) Total IPL unsecured debt 89,628 89,544 Total Consolidated Long-term Debt 1,675,769 1,699,781 Less: Current Portion of Long-term Debt — 24,650 Net Consolidated IPL Long-term Debt $ 1,675,769 $ 1,675,131 (1) First mortgage bonds issued to the city of Petersburg, Indiana, to secure the loan proceeds from various tax-exempt bonds issued by the city. IPL repaid these first mortgage bonds on August 1, 2017. (2) First mortgage bonds issued to the Indiana Finance Authority, to secure the loan of proceeds from tax-exempt bonds issued by the Indiana Finance Authority. (3) Unsecured notes issued to the Indiana Finance Authority by IPL to facilitate the loan of proceeds from various tax-exempt notes issued by the Indiana Finance Authority. The notes have a final maturity date of December 2038, but are subject to a mandatory put in December 2020. | The following table presents our long-term debt: December 31, Series Due 2016 2015 (In Thousands) IPL first mortgage bonds: 5.40% (1) August 2017 $ 24,650 $ 24,650 3.875% (2) August 2021 55,000 55,000 3.875% (2) August 2021 40,000 40,000 3.125% (2) December 2024 40,000 40,000 6.60% January 2034 100,000 100,000 6.05% October 2036 158,800 158,800 6.60% June 2037 165,000 165,000 4.875% November 2041 140,000 140,000 4.65% June 2043 170,000 170,000 4.50% June 2044 130,000 130,000 4.70% September 2045 260,000 260,000 4.05% May 2046 350,000 — Unamortized discount – net (6,477 ) (4,242 ) Deferred financing costs (3) (16,736 ) (13,703 ) Total IPL first mortgage bonds 1,610,237 1,265,505 IPL unsecured debt: Variable (4) December 2020 30,000 30,000 Variable (4) December 2020 60,000 60,000 Deferred financing costs (3) (456 ) — Total IPL unsecured debt 89,544 90,000 Total Consolidated IPL Long-term Debt 1,699,781 1,355,505 Less: Current Portion of Long-term Debt 24,650 — Net Consolidated IPL Long-term Debt $ 1,675,131 $ 1,355,505 (1) First mortgage bonds are issued to the city of Petersburg, Indiana, to secure the loan of proceeds from tax-exempt bonds issued by the city. (2) First mortgage bonds are issued to the Indiana Finance Authority, to secure the loan of proceeds from tax-exempt bonds issued by the Indiana Finance Authority. (3) The Company adopted ASU No. 2015-03 on January 1, 2016, which requires the use of the full retrospective approach with respect to the presentation of debt issuance costs, including deferred charges. (4) Unsecured notes are issued to the Indiana Finance Authority by IPL to facilitate the loan of proceeds from various tax-exempt notes issued by the Indiana Finance Authority. |
Schedule Of Maturities On Long-Term Indebtedness | Maturities on long-term indebtedness subsequent to December 31, 2016 , are as follows: Year Amount (In Thousands) 2017 $ 24,650 2018 — 2019 — 2020 90,000 2021 95,000 Thereafter 1,513,800 Total $ 1,723,450 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Entity Information [Line Items] | |
Schedule Of Federal And State Income Taxed Charged To Income | Federal and state income taxes charged to income are as follows: 2016 2015 2014 (In Thousands) Charged to utility operating expenses: Current income taxes: Federal $ 50,482 $ 18,661 $ 944 State 12,080 5,758 110 Total current income taxes 62,562 24,419 1,054 Deferred income taxes: Federal 11,885 29,165 58,114 State 215 5,019 12,498 Total deferred income taxes 12,100 34,184 70,612 Net amortization of investment credit (1,501 ) (1,319 ) (1,431 ) Total charge to utility operating expenses 73,161 57,284 70,235 Charged to other income and deductions: Current income taxes: Federal (30,558 ) (18,661 ) (459 ) State (4,807 ) (5,758 ) (5 ) Total current income taxes (35,365 ) (24,419 ) (464 ) Deferred income taxes: Federal 20,998 (2,573 ) (18,082 ) State 2,415 1,274 (3,645 ) Total deferred income taxes 23,413 (1,299 ) (21,727 ) Net provision to other income and deductions (11,952 ) (25,718 ) (22,191 ) Total federal and state income tax provisions $ 61,209 $ 31,566 $ 48,044 |
Schedule Of Effective Income Tax Rate | The reasons for the difference, stated as a percentage of pretax income, are as follows: 2016 2015 2014 Federal statutory tax rate 35.0 % 35.0 % 35.0 % State income tax, net of federal tax benefit 4.1 % 4.7 % 4.8 % Amortization of investment tax credits (0.8 )% (1.5 )% (1.2 )% Preferred dividends of subsidiary 0.6 % 1.3 % 0.9 % Depreciation flow through and amortization (0.5 )% (0.3 )% (0.3 )% Additional funds used during construction - equity (3.8 )% (3.5 )% (0.3 )% Manufacturers’ Production Deduction (Sec. 199) (1.3 )% — % — % Other – net (0.9 )% 0.2 % 0.2 % Effective tax rate 32.4 % 35.9 % 39.1 % |
Schedule Of Deferred Tax Assets And Liabilities | The significant items comprising IPALCO’s net accumulated deferred tax liability recognized on the audited Consolidated Balance Sheets as of December 31, 2016 and 2015 , are as follows: 2016 2015 (In Thousands) Deferred tax liabilities: Relating to utility property, net $ 569,204 $ 541,369 Regulatory assets recoverable through future rates 180,608 178,187 Other 11,612 11,768 Total deferred tax liabilities 761,424 731,324 Deferred tax assets: Investment tax credit 927 1,507 Regulatory liabilities including ARO 272,001 260,555 Employee benefit plans 27,358 38,159 Net operating loss — 23,161 Other 11,408 10,548 Total deferred tax assets 311,694 333,930 Deferred income taxes – net $ 449,730 $ 397,394 |
Reconciliation Of Unrecognized Tax Benefits | The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 (In Thousands) Unrecognized tax benefits at January 1 $ 7,147 $ 7,042 $ 6,734 Gross increases – current period tax positions 724 962 975 Gross decreases – prior period tax positions (1,237 ) (857 ) (667 ) Unrecognized tax benefits at December 31 $ 6,634 $ 7,147 $ 7,042 |
Indianapolis Power And Light Company [Member] | |
Entity Information [Line Items] | |
Schedule Of Federal And State Income Taxed Charged To Income | Federal and state income taxes charged to income are as follows: 2016 2015 2014 (In Thousands) Charged to utility operating expenses: Current income taxes: Federal $ 50,482 $ 18,661 $ 944 State 12,080 5,758 110 Total current income taxes 62,562 24,419 1,054 Deferred income taxes: Federal 11,885 29,165 58,114 State 215 5,019 12,498 Total deferred income taxes 12,100 34,184 70,612 Net amortization of investment credit (1,501 ) (1,319 ) (1,431 ) Total charge to utility operating expenses 73,161 57,284 70,235 Charged to other income and deductions: Current income taxes: Federal (1,009 ) (1,715 ) 329 State (16 ) (240 ) 69 Total current income taxes (1,025 ) (1,955 ) 398 Deferred income taxes: Federal 552 740 (1,202 ) State 13 150 (148 ) Total deferred income taxes 565 890 (1,350 ) Net provision to other income and deductions (460 ) (1,065 ) (952 ) Total federal and state income tax provisions $ 72,701 $ 56,219 $ 69,283 |
Schedule Of Effective Income Tax Rate | The reasons for the difference, stated as a percentage of pretax income, are as follows: 2016 2015 2014 Federal statutory tax rate 35.0 % 35.0 % 35.0 % State income tax, net of federal tax benefit 4.0 % 4.4 % 4.6 % Amortization of investment tax credits (0.7 )% (0.8 )% (0.8 )% Depreciation flow through and amortization (0.4 )% (0.2 )% (0.2 )% Additional funds used during construction - equity (3.2 )% (1.9 )% (0.2 )% Manufacturers’ Production Deduction (Sec. 199) (2.2 )% (1.0 )% — % Other – net (0.8 )% 0.1 % 0.4 % Effective tax rate 31.7 % 35.6 % 38.8 % |
Schedule Of Deferred Tax Assets And Liabilities | The significant items comprising IPL’s net accumulated deferred tax liability recognized on the audited Consolidated Balance Sheets as of December 31, 2016 and 2015 , are as follows: 2016 2015 (In Thousands) Deferred tax liabilities: Relating to utility property, net $ 569,204 $ 541,369 Regulatory assets recoverable through future rates 180,608 178,187 Other 11,090 11,349 Total deferred tax liabilities 760,902 730,905 Deferred tax assets: Investment tax credit 927 1,507 Regulatory liabilities including ARO 272,001 260,555 Employee benefit plans 27,358 38,159 Other 11,396 10,953 Total deferred tax assets 311,682 311,174 Deferred income taxes – net $ 449,220 $ 419,731 |
Reconciliation Of Unrecognized Tax Benefits | The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 (In Thousands) Unrecognized tax benefits at January 1 $ 7,147 $ 7,042 $ 6,734 Gross increases – current period tax positions 724 962 975 Gross decreases – prior period tax positions (1,237 ) (857 ) (667 ) Unrecognized tax benefits at December 31 $ 6,634 $ 7,147 $ 7,042 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Schedule Of Defined Benefit Plans Disclosures | The following table (in thousands) presents information for the nine months ended September 30, 2017 , relating to the Pension Plans: Net unfunded status of plans: Net unfunded status at December 31, 2016, before tax adjustments $ (57,395 ) Net benefit cost components reflected in net unfunded status during first quarter: Service cost (1,836 ) Interest cost (6,327 ) Expected return on assets 11,167 Actuarial valuation adjustment 80 Employer contributions 7,211 Net unfunded status at March 31, 2017, before tax adjustments $ (47,100 ) Net benefit cost components reflected in net unfunded status during second quarter: Service cost (1,836 ) Interest cost (6,326 ) Expected return on assets 11,168 Net unfunded status at June 30, 2017, before tax adjustments $ (44,094 ) Net benefit cost components reflected in net unfunded status during third quarter: Service cost (1,836 ) Interest cost (6,326 ) Expected return on assets 11,168 Net unfunded status at September 30, 2017, before tax adjustments $ (41,088 ) Regulatory assets related to pensions (1) : Regulatory assets at December 31, 2016, before tax adjustments $ 223,705 Amount reclassified through net benefit cost: Amortization of prior service cost (1,060 ) Amortization of net actuarial loss (3,300 ) Settlements (2) (146 ) Actuarial valuation adjustment (80 ) Regulatory assets at March 31, 2017, before tax adjustments $ 219,119 Amount reclassified through net benefit cost: Amortization of prior service cost (1,060 ) Amortization of net actuarial loss (3,299 ) Regulatory assets at June 30, 2017, before tax adjustments $ 214,760 Amount reclassified through net benefit cost: Amortization of prior service cost (1,060 ) Amortization of net actuarial loss (3,298 ) Regulatory assets at September 30, 2017, before tax adjustments $ 210,402 (1) Amounts that would otherwise be charged/credited to Accumulated Other Comprehensive Income or Loss upon application of ASC 715, “Compensation – Retirement Benefits,” are recorded as a regulatory asset or liability because IPL has historically recovered and currently recovers pension and other postretirement benefit expenses in rates. These are unrecognized amounts not yet recognized as components of net periodic benefit costs. (2) The settlement loss of $0.1 million for the three months ended March 31, 2017 was the result of a lump sum distribution paid out of the Supplemental Retirement Plan. | The following table presents information relating to the Pension Plans: Pension benefits 2016 2015 (In Thousands) Change in benefit obligation: Projected benefit obligation at January 1 $ 723,887 $ 748,421 Service cost 7,018 8,314 Interest cost 25,815 29,638 Actuarial loss (gain) 9,718 (31,989 ) Amendments (primarily increases in pension bands) — 5,409 Settlements — (395 ) Benefits paid (34,613 ) (35,511 ) Projected benefit obligation at December 31 731,825 723,887 Change in plan assets: Fair value of plan assets at January 1 647,573 657,239 Actual return on plan assets 45,520 1,074 Employer contributions 15,950 25,166 Settlements — (395 ) Benefits paid (34,613 ) (35,511 ) Fair value of plan assets at December 31 674,430 647,573 Unfunded status $ (57,395 ) $ (76,314 ) Amounts recognized in the statement of financial position: Noncurrent liabilities $ (57,395 ) $ (76,314 ) Net amount recognized at end of year $ (57,395 ) $ (76,314 ) Sources of change in regulatory assets (1) : Prior service cost arising during period $ — $ 5,409 Net loss arising during period 7,690 11,757 Amortization of prior service cost (5,183 ) (4,867 ) Amortization of loss (13,896 ) (14,096 ) Total recognized in regulatory assets (1) $ (11,389 ) $ (1,797 ) Amounts included in regulatory assets (1) : Net loss $ 203,047 $ 209,252 Prior service cost 20,658 25,842 Total amounts included in regulatory assets $ 223,705 $ 235,094 (1) Represents amounts included in regulatory assets yet to be recognized as components of net prepaid (accrued) benefit costs. |
Information For Pension Plans With A Benefit Obligation In Excess Of Plan Assets | Pension benefits 2016 2015 (In Thousands) Benefit obligation $ 731,825 $ 723,887 Plan assets 674,430 647,573 Benefit obligation in excess of plan assets $ 57,395 $ 76,314 | |
Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets | Pension benefits 2016 2015 (In Thousands) Accumulated benefit obligation $ 720,901 $ 712,297 Plan assets 674,430 647,573 Accumulated benefit obligation in excess of plan assets $ 46,471 $ 64,724 | |
Schedule Of Net Periodic Benefit Costs | The following table presents net periodic benefit cost information relating to the Pension Plans combined: For the Three Months Ended, For the Nine Months Ended, September 30, September 30, 2017 2016 2017 2016 (In Thousands) (In Thousands) Components of net periodic benefit cost: Service cost $ 1,836 $ 1,754 $ 5,508 $ 5,263 Interest cost 6,326 6,454 18,979 19,362 Expected return on plan assets (11,168 ) (10,873 ) (33,503 ) (32,620 ) Amortization of prior service cost 1,060 1,296 3,180 3,888 Amortization of actuarial loss 3,298 3,474 9,897 10,422 Settlements — — 146 — Net periodic benefit cost $ 1,352 $ 2,105 $ 4,207 $ 6,315 In addition, IPL provides postretirement health care benefits to certain active or retired employees and the spouses of certain active or retired employees. These postretirement health care benefits and the related unfunded obligation of $7.3 million and $6.8 million at September 30, 2017 and December 31, 2016 , respectively, were not material to the Financial Statements in the periods covered by this report. | Pension benefits for 2016 2015 2014 (In Thousands) Components of net periodic benefit cost: Service cost $ 7,018 $ 8,314 $ 7,231 Interest cost 25,815 29,638 31,154 Expected return on plan assets (43,492 ) (44,819 ) (41,893 ) Amortization of prior service cost 5,183 4,867 4,853 Recognized actuarial loss 13,896 13,890 9,710 Recognized settlement loss — 206 — — Total pension cost 8,420 12,096 11,055 Less: amounts capitalized 1,187 1,403 1,426 Amount charged to expense $ 7,233 $ 10,693 $ 9,629 Rates relevant to each year’s expense calculations: Discount rate – defined benefit pension plan 4.42 % 4.06 % 4.92 % Discount rate – supplemental retirement plan 4.19 % 3.82 % 4.64 % Expected return on defined benefit pension plan assets 6.75 % 6.75 % 7.00 % Expected return on supplemental retirement plan assets 6.75 % 6.75 % 7.00 % |
Schedule Of Asset Allocation Guidelines | The following table summarizes the Company’s target pension plan allocation for 2016 : Asset Category: Target Allocations Equity Securities 60% Debt Securities 40% | |
Schedule Of Fair Value Of Pension Plan Assets | Fair Value Measurements at December 31, 2016 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Asset Category Total (Level 1) (Level 2) % Short-term investments $ 78 $ 78 $ — — % Mutual funds: U.S. equities 329,877 329,877 — 49 % International equities 58,833 58,833 — 9 % Fixed income 230,926 230,926 — 34 % Fixed income securities: U.S. Treasury securities 54,716 54,716 — 8 % Total $ 674,430 $ 674,430 $ — 100 % Fair Value Measurements at December 31, 2015 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Asset Category Total (Level 1) (Level 2) % Short-term investments $ 176 $ 176 $ — — % Mutual funds: U.S. equities 318,368 318,368 — 49 % International equities 60,751 60,751 — 10 % Fixed income 215,325 215,325 — 33 % Fixed income securities: U.S. Treasury securities 52,953 52,953 — 8 % Total $ 647,573 $ 647,573 $ — 100 % | |
Schedule Of Expected Benefit Payments | Expected benefit payments are expected to be paid out of the Pension Plans as follows: Year Pension Benefits (In Thousands) 2017 $ 39,624 2018 41,043 2019 42,527 2020 43,745 2021 45,084 2022 through 2026 235,759 | |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Schedule Of Defined Benefit Plans Disclosures | The following table (in thousands) presents information for the nine months ended September 30, 2017 , relating to the Pension Plans: Net unfunded status of plans: Net unfunded status at December 31, 2016, before tax adjustments $ (57,395 ) Net benefit cost components reflected in net unfunded status during first quarter: Service cost (1,836 ) Interest cost (6,327 ) Expected return on assets 11,167 Actuarial valuation adjustment 80 Employer contributions 7,211 Net unfunded status at March 31, 2017, before tax adjustments $ (47,100 ) Net benefit cost components reflected in net unfunded status during second quarter: Service cost (1,836 ) Interest cost (6,326 ) Expected return on assets 11,168 Net unfunded status at June 30, 2017, before tax adjustments $ (44,094 ) Net benefit cost components reflected in net unfunded status during third quarter: Service cost (1,836 ) Interest cost (6,326 ) Expected return on assets 11,168 Net unfunded status at September 30, 2017, before tax adjustments $ (41,088 ) Regulatory assets related to pensions (1) : Regulatory assets at December 31, 2016, before tax adjustments $ 223,705 Amount reclassified through net benefit cost: Amortization of prior service cost (1,060 ) Amortization of net actuarial loss (3,300 ) Settlements (2) (146 ) Actuarial valuation adjustment (80 ) Regulatory assets at March 31, 2017, before tax adjustments $ 219,119 Amount reclassified through net benefit cost: Amortization of prior service cost (1,060 ) Amortization of net actuarial loss (3,299 ) Regulatory assets at June 30, 2017, before tax adjustments $ 214,760 Amount reclassified through net benefit cost: Amortization of prior service cost (1,060 ) Amortization of net actuarial loss (3,298 ) Regulatory assets at September 30, 2017, before tax adjustments $ 210,402 (1) Amounts that would otherwise be charged/credited to Accumulated Other Comprehensive Income or Loss upon application of ASC 715, “Compensation – Retirement Benefits,” are recorded as a regulatory asset or liability because IPL has historically recovered and currently recovers pension and other postretirement benefit expenses in rates. These are unrecognized amounts not yet recognized as components of net periodic benefit costs. (2) The settlement loss of $0.1 million for the three months ended March 31, 2017 was the result of a lump sum distribution paid out of the Supplemental Retirement Plan. | Pension benefits 2016 2015 (In Thousands) Change in benefit obligation: Projected benefit obligation at January 1 $ 723,887 $ 748,421 Service cost 7,018 8,314 Interest cost 25,815 29,638 Actuarial loss (gain) 9,718 (31,989 ) Amendments (primarily increases in pension bands) — 5,409 Settlements — (395 ) Benefits paid (34,613 ) (35,511 ) Projected benefit obligation at December 31 731,825 723,887 Change in plan assets: Fair value of plan assets at January 1 647,573 657,239 Actual return on plan assets 45,520 1,074 Employer contributions 15,950 25,166 Settlements — (395 ) Benefits paid (34,613 ) (35,511 ) Fair value of plan assets at December 31 674,430 647,573 Unfunded status $ (57,395 ) $ (76,314 ) Amounts recognized in the statement of financial position: Noncurrent liabilities $ (57,395 ) $ (76,314 ) Net amount recognized at end of year $ (57,395 ) $ (76,314 ) Sources of change in regulatory assets (1) : Prior service cost arising during period $ — $ 5,409 Net loss arising during period 7,690 11,757 Amortization of prior service cost (5,183 ) (4,867 ) Amortization of loss (13,896 ) (14,096 ) Total recognized in regulatory assets (1) $ (11,389 ) $ (1,797 ) Amounts included in regulatory assets (1) : Net loss $ 203,047 $ 209,252 Prior service cost 20,658 25,842 Total amounts included in regulatory assets $ 223,705 $ 235,094 (1) Represents amounts included in regulatory assets yet to be recognized as components of net prepaid (accrued) benefit costs. |
Information For Pension Plans With A Benefit Obligation In Excess Of Plan Assets | Pension benefits 2016 2015 (In Thousands) Benefit obligation $ 731,825 $ 723,887 Plan assets 674,430 647,573 Benefit obligation in excess of plan assets $ 57,395 $ 76,314 | |
Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets | Pension benefits 2016 2015 (In Thousands) Accumulated benefit obligation $ 720,901 $ 712,297 Plan assets 674,430 647,573 Accumulated benefit obligation in excess of plan assets $ 46,471 $ 64,724 | |
Schedule Of Net Periodic Benefit Costs | The following table presents net periodic benefit cost information relating to the Pension Plans combined: For the Three Months Ended, For the Nine Months Ended, September 30, September 30, 2017 2016 2017 2016 (In Thousands) (In Thousands) Components of net periodic benefit cost: Service cost $ 1,836 $ 1,754 $ 5,508 $ 5,263 Interest cost 6,326 6,454 18,979 19,362 Expected return on plan assets (11,168 ) (10,873 ) (33,503 ) (32,620 ) Amortization of prior service cost 1,060 1,296 3,180 3,888 Amortization of actuarial loss 3,298 3,474 9,897 10,422 Settlements — — 146 — Net periodic benefit cost $ 1,352 $ 2,105 $ 4,207 $ 6,315 | Pension benefits for 2016 2015 2014 (In Thousands) Components of net periodic benefit cost: Service cost $ 7,018 $ 8,314 $ 7,231 Interest cost 25,815 29,638 31,154 Expected return on plan assets (43,492 ) (44,819 ) (41,893 ) Amortization of prior service cost 5,183 4,867 4,853 Recognized actuarial loss 13,896 13,890 9,710 Recognized settlement loss — 206 — Total pension cost 8,420 12,096 11,055 Less: amounts capitalized 1,187 1,403 1,426 Amount charged to expense $ 7,233 $ 10,693 $ 9,629 Rates relevant to each year’s expense calculations: Discount rate – defined benefit pension plan 4.42 % 4.06 % 4.92 % Discount rate – supplemental retirement plan 4.19 % 3.82 % 4.64 % Expected return on defined benefit pension plan assets 6.75 % 6.75 % 7.00 % Expected return on supplemental retirement plan assets 6.75 % 6.75 % 7.00 % |
Schedule Of Asset Allocation Guidelines | Asset Category: Target Allocations Equity Securities 60% Debt Securities 40% | |
Schedule Of Fair Value Of Pension Plan Assets | Fair Value Measurements at December 31, 2016 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Asset Category Total (Level 1) (Level 2) % Short-term investments $ 78 $ 78 $ — — % Mutual funds: U.S. equities 329,877 329,877 — 49 % International equities 58,833 58,833 — 9 % Fixed income 230,926 230,926 — 34 % Fixed income securities: U.S. Treasury securities 54,716 54,716 — 8 % Total $ 674,430 $ 674,430 $ — 100 % Fair Value Measurements at December 31, 2015 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Asset Category Total (Level 1) (Level 2) % Short-term investments $ 176 $ 176 $ — — % Mutual funds: U.S. equities 318,368 318,368 — 49 % International equities 60,751 60,751 — 10 % Fixed income 215,325 215,325 — 33 % Fixed income securities: U.S. Treasury securities 52,953 52,953 — 8 % Total $ 647,573 $ 647,573 $ — 100 % | |
Schedule Of Expected Benefit Payments | Year Pension Benefits (In Thousands) 2017 $ 39,624 2018 41,043 2019 42,527 2020 43,745 2021 45,084 2022 through 2026 235,759 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary Of Company's Reporting Segments | The following table provides information about IPALCO’s business segments (in millions): 2016 2015 2014 Utility All Other Total Utility All Other Total Utility All Other Total Operating revenues $ 1,347 — $ 1,347 $ 1,250 — $ 1,250 $ 1,322 — $ 1,322 Depreciation and amortization 218 — 218 188 — 188 185 — 185 Income taxes 73 (11 ) 61 56 (25 ) 32 69 (21 ) 48 Net income 156 (25 ) 131 102 (42 ) 60 110 (32 ) 78 Utility plant - net of depreciation (1) 3,881 — 3,881 3,441 — 3,441 2,857 — 2,857 Capital expenditures 608 — 608 686 — 686 382 — 382 |
Overview and Summary of Signi31
Overview and Summary of Significant Accounting Policies (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2017USD ($)customer | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)customergenerating_stationmiMW | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)customergenerating_stationitemsegmentmiMW | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Significant Accounting Policies [Line Items] | |||||||||
Capitalized Computer Software, Gross | $ 91,700,000 | $ 102,500,000 | |||||||
Service cost | $ 1,836,000 | $ 1,836,000 | $ 1,836,000 | $ 1,754,000 | $ 5,508,000 | $ 5,263,000 | 7,018,000 | 8,314,000 | $ 7,231,000 |
Interest cost | $ 6,326,000 | 6,326,000 | 6,327,000 | 6,454,000 | $ 18,979,000 | 19,362,000 | $ 25,815,000 | $ 29,638,000 | 31,154,000 |
Ownership interest in IPALCO by AES U.S. Investments (percent) | 82.40% | ||||||||
Ownership interest in IPALCO by CDPQ (percent) | 17.70% | ||||||||
Number of customers | 490,000 | 490,000 | 490,000 | ||||||
Distance of Furthest Customer from Indianapolis | mi | 40 | 40 | |||||||
Number of generating stations | generating_station | 4 | 4 | |||||||
Electric generation capability for winter, megawatts | MW | 2,993 | ||||||||
Electric generation capability for summer, megawatts | MW | 2,878 | ||||||||
Total other assets | $ 17,321,000 | $ 17,321,000 | $ 18,404,000 | $ 16,197,000 | |||||
Unbilled energy revenues | 57,000,000 | 42,100,000 | |||||||
Operating revenues | 355,314,000 | 361,339,000 | 1,014,048,000 | 1,012,373,000 | 1,347,430,000 | 1,250,399,000 | 1,321,674,000 | ||
Provision for doubtful accounts | 4,100,000 | 4,300,000 | $ 4,900,000 | ||||||
Loss contingencies accrued | $ 11,600,000 | $ 5,600,000 | |||||||
Number of suppliers | item | 3 | ||||||||
Capitalized amount, rate | 7.20% | 8.10% | 8.30% | ||||||
Depreciation rate | 4.30% | 4.20% | 4.10% | ||||||
Depreciation expense | $ 213,400,000 | $ 198,800,000 | $ 185,900,000 | ||||||
Utility plant assets | 3,949,958,000 | $ 3,949,958,000 | $ 3,880,918,000 | 3,441,367,000 | 2,857,000,000 | ||||
Number of segments | segment | 2 | ||||||||
Outstanding receivables purchased amount | 50,000,000 | ||||||||
Capitalized Computer Software, Accumulated Amortization | $ 79,700,000 | 92,500,000 | |||||||
Capitalized Computer Software, Amortization | 5,900,000 | 5,200,000 | 5,200,000 | ||||||
Capitalized Software, estimated amortization expense over remaining useful life | 12,000,000 | ||||||||
Capitalized software, estimated amortization expense for next twelve months | 5,900,000 | ||||||||
Capitalized software, estimated amortization expense in year two | 5,900,000 | ||||||||
Capitalized software, estimated amortization expense for year three | $ 200,000 | ||||||||
Harding Street [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Amount of unit retired, megawatts | MW | 90 | ||||||||
Amount of New Operation for Battery Storage Unit, megawatts | MW | 20 | 20 | |||||||
Eagle Valley [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Expected CCGT Output, megawatts | MW | 671 | 671 | |||||||
Labor Force Concentration Risk [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Concentration risk percentage | 66.00% | ||||||||
Supplier Concentration Risk [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Concentration risk percentage | 39.00% | ||||||||
Indianapolis Power And Light Company [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Capitalized Computer Software, Gross | $ 91,700,000 | 102,500,000 | |||||||
Service cost | 1,836,000 | 1,836,000 | 1,836,000 | 1,754,000 | $ 5,508,000 | 5,263,000 | 7,018,000 | 8,314,000 | 7,231,000 |
Interest cost | $ 6,326,000 | $ 6,326,000 | $ 6,327,000 | 6,454,000 | $ 18,979,000 | 19,362,000 | $ 25,815,000 | 29,638,000 | 31,154,000 |
Number of customers | customer | 490,000 | 490,000 | 490,000 | ||||||
Distance of Furthest Customer from Indianapolis | mi | 40 | 40 | |||||||
Number of generating stations | generating_station | 4 | ||||||||
Electric generation capability for winter, megawatts | MW | 2,996 | 2,993 | |||||||
Electric generation capability for summer, megawatts | MW | 2,881 | 2,878 | |||||||
Total other assets | $ 12,377,000 | $ 12,377,000 | $ 13,239,000 | 10,963,000 | |||||
Unbilled energy revenues | 57,000,000 | 42,100,000 | |||||||
Operating revenues | 355,314,000 | $ 361,339,000 | 1,014,048,000 | $ 1,012,373,000 | 1,347,430,000 | 1,250,399,000 | 1,321,674,000 | ||
Provision for doubtful accounts | 4,100,000 | 4,300,000 | $ 4,900,000 | ||||||
Loss contingencies accrued | $ 11,600,000 | $ 5,600,000 | |||||||
Number of suppliers | item | 3 | ||||||||
Capitalized amount, rate | 7.20% | 8.10% | 8.30% | ||||||
Depreciation rate | 4.30% | 4.20% | 4.10% | ||||||
Depreciation expense | $ 213,400,000 | $ 198,800,000 | $ 185,900,000 | ||||||
Interest or penalties | 0 | 0 | |||||||
Utility plant assets | $ 3,949,958,000 | $ 3,949,958,000 | 3,880,918,000 | 3,441,367,000 | |||||
Outstanding receivables purchased amount | 50,000,000 | ||||||||
Capitalized Computer Software, Accumulated Amortization | 79,700,000 | 92,500,000 | |||||||
Capitalized Computer Software, Amortization | 5,900,000 | $ 5,200,000 | $ 5,200,000 | ||||||
Capitalized Software, estimated amortization expense over remaining useful life | 12,000,000 | ||||||||
Capitalized software, estimated amortization expense for next twelve months | 5,900,000 | ||||||||
Capitalized software, estimated amortization expense in year two | 5,900,000 | ||||||||
Capitalized software, estimated amortization expense for year three | $ 200,000 | ||||||||
Indianapolis Power And Light Company [Member] | Harding Street [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Amount of unit retired, megawatts | MW | 90 | ||||||||
Amount of New Operation for Battery Storage Unit, megawatts | MW | 20 | 20 | |||||||
Indianapolis Power And Light Company [Member] | Eagle Valley [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Expected CCGT Output, megawatts | MW | 671 | 671 | |||||||
Indianapolis Power And Light Company [Member] | Eagle Valley CCGT And Harding Street Refueling Project [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Capitalized amount, rate | 7.10% | 7.30% | 7.60% | ||||||
Indianapolis Power And Light Company [Member] | Labor Force Concentration Risk [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Concentration risk percentage | 66.00% | ||||||||
Indianapolis Power And Light Company [Member] | Supplier Concentration Risk [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Concentration risk percentage | 39.00% | ||||||||
AES U.S. Investments [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Ownership interest in IPALCO by AES U.S. Investments (percent) | 82.35% | 82.35% | |||||||
AES U.S. Holdings, LLC [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Ownership Interest in Parent Company, Percent | 85.00% | 85.00% | 85.00% | ||||||
CDPQ [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Ownership interest in IPALCO by AES U.S. Investments (percent) | 17.65% | 17.65% | |||||||
Ownership Interest in Parent Company, Percent | 15.00% | 15.00% | 15.00% | ||||||
Physical Unit [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Collective bargaining agreement expiration date | Dec. 10, 2018 | ||||||||
Physical Unit [Member] | Indianapolis Power And Light Company [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Collective bargaining agreement expiration date | Dec. 10, 2018 | ||||||||
Clerical-Technical Unit [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Collective bargaining agreement expiration date | Feb. 17, 2020 | ||||||||
Clerical-Technical Unit [Member] | Indianapolis Power And Light Company [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Collective bargaining agreement expiration date | Feb. 17, 2020 | ||||||||
Pension Plan [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Service cost | $ 400,000 | ||||||||
Interest cost | 5,300,000 | ||||||||
Pension Plan [Member] | Indianapolis Power And Light Company [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Service cost | 400,000 | ||||||||
Interest cost | 5,300,000 | ||||||||
Disaggregated Rate Approach [Member] | Pension Plan [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Service cost | 7,018,000 | ||||||||
Interest cost | 25,815,000 | ||||||||
Disaggregated Rate Approach [Member] | Pension Plan [Member] | Indianapolis Power And Light Company [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Service cost | 7,018,000 | ||||||||
Interest cost | 25,815,000 | ||||||||
Aggregate Rate Approach [Member] | Pension Plan [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Service cost | 7,382,000 | ||||||||
Interest cost | 31,142,000 | ||||||||
Aggregate Rate Approach [Member] | Pension Plan [Member] | Indianapolis Power And Light Company [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Service cost | 7,382,000 | ||||||||
Interest cost | 31,142,000 | ||||||||
Impact of Change [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Service cost | 400,000 | ||||||||
Interest cost | 5,300,000 | ||||||||
Impact of Change [Member] | Indianapolis Power And Light Company [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Service cost | 400,000 | ||||||||
Interest cost | 5,300,000 | ||||||||
Impact of Change [Member] | Pension Plan [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Service cost | (364,000) | ||||||||
Interest cost | (5,327,000) | ||||||||
Impact of Change [Member] | Pension Plan [Member] | Indianapolis Power And Light Company [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Service cost | (364,000) | ||||||||
Interest cost | (5,327,000) | ||||||||
Maximum [Member] | Indianapolis Power And Light Company [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Outstanding receivables purchased amount | $ 50,000,000 |
Regulatory Matters (Details)
Regulatory Matters (Details) | Apr. 26, 2017USD ($) | Mar. 31, 2016USD ($) | May 31, 2014MW | Mar. 31, 2017USD ($)MW | Dec. 31, 2016USD ($)MW | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2017USD ($) |
Regulatory Matters [Line Items] | ||||||||
Capacity Sales, Percent Shared with Customers | 50.00% | |||||||
Equipment recovery approved amount | $ 676,000,000 | |||||||
Revenue requirement to be included in rate | 49,900,000 | |||||||
CCT expenditures | 124,000,000 | $ 252,200,000 | $ 176,300,000 | |||||
Regulatory assets | 450,710,000 | 448,200,000 | $ 436,956,000 | |||||
Regulatory Assets | 484,622,000 | 456,202,000 | ||||||
Regulatory assets | 33,912,000 | 8,002,000 | 32,784,000 | |||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 30,800,000 | |||||||
Wholesale Sales Margins, Percent Shared with Customers | 50.00% | |||||||
Benchmark for Wholesale Sales Margin | $ 6,300,000 | |||||||
Eagle Valley [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Public Utilities, Approved Production Plan Capacity , Maximum | MW | 685 | |||||||
Public Utilities, Approved Production Plant Capacity, Minimum | MW | 644 | |||||||
Deferred Project Costs [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Regulatory assets | 128,610,000 | |||||||
Regulatory Assets | $ 117,700,000 | 117,700,000 | ||||||
Deferred MISO Non-fuel Costs [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Regulatory assets | 114,359,000 | |||||||
Regulatory assets | $ 11,800,000 | 11,800,000 | ||||||
Indianapolis Power And Light Company [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Capacity Sales, Percent Shared with Customers | 50.00% | |||||||
Equipment recovery approved amount | 676,000,000 | |||||||
Revenue requirement to be included in rate | 49,900,000 | |||||||
CCT expenditures | 124,000,000 | 252,200,000 | $ 176,300,000 | |||||
Regulatory assets | 450,710,000 | 448,200,000 | 436,956,000 | |||||
Regulatory Assets | 484,622,000 | 456,202,000 | ||||||
Regulatory assets | 33,912,000 | 8,002,000 | $ 32,784,000 | |||||
Wholesale Sales Margins, Percent Shared with Customers | 50.00% | |||||||
Benchmark for Wholesale Sales Margin | $ 6,300,000 | |||||||
Indianapolis Power And Light Company [Member] | Eagle Valley [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Public Utilities, Approved Production Plan Capacity , Maximum | MW | 685 | |||||||
Public Utilities, Approved Production Plant Capacity, Minimum | MW | 644 | |||||||
Indianapolis Power And Light Company [Member] | Deferred Project Costs [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Regulatory Assets | 117,700,000 | 117,700,000 | ||||||
Indianapolis Power And Light Company [Member] | Deferred MISO Non-fuel Costs [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Regulatory assets | 114,359,000 | $ 128,610,000 | ||||||
Regulatory assets | 11,800,000 | $ 11,800,000 | ||||||
Indianapolis Power And Light Company [Member] | Indiana [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Amount of electricity required to be purchased under purchase power agreement | MW | 100 | |||||||
Indianapolis Power And Light Company [Member] | Minnesota [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Amount of electricity required to be purchased under purchase power agreement | MW | 200 | |||||||
Length power purchase agreement | 20 years | |||||||
Indianapolis Power And Light Company [Member] | Solar Generated Electricity [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Amount of electricity required to be purchased under purchase power agreement | MW | 95 | |||||||
Subsequent Event [Member] | Indianapolis Power And Light Company [Member] | Solar Generated Electricity [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Amount of electricity required to be purchased under purchase power agreement | MW | 97 | |||||||
Increase to Annual Depreciation Rate [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 24,300,000 | |||||||
Increase to Annual Depreciation Rate [Member] | Indianapolis Power And Light Company [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 24,300,000 | |||||||
NAAQs [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Percentage of approved qualifying costs to recover | 80.00% | |||||||
Public Utilities, approved capital cost for compliance projects | $ 29,000,000 | |||||||
CCR [Member] | ||||||||
Regulatory Matters [Line Items] | ||||||||
Percentage of approved qualifying costs to recover | 80.00% | |||||||
Public Utilities, approved capital cost for compliance projects | $ 47,000,000 |
Utility Plant In Service (Narra
Utility Plant In Service (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Public Utility, Property, Plant and Equipment [Line Items] | ||
Revisions in estimated cash flows | $ 21.6 | $ (1.3) |
Direct first mortgage lien | 1,633.5 | |
Non-contractually required removal costs of utility plant in service | 705.6 | 673.8 |
Contractually required removal costs of utility plant in service | 80.6 | 59 |
Indianapolis Power And Light Company [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Revisions in estimated cash flows | 21.6 | (1.3) |
Direct first mortgage lien | 1,633.5 | |
Non-contractually required removal costs of utility plant in service | 705.6 | 673.8 |
Contractually required removal costs of utility plant in service | $ 80.6 | $ 59 |
Utility Plant In Service (Sched
Utility Plant In Service (Schedule Of Original Cost Of Utility Plant In Service) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Entity Information [Line Items] | |||
Production | $ 2,923,349 | $ 3,009,143 | |
Transmission | 376,659 | 293,767 | |
Distribution | 1,433,044 | 1,371,029 | |
General plant | 264,794 | 216,124 | |
Total utility plant in service | $ 5,342,196 | 4,997,846 | 4,890,063 |
Indianapolis Power And Light Company [Member] | |||
Entity Information [Line Items] | |||
Production | 2,923,349 | 3,009,143 | |
Transmission | 376,659 | 293,767 | |
Distribution | 1,433,044 | 1,371,029 | |
General plant | 264,794 | 216,124 | |
Total utility plant in service | $ 5,342,196 | $ 4,997,846 | $ 4,890,063 |
Utility Plant In Service - ARO
Utility Plant In Service - ARO (Reconciliation of Asset Retirement Obligation Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of January 1 | $ 59 | $ 59.1 |
Liabilities incurred | 0 | 0.6 |
Liabilities settled | (3.2) | (2.5) |
Revisions in estimated cash flows | 21.6 | (1.3) |
Accretion expense | 3.2 | 3.1 |
Balance as of December 31 | 80.6 | 59 |
Indianapolis Power And Light Company [Member] | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of January 1 | 59 | 59.1 |
Liabilities incurred | 0 | 0.6 |
Liabilities settled | (3.2) | (2.5) |
Revisions in estimated cash flows | 21.6 | (1.3) |
Accretion expense | 3.2 | 3.1 |
Balance as of December 31 | $ 80.6 | $ 59 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Entity Information [Line Items] | |||
Debt Issuance Costs, Net | $ 24,800 | $ 22,200 | $ 20,800 |
Unamortized debt discount | 6,900 | 6,800 | 4,600 |
Asset retirement obligations | 80,077 | 80,568 | 58,986 |
Indianapolis Power And Light Company [Member] | |||
Entity Information [Line Items] | |||
Debt Issuance Costs, Net | 16,600 | 17,200 | 13,703 |
Unamortized debt discount | 6,384 | 6,477 | 4,242 |
Asset retirement obligations | $ 80,077 | $ 80,568 | $ 58,986 |
Fair Value (Summary Of Fair Val
Fair Value (Summary Of Fair Value Assets And Liabilities Measured On A Recurring Basis, Level 3) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Entity Information [Line Items] | ||
Financial transmission rights | $ 4,393 | $ 4,150 |
Total financial assets measured at fair value | 4,393 | 4,150 |
Other derivative liabilities | 100 | 121 |
Total financial liabilities measured at fair value | 100 | 121 |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Financial transmission rights | 4,393 | 4,150 |
Total financial assets measured at fair value | 4,393 | 4,150 |
Other derivative liabilities | 100 | 121 |
Total financial liabilities measured at fair value | 100 | 121 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Entity Information [Line Items] | ||
Financial transmission rights | 0 | 0 |
Total financial assets measured at fair value | 0 | 0 |
Other derivative liabilities | 0 | 0 |
Total financial liabilities measured at fair value | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Financial transmission rights | 0 | 0 |
Total financial assets measured at fair value | 0 | 0 |
Other derivative liabilities | 0 | 0 |
Total financial liabilities measured at fair value | 0 | 0 |
Significant Observable Inputs (Level 2) [Member] | ||
Entity Information [Line Items] | ||
Financial transmission rights | 0 | 0 |
Total financial assets measured at fair value | 0 | 0 |
Other derivative liabilities | 0 | 0 |
Total financial liabilities measured at fair value | 0 | 0 |
Significant Observable Inputs (Level 2) [Member] | Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Financial transmission rights | 0 | 0 |
Total financial assets measured at fair value | 0 | 0 |
Other derivative liabilities | 0 | 0 |
Total financial liabilities measured at fair value | 0 | 0 |
Unobservable Inputs (Level 3) [Member] | ||
Entity Information [Line Items] | ||
Financial transmission rights | 4,393 | 4,150 |
Total financial assets measured at fair value | 4,393 | 4,150 |
Other derivative liabilities | 100 | 121 |
Total financial liabilities measured at fair value | 100 | 121 |
Unobservable Inputs (Level 3) [Member] | Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Financial transmission rights | 4,393 | 4,150 |
Total financial assets measured at fair value | 4,393 | 4,150 |
Other derivative liabilities | 100 | 121 |
Total financial liabilities measured at fair value | $ 100 | $ 121 |
Fair Value (Reconciliation Of F
Fair Value (Reconciliation Of Financial Instruments Classified As Level 3) (Details) - Derivative Financial Instruments, net Liabilities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 4,029 | $ 6,095 |
Unrealized gain recognized in earnings | 47 | |
Unrealized gain recognized in earnings | 46 | |
Issuances | 10,892 | 13,281 |
Settlements | (10,674) | (15,394) |
Ending balance | $ 4,293 | $ 4,029 |
Fair Value (Schedule Of Face An
Fair Value (Schedule Of Face And Fair Value Of Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount | $ 6,900 | $ 6,800 | $ 4,600 |
Face Value | 2,629,300 | 2,578,500 | 2,345,300 |
Fair Value | 2,819,800 | 2,683,500 | 2,482,200 |
Indianapolis Power And Light Company [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount | 6,384 | 6,477 | 4,242 |
Face Value | 1,819,300 | 1,773,500 | 1,540,300 |
Fair Value | 1,999,900 | 1,857,200 | 1,663,700 |
Fixed Rate [Member] | |||
Debt Instrument [Line Items] | |||
Face Value | 2,418,800 | 2,438,500 | 2,088,400 |
Fair Value | 2,609,300 | 2,543,500 | 2,225,300 |
Fixed Rate [Member] | Indianapolis Power And Light Company [Member] | |||
Debt Instrument [Line Items] | |||
Face Value | 1,608,800 | 1,633,500 | 1,283,400 |
Fair Value | 1,789,400 | 1,717,200 | 1,406,800 |
Variable Rate [Member] | |||
Debt Instrument [Line Items] | |||
Face Value | 210,500 | 140,000 | 256,900 |
Fair Value | 210,500 | 140,000 | 256,900 |
Variable Rate [Member] | Indianapolis Power And Light Company [Member] | |||
Debt Instrument [Line Items] | |||
Face Value | 210,500 | 140,000 | 256,900 |
Fair Value | $ 210,500 | $ 140,000 | $ 256,900 |
Regulatory Assets And Liabili40
Regulatory Assets And Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2015 | |
Regulatory Assets And Liabilities [Line Items] | |||
Regulatory liabilities, current | $ 7,704 | $ 5,181 | $ 28,169 |
Regulatory assets, current | 33,912 | 32,784 | 8,002 |
Regulatory assets | 450,710 | 436,956 | 448,200 |
Deferred Fuel Over/Under-Collection [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Regulatory liabilities, current | 3,311 | 24,019 | |
Indianapolis Power And Light Company [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Regulatory liabilities, current | 7,704 | 5,181 | 28,169 |
Regulatory assets, current | 33,912 | 32,784 | 8,002 |
Regulatory assets | 450,710 | $ 436,956 | 448,200 |
Indianapolis Power And Light Company [Member] | Deferred Fuel Over/Under-Collection [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Regulatory liabilities, current | $ 3,311 | 24,019 | |
Minimum [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Amortization period of regulatory assets | 1 year | ||
Minimum [Member] | Indianapolis Power And Light Company [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Amortization period of regulatory assets | 1 year | ||
Maximum [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Amortization period of regulatory assets | 35 years | ||
Maximum [Member] | Indianapolis Power And Light Company [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Amortization period of regulatory assets | 35 years | ||
Deferred Project Costs [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Regulatory assets | $ 128,610 |
Regulatory Assets And Liabili41
Regulatory Assets And Liabilities (Schedule Of Regulatory Assets And Liabilities) (Details) - USD ($) | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, current | $ 32,784,000 | $ 33,912,000 | $ 8,002,000 | ||
Regulatory assets, noncurrent | 436,956,000 | 450,710,000 | 448,200,000 | ||
Total regulatory assets | 484,622,000 | 456,202,000 | |||
Regulatory liabilities, current | 5,181,000 | 7,704,000 | 28,169,000 | ||
Regulatory liabilities, noncurrent | 690,363,000 | 670,294,000 | 639,516,000 | ||
Total regulatory liabilities | 677,998,000 | 667,685,000 | |||
Deferred Fuel Over/Under-Collection [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory liabilities, current | 3,311,000 | 24,019,000 | |||
Financial Transmission Rights [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory liabilities, current | 4,393,000 | 4,150,000 | |||
Asset Retirement Obligation Costs [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory liabilities, noncurrent | 668,787,000 | 637,065,000 | |||
Unamortized Investment Tax Credit [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory liabilities, noncurrent | 1,507,000 | 2,451,000 | |||
Undercollections of rate riders [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, current | 19,959,000 | 8,002,000 | |||
Amounts being recovered through base rates [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, current | 13,953,000 | 0 | |||
Unrecognized Pension And Other Post Retirement Benefit Plan Costs [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, noncurrent | 218,070,000 | 226,889,000 | |||
Income Taxes Recoverable From Customers [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, noncurrent | 51,131,000 | 35,765,000 | |||
Deferred MISO Non-fuel Costs [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, current | $ 11,800,000 | 11,800,000 | |||
Regulatory assets, noncurrent | 114,359,000 | ||||
Unamortized Petersburg Unit 4 Carrying Charges And Certain Other Costs [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, noncurrent | 10,193,000 | 11,248,000 | |||
Unamortized Reacquisition Premium On Debt [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, noncurrent | 22,501,000 | 23,268,000 | |||
Environmental Projects [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, noncurrent | 30,678,000 | 16,876,000 | |||
Other Miscellaneous [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, noncurrent | 3,778,000 | 5,544,000 | |||
Indianapolis Power And Light Company [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, current | 32,784,000 | 33,912,000 | 8,002,000 | ||
Regulatory assets, noncurrent | 436,956,000 | 450,710,000 | 448,200,000 | ||
Total regulatory assets | 484,622,000 | 456,202,000 | |||
Regulatory liabilities, current | 5,181,000 | 7,704,000 | 28,169,000 | ||
Regulatory liabilities, noncurrent | $ 690,363,000 | 670,294,000 | 639,516,000 | ||
Total regulatory liabilities | 677,998,000 | 667,685,000 | |||
Indianapolis Power And Light Company [Member] | Deferred Fuel Over/Under-Collection [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory liabilities, current | 3,311,000 | 24,019,000 | |||
Indianapolis Power And Light Company [Member] | Financial Transmission Rights [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory liabilities, current | 4,393,000 | 4,150,000 | |||
Indianapolis Power And Light Company [Member] | Asset Retirement Obligation Costs [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory liabilities, noncurrent | 668,787,000 | 637,065,000 | |||
Indianapolis Power And Light Company [Member] | Unamortized Investment Tax Credit [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory liabilities, noncurrent | 1,507,000 | 2,451,000 | |||
Indianapolis Power And Light Company [Member] | Undercollections of rate riders [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, current | 19,959,000 | 8,002,000 | |||
Indianapolis Power And Light Company [Member] | Amounts being recovered through base rates [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, current | 13,953,000 | 0 | |||
Indianapolis Power And Light Company [Member] | Unrecognized Pension And Other Post Retirement Benefit Plan Costs [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, noncurrent | 218,070,000 | 226,889,000 | |||
Indianapolis Power And Light Company [Member] | Income Taxes Recoverable From Customers [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, noncurrent | 51,131,000 | 35,765,000 | |||
Indianapolis Power And Light Company [Member] | Deferred MISO Non-fuel Costs [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, current | 11,800,000 | $ 11,800,000 | |||
Regulatory assets, noncurrent | 114,359,000 | 128,610,000 | |||
Indianapolis Power And Light Company [Member] | Unamortized Petersburg Unit 4 Carrying Charges And Certain Other Costs [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, noncurrent | 10,193,000 | 11,248,000 | |||
Indianapolis Power And Light Company [Member] | Unamortized Reacquisition Premium On Debt [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, noncurrent | 22,501,000 | 23,268,000 | |||
Indianapolis Power And Light Company [Member] | Environmental Projects [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, noncurrent | 30,678,000 | 16,876,000 | |||
Indianapolis Power And Light Company [Member] | Other Miscellaneous [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Regulatory assets, noncurrent | $ 3,778,000 | $ 5,544,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) $ in Thousands | Jun. 01, 2016USD ($) | Mar. 01, 2016USD ($)shares | Apr. 01, 2015USD ($)shares | Feb. 11, 2015USD ($)itemshares | Jun. 27, 2014USD ($) | Jul. 31, 2013USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Jun. 30, 2017 | Mar. 31, 2016 |
Class of Stock [Line Items] | |||||||||||||
Common shares issued | 100 | ||||||||||||
Ownership percentage by parent | 82.40% | ||||||||||||
Proceeds from Contributed Capital | $ | $ 0 | $ 78,738 | $ 78,738 | $ 0 | $ 106,400 | ||||||||
Common stock issued and sold to CDPQ | $ | $ 134,276 | $ 214,366 | |||||||||||
Debt to capitalization ratio | 0.65 | ||||||||||||
Preferred stock outstanding | 591,353 | ||||||||||||
Change in capital stock | 0 | 0 | 0 | ||||||||||
5.65% Series Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Dividend rate on preferred stock | 5.65% | ||||||||||||
Preferred stock issued | 500,000 | ||||||||||||
Preferred stock outstanding | 500,000 | ||||||||||||
Nonredeemable Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred stock outstanding | 91,353 | ||||||||||||
Ipalco Enterprises, Inc. [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Additional investment through agreement | $ | $ 349,000 | ||||||||||||
Increase in ownership percentage after investment | 17.65% | ||||||||||||
Direct and indirect ownership percentage | 30.00% | ||||||||||||
Ownership percentage by parent | 82.35% | ||||||||||||
Number of board members | item | 11 | ||||||||||||
Equity contributions from AES | $ | $ 64,800 | $ 106,400 | $ 49,100 | $ 78,738 | $ 0 | $ 106,400 | |||||||
Proceeds from Contributed Capital | $ | 78,738 | ||||||||||||
Common stock issued and sold to CDPQ | $ | 134,276 | ||||||||||||
Indianapolis Power And Light Company [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Equity contributions from AES | $ | 64,800 | $ 106,400 | $ 0 | $ 213,014 | $ 213,014 | 214,364 | 106,400 | ||||||
Proceeds from Contributed Capital | $ | 13,900 | ||||||||||||
Debt to capitalization ratio | 0.65 | ||||||||||||
Total preferred stock dividends declared | $ | $ 3,213 | $ 3,213 | $ 3,213 | ||||||||||
Preferred stock outstanding | 591,353 | ||||||||||||
Change in capital stock | 0 | 0 | 0 | ||||||||||
Indianapolis Power And Light Company [Member] | 5.65% Series Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Dividend rate on preferred stock | 5.65% | ||||||||||||
Preferred stock issued | 500,000 | ||||||||||||
Preferred stock outstanding | 500,000 | ||||||||||||
Indianapolis Power And Light Company [Member] | Nonredeemable Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred stock outstanding | 91,353 | ||||||||||||
Shareholder [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Proceeds from Contributed Capital | $ | $ 13,900 | ||||||||||||
AES U.S. Investments [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Ownership percentage by parent | 82.35% | ||||||||||||
Number of board members | item | 9 | ||||||||||||
AES U.S. Holdings, LLC [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Ownership Interest in Parent Company, Percent | 85.00% | 85.00% | |||||||||||
CDPQ [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Ownership Interest in Parent Company, Percent | 15.00% | 15.00% | |||||||||||
Ownership percentage by parent | 17.65% | ||||||||||||
Number of board members | item | 2 | ||||||||||||
Minimum ownership percentage to retain board members | 5.00% | ||||||||||||
Percentage Of Direct And Indirect Ownership Share Of IPALCO | 30.00% | 30.00% | 30.00% | ||||||||||
Minimum [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Dividend rate on preferred stock | 4.00% | ||||||||||||
Minimum [Member] | Indianapolis Power And Light Company [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Dividend rate on preferred stock | 4.00% | ||||||||||||
Maximum [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Dividend rate on preferred stock | 5.65% | ||||||||||||
Maximum [Member] | Indianapolis Power And Light Company [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Dividend rate on preferred stock | 5.65% | ||||||||||||
Common Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common stock issued and sold to CDPQ (shares) | 7,403,213 | ||||||||||||
Common stock issued and sold to CDPQ | $ | $ 134,300 | ||||||||||||
Common Stock [Member] | Ipalco Enterprises, Inc. [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common stock issued and sold to CDPQ (shares) | 11,818,828 | ||||||||||||
Common stock issued and sold to CDPQ | $ | $ 214,400 | ||||||||||||
Common Stock [Member] | Indianapolis Power And Light Company [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common stock issued and sold to CDPQ (shares) | 7,403,213 | 11,818,828 | |||||||||||
Common stock issued and sold to CDPQ | $ | $ 134,300 | $ 214,400 |
Equity (Summary Of Preferred St
Equity (Summary Of Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Shares Outstanding | 591,353 | ||
Par value, plus premium, if applicable | $ 59,784 | $ 59,784 | $ 59,784 |
Preferred stock par value | $ 100 | ||
Preferred stock authorized | 2,000,000 | ||
4% Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Outstanding | 47,611 | ||
Call Price | $ 118 | ||
Par value, plus premium, if applicable | $ 5,410 | 5,410 | 5,410 |
Dividend rate on preferred stock | 4.00% | ||
4.2% Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Outstanding | 19,331 | ||
Call Price | $ 103 | ||
Par value, plus premium, if applicable | $ 1,933 | 1,933 | 1,933 |
Dividend rate on preferred stock | 4.20% | ||
4.6% Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Outstanding | 2,481 | ||
Call Price | $ 103 | ||
Par value, plus premium, if applicable | $ 248 | 248 | 248 |
Dividend rate on preferred stock | 4.60% | ||
4.8% Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Outstanding | 21,930 | ||
Call Price | $ 101 | ||
Par value, plus premium, if applicable | $ 2,193 | 2,193 | 2,193 |
Dividend rate on preferred stock | 4.80% | ||
5.65% Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Outstanding | 500,000 | ||
Call Price | $ 100 | ||
Par value, plus premium, if applicable | $ 50,000 | 50,000 | 50,000 |
Dividend rate on preferred stock | 5.65% | ||
Indianapolis Power And Light Company [Member] | |||
Class of Stock [Line Items] | |||
Shares Outstanding | 591,353 | ||
Par value, plus premium, if applicable | $ 59,784 | 59,784 | 59,784 |
Preferred stock par value | $ 100 | ||
Preferred stock authorized | 2,000,000 | ||
Indianapolis Power And Light Company [Member] | 4% Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Outstanding | 47,611 | ||
Call Price | $ 118 | ||
Par value, plus premium, if applicable | $ 5,410 | 5,410 | 5,410 |
Dividend rate on preferred stock | 4.00% | ||
Indianapolis Power And Light Company [Member] | 4.2% Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Outstanding | 19,331 | ||
Call Price | $ 103 | ||
Par value, plus premium, if applicable | $ 1,933 | 1,933 | 1,933 |
Dividend rate on preferred stock | 4.20% | ||
Indianapolis Power And Light Company [Member] | 4.6% Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Outstanding | 2,481 | ||
Call Price | $ 103 | ||
Par value, plus premium, if applicable | $ 248 | 248 | 248 |
Dividend rate on preferred stock | 4.60% | ||
Indianapolis Power And Light Company [Member] | 4.8% Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Outstanding | 21,930 | ||
Call Price | $ 101 | ||
Par value, plus premium, if applicable | $ 2,193 | 2,193 | 2,193 |
Dividend rate on preferred stock | 4.80% | ||
Indianapolis Power And Light Company [Member] | 5.65% Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares Outstanding | 500,000 | ||
Call Price | $ 100 | ||
Par value, plus premium, if applicable | $ 50,000 | $ 50,000 | $ 50,000 |
Dividend rate on preferred stock | 5.65% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | May 31, 2016USD ($) | Oct. 19, 2015USD ($) | Oct. 16, 2015USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2015USD ($) | Oct. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | May 31, 2014USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)note_series | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2017 | Dec. 01, 2016USD ($) | May 17, 2016USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||
Secured debt gross | $ 2,528,450,000 | |||||||||||||||||||
Aggregate principal amount | $ 2,629,300,000 | $ 2,345,300,000 | $ 2,629,300,000 | $ 2,629,300,000 | 2,578,500,000 | $ 2,345,300,000 | ||||||||||||||
Net proceeds from debt issuance | 404,633,000 | $ 347,662,000 | 387,662,000 | 753,350,000 | $ 128,358,000 | |||||||||||||||
Line of credit facility, term | 5 years | |||||||||||||||||||
Ratio of principal to public offering price | 99.901% | |||||||||||||||||||
Gain (Loss) on Early Extinguishment of Debt | (8,875,000) | $ 0 | (8,875,000) | 0 | 0 | (21,956,000) | 0 | |||||||||||||
Long-term debt | $ 2,477,051,000 | 2,153,276,000 | 2,477,051,000 | 2,477,051,000 | 2,499,490,000 | 2,153,276,000 | ||||||||||||||
Charges related to early extinguishment of debt | 0 | 21,956,000 | 0 | |||||||||||||||||
Maximum borrowing capacity | $ 250,000,000 | 500,000,000 | ||||||||||||||||||
Long-term Line of Credit | 120,500,000 | 0 | 120,500,000 | 120,500,000 | 50,000,000 | 0 | ||||||||||||||
Maximum amount of short-term indebtedness outstanding | 500,000,000 | |||||||||||||||||||
Authorized amount of debt to be issued | 650,000,000 | |||||||||||||||||||
Authorized amount of debt to be refinanced | 196,500,000 | |||||||||||||||||||
Preferred Stock Issuable in Lieu of Portion of Maximum Authorized Amount of Debt | 65,000,000 | |||||||||||||||||||
Outstanding receivables purchased amount | 50,000,000 | 50,000,000 | ||||||||||||||||||
Total fees paid to Purchasers | $ 400,000 | 400,000 | ||||||||||||||||||
Net Earnings to Annual Interest Requirement Ratio | 2.5 | |||||||||||||||||||
Letter of Credit [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit facility, accordion feature | $ 150,000,000 | |||||||||||||||||||
Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Secured debt gross | $ 1,723,450,000 | |||||||||||||||||||
Aggregate principal amount | 1,819,300,000 | 1,540,300,000 | 1,819,300,000 | 1,819,300,000 | 1,773,500,000 | 1,540,300,000 | ||||||||||||||
Net proceeds from debt issuance | 0 | $ 347,662,000 | 387,662,000 | 348,638,000 | 128,358,000 | |||||||||||||||
Line of credit facility, term | 5 years | |||||||||||||||||||
Long-term debt | 1,675,769,000 | 1,355,505,000 | 1,675,769,000 | 1,675,769,000 | 1,699,781,000 | 1,355,505,000 | ||||||||||||||
Maximum borrowing capacity | $ 250,000,000 | 500,000,000 | ||||||||||||||||||
Long-term Line of Credit | 120,500,000 | 120,500,000 | 120,500,000 | 50,000,000 | ||||||||||||||||
Maximum amount of short-term indebtedness outstanding | 500,000,000 | |||||||||||||||||||
Authorized amount of debt to be issued | 650,000,000 | |||||||||||||||||||
Authorized amount of debt to be refinanced | 196,500,000 | |||||||||||||||||||
Preferred Stock Issuable in Lieu of Portion of Maximum Authorized Amount of Debt | 65,000,000 | |||||||||||||||||||
Outstanding receivables purchased amount | 50,000,000 | 50,000,000 | ||||||||||||||||||
First mortgage bonds | 1,586,141,000 | 1,265,505,000 | 1,586,141,000 | $ 1,586,141,000 | $ 1,610,237,000 | 1,265,505,000 | ||||||||||||||
Net Earnings to Annual Interest Requirement Ratio | 2.5 | |||||||||||||||||||
Indianapolis Power And Light Company [Member] | Letter of Credit [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit facility, accordion feature | $ 150,000,000 | |||||||||||||||||||
Ipalco Enterprises, Inc. [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Net proceeds from debt issuance | $ 0 | 404,712,000 | 0 | |||||||||||||||||
Early tender premium | 0 | (21,956,000) | 0 | |||||||||||||||||
Refunded aggregate principal | 400,000,000 | |||||||||||||||||||
Gain (Loss) on Early Extinguishment of Debt | 8,900,000 | |||||||||||||||||||
Long-term debt | 797,771,000 | 799,709,000 | 797,771,000 | |||||||||||||||||
Charges related to early extinguishment of debt | $ 0 | 21,956,000 | $ 0 | |||||||||||||||||
First Mortgage Bond Five [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated interest rate | 5.40% | 5.40% | ||||||||||||||||||
Debt instrument, maturity date | Aug. 1, 2017 | Aug. 1, 2017 | ||||||||||||||||||
First mortgage bonds | 0 | 24,650,000 | 0 | $ 0 | $ 24,650,000 | 24,650,000 | ||||||||||||||
Three Point Seven Zero Percent Senior Secured Notes [Domain] | Ipalco Enterprises, Inc. [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Secured Debt | 399,300,000 | |||||||||||||||||||
Long-term debt | $ 405,000,000 | $ 405,000,000 | $ 405,000,000 | $ 0 | ||||||||||||||||
Debt instrument, maturity date | Sep. 1, 2024 | |||||||||||||||||||
First Mortgage Bond 4.90% Due January 2016 [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated interest rate | 4.90% | |||||||||||||||||||
First Mortgage Bond 4.90% Due January 2016 [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated interest rate | 4.90% | |||||||||||||||||||
Refunded aggregate principal | 41,900,000 | |||||||||||||||||||
First Mortgage Bond 4.90% Due January 2016 [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated interest rate | 4.90% | |||||||||||||||||||
First Mortgage Bonds [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Secured debt gross | $ 1,633,500,000 | |||||||||||||||||||
First Mortgage Bonds Due January 2016 [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated interest rate | 4.90% | |||||||||||||||||||
Refunded aggregate principal | 131,900,000 | |||||||||||||||||||
FMB Twenty [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | $ 350,000,000 | |||||||||||||||||||
Debt instrument, stated interest rate | 4.05% | 4.05% | 4.05% | 4.05% | 4.05% | |||||||||||||||
Proceeds from Issuance of Secured Debt | $ 343,600,000 | |||||||||||||||||||
Debt instrument, maturity date | May 1, 2046 | May 1, 2046 | ||||||||||||||||||
First mortgage bonds | $ 350,000,000 | 0 | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | 0 | ||||||||||||||
Environmental Facilities Refunding Revenue Bonds, Series 2016A [Member] [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | $ 40,000,000 | |||||||||||||||||||
Debt instrument, stated interest rate | 3.125% | |||||||||||||||||||
Environmental Facilities Refunding Revenue Bonds, Series 2016A [Member] [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | $ 40,000,000 | |||||||||||||||||||
Debt instrument, stated interest rate | 3.125% | |||||||||||||||||||
First Mortgage Bond Nine [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | $ 40,000,000 | |||||||||||||||||||
Debt instrument, stated interest rate | 3.125% | |||||||||||||||||||
First Mortgage Bond Nine [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | $ 40,000,000 | |||||||||||||||||||
Debt instrument, stated interest rate | 4.55% | 4.55% | 3.125% | |||||||||||||||||
Debt instrument, maturity date | Dec. 1, 2024 | Dec. 1, 2024 | ||||||||||||||||||
First mortgage bonds | 40,000,000 | 40,000,000 | 40,000,000 | $ 40,000,000 | $ 40,000,000 | 40,000,000 | ||||||||||||||
Five Point Zero Zero Percent Senior Secured Notes [Member] | Ipalco Enterprises, Inc. [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated interest rate | 5.00% | 5.00% | ||||||||||||||||||
Long-term debt | 0 | 400,000,000 | 0 | $ 0 | $ 400,000,000 | 400,000,000 | ||||||||||||||
Debt instrument, maturity date | May 1, 2018 | May 1, 2018 | ||||||||||||||||||
Environmental Facilities Refunding Revenue Bonds, Series 2016B[Member] [Domain] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Refunded aggregate principal | $ 40,000,000 | |||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||||||||||
Environmental Facilities Refunding Revenue Bonds, Series 2016B[Member] [Domain] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Refunded aggregate principal | $ 40,000,000 | |||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||||||||||
Environmental Facilities Refunding Revenue Notes, Series 2015A [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, maturity date | Dec. 22, 2020 | Dec. 1, 2020 | ||||||||||||||||||
Environmental Facilities Refunding Revenue Notes, Series 2015B [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, maturity date | Dec. 22, 2020 | Dec. 1, 2020 | ||||||||||||||||||
3.45% Senior Secured Notes [Member] | Ipalco Enterprises, Inc. [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated interest rate | 3.45% | 3.45% | ||||||||||||||||||
Ratio of principal to public offering price | 99.929% | |||||||||||||||||||
Proceeds from Issuance of Secured Debt | $ 399,500,000 | |||||||||||||||||||
Long-term debt | $ 405,000,000 | 405,000,000 | $ 405,000,000 | $ 405,000,000 | $ 405,000,000 | 405,000,000 | ||||||||||||||
Debt instrument, maturity date | Jul. 1, 2020 | Jul. 1, 2020 | ||||||||||||||||||
First Mortgage Bond 4.65% Due June 2043 [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | 170,000,000 | 170,000,000 | ||||||||||||||||||
Debt instrument, stated interest rate | 4.65% | 4.65% | 4.65% | 4.65% | ||||||||||||||||
Debt instrument, maturity date | Jun. 1, 2043 | Jun. 1, 2043 | ||||||||||||||||||
First mortgage bonds | $ 170,000,000 | 170,000,000 | $ 170,000,000 | $ 170,000,000 | $ 170,000,000 | 170,000,000 | ||||||||||||||
First Mortgage Bond 4.70% Due September 2045 [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | $ 260,000,000 | $ 130,000,000 | ||||||||||||||||||
Debt instrument, stated interest rate | 4.50% | 4.70% | 4.50% | 4.50% | 4.50% | 4.50% | ||||||||||||||
Net proceeds from debt issuance | $ 126,800,000 | |||||||||||||||||||
Proceeds from Issuance of Secured Debt | $ 255,600,000 | |||||||||||||||||||
Debt instrument, maturity date | Jun. 1, 2044 | Jun. 1, 2044 | ||||||||||||||||||
First mortgage bonds | $ 130,000,000 | 130,000,000 | $ 130,000,000 | $ 130,000,000 | $ 130,000,000 | 130,000,000 | ||||||||||||||
7.25% Senior Secured Notes [Member] | Ipalco Enterprises, Inc. [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated interest rate | 7.25% | |||||||||||||||||||
Refunded aggregate principal | 366,500,000 | |||||||||||||||||||
Long-term debt | 33,500,000 | |||||||||||||||||||
First Mortgage Bond Nineteen [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | 350,000,000 | |||||||||||||||||||
Debt instrument, stated interest rate | 4.70% | 4.70% | 4.70% | 4.70% | ||||||||||||||||
Debt instrument, maturity date | Sep. 1, 2045 | Sep. 1, 2045 | ||||||||||||||||||
First mortgage bonds | $ 260,000,000 | 260,000,000 | $ 260,000,000 | $ 260,000,000 | $ 260,000,000 | 260,000,000 | ||||||||||||||
Accounts Receivable Securitization Program [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Refunded aggregate principal | $ 50,000,000 | |||||||||||||||||||
Accounts Receivable Securitization Program [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Refunded aggregate principal | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||||
First Mortgage Bond Seven [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated interest rate | 3.875% | 3.875% | ||||||||||||||||||
Debt instrument, maturity date | Aug. 1, 2021 | Aug. 1, 2021 | ||||||||||||||||||
First mortgage bonds | 55,000,000 | 55,000,000 | 55,000,000 | $ 55,000,000 | $ 55,000,000 | 55,000,000 | ||||||||||||||
First Mortgage Bond Eight [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated interest rate | 3.875% | 3.875% | ||||||||||||||||||
Debt instrument, maturity date | Aug. 1, 2021 | Aug. 1, 2021 | ||||||||||||||||||
First mortgage bonds | $ 40,000,000 | 40,000,000 | $ 40,000,000 | $ 40,000,000 | $ 40,000,000 | 40,000,000 | ||||||||||||||
Medium-term Notes [Member] | Unsecured 364-day Taxable Term Loan [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | $ 91,850,000 | |||||||||||||||||||
Line of credit facility, term | 364 days | |||||||||||||||||||
Long-term debt | $ 50,000,000 | |||||||||||||||||||
Medium-term Notes [Member] | Unsecured 364-day Taxable Term Loan [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | $ 91,900,000 | $ 91,850,000 | $ 91,900,000 | |||||||||||||||||
Line of credit facility, term | 364 days | 364 days | ||||||||||||||||||
Long-term debt | $ 50,000,000 | |||||||||||||||||||
Unsecured Debt [Member] | Environmental Facilities Refunding Revenue Notes [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | $ 90,000,000 | |||||||||||||||||||
Number of note series | note_series | 2 | |||||||||||||||||||
Unsecured Debt [Member] | Environmental Facilities Refunding Revenue Notes, Series 2015A [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | $ 30,000,000 | |||||||||||||||||||
Unsecured Debt [Member] | Environmental Facilities Refunding Revenue Notes, Series 2015B [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | 60,000,000 | |||||||||||||||||||
Secured Debt [Member] | First Mortgage Bond 4.90% Due January 2016 [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Refunded aggregate principal | 30,000,000 | |||||||||||||||||||
Secured Debt [Member] | First Mortgage Bond 4.90% Due January 2016 [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Refunded aggregate principal | 60,000,000 | |||||||||||||||||||
Line of Credit [Member] | Committed Line of Credit [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Long-term Line of Credit | 75,000,000 | 50,000,000 | 75,000,000 | |||||||||||||||||
Line of Credit [Member] | Indianapolis Power And Light Company [Member] | Committed Line of Credit [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Long-term Line of Credit | $ 75,000,000 | $ 50,000,000 | $ 75,000,000 | |||||||||||||||||
Other Nonoperating Income (Expense) [Member] | 7.25% Senior Secured Notes [Member] | Ipalco Enterprises, Inc. [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Charges related to early extinguishment of debt | $ 22,100,000 |
Debt (Schedule Long-Term Indebt
Debt (Schedule Long-Term Indebtedness) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | Dec. 01, 2016 | May 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | |||||||||
Unamortized discount - net | $ (6,900) | $ (6,800) | $ (4,600) | ||||||
Debt Issuance Costs, Net | (24,800) | (22,200) | (20,800) | ||||||
Long-term debt | 2,477,051 | 2,499,490 | 2,153,276 | ||||||
Current portion of long-term debt | 0 | 24,650 | 0 | ||||||
Long-term debt | 2,477,051 | 2,474,840 | 2,153,276 | ||||||
First Mortgage Bond 4.55% Due December 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, stated interest rate | 3.125% | ||||||||
Ipalco Enterprises, Inc. [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized discount - net | (559) | (273) | (371) | ||||||
Debt Issuance Costs, Net | (8,159) | (5,018) | (6,858) | ||||||
Long-term debt | 799,709 | 797,771 | |||||||
Current portion of long-term debt | 0 | 0 | |||||||
Long-term debt | 801,282 | $ 799,709 | 797,771 | ||||||
Ipalco Enterprises, Inc. [Member] | 7.25% Senior Secured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 33,500 | ||||||||
Debt, stated interest rate | 7.25% | ||||||||
Ipalco Enterprises, Inc. [Member] | 5.00% Senior Secured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 0 | $ 400,000 | 400,000 | ||||||
Debt, stated interest rate | 5.00% | 5.00% | |||||||
Debt due date | May 1, 2018 | May 1, 2018 | |||||||
Ipalco Enterprises, Inc. [Member] | 3.45% Senior Secured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 405,000 | $ 405,000 | 405,000 | ||||||
Debt, stated interest rate | 3.45% | 3.45% | |||||||
Debt due date | Jul. 1, 2020 | Jul. 1, 2020 | |||||||
Ipalco Enterprises, Inc. [Member] | Three Point Seven Zero Percent Senior Secured Notes [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 405,000 | $ 0 | |||||||
Debt due date | Sep. 1, 2024 | ||||||||
Indianapolis Power And Light Company [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First mortgage bonds | $ 1,586,141 | 1,610,237 | 1,265,505 | ||||||
Unamortized discount - net | (6,384) | (6,477) | (4,242) | ||||||
Debt Issuance Costs, Net | (16,600) | (17,200) | (13,703) | ||||||
Unsecured Debt | 89,628 | 89,544 | 90,000 | ||||||
Long-term debt | 1,675,769 | 1,699,781 | 1,355,505 | ||||||
Current portion of long-term debt | 0 | 24,650 | 0 | ||||||
Long-term debt | 1,675,769 | $ 1,675,131 | 1,355,505 | ||||||
Indianapolis Power And Light Company [Member] | First Mortgage Bond 4.90% Due January 2016 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, stated interest rate | 4.90% | ||||||||
Indianapolis Power And Light Company [Member] | First Mortgage Bond 4.90% Due January 2016 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, stated interest rate | 4.90% | ||||||||
Indianapolis Power And Light Company [Member] | First Mortgage Bond 4.90% Due January 2016 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, stated interest rate | 4.90% | ||||||||
Indianapolis Power And Light Company [Member] | First Mortgage Bond 5.40% Due August 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First mortgage bonds | $ 0 | $ 24,650 | 24,650 | ||||||
Debt, stated interest rate | 5.40% | 5.40% | |||||||
Debt due date | Aug. 1, 2017 | Aug. 1, 2017 | |||||||
Indianapolis Power And Light Company [Member] | First Mortgage Bond 3.875% Due August 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First mortgage bonds | $ 55,000 | $ 55,000 | 55,000 | ||||||
Debt, stated interest rate | 3.875% | 3.875% | |||||||
Debt due date | Aug. 1, 2021 | Aug. 1, 2021 | |||||||
Indianapolis Power And Light Company [Member] | First Mortgage Bond 3.875% Due August 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First mortgage bonds | $ 40,000 | $ 40,000 | 40,000 | ||||||
Debt, stated interest rate | 3.875% | 3.875% | |||||||
Debt due date | Aug. 1, 2021 | Aug. 1, 2021 | |||||||
Indianapolis Power And Light Company [Member] | First Mortgage Bond 4.55% Due December 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First mortgage bonds | $ 40,000 | $ 40,000 | 40,000 | ||||||
Debt, stated interest rate | 4.55% | 4.55% | 3.125% | ||||||
Debt due date | Dec. 1, 2024 | Dec. 1, 2024 | |||||||
Indianapolis Power And Light Company [Member] | First Mortgage Bond 6.60% Due January 2034 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First mortgage bonds | $ 100,000 | $ 100,000 | 100,000 | ||||||
Debt, stated interest rate | 6.60% | 6.60% | |||||||
Debt due date | Jan. 1, 2034 | Jan. 1, 2034 | |||||||
Indianapolis Power And Light Company [Member] | First Mortgage Bond 6.05% Due October 2036 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First mortgage bonds | $ 158,800 | $ 158,800 | 158,800 | ||||||
Debt, stated interest rate | 6.05% | 6.05% | |||||||
Debt due date | Oct. 1, 2036 | Oct. 1, 2036 | |||||||
Indianapolis Power And Light Company [Member] | First Mortgage Bond 6.60% Due June 2037 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First mortgage bonds | $ 165,000 | $ 165,000 | 165,000 | ||||||
Debt, stated interest rate | 6.60% | 6.60% | |||||||
Debt due date | Jun. 1, 2037 | Jun. 1, 2037 | |||||||
Indianapolis Power And Light Company [Member] | First Mortgage Bond 4.875% Due November 2041 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First mortgage bonds | $ 140,000 | $ 140,000 | 140,000 | ||||||
Debt, stated interest rate | 4.875% | 4.875% | |||||||
Debt due date | Nov. 1, 2041 | Nov. 1, 2041 | |||||||
Indianapolis Power And Light Company [Member] | First Mortgage Bond 4.65% Due June 2043 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First mortgage bonds | $ 170,000 | $ 170,000 | 170,000 | ||||||
Debt, stated interest rate | 4.65% | 4.65% | |||||||
Debt due date | Jun. 1, 2043 | Jun. 1, 2043 | |||||||
Indianapolis Power And Light Company [Member] | First Mortgage Bond 4.70% Due September 2045 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First mortgage bonds | $ 130,000 | $ 130,000 | 130,000 | ||||||
Debt, stated interest rate | 4.50% | 4.50% | 4.70% | 4.50% | |||||
Debt due date | Jun. 1, 2044 | Jun. 1, 2044 | |||||||
Indianapolis Power And Light Company [Member] | First Mortgage Bond Nineteen [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First mortgage bonds | $ 260,000 | $ 260,000 | 260,000 | ||||||
Debt, stated interest rate | 4.70% | 4.70% | |||||||
Debt due date | Sep. 1, 2045 | Sep. 1, 2045 | |||||||
Indianapolis Power And Light Company [Member] | FMB Twenty [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First mortgage bonds | $ 350,000 | $ 350,000 | 0 | ||||||
Debt, stated interest rate | 4.05% | 4.05% | 4.05% | ||||||
Debt due date | May 1, 2046 | May 1, 2046 | |||||||
Indianapolis Power And Light Company [Member] | Environmental Facilities Refunding Revenue Notes, Series 2015A [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unsecured Debt | $ 30,000 | $ 30,000 | 30,000 | ||||||
Debt due date | Dec. 22, 2020 | Dec. 1, 2020 | |||||||
Indianapolis Power And Light Company [Member] | Environmental Facilities Refunding Revenue Notes, Series 2015B [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unsecured Debt | $ 60,000 | $ 60,000 | 60,000 | ||||||
Debt due date | Dec. 22, 2020 | Dec. 1, 2020 | |||||||
First Mortgage Bonds [Member] | Indianapolis Power And Light Company [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Issuance Costs, Net | $ (16,275) | $ (16,736) | |||||||
Secured Debt [Member] | Indianapolis Power And Light Company [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized discount - net | (6,477) | ||||||||
Debt Issuance Costs, Net | (16,736) | ||||||||
Unsecured Debt [Member] | Indianapolis Power And Light Company [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Issuance Costs, Net | $ (372) | $ (456) | $ 0 |
Debt (Schedule Of Maturities On
Debt (Schedule Of Maturities On Long-Term Indebtedness) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Entity Information [Line Items] | |
2,016 | $ 24,650 |
2,017 | 400,000 |
2,018 | 0 |
2,019 | 495,000 |
2,020 | 95,000 |
Thereafter | 1,513,800 |
Total | 2,528,450 |
Indianapolis Power And Light Company [Member] | |
Entity Information [Line Items] | |
2,016 | 24,650 |
2,017 | 0 |
2,018 | 0 |
2,019 | 90,000 |
2,020 | 95,000 |
Thereafter | 1,513,800 |
Total | $ 1,723,450 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | Mar. 25, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Entity Information [Line Items] | |||||||||
Effective Income Tax Rate Reconciliation, Percent | 31.30% | 35.00% | 31.60% | 33.90% | 32.40% | 35.90% | 39.10% | ||
Additional reduction to the state corporate income tax rate | 1.60% | ||||||||
Reduction to the state corporate income tax rate | 2.00% | ||||||||
Decrease in deferred taxes | $ 800,000 | ||||||||
Tax benefit from temporary differences | $ 600,000 | ||||||||
Statutory state income tax rate | 6.38% | ||||||||
Percentage of qualifying production activity eligible for deduction | 9.00% | ||||||||
Income tax expense (benefit) from qualifying production activity | $ 2,400,000 | $ 0 | |||||||
Indianapolis Power And Light Company [Member] | |||||||||
Entity Information [Line Items] | |||||||||
Effective Income Tax Rate Reconciliation, Percent | 34.40% | 36.10% | 33.40% | 34.10% | 31.70% | 35.60% | 38.80% | ||
Additional reduction to the state corporate income tax rate | 1.60% | ||||||||
Reduction to the state corporate income tax rate | 2.00% | ||||||||
Decrease in deferred taxes | $ 800,000 | ||||||||
Tax benefit from temporary differences | $ 600,000 | ||||||||
Statutory state income tax rate | 6.38% | ||||||||
Percentage of qualifying production activity eligible for deduction | 9.00% | ||||||||
Income tax expense (benefit) from qualifying production activity | $ 5,100,000 | $ 1,700,000 | $ 0 | ||||||
Scenario, Forecast [Member] | |||||||||
Entity Information [Line Items] | |||||||||
Statutory state income tax rate | 6.13% | ||||||||
Scenario, Forecast [Member] | Indianapolis Power And Light Company [Member] | |||||||||
Entity Information [Line Items] | |||||||||
Statutory state income tax rate | 6.13% |
Income Taxes (Schedule Of Feder
Income Taxes (Schedule Of Federal And State Income Taxed Charged To Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||||||
Total current income taxes | $ 23,049 | $ 29,457 | $ 53,189 | $ 63,290 | $ 73,161 | $ 57,284 | $ 70,235 |
Income Tax Expense (Benefit), Total | 61,209 | 31,566 | 48,044 | ||||
Charged To Utility Operating Expense [Member] | |||||||
Income Taxes [Line Items] | |||||||
Current income taxes, Federal | 50,482 | 18,661 | 944 | ||||
Current income taxes, State | 12,080 | 5,758 | 110 | ||||
Total current income taxes | 62,562 | 24,419 | 1,054 | ||||
Deferred income taxes, Federal | 11,885 | 29,165 | 58,114 | ||||
Deferred income taxes, State | 215 | 5,019 | 12,498 | ||||
Total deferred income taxes | 12,100 | 34,184 | 70,612 | ||||
Net amortization of investment credit | (1,501) | (1,319) | (1,431) | ||||
Income Tax Expense (Benefit), Total | 73,161 | 57,284 | 70,235 | ||||
Charged To Other Income And Deductions [Member] | |||||||
Income Taxes [Line Items] | |||||||
Current income taxes, Federal | (30,558) | (18,661) | (459) | ||||
Current income taxes, State | (4,807) | (5,758) | (5) | ||||
Total current income taxes | (35,365) | (24,419) | (464) | ||||
Deferred income taxes, Federal | 20,998 | (2,573) | (18,082) | ||||
Deferred income taxes, State | 2,415 | 1,274 | (3,645) | ||||
Total deferred income taxes | 23,413 | (1,299) | (21,727) | ||||
Income Tax Expense (Benefit), Total | (11,952) | (25,718) | (22,191) | ||||
Indianapolis Power And Light Company [Member] | |||||||
Income Taxes [Line Items] | |||||||
Total current income taxes | $ 23,049 | $ 29,457 | $ 53,189 | $ 63,290 | 73,161 | 57,284 | 70,235 |
Income Tax Expense (Benefit), Total | 72,701 | 56,219 | 69,283 | ||||
Indianapolis Power And Light Company [Member] | Charged To Utility Operating Expense [Member] | |||||||
Income Taxes [Line Items] | |||||||
Current income taxes, Federal | 50,482 | 18,661 | 944 | ||||
Current income taxes, State | 12,080 | 5,758 | 110 | ||||
Total current income taxes | 62,562 | 24,419 | 1,054 | ||||
Deferred income taxes, Federal | 11,885 | 29,165 | 58,114 | ||||
Deferred income taxes, State | 215 | 5,019 | 12,498 | ||||
Total deferred income taxes | 12,100 | 34,184 | 70,612 | ||||
Net amortization of investment credit | (1,501) | (1,319) | (1,431) | ||||
Income Tax Expense (Benefit), Total | 73,161 | 57,284 | 70,235 | ||||
Indianapolis Power And Light Company [Member] | Charged To Other Income And Deductions [Member] | |||||||
Income Taxes [Line Items] | |||||||
Current income taxes, Federal | (1,009) | (1,715) | 329 | ||||
Current income taxes, State | (16) | (240) | 69 | ||||
Total current income taxes | (1,025) | (1,955) | 398 | ||||
Deferred income taxes, Federal | 552 | 740 | (1,202) | ||||
Deferred income taxes, State | 13 | 150 | (148) | ||||
Total deferred income taxes | 565 | 890 | (1,350) | ||||
Income Tax Expense (Benefit), Total | $ (460) | $ (1,065) | $ (952) |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Entity Information [Line Items] | |||||||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% | ||||
State income tax, net of federal tax benefit | 4.10% | 4.70% | 4.80% | ||||
Amortization of investment tax credits | (0.80%) | (1.50%) | (1.20%) | ||||
Preferred dividends of subsidiary | 0.60% | 1.30% | 0.90% | ||||
Depreciation flow through and amortization | (0.50%) | (0.30%) | (0.30%) | ||||
Additional funds used during construction - equity | (3.80%) | (3.50%) | (0.30%) | ||||
Manufacturers' Production Deduction (Sec. 199) | (1.30%) | (0.00%) | (0.00%) | ||||
Other - net | (0.90%) | 0.20% | 0.20% | ||||
Effective tax rate | 31.30% | 35.00% | 31.60% | 33.90% | 32.40% | 35.90% | 39.10% |
Indianapolis Power And Light Company [Member] | |||||||
Entity Information [Line Items] | |||||||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% | ||||
State income tax, net of federal tax benefit | 4.00% | 4.40% | 4.60% | ||||
Amortization of investment tax credits | (0.70%) | (0.80%) | (0.80%) | ||||
Depreciation flow through and amortization | (0.40%) | (0.20%) | (0.20%) | ||||
Additional funds used during construction - equity | (3.20%) | (1.90%) | (0.20%) | ||||
Manufacturers' Production Deduction (Sec. 199) | (2.20%) | (1.00%) | |||||
Other - net | (0.80%) | 0.10% | 0.40% | ||||
Effective tax rate | 34.40% | 36.10% | 33.40% | 34.10% | 31.70% | 35.60% | 38.80% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Entity Information [Line Items] | |||
Relating to utility property, net | $ 569,204 | $ 541,369 | |
Regulatory assets recoverable through future rates | 180,608 | 178,187 | |
Other | 11,612 | 11,768 | |
Total deferred tax liabilities | 761,424 | 731,324 | |
Investment tax credit | 927 | 1,507 | |
Regulatory liabilities including ARO | 272,001 | 260,555 | |
Employee benefit plans | 27,358 | 38,159 | |
Net operating loss | 0 | 23,161 | |
Other | 11,408 | 10,548 | |
Total deferred tax assets | 311,694 | 333,930 | |
Deferred income taxes – net | $ 445,539 | 449,730 | 397,394 |
Indianapolis Power And Light Company [Member] | |||
Entity Information [Line Items] | |||
Relating to utility property, net | 569,204 | 541,369 | |
Regulatory assets recoverable through future rates | 180,608 | 178,187 | |
Other | 11,090 | 11,349 | |
Total deferred tax liabilities | 760,902 | 730,905 | |
Investment tax credit | 927 | 1,507 | |
Regulatory liabilities including ARO | 272,001 | 260,555 | |
Employee benefit plans | 27,358 | 38,159 | |
Other | 11,396 | 10,953 | |
Total deferred tax assets | 311,682 | 311,174 | |
Deferred income taxes – net | $ 444,870 | $ 449,220 | $ 419,731 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits at January 1 | $ 7,147 | $ 7,042 | $ 6,734 |
Gross increases - current period tax positions | 724 | 962 | 975 |
Gross decreases - prior period tax positions | (1,237) | (857) | (667) |
Unrecognized tax benefits at December 31 | 6,634 | 7,147 | 7,042 |
Indianapolis Power And Light Company [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits at January 1 | 7,147 | 7,042 | 6,734 |
Gross increases - current period tax positions | 724 | 962 | 975 |
Gross decreases - prior period tax positions | (1,237) | (857) | (667) |
Unrecognized tax benefits at December 31 | $ 6,634 | $ 7,147 | $ 7,042 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) $ in Thousands | Jan. 01, 2017 | Jan. 01, 2016 | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)employee | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Defined Benefit Plan, Benefit Obligation | $ 731,825 | $ 723,887 | $ 748,421 | |||||||||
Noncurrent liabilities | 57,395 | 76,314 | ||||||||||
Benefit obligation in excess of plan assets | $ 41,088 | $ 44,094 | $ 47,100 | $ 41,088 | 57,395 | 76,314 | ||||||
Accumulated benefit obligation in excess of plan assets | 46,471 | 64,724 | ||||||||||
Net loss (gain) arising during period | 7,690 | 11,757 | ||||||||||
Amount included in regulatory assets and liabilities | 203,047 | 209,252 | ||||||||||
Benefit obligation | 731,825 | 723,887 | ||||||||||
Plan assets | $ 674,430 | 647,573 | ||||||||||
Expected return on plan assets | 6.75% | |||||||||||
Effect of 25 basis point increase in discount rate on pension expense | $ (1,200) | |||||||||||
Effect of 25 basis point decrease in discount rate on pension expense | 1,300 | |||||||||||
Amortization of net losses from regulatory assets | 13,200 | |||||||||||
Amortization of net periodic benefit cost from regulatory assets | 4,200 | |||||||||||
Employer contributions during quarter | 7,211 | 15,950 | 25,166 | 54,100 | ||||||||
Pension expense | 34,600 | 35,700 | ||||||||||
Service cost | 1,836 | 1,836 | 1,836 | $ 1,754 | 5,508 | $ 5,263 | 7,018 | 8,314 | 7,231 | |||
Interest cost | 6,326 | 6,326 | 6,327 | 6,454 | 18,979 | 19,362 | $ 25,815 | $ 29,638 | $ 31,154 | |||
Pension Benefit [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Percentage of employees covered by the plan | 79.00% | |||||||||||
Benefit obligation in excess of plan assets | $ (56,300) | |||||||||||
Accumulated benefit obligation in excess of plan assets | $ 45,400 | |||||||||||
Discount rate | 4.29% | 4.42% | 4.06% | 4.92% | ||||||||
Expected return on plan assets | 6.75% | 6.75% | 7.00% | |||||||||
Amortization of net losses from regulatory assets | $ 13,000 | |||||||||||
Amortization of net periodic benefit cost from regulatory assets | 4,200 | |||||||||||
Service cost | 400 | |||||||||||
Interest cost | $ 5,300 | |||||||||||
Supplemental Retirement Plan [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Number of plan participants | employee | 23 | |||||||||||
Benefit obligation in excess of plan assets | $ (1,100) | |||||||||||
Accumulated benefit obligation in excess of plan assets | $ 1,100 | |||||||||||
Discount rate | 4.00% | 4.19% | 3.82% | 4.64% | ||||||||
Expected return on plan assets | 6.75% | 6.75% | 7.00% | |||||||||
Amortization of net losses from regulatory assets | $ 200 | |||||||||||
Amortization of net periodic benefit cost from regulatory assets | 0 | |||||||||||
Service cost | 0 | |||||||||||
Interest cost | $ 0 | |||||||||||
Postretirement Benefit Plans [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Number of plan participants, active | employee | 168 | |||||||||||
Number of plan participants, retired | employee | 15 | |||||||||||
Indianapolis Power And Light Company [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Defined Benefit Plan, Benefit Obligation | $ 731,825 | $ 723,887 | $ 748,421 | |||||||||
Noncurrent liabilities | 57,395 | 76,314 | ||||||||||
Benefit obligation in excess of plan assets | 41,088 | 44,094 | 47,100 | 41,088 | 57,395 | 76,314 | ||||||
Accumulated benefit obligation in excess of plan assets | 46,471 | 64,724 | ||||||||||
Net loss (gain) arising during period | 7,690 | 11,757 | ||||||||||
Pension liability actuarial loss | 2,000 | |||||||||||
Pension liability actuarial loss, change in discount rate | 9,700 | |||||||||||
Amount included in regulatory assets and liabilities | $ 203,047 | 209,252 | ||||||||||
Minimum percentage of unrecognized net loss over benefit obligation or assets in order to be amortized | 10.00% | |||||||||||
Amortization period of unrecognized loss | 9 years 9 months | |||||||||||
Benefit obligation | $ 731,825 | 723,887 | ||||||||||
Plan assets | 674,430 | 647,573 | ||||||||||
Unfunded status of plan | $ (57,400) | |||||||||||
Expected return on plan assets | 6.75% | |||||||||||
Effect of 25 basis point increase in discount rate on pension expense | $ (1,200) | |||||||||||
Effect of 25 basis point decrease in discount rate on pension expense | 1,300 | |||||||||||
Amortization of net losses from regulatory assets | 13,200 | |||||||||||
Amortization of net periodic benefit cost from regulatory assets | 4,200 | |||||||||||
Employer contributions during quarter | 7,211 | $ 15,950 | 25,166 | $ 54,100 | ||||||||
Funded target liability (percent) | 108.00% | |||||||||||
Normal service cost | $ 7,100 | |||||||||||
Plan expenses | 2,200 | |||||||||||
Required funding in next fiscal year | 7,100 | |||||||||||
Pension expense | 34,600 | 35,700 | ||||||||||
Service cost | 1,836 | 1,836 | 1,836 | 1,754 | 5,508 | 5,263 | 7,018 | 8,314 | 7,231 | |||
Interest cost | 6,326 | $ 6,326 | $ 6,327 | $ 6,454 | 18,979 | $ 19,362 | 25,815 | $ 29,638 | $ 31,154 | |||
Indianapolis Power And Light Company [Member] | Postretirement Health Coverage [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Defined Benefit Plan, Benefit Obligation | $ 7,300 | $ 7,300 | $ 6,800 | |||||||||
Indianapolis Power And Light Company [Member] | Pension Benefit [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Percentage of employees covered by the plan | 79.00% | |||||||||||
Benefit obligation in excess of plan assets | $ 56,300 | |||||||||||
Accumulated benefit obligation in excess of plan assets | $ 45,400 | |||||||||||
Discount rate | 4.29% | 4.42% | 4.06% | 4.92% | ||||||||
Expected return on plan assets | 6.75% | 6.75% | 7.00% | |||||||||
Amortization of net losses from regulatory assets | $ 13,000 | |||||||||||
Amortization of net periodic benefit cost from regulatory assets | 4,200 | |||||||||||
Service cost | 400 | |||||||||||
Interest cost | $ 5,300 | |||||||||||
Indianapolis Power And Light Company [Member] | Supplemental Retirement Plan [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Number of plan participants | employee | 23 | |||||||||||
Benefit obligation in excess of plan assets | $ 1,100 | |||||||||||
Accumulated benefit obligation in excess of plan assets | $ 1,100 | |||||||||||
Discount rate | 4.00% | 4.19% | 3.82% | 4.64% | ||||||||
Expected return on plan assets | 6.75% | 6.75% | 7.00% | |||||||||
Amortization of net losses from regulatory assets | $ 200 | |||||||||||
Amortization of net periodic benefit cost from regulatory assets | 0 | |||||||||||
Service cost | 0 | |||||||||||
Interest cost | $ 0 | |||||||||||
Indianapolis Power And Light Company [Member] | Postretirement Benefit Plans [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Number of plan participants, active | employee | 168 | |||||||||||
Number of plan participants, retired | employee | 15 | |||||||||||
Subsequent Event [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Expected return on plan assets | 6.75% | |||||||||||
Subsequent Event [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Expected return on plan assets | 6.75% | |||||||||||
Thrift Plan [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Percentage of employees covered by the plan | 87.00% | |||||||||||
Defined contripution plan contributions | $ 3,100 | $ 3,100 | $ 3,000 | |||||||||
Thrift Plan [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Percentage of employees covered by the plan | 87.00% | |||||||||||
Defined contripution plan contributions | $ 3,100 | 3,100 | 3,000 | |||||||||
Retirement Savings Plan [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Percentage of employees covered by the plan | 13.00% | |||||||||||
Percentage of employee's base compensation matched | 5.00% | |||||||||||
Defined contripution plan contributions | $ 1,000 | 300 | 1,500 | |||||||||
Retirement Savings Plan [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Percentage of employees covered by the plan | 13.00% | |||||||||||
Percentage of employee's base compensation matched | 5.00% | |||||||||||
Defined contripution plan contributions | $ 1,000 | $ 300 | $ 1,500 | |||||||||
Union Employees [Member] | Thrift Plan [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Percentage of employees covered by the plan | 8.00% | |||||||||||
Union Employees [Member] | Thrift Plan [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Percentage of employees covered by the plan | 8.00% | |||||||||||
Defined Benefit Plan, Impact of Change [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Service cost | $ 400 | |||||||||||
Interest cost | 5,300 | |||||||||||
Defined Benefit Plan, Impact of Change [Member] | Pension Benefit [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Service cost | (364) | |||||||||||
Interest cost | (5,327) | |||||||||||
Defined Benefit Plan, Impact of Change [Member] | Indianapolis Power And Light Company [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Service cost | 400 | |||||||||||
Interest cost | 5,300 | |||||||||||
Defined Benefit Plan, Impact of Change [Member] | Indianapolis Power And Light Company [Member] | Pension Benefit [Member] | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Service cost | (364) | |||||||||||
Interest cost | $ (5,327) |
Benefit Plans (Schedule Of Defi
Benefit Plans (Schedule Of Defined Benefit Plans Disclosures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in benefit obligation: | |||||||||
Projected benefit obligation at beginning Measurement Date (see below) | $ 731,825 | $ 731,825 | $ 723,887 | $ 723,887 | $ 748,421 | ||||
Service cost | $ (1,836) | $ (1,836) | (1,836) | $ (1,754) | (5,508) | (5,263) | (7,018) | (8,314) | $ (7,231) |
Interest cost | (6,326) | (6,326) | (6,327) | (6,454) | (18,979) | (19,362) | (25,815) | (29,638) | (31,154) |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 11,168 | 11,168 | 11,167 | 10,873 | 33,503 | 32,620 | 43,492 | 44,819 | 41,893 |
Actuarial (gain) loss | 80 | 9,718 | (31,989) | ||||||
Amendments (primarily increases in pension bands) | 0 | 5,409 | |||||||
Settlements | 0 | 0 | (146) | 0 | 0 | (395) | |||
Benefits paid | (34,613) | (35,511) | |||||||
Projected benefit obligation at ending Measurement Date | 731,825 | 723,887 | 748,421 | ||||||
Change in plan assets: | |||||||||
Fair value of plan assets at beginning Measurement Date | 674,430 | 674,430 | 647,573 | 647,573 | 657,239 | ||||
Actual return on plan assets | 45,520 | 1,074 | |||||||
Employer contributions during quarter | 7,211 | 15,950 | 25,166 | 54,100 | |||||
Benefits paid | (34,613) | (35,511) | |||||||
Fair value of plan assets at ending Measurement Date | 674,430 | 647,573 | 657,239 | ||||||
Unfunded status | (41,088) | (44,094) | (47,100) | (41,088) | (57,395) | (76,314) | |||
Regulatory Assets | 484,622 | 456,202 | |||||||
Amounts recognized in the statement of financial position under ASC 715: | |||||||||
Noncurrent liabilities | (57,395) | (76,314) | |||||||
Net amount recognized | (57,395) | (76,314) | |||||||
Sources of change in regulatory assets(1): | |||||||||
Prior service cost (credit) arising during period | 0 | 5,409 | |||||||
Net loss (gain) arising during period | 7,690 | 11,757 | |||||||
Amortization of prior service cost | (1,060) | (1,296) | (3,180) | (3,888) | (5,183) | (4,867) | (4,853) | ||
Amortization of gain (loss) | (13,896) | (14,096) | |||||||
Total recognized in regulatory assets | (11,389) | (1,797) | |||||||
Defined Benefit Plan, Amortization of Gain (Loss) | (3,298) | (3,474) | (9,897) | (10,422) | |||||
Net loss (gain) | 203,047 | 209,252 | |||||||
Prior service cost (credit) | 20,658 | 25,842 | |||||||
Total amounts included in regulatory assets (liabilities) | 223,705 | 235,094 | |||||||
Indianapolis Power And Light Company [Member] | |||||||||
Change in benefit obligation: | |||||||||
Projected benefit obligation at beginning Measurement Date (see below) | 731,825 | 731,825 | 723,887 | 723,887 | 748,421 | ||||
Service cost | (1,836) | (1,836) | (1,836) | (1,754) | (5,508) | (5,263) | (7,018) | (8,314) | (7,231) |
Interest cost | (6,326) | (6,326) | (6,327) | (6,454) | (18,979) | (19,362) | (25,815) | (29,638) | (31,154) |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 11,168 | 11,168 | 11,167 | 10,873 | 33,503 | 32,620 | 43,492 | 44,819 | 41,893 |
Actuarial (gain) loss | 80 | 9,718 | (31,989) | ||||||
Amendments (primarily increases in pension bands) | 0 | 5,409 | |||||||
Settlements | 0 | 0 | (146) | 0 | 0 | 395 | |||
Benefits paid | (34,613) | (35,511) | |||||||
Projected benefit obligation at ending Measurement Date | 731,825 | 723,887 | |||||||
Change in plan assets: | |||||||||
Fair value of plan assets at beginning Measurement Date | 674,430 | 674,430 | 647,573 | 647,573 | 657,239 | ||||
Actual return on plan assets | 45,520 | 1,074 | |||||||
Employer contributions during quarter | 7,211 | 15,950 | 25,166 | 54,100 | |||||
Benefits paid | (34,613) | (35,511) | |||||||
Fair value of plan assets at ending Measurement Date | 674,430 | 647,573 | |||||||
Unfunded status | (41,088) | (44,094) | (47,100) | (41,088) | (57,395) | (76,314) | |||
Regulatory Assets | 484,622 | 456,202 | |||||||
Amounts recognized in the statement of financial position under ASC 715: | |||||||||
Noncurrent liabilities | (57,395) | (76,314) | |||||||
Net amount recognized | (57,395) | (76,314) | |||||||
Sources of change in regulatory assets(1): | |||||||||
Prior service cost (credit) arising during period | 0 | 5,409 | |||||||
Net loss (gain) arising during period | 7,690 | 11,757 | |||||||
Amortization of prior service cost | (1,060) | (1,296) | (3,180) | (3,888) | (5,183) | (4,867) | $ (4,853) | ||
Amortization of gain (loss) | (13,896) | (14,096) | |||||||
Total recognized in regulatory assets | (11,389) | (1,797) | |||||||
Defined Benefit Plan, Amortization of Gain (Loss) | (3,298) | $ (3,474) | (9,897) | $ (10,422) | |||||
Net loss (gain) | 203,047 | 209,252 | |||||||
Prior service cost (credit) | 20,658 | 25,842 | |||||||
Total amounts included in regulatory assets (liabilities) | 223,705 | $ 235,094 | |||||||
Pension Benefit [Member] | |||||||||
Change in benefit obligation: | |||||||||
Service cost | (400) | ||||||||
Interest cost | (5,300) | ||||||||
Actuarial (gain) loss | 80 | ||||||||
Settlements | (146) | ||||||||
Change in plan assets: | |||||||||
Unfunded status | 56,300 | ||||||||
Regulatory Assets | 210,402 | 214,760 | 219,119 | 210,402 | 223,705 | ||||
Sources of change in regulatory assets(1): | |||||||||
Amortization of prior service cost | (1,060) | (1,060) | (1,060) | ||||||
Defined Benefit Plan, Amortization of Gain (Loss) | (3,298) | (3,299) | (3,300) | ||||||
Pension Benefit [Member] | Indianapolis Power And Light Company [Member] | |||||||||
Change in benefit obligation: | |||||||||
Service cost | (400) | ||||||||
Interest cost | (5,300) | ||||||||
Actuarial (gain) loss | 80 | ||||||||
Settlements | (146) | ||||||||
Change in plan assets: | |||||||||
Unfunded status | (56,300) | ||||||||
Regulatory Assets | 210,402 | 214,760 | 219,119 | $ 210,402 | $ 223,705 | ||||
Sources of change in regulatory assets(1): | |||||||||
Amortization of prior service cost | (1,060) | (1,060) | (1,060) | ||||||
Defined Benefit Plan, Amortization of Gain (Loss) | $ (3,298) | $ (3,299) | $ (3,300) |
Benefit Plans (Information For
Benefit Plans (Information For Pension Plans With A Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Entity Information [Line Items] | |||||
Benefit obligation | $ 731,825 | $ 723,887 | |||
Plan assets | 674,430 | 647,573 | |||
Benefit obligation in excess of plan assets | $ 41,088 | $ 44,094 | $ 47,100 | 57,395 | 76,314 |
Indianapolis Power And Light Company [Member] | |||||
Entity Information [Line Items] | |||||
Benefit obligation | 731,825 | 723,887 | |||
Plan assets | 674,430 | 647,573 | |||
Benefit obligation in excess of plan assets | $ 41,088 | $ 44,094 | $ 47,100 | $ 57,395 | $ 76,314 |
Benefit Plans (Information Fo55
Benefit Plans (Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Entity Information [Line Items] | ||
Accumulated benefit obligation | $ 720,901 | $ 712,297 |
Plan assets | 674,430 | 647,573 |
Accumulated benefit obligation in excess of plan assets | 46,471 | 64,724 |
Indianapolis Power And Light Company [Member] | ||
Entity Information [Line Items] | ||
Accumulated benefit obligation | 720,901 | 712,297 |
Plan assets | 674,430 | 647,573 |
Accumulated benefit obligation in excess of plan assets | $ 46,471 | $ 64,724 |
Benefit Plans (Schedule Of Net
Benefit Plans (Schedule Of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | Jan. 01, 2016 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Service cost | $ 1,836 | $ 1,836 | $ 1,836 | $ 1,754 | $ 5,508 | $ 5,263 | $ 7,018 | $ 8,314 | $ 7,231 | |
Interest cost | 6,326 | 6,326 | 6,327 | 6,454 | 18,979 | 19,362 | 25,815 | 29,638 | 31,154 | |
Expected return on assets | (11,168) | (11,168) | (11,167) | (10,873) | (33,503) | (32,620) | (43,492) | (44,819) | (41,893) | |
Amortization of prior service cost | 1,060 | 1,296 | 3,180 | 3,888 | 5,183 | 4,867 | 4,853 | |||
Recognized actuarial loss | 13,896 | 13,890 | 9,710 | |||||||
Net periodic benefit cost | 1,352 | 2,105 | 4,207 | 6,315 | 8,420 | 12,096 | 11,055 | |||
Less: amounts capitalized | 1,187 | 1,403 | 1,426 | |||||||
Amount charged to expense | $ 7,233 | 10,693 | 9,629 | |||||||
Expected return on plan assets | 6.75% | |||||||||
Defined Benefit Plan, Amortization of Gain (Loss) | 3,298 | 3,474 | 9,897 | 10,422 | ||||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | 146 | 0 | $ 0 | 395 | ||||
Indianapolis Power And Light Company [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Service cost | 1,836 | 1,836 | 1,836 | 1,754 | 5,508 | 5,263 | 7,018 | 8,314 | 7,231 | |
Interest cost | 6,326 | 6,326 | 6,327 | 6,454 | 18,979 | 19,362 | 25,815 | 29,638 | 31,154 | |
Expected return on assets | (11,168) | (11,168) | (11,167) | (10,873) | (33,503) | (32,620) | (43,492) | (44,819) | (41,893) | |
Amortization of prior service cost | 1,060 | 1,296 | 3,180 | 3,888 | 5,183 | 4,867 | 4,853 | |||
Recognized actuarial loss | 13,896 | 13,890 | 9,710 | |||||||
Recognized settlement loss | 0 | (206) | 0 | |||||||
Net periodic benefit cost | 1,352 | 2,105 | 4,207 | 6,315 | 8,420 | 12,096 | 11,055 | |||
Less: amounts capitalized | 1,187 | 1,403 | 1,426 | |||||||
Amount charged to expense | $ 7,233 | 10,693 | $ 9,629 | |||||||
Expected return on plan assets | 6.75% | |||||||||
Defined Benefit Plan, Amortization of Gain (Loss) | 3,298 | 3,474 | 9,897 | 10,422 | ||||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | $ 0 | $ 146 | $ 0 | $ 0 | $ (395) | ||||
Pension Benefit [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Service cost | 400 | |||||||||
Interest cost | $ 5,300 | |||||||||
Amortization of prior service cost | 1,060 | 1,060 | 1,060 | |||||||
Discount rate | 4.29% | 4.42% | 4.06% | 4.92% | ||||||
Expected return on plan assets | 6.75% | 6.75% | 7.00% | |||||||
Defined Benefit Plan, Amortization of Gain (Loss) | 3,298 | 3,299 | 3,300 | |||||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 146 | |||||||||
Pension Benefit [Member] | Indianapolis Power And Light Company [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Service cost | $ 400 | |||||||||
Interest cost | $ 5,300 | |||||||||
Amortization of prior service cost | 1,060 | 1,060 | 1,060 | |||||||
Discount rate | 4.29% | 4.42% | 4.06% | 4.92% | ||||||
Expected return on plan assets | 6.75% | 6.75% | 7.00% | |||||||
Defined Benefit Plan, Amortization of Gain (Loss) | $ 3,298 | $ 3,299 | 3,300 | |||||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | $ 146 | |||||||||
Supplemental Retirement Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Service cost | $ 0 | |||||||||
Interest cost | $ 0 | |||||||||
Discount rate | 4.00% | 4.19% | 3.82% | 4.64% | ||||||
Expected return on plan assets | 6.75% | 6.75% | 7.00% | |||||||
Supplemental Retirement Plan [Member] | Indianapolis Power And Light Company [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Service cost | $ 0 | |||||||||
Interest cost | $ 0 | |||||||||
Discount rate | 4.00% | 4.19% | 3.82% | 4.64% | ||||||
Expected return on plan assets | 6.75% | 6.75% | 7.00% |
Benefit Plans (Schedule Of Asse
Benefit Plans (Schedule Of Asset Allocation Guidelines) (Details) | Dec. 31, 2016 |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation | 60.00% |
Equity Securities [Member] | Indianapolis Power And Light Company [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation | 60.00% |
Debt Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation | 40.00% |
Debt Securities [Member] | Indianapolis Power And Light Company [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation | 40.00% |
Benefit Plans (Schedule Of Fair
Benefit Plans (Schedule Of Fair Value Of Pension Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 674,430 | $ 647,573 | $ 657,239 | |
Percentage by asset category | 100.00% | 100.00% | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 674,430 | $ 647,573 | ||
Short-Term Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 78 | $ 176 | ||
Percentage by asset category | 0.00% | 0.00% | ||
Short-Term Investments [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 78 | $ 176 | ||
U.S. Equities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 329,877 | $ 318,368 | ||
Percentage by asset category | 49.00% | 49.00% | ||
U.S. Equities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 329,877 | $ 318,368 | ||
International Equities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 58,833 | $ 60,751 | ||
Percentage by asset category | 9.00% | 10.00% | ||
International Equities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 58,833 | $ 60,751 | ||
Fixed Income [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 230,926 | $ 215,325 | ||
Percentage by asset category | 34.00% | 33.00% | ||
Fixed Income [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 230,926 | $ 215,325 | ||
US Treasury Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 54,716 | $ 52,953 | ||
Percentage by asset category | 8.00% | 8.00% | ||
US Treasury Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 54,716 | $ 52,953 | ||
Indianapolis Power And Light Company [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 674,430 | $ 647,573 | $ 657,239 | |
Percentage by asset category | 100.00% | 100.00% | ||
Indianapolis Power And Light Company [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 674,430 | $ 647,573 | ||
Indianapolis Power And Light Company [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | 0 | 0 | ||
Indianapolis Power And Light Company [Member] | Short-Term Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 78 | $ 176 | ||
Percentage by asset category | 0.00% | 0.00% | ||
Indianapolis Power And Light Company [Member] | Short-Term Investments [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 78 | $ 176 | ||
Indianapolis Power And Light Company [Member] | U.S. Equities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 329,877 | $ 318,368 | ||
Percentage by asset category | 49.00% | 49.00% | ||
Indianapolis Power And Light Company [Member] | U.S. Equities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 329,877 | $ 318,368 | ||
Indianapolis Power And Light Company [Member] | International Equities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 58,833 | $ 60,751 | ||
Percentage by asset category | 9.00% | 10.00% | ||
Indianapolis Power And Light Company [Member] | International Equities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 58,833 | $ 60,751 | ||
Indianapolis Power And Light Company [Member] | Fixed Income [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 230,926 | $ 215,325 | ||
Percentage by asset category | 34.00% | 33.00% | ||
Indianapolis Power And Light Company [Member] | Fixed Income [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 230,926 | $ 215,325 | ||
Indianapolis Power And Light Company [Member] | US Treasury Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 54,716 | $ 52,953 | ||
Percentage by asset category | 8.00% | 8.00% | ||
Indianapolis Power And Light Company [Member] | US Treasury Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of benefit plan assets | $ 54,716 | $ 52,953 |
Benefit Plans (Schedule Of Expe
Benefit Plans (Schedule Of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Entity Information [Line Items] | |
2,016 | $ 39,624 |
2,017 | 41,043 |
2,018 | 42,527 |
2,019 | 43,745 |
2,020 | 45,084 |
2021 through 2025 (in total) | 235,759 |
Indianapolis Power And Light Company [Member] | |
Entity Information [Line Items] | |
2,016 | 39,624 |
2,017 | 41,043 |
2,018 | 42,527 |
2,019 | 43,745 |
2,020 | 45,084 |
2021 through 2025 (in total) | $ 235,759 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) | 1 Months Ended |
Oct. 31, 2009coal_fired_electric_generating_facility | |
Indianapolis Power And Light Company [Member] | |
Entity Information [Line Items] | |
Number of facilities with violations of Federal Clean Air Act | 3 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Self-insured retention per occurrence | $ 5 | ||
Insurance expense | 3.1 | $ 2.7 | $ 3.2 |
Prepaid insurance | 2 | 2.2 | |
Health coverage expense | 23.2 | 24.5 | 20.1 |
Income taxes receivable | 2.1 | 0.7 | |
Deferred compensation expense | 0.9 | 0.7 | 0.7 |
Billings from related party | 3.9 | 2.4 | 1.1 |
Service Company [Member] | |||
Related Party Transaction [Line Items] | |||
Costs incurred by related party | 27.4 | 23.2 | 22 |
Prepaid balance to related party | 3.4 | 1.2 | |
Director [Member] | |||
Related Party Transaction [Line Items] | |||
Billings from related party | 198.5 | 232 | 80.3 |
Accounts payable to related vendor | 2.3 | 34 | |
Ipalco Enterprises, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Costs incurred by related party | 9.2 | 5.6 | |
Indianapolis Power And Light Company [Member] | |||
Related Party Transaction [Line Items] | |||
Self-insured retention per occurrence | 5 | ||
Insurance expense | 3.1 | 2.7 | 3.2 |
Prepaid insurance | 2 | 2.2 | |
Health coverage expense | 23.2 | 24.5 | 20.1 |
Income taxes receivable | 1 | 2.8 | |
Deferred compensation expense | 0.9 | 0.7 | 0.7 |
Costs incurred by related party | 9.2 | 7.5 | 5.6 |
Prepaid balance to related party | 3.4 | 1.2 | |
Billings from related party | 3.9 | 2.4 | 1.1 |
Indianapolis Power And Light Company [Member] | Service Company [Member] | |||
Related Party Transaction [Line Items] | |||
Costs incurred by related party | 26.9 | 22.6 | $ 22 |
Indianapolis Power And Light Company [Member] | Director [Member] | |||
Related Party Transaction [Line Items] | |||
Billings from related party | 232 | 80.3 | |
Accounts payable to related vendor | $ 2.3 | $ 34 |
Business Segment Information (D
Business Segment Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||||||
Cash | $ 9,200 | $ 9,200 | $ 8,300 | $ 1,700 | |||
Long-term nonutility investments | 4,900 | $ 4,900 | $ 5,200 | ||||
Nonutility assets representation rate, (percent, less than) | 1.00% | 1.00% | 1.00% | ||||
Net income | 33,193 | $ 47,256 | $ 83,868 | $ 104,733 | $ 131,060 | $ 59,524 | $ 77,968 |
Indianapolis Power And Light Company [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Reportable segments | segment | 1 | ||||||
Net income | 43,816 | 51,905 | 105,468 | 121,993 | $ 156,445 | $ 101,921 | $ 109,528 |
Utility Segment [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Net income | $ 43,800 | $ 51,900 | $ 105,500 | $ 122,000 |
Business Segment Information (S
Business Segment Information (Summary Of Company's Reporting Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||
Operating revenues | $ 355,314 | $ 361,339 | $ 1,014,048 | $ 1,012,373 | $ 1,347,430 | $ 1,250,399 | $ 1,321,674 |
Depreciation and amortization | 52,711 | 54,876 | 156,099 | 166,027 | 218,444 | 188,267 | 185,263 |
Tax benefit | 61,209 | 31,566 | 48,044 | ||||
Net income | 33,193 | $ 47,256 | 83,868 | $ 104,733 | 131,060 | 59,524 | 77,968 |
Utility plant - net of depreciation | $ 3,949,958 | $ 3,949,958 | 3,880,918 | 3,441,367 | 2,857,000 | ||
Capital expenditures | 608,000 | 686,000 | 382,000 | ||||
Electric [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 1,347,000 | 1,250,000 | 1,322,000 | ||||
Depreciation and amortization | 218,000 | 188,000 | 185,000 | ||||
Tax benefit | 73,000 | 56,000 | 69,000 | ||||
Net income | 156,000 | 102,000 | 110,000 | ||||
Utility plant - net of depreciation | 3,881,000 | 3,441,000 | 2,857,000 | ||||
Capital expenditures | 608,000 | 686,000 | 382,000 | ||||
Other Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Tax benefit | (11,000) | (25,000) | (21,000) | ||||
Net income | $ (25,000) | $ (42,000) | $ (32,000) |
Schedule I - Condensed Financ64
Schedule I - Condensed Financial Information Of Registrant (Narrative) (Details) $ in Thousands | Jun. 01, 2016USD ($) | Mar. 01, 2016USD ($)shares | Apr. 01, 2015USD ($)shares | Feb. 11, 2015USD ($)itemshares | Jun. 27, 2014USD ($) | Jul. 31, 2013USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2017 | Mar. 31, 2016 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Common shares issued | shares | 100 | ||||||||||||
Ownership percentage by parent | 82.40% | ||||||||||||
Common stock issued and sold to CDPQ | $ 134,276 | $ 214,366 | |||||||||||
Proceeds from Contributed Capital | $ 0 | $ 78,738 | 78,738 | 0 | $ 106,400 | ||||||||
Ipalco Enterprises, Inc. [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Equity contributions from AES | $ 64,800 | $ 106,400 | $ 49,100 | $ 78,738 | $ 0 | $ 106,400 | |||||||
Additional investment through agreement | $ 349,000 | ||||||||||||
Direct and indirect ownership percentage | 30.00% | ||||||||||||
Increase in ownership percentage after investment | 17.65% | ||||||||||||
Ownership percentage by parent | 82.35% | ||||||||||||
Number of board members | item | 11 | ||||||||||||
Common stock issued and sold to CDPQ | $ 134,276 | ||||||||||||
Proceeds from Contributed Capital | $ 78,738 | ||||||||||||
AES U.S. Investments [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Ownership percentage by parent | 82.35% | ||||||||||||
Number of board members | item | 9 | ||||||||||||
CDPQ [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Minimum ownership percentage to retain board members | 5.00% | ||||||||||||
Ownership percentage by parent | 17.65% | ||||||||||||
Number of board members | item | 2 | ||||||||||||
Percentage Of Direct And Indirect Ownership Share Of IPALCO | 30.00% | 30.00% | 30.00% | ||||||||||
Shareholder [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Proceeds from Contributed Capital | $ 13,900 | ||||||||||||
Common Stock [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Common stock issued and sold to CDPQ (shares) | shares | 7,403,213 | ||||||||||||
Common stock issued and sold to CDPQ | $ 134,300 | ||||||||||||
Common Stock [Member] | Ipalco Enterprises, Inc. [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Common stock issued and sold to CDPQ (shares) | shares | 11,818,828 | ||||||||||||
Common stock issued and sold to CDPQ | $ 214,400 |
Schedule I - Condensed Financ65
Schedule I - Condensed Financial Information Of Registrant (Unconsolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | $ 26,327 | $ 34,953 | $ 51,303 | $ 21,521 | $ 26,933 | $ 19,067 |
Prepayments and other current assets | 30,964 | 33,504 | 26,063 | |||
Total current assets | 337,327 | 347,840 | 304,584 | |||
Other long-term assets | 6,005 | 5,916 | 5,664 | |||
Other assets - net | 17,321 | 18,404 | 16,197 | |||
TOTAL | 4,745,786 | 4,702,281 | 4,217,169 | |||
Paid in capital | 597,296 | 596,810 | 383,448 | |||
Accumulated deficit | (19,645) | (25,627) | (30,515) | |||
Total common shareholder's deficit | 577,651 | 571,183 | 352,933 | |||
Long-term debt | 2,477,051 | 2,474,840 | 2,153,276 | |||
Total capitalization | 3,114,486 | 3,105,807 | 2,565,993 | |||
Accrued Income Taxes, Current | 3,054 | 0 | ||||
Accrued interest | 35,492 | 32,541 | 31,690 | |||
Total current liabilities | 358,234 | 321,337 | 462,478 | |||
Total deferred credits and other long-term liabilities | 1,273,066 | 1,275,137 | 1,188,698 | |||
TOTAL | 4,745,786 | 4,702,281 | 4,217,169 | |||
Ipalco Enterprises, Inc. [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 7,370 | 774 | $ 1,785 | $ 2,790 | ||
Prepayments and other current assets | 10,076 | 10,608 | ||||
Total current assets | 17,446 | 11,382 | ||||
Investment in subsidiaries | 1,360,235 | 1,127,098 | ||||
Other long-term assets | 3,247 | 3,316 | ||||
Deferred tax asset - long term | 101 | 22,702 | ||||
Other assets - net | 1,363,583 | 1,153,116 | ||||
TOTAL | 1,381,029 | 1,164,498 | ||||
Paid in capital | 596,810 | 383,448 | ||||
Accumulated deficit | (25,627) | (30,515) | ||||
Total common shareholder's deficit | 571,183 | 352,933 | ||||
Long-term debt | $ 801,282 | 799,709 | 797,771 | |||
Total capitalization | 1,370,892 | 1,150,704 | ||||
Accounts payable and accrued expenses | 359 | 383 | ||||
Accrued Income Taxes, Current | 0 | 2,857 | ||||
Accrued interest | 9,776 | 10,552 | ||||
Total current liabilities | 10,135 | 13,792 | ||||
Total deferred credits and other long-term liabilities | 2 | 2 | ||||
TOTAL | $ 1,381,029 | $ 1,164,498 |
Schedule I - Condensed Financ66
Schedule I - Condensed Financial Information Of Registrant (Unconsolidated Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||
Loss on early extinguishment of debt | $ 0 | $ (21,956) | $ 0 | ||||
Income taxes - net | 61,209 | 31,566 | 48,044 | ||||
Interest on long-term debt | $ (30,575) | $ (29,018) | $ (89,077) | $ (82,571) | (111,611) | (106,936) | (108,104) |
Amortization of redemption premiums and expense on debt | (1,081) | (1,017) | (3,241) | (3,123) | (4,147) | (5,067) | (5,275) |
NET INCOME | $ 33,193 | $ 47,256 | $ 83,868 | $ 104,733 | 131,060 | 59,524 | 77,968 |
Ipalco Enterprises, Inc. [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Equity in earnings of subsidiaries | 153,232 | 98,708 | 106,252 | ||||
Loss on early extinguishment of debt | 0 | (21,956) | 0 | ||||
Income taxes - net | 11,483 | 24,650 | 21,227 | ||||
Interest on long-term debt | (33,973) | (41,659) | (49,000) | ||||
Amortization of redemption premiums and expense on debt | (1,947) | (2,459) | (2,765) | ||||
Other -net | (948) | (973) | (959) | ||||
NET INCOME | $ 127,847 | $ 56,311 | $ 74,755 |
Schedule I - Condensed Financ67
Schedule I - Condensed Financial Information Of Registrant (Unconsolidated Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | Jun. 01, 2016 | Jun. 27, 2014 | Jul. 31, 2013 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Net income | $ 33,193 | $ 47,256 | $ 83,868 | $ 104,733 | $ 131,060 | $ 59,524 | $ 77,968 | |||
Amortization of debt issuance costs and discounts | 1,081 | 1,017 | 3,241 | 3,123 | 4,147 | 5,067 | 5,275 | |||
Income taxes receivable or payable | (1,603) | 0 | 590 | |||||||
Accounts payable and accrued expenses | (10,864) | (1,306) | 13,668 | (716) | (24,322) | |||||
Other - net | (4,841) | 7,395 | 3,559 | 6,654 | 809 | |||||
Net cash provided by operating activities | 324,591 | 252,425 | 253,997 | |||||||
Net cash used in investing activities | (608,688) | (695,117) | (397,358) | |||||||
Long-term borrowings, net of discount | 404,633 | 347,662 | 387,662 | 753,350 | 128,358 | |||||
Retirement of long-term debt | (408,152) | 0 | (40,000) | (552,179) | 0 | |||||
Dividends on common stock | (75,476) | (86,443) | (122,959) | (69,487) | (78,400) | |||||
Issuance of common stock | 0 | 134,276 | 134,276 | 214,366 | 0 | |||||
Other - net | (228) | (152) | (153) | (368) | (194) | |||||
Net cash provided by financing activities | 297,529 | 437,280 | 151,227 | |||||||
Net change in cash and cash equivalents | (8,626) | 29,782 | 13,432 | (5,412) | 7,866 | |||||
Cash and cash equivalents at beginning of period | 34,953 | 21,521 | 21,521 | 26,933 | 19,067 | |||||
Cash and cash equivalents at end of period | $ 26,327 | $ 51,303 | 26,327 | 51,303 | 34,953 | 21,521 | 26,933 | |||
Ipalco Enterprises, Inc. [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Net income | 127,847 | 56,311 | 74,755 | |||||||
Equity in earnings of subsidiaries | (153,232) | (98,708) | (106,252) | |||||||
Cash dividends received from subsidiary companies | 136,466 | 106,997 | 127,400 | |||||||
Amortization of debt issuance costs and discounts | 1,947 | 2,459 | 2,765 | |||||||
Deferred income taxes - net | 22,601 | (2,190) | (20,445) | |||||||
Charges related to early extinguishment of debt | 0 | 21,956 | 0 | |||||||
Income taxes receivable or payable | (5,425) | 2,465 | (501) | |||||||
Accounts payable and accrued expenses | (800) | (391) | (599) | |||||||
Other - net | 145 | 639 | 255 | |||||||
Net cash provided by operating activities | 129,549 | 89,538 | 77,378 | |||||||
Investment in subsidiaries | (212,997) | (214,366) | (106,383) | |||||||
Net cash used in investing activities | (212,997) | (214,366) | (106,383) | |||||||
Long-term borrowings, net of discount | 0 | 404,712 | 0 | |||||||
Retirement of long-term debt | 0 | 420,329 | 0 | |||||||
Dividends on common stock | (122,959) | (69,487) | (78,400) | |||||||
Issuance of common stock | 134,276 | 214,366 | 0 | |||||||
Equity contributions from AES | $ 64,800 | $ 106,400 | $ 49,100 | 78,738 | 0 | 106,400 | ||||
Other - net | (11) | (5,445) | 0 | |||||||
Net cash provided by financing activities | 90,044 | 123,817 | 28,000 | |||||||
Net change in cash and cash equivalents | 6,596 | (1,011) | (1,005) | |||||||
Cash and cash equivalents at beginning of period | $ 7,370 | $ 774 | 774 | 1,785 | 2,790 | |||||
Cash and cash equivalents at end of period | $ 7,370 | $ 774 | $ 1,785 |
Schedule I - Condensed Financ68
Schedule I - Condensed Financial Information Of Registrant (Unconsolidated Statements Of Common Shareholders' Deficit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | $ 571,183 | $ 352,933 | $ 352,933 | $ 151,271 | $ 47,774 | ||
Net income applicable to common stock | $ 32,390 | $ 46,453 | 81,458 | 102,323 | 127,847 | 56,311 | 74,755 |
Distributions to AES | (122,959) | (69,487) | (78,400) | ||||
Proceeds from Contributed Capital | 0 | 78,738 | 78,738 | 0 | 106,400 | ||
Issuance of common stock | 134,276 | 214,366 | |||||
Other | 348 | 472 | 742 | ||||
Ending Balance | 571,183 | 352,933 | 151,271 | ||||
Ipalco Enterprises, Inc. [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | 571,183 | 352,933 | 352,933 | 151,271 | 47,774 | ||
Net income applicable to common stock | 127,847 | 56,311 | 74,755 | ||||
Distributions to AES | (122,959) | (69,487) | (78,400) | ||||
Proceeds from Contributed Capital | 78,738 | ||||||
Issuance of common stock | 134,276 | ||||||
Contributions from AES | 214,366 | 106,400 | |||||
Other | 348 | 472 | 742 | ||||
Ending Balance | 571,183 | 352,933 | 151,271 | ||||
Paid In Capital [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | 596,810 | 383,448 | 383,448 | 168,610 | 61,468 | ||
Proceeds from Contributed Capital | 78,738 | 106,400 | |||||
Issuance of common stock | 134,276 | 214,366 | |||||
Other | 348 | 472 | 742 | ||||
Ending Balance | 596,810 | 383,448 | 168,610 | ||||
Paid In Capital [Member] | Ipalco Enterprises, Inc. [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | 596,810 | 383,448 | 383,448 | 168,610 | 61,468 | ||
Proceeds from Contributed Capital | 78,738 | ||||||
Issuance of common stock | 134,276 | ||||||
Contributions from AES | 214,366 | 106,400 | |||||
Other | 348 | 472 | 742 | ||||
Ending Balance | 596,810 | 383,448 | 168,610 | ||||
Accumulated Deficit [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | (25,627) | (30,515) | (30,515) | (17,339) | (13,694) | ||
Net income applicable to common stock | 127,847 | 56,311 | 74,755 | ||||
Distributions to AES | (122,959) | (69,487) | (78,400) | ||||
Ending Balance | (25,627) | (30,515) | (17,339) | ||||
Accumulated Deficit [Member] | Ipalco Enterprises, Inc. [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | $ (25,627) | $ (30,515) | (30,515) | (17,339) | (13,694) | ||
Net income applicable to common stock | 127,847 | 56,311 | 74,755 | ||||
Distributions to AES | (122,959) | (69,487) | (78,400) | ||||
Ending Balance | $ (25,627) | $ (30,515) | $ (17,339) |
Schedule I - Condensed Financ69
Schedule I - Condensed Financial Information Of Registrant (Long-Term Indebtedness) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Jun. 30, 2015 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||||||
Unamortized discount - net | $ (6,900) | $ (6,900) | $ (6,800) | $ (4,600) | |||
Debt Issuance Costs, Net | (24,800) | (24,800) | (22,200) | (20,800) | |||
Long-term debt | 2,477,051 | 2,477,051 | 2,499,490 | 2,153,276 | |||
Current portion of long-term debt | 0 | 0 | 24,650 | 0 | |||
Net Long-term Debt | $ 2,477,051 | 2,477,051 | 2,474,840 | 2,153,276 | |||
Ratio of principal to public offering price | 99.901% | ||||||
Charges related to early extinguishment of debt | 0 | 21,956 | $ 0 | ||||
Ipalco Enterprises, Inc. [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Unamortized discount - net | $ (559) | (559) | (273) | (371) | |||
Debt Issuance Costs, Net | (8,159) | (8,159) | (5,018) | (6,858) | |||
Long-term debt | 799,709 | 797,771 | |||||
Current portion of long-term debt | 0 | 0 | |||||
Net Long-term Debt | 801,282 | 801,282 | 799,709 | 797,771 | |||
Refunded aggregate principal | 400,000 | ||||||
Charges related to early extinguishment of debt | $ 0 | 21,956 | $ 0 | ||||
Ipalco Enterprises, Inc. [Member] | 7.25% Senior Secured Notes [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Long-term debt | $ 33,500 | ||||||
Debt, stated interest rate | 7.25% | ||||||
Refunded aggregate principal | $ 366,500 | ||||||
Ipalco Enterprises, Inc. [Member] | 5.00% Senior Secured Notes [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Long-term debt | 0 | $ 0 | $ 400,000 | 400,000 | |||
Debt, stated interest rate | 5.00% | 5.00% | |||||
Debt due date | May 1, 2018 | May 1, 2018 | |||||
Ipalco Enterprises, Inc. [Member] | 3.45% Senior Secured Notes [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Long-term debt | $ 405,000 | $ 405,000 | $ 405,000 | $ 405,000 | |||
Debt, stated interest rate | 3.45% | 3.45% | |||||
Debt due date | Jul. 1, 2020 | Jul. 1, 2020 | |||||
Ratio of principal to public offering price | 99.929% | ||||||
Proceeds from Issuance of Secured Debt | $ 399,500 | ||||||
Other Nonoperating Income (Expense) [Member] | Ipalco Enterprises, Inc. [Member] | 7.25% Senior Secured Notes [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Charges related to early extinguishment of debt | $ 22,100 |
Schedule II - Valuation And Q70
Schedule II - Valuation And Qualifying Accounts And Reserves (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 2,498 | $ 2,076 | $ 1,982 |
Charged to Income | 4,122 | 4,273 | 4,852 |
Net Write-offs | 4,255 | 3,851 | 4,758 |
Balance at End of Period | 2,365 | 2,498 | 2,076 |
Indianapolis Power And Light Company [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 2,498 | 2,076 | 1,982 |
Charged to Income | 4,122 | 4,273 | 4,852 |
Net Write-offs | 4,255 | 3,851 | 4,758 |
Balance at End of Period | $ 2,365 | $ 2,498 | $ 2,076 |