Document_and_Entity_Informatio
Document and Entity Information (DEI) Document (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Jan. 01, 2012 | |
Idaho Power Company | Settlement Stipulation - Investment Tax Credits and Idaho Sharing Mechanism | ||||||
Document Information | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $0 | ' | $0 | ' | $0 | ' | ' |
Maximum leverage ratio requirement | ' | ' | ' | ' | ' | 0.65 | ' |
Period of Current ADITC Stipulation | ' | ' | ' | ' | ' | ' | '3 years |
Amount outstanding on credit facility | ' | ' | ' | ' | ' | $0 | ' |
Dividends Declared Per Share of Common Stock | $0.43 | $0.38 | $1.29 | $1.14 | ' | ' | ' |
Document Type | ' | ' | '10-Q | ' | ' | ' | ' |
Amendment Flag | ' | ' | 'false | ' | ' | ' | ' |
Document Period End Date | ' | ' | 30-Sep-14 | ' | ' | ' | ' |
Document Fiscal Year Focus | ' | ' | '2014 | ' | ' | ' | ' |
Document Fiscal Period Focus | ' | ' | 'Q3 | ' | ' | ' | ' |
Trading Symbol | ' | ' | 'IDA | ' | ' | ' | ' |
Entity Registrant Name | ' | ' | 'IDACORP INC. | ' | ' | 'Idaho Power Company | ' |
Entity Central Index Key | ' | ' | '0001057877 | ' | ' | '0000049648 | ' |
Current Fiscal Year End Date | ' | ' | '--12-31 | ' | ' | ' | ' |
Entity Filer Category | ' | ' | 'Large Accelerated Filer | ' | ' | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | 50,268,748 | ' | 50,268,748 | ' | ' | 39,150,812 | ' |
Entity Tax Identification Number | ' | ' | '820505802 | ' | ' | '820130980 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income Statement (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Revenues: | ' | ' | ' | ' |
General business | $347,838 | $349,428 | $874,817 | $846,079 |
Off-system sales | 15,449 | 11,169 | 56,390 | 31,597 |
Other revenues | 17,424 | 19,707 | 58,479 | 69,853 |
Total electric utility revenues | 380,711 | 380,304 | 989,686 | 947,529 |
Other | 1,490 | 803 | 3,017 | 2,455 |
Total operating revenues | 382,201 | 381,107 | 992,703 | 949,984 |
Operating Expenses: | ' | ' | ' | ' |
Purchased power | 75,058 | 74,088 | 181,291 | 166,097 |
Fuel expense | 67,088 | 64,858 | 156,859 | 155,901 |
Power cost adjustment expense (deferral) | -668 | -6,960 | 23,496 | -34,969 |
Other operations and maintenance | 84,236 | 84,471 | 252,208 | 247,409 |
Energy efficiency programs | 5,537 | 6,077 | 17,881 | 30,279 |
Depreciation | 33,476 | 32,538 | 99,304 | 96,680 |
Taxes other than income taxes | 8,340 | 7,017 | 24,685 | 23,243 |
Total electric utility expenses | 273,067 | 262,089 | 755,724 | 684,640 |
Other | 3,412 | 3,459 | 10,869 | 10,945 |
Total operating expenses | 276,479 | 265,548 | 766,593 | 695,585 |
Operating Income | 105,722 | 115,559 | 226,110 | 254,399 |
Other Income (Expense): | ' | ' | ' | ' |
Allowance for equity funds used during construction | 4,645 | 3,734 | 13,182 | 10,876 |
Earnings of unconsolidated equity-method investments | 6,414 | 6,261 | 8,908 | 9,402 |
Other (expense) income, net | 1,193 | 1,567 | 4,733 | 3,982 |
Interest Expense: | ' | ' | ' | ' |
Interest on long-term debt | 20,141 | 20,887 | 60,423 | 61,349 |
Other interest | 1,908 | 1,812 | 5,714 | 5,296 |
Allowance for borrowed funds used during construction | -2,178 | -1,904 | -6,287 | -5,711 |
Total interest expense, net | 19,871 | 20,795 | 59,850 | 60,934 |
Income Before Income Taxes | 98,103 | 106,326 | 193,083 | 217,725 |
Income Tax Expense | 10,869 | 33,222 | 33,968 | 62,941 |
Net Income | 87,234 | 73,104 | 159,115 | 154,784 |
Adjustment for (income) loss attributable to noncontrolling interests | -345 | 15 | -283 | 31 |
Net Income Attributable to IDACORP, Inc. | 86,889 | 73,119 | 158,832 | 154,815 |
Weighted Average Common Shares Outstanding - Basic (000bs) | 50,129 | 50,056 | 50,131 | 50,051 |
Weighted Average Common Shares Outstanding - Diluted (000bs) | 50,220 | 50,153 | 50,184 | 50,109 |
Earnings Per Share of Common Stock: | ' | ' | ' | ' |
Earnings Attributable to IDACORP, Inc. - Basic (in dollars per share) | $1.73 | $1.46 | $3.17 | $3.09 |
Earnings Attributable to IDACORP, Inc. - Diluted (in dollars per share) | $1.73 | $1.46 | $3.16 | $3.09 |
Dividends Declared Per Share of Common Stock | $0.43 | $0.38 | $1.29 | $1.14 |
Idaho Power Company | ' | ' | ' | ' |
Operating Revenues: | ' | ' | ' | ' |
General business | 347,838 | 349,428 | 874,817 | 846,079 |
Off-system sales | 15,449 | 11,169 | 56,390 | 31,597 |
Other revenues | 17,424 | 19,707 | 58,479 | 69,853 |
Total electric utility revenues | 380,711 | 380,304 | 989,686 | 947,529 |
Operating Expenses: | ' | ' | ' | ' |
Purchased power | 75,058 | 74,088 | 181,291 | 166,097 |
Fuel expense | 67,088 | 64,858 | 156,859 | 155,901 |
Power cost adjustment expense (deferral) | -668 | -6,960 | 23,496 | -34,969 |
Other operations and maintenance | 84,236 | 84,471 | 252,208 | 247,409 |
Energy efficiency programs | 5,537 | 6,077 | 17,881 | 30,279 |
Depreciation | 33,476 | 32,538 | 99,304 | 96,680 |
Taxes other than income taxes | 8,340 | 7,017 | 24,685 | 23,243 |
Total electric utility expenses | 273,067 | 262,089 | 755,724 | 684,640 |
Operating Income | 107,644 | 118,215 | 233,962 | 262,889 |
Other Income (Expense): | ' | ' | ' | ' |
Allowance for equity funds used during construction | 4,645 | 3,734 | 13,182 | 10,876 |
Earnings of unconsolidated equity-method investments | 5,180 | 5,102 | 7,148 | 7,358 |
Other (expense) income, net | -1,538 | -1,077 | -3,556 | -4,450 |
Total other income | 8,287 | 7,759 | 16,774 | 13,784 |
Interest Expense: | ' | ' | ' | ' |
Interest on long-term debt | 20,141 | 20,887 | 60,423 | 61,349 |
Other interest | 1,859 | 1,724 | 5,547 | 5,009 |
Allowance for borrowed funds used during construction | -2,178 | -1,904 | -6,287 | -5,711 |
Total interest expense, net | 19,822 | 20,707 | 59,683 | 60,647 |
Income Before Income Taxes | 96,109 | 105,267 | 191,053 | 216,026 |
Income Tax Expense | 11,509 | 34,965 | 35,899 | 66,695 |
Net Income | $84,600 | $70,302 | $155,154 | $149,331 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Income | $87,234 | $73,104 | $159,115 | $154,784 |
Other Comprehensive Income: | ' | ' | ' | ' |
Net unrealized holding gains arising during the period, net of tax | 0 | 843 | 0 | 2,283 |
Unfunded pension liability adjustment (net of tax) | 432 | 464 | 1,296 | 1,394 |
Total Comprehensive Income | 87,666 | 74,411 | 160,411 | 158,461 |
Comprehensive (income) loss attributable to noncontrolling interests | -345 | 15 | -283 | 31 |
Comprehensive Income Attributable to IDACORP, Inc. | 87,321 | 74,426 | 160,128 | 158,492 |
Idaho Power Company | ' | ' | ' | ' |
Net Income | 84,600 | 70,302 | 155,154 | 149,331 |
Other Comprehensive Income: | ' | ' | ' | ' |
Net unrealized holding gains arising during the period, net of tax | 0 | 843 | 0 | 2,283 |
Unfunded pension liability adjustment (net of tax) | 432 | 464 | 1,296 | 1,394 |
Total Comprehensive Income | $85,032 | $71,609 | $156,450 | $153,008 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $0 | $541 | $0 | $1,466 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | 277 | 298 | 832 | 894 |
Idaho Power Company | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 0 | 541 | 0 | 1,466 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $277 | $298 | $832 | $894 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets Statement (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $111,038 | $78,162 |
Receivables: | ' | ' |
Customer | 93,272 | 97,873 |
Other | 16,808 | 15,274 |
Taxes receivable | 0 | 156 |
Accrued unbilled revenues | 55,273 | 63,507 |
Materials and supplies (at average cost) | 56,023 | 53,643 |
Fuel stock (at average cost) | 44,733 | 41,546 |
Prepayments | 12,954 | 15,338 |
Deferred income taxes | 32,638 | 46,874 |
Current regulatory assets | 50,995 | 61,837 |
Other | 1,472 | 2,401 |
Total current assets | 475,206 | 476,611 |
Investments | 155,028 | 159,072 |
Property, Plant and Equipment: | ' | ' |
Utility plant in service | 5,194,535 | 5,080,402 |
Accumulated provision for depreciation | -1,823,870 | -1,766,680 |
Utility plant in service - net | 3,370,665 | 3,313,722 |
Construction work in progress | 383,667 | 327,000 |
Utility plant held for future use | 7,090 | 7,090 |
Other property, net of accumulated depreciation | 17,332 | 17,229 |
Property, plant and equipment - net | 3,778,754 | 3,665,041 |
Other Assets: | ' | ' |
American Falls and Milner water rights | 13,958 | 15,803 |
Company-owned life insurance | 23,774 | 22,037 |
Regulatory assets | 1,003,099 | 978,234 |
Long-term receivables | 6,041 | 4,811 |
Other | 42,417 | 42,954 |
Total other assets | 1,089,289 | 1,063,839 |
Total | 5,498,277 | 5,364,563 |
Current Liabilities: | ' | ' |
Current maturities of long-term debt | 1,064 | 1,064 |
Notes payable | 31,800 | 54,750 |
Accounts payable | 82,901 | 91,519 |
Taxes accrued | 26,232 | 13,302 |
Interest accrued | 24,885 | 22,764 |
Accrued compensation | 40,101 | 38,510 |
Current regulatory liabilities | 7,588 | 10,684 |
Other | 25,132 | 17,779 |
Total current liabilities | 239,703 | 250,372 |
Other Liabilities: | ' | ' |
Deferred income taxes | 1,030,076 | 969,593 |
Regulatory liabilities | 385,055 | 375,873 |
Pension and other postretirement benefits | 230,385 | 244,627 |
Other | 45,292 | 54,100 |
Total other liabilities | 1,690,808 | 1,644,193 |
Long-Term Debt | 1,614,377 | 1,615,258 |
Commitments and Contingencies | ' | ' |
Equity: | ' | ' |
Common stock | 843,163 | 839,750 |
Retained earnings | 1,121,390 | 1,027,461 |
Accumulated other comprehensive loss | -15,257 | -16,553 |
Treasury stock | -280 | -8 |
Total IDACORP, Inc. shareholdersb equity | 1,949,016 | 1,850,650 |
Noncontrolling interests | 4,373 | 4,090 |
Total equity | 1,953,389 | 1,854,740 |
Total | 5,498,277 | 5,364,563 |
Idaho Power Company | ' | ' |
Current Assets: | ' | ' |
Cash and cash equivalents | 102,900 | 66,535 |
Receivables: | ' | ' |
Customer | 93,272 | 97,873 |
Other | 16,674 | 14,290 |
Accrued unbilled revenues | 55,273 | 63,507 |
Materials and supplies (at average cost) | 56,023 | 53,643 |
Fuel stock (at average cost) | 44,733 | 41,546 |
Prepayments | 12,840 | 15,204 |
Deferred income taxes | 0 | 12,386 |
Current regulatory assets | 50,995 | 61,837 |
Other | 1,473 | 2,401 |
Total current assets | 434,183 | 429,222 |
Investments | 130,437 | 131,520 |
Property, Plant and Equipment: | ' | ' |
Utility plant in service | 5,194,535 | 5,080,402 |
Accumulated provision for depreciation | -1,823,870 | -1,766,680 |
Utility plant in service - net | 3,370,665 | 3,313,722 |
Construction work in progress | 383,667 | 327,000 |
Utility plant held for future use | 7,090 | 7,090 |
Property, plant and equipment - net | 3,761,422 | 3,647,812 |
Other Assets: | ' | ' |
American Falls and Milner water rights | 13,958 | 15,803 |
Company-owned life insurance | 23,774 | 22,037 |
Regulatory assets | 1,003,099 | 978,234 |
Other | 42,590 | 41,783 |
Total other assets | 1,083,421 | 1,057,857 |
Total | 5,409,463 | 5,266,411 |
Current Liabilities: | ' | ' |
Current maturities of long-term debt | 1,064 | 1,064 |
Accounts payable | 82,170 | 90,529 |
Accounts payable to affiliates | 1,791 | 1,158 |
Taxes accrued | 25,006 | 14,031 |
Interest accrued | 24,885 | 22,764 |
Accrued compensation | 39,926 | 38,297 |
Current regulatory liabilities | 7,588 | 10,684 |
Other | 25,275 | 17,095 |
Total current liabilities | 207,705 | 195,622 |
Other Liabilities: | ' | ' |
Deferred income taxes | 1,112,463 | 1,058,734 |
Regulatory liabilities | 385,055 | 375,873 |
Pension and other postretirement benefits | 230,385 | 244,627 |
Other | 43,953 | 52,265 |
Total other liabilities | 1,771,856 | 1,731,499 |
Long-Term Debt | 1,614,377 | 1,615,258 |
Commitments and Contingencies | ' | ' |
Equity: | ' | ' |
Common stock | 97,877 | 97,877 |
Premium on capital stock | 712,258 | 712,258 |
Capital stock expense | -2,097 | -2,097 |
Retained earnings | 1,022,744 | 932,547 |
Accumulated other comprehensive loss | -15,257 | -16,553 |
Total equity | 1,815,525 | 1,724,032 |
Total capitalization | 3,429,902 | 3,339,290 |
Total | $5,409,463 | $5,266,411 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $2,229 | $2,349 |
Allowance for Doubtful Other Receivables, Current | 158 | 153 |
Allowance for Doubtful Accounts Receivable, Noncurrent | 885 | 885 |
Common Stock, No Par Value | ' | ' |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Shares, Issued | 50,307,512 | 50,233,463 |
Treasury Stock, Shares | 38,764 | 718 |
Idaho Power Company | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | 2,229 | 2,349 |
Allowance for Doubtful Other Receivables, Current | $158 | $153 |
Common Stock, Par or Stated Value Per Share | $2.50 | $2.50 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 39,150,812 | 39,150,812 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities: | ' | ' |
Net Income | $159,115 | $154,784 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 102,366 | 99,534 |
Deferred income taxes and investment tax credits | 25,355 | 46,891 |
Changes in regulatory assets and liabilities | 36,595 | -20,765 |
Pension and Postretirement Benefit Plan Expense | 20,927 | 22,026 |
Contributions to pension and postretirement benefit plans | -32,533 | -32,573 |
Earnings of unconsolidated equity-method investments | -8,908 | -9,402 |
Distributions from unconsolidated equity-method investments | 5,820 | 14,218 |
Allowance for equity funds used during construction | -13,182 | -10,876 |
Other non-cash adjustments to net income, net | 4,417 | 2,308 |
Change in: | ' | ' |
Accounts Receivable | 4,372 | -38,553 |
Accounts payable and other accrued liabilities | -3,359 | -4,505 |
Taxes accrued/receivable | 14,066 | 24,621 |
Other current assets | 2,089 | 4,749 |
Other current liabilities | 7,258 | 5,253 |
Other assets | -2,970 | -1,253 |
Other liabilities | -5,601 | -8,811 |
Net cash provided by operating activities | 315,827 | 247,646 |
Investing Activities: | ' | ' |
Additions to property, plant and equipment | -200,928 | -165,550 |
Proceeds from the sale of emission allowances and RECs | 2,923 | 498 |
Distributions from affordable housing investments | 1,048 | 1,697 |
Other | 4,335 | 3,366 |
Net cash used in investing activities | -192,622 | -159,989 |
Financing Activities: | ' | ' |
Issuance of long-term debt | 0 | 150,000 |
Retirement of long-term debt | -1,064 | -1,064 |
Dividends on common stock | -64,958 | -57,323 |
Net change in short-term borrowings | -22,950 | -16,700 |
Issuance of common stock | 160 | 255 |
Acquisition of treasury stock | -2,737 | -2,124 |
Other | 1,220 | -358 |
Net cash (used in) provided by financing activities | -90,329 | 72,686 |
Net increase in cash and cash equivalents | 32,876 | 160,343 |
Cash and cash equivalents at beginning of the period | 78,162 | 26,527 |
Cash and cash equivalents at end of the period | 111,038 | 186,870 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Income taxes | 4,686 | 60 |
Interest (net of amount capitalized) | 55,743 | 54,907 |
Non-cash investing activities: | ' | ' |
Additions to property, plant and equipment in accounts payable | 19,375 | 22,480 |
Idaho Power Company | ' | ' |
Operating Activities: | ' | ' |
Net Income | 155,154 | 149,331 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 101,925 | 99,035 |
Deferred income taxes and investment tax credits | 14,087 | 44,772 |
Changes in regulatory assets and liabilities | 36,595 | -20,765 |
Pension and Postretirement Benefit Plan Expense | 20,903 | 21,988 |
Contributions to pension and postretirement benefit plans | -32,509 | -32,535 |
Earnings of unconsolidated equity-method investments | -7,148 | -7,358 |
Distributions from unconsolidated equity-method investments | 4,970 | 12,543 |
Allowance for equity funds used during construction | -13,182 | -10,876 |
Other non-cash adjustments to net income, net | 1,188 | 457 |
Change in: | ' | ' |
Accounts Receivable | 3,818 | -40,465 |
Accounts payable and other accrued liabilities | -3,336 | -4,372 |
Taxes accrued/receivable | 12,160 | 21,769 |
Other current assets | 2,069 | 4,744 |
Other current liabilities | 7,288 | 5,185 |
Other assets | -2,970 | -1,253 |
Other liabilities | -5,106 | -8,509 |
Net cash provided by operating activities | 295,906 | 233,691 |
Investing Activities: | ' | ' |
Additions to property, plant and equipment | -200,778 | -165,550 |
Proceeds from the sale of emission allowances and RECs | 2,923 | 498 |
Other | 4,335 | 3,371 |
Net cash used in investing activities | -193,520 | -161,681 |
Financing Activities: | ' | ' |
Issuance of long-term debt | 0 | 150,000 |
Retirement of long-term debt | -1,064 | -1,064 |
Dividends on common stock | -64,957 | -57,313 |
Other | 0 | -2,112 |
Net cash (used in) provided by financing activities | -66,021 | 89,511 |
Net increase in cash and cash equivalents | 36,365 | 161,521 |
Cash and cash equivalents at beginning of the period | 66,535 | 17,251 |
Cash and cash equivalents at end of the period | 102,900 | 178,772 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Income taxes | 19,793 | 8,760 |
Interest (net of amount capitalized) | 55,576 | 54,619 |
Non-cash investing activities: | ' | ' |
Additions to property, plant and equipment in accounts payable | $19,375 | $22,480 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Equity (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Common Stock [Abstract] | ' | ' |
Balance at beginning of period | $839,750 | $834,922 |
Common stock issued | 160 | 255 |
Other common stock changes | 3,253 | 3,398 |
Balance at end of period | 843,163 | 838,575 |
Retained Earnings | ' | ' |
Balance at beginning of period | 1,027,461 | 923,981 |
Net Income Attributable to IDACORP, Inc. | 158,832 | 154,815 |
Common stock dividends | -64,903 | -57,292 |
Balance at end of period | 1,121,390 | 1,021,504 |
Accumulated Other Comprehensive (Loss) Income | ' | ' |
AOCI - Beginning Balance | -16,553 | -17,116 |
Unrealized gain on securities (net of tax) | 0 | 2,283 |
Unfunded pension liability adjustment (net of tax) | 1,296 | 1,394 |
AOCI - Ending Balance | -15,257 | -13,439 |
Treasury Stock | ' | ' |
Balance at beginning of period | -8 | -21 |
Issued | 2,465 | 2,132 |
Acquired | -2,737 | -2,124 |
Balance at end of period | -280 | -13 |
Total IDACORP, Inc. shareholdersb equity at end of period | 1,949,016 | 1,846,627 |
Noncontrolling Interests | ' | ' |
Balance at beginning of period | 4,090 | 4,213 |
Net (loss) income attributable to noncontrolling interests | 283 | -31 |
Balance at end of period | 4,373 | 4,182 |
Total equity at end of period | $1,953,389 | $1,850,809 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Equity (Parenthetical) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Dividends Declared Per Share of Common Stock | $0.43 | $0.38 | $1.29 | $1.14 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
This Quarterly Report on Form 10-Q is a combined report of IDACORP, Inc. (IDACORP) and Idaho Power Company (Idaho Power). Therefore, these Notes to Condensed Consolidated Financial Statements apply to both IDACORP and Idaho Power. However, Idaho Power makes no representation as to the information relating to IDACORP’s other operations. | |
Nature of Business | |
IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the Federal Energy Regulatory Commission (FERC) and the state regulatory commissions of Idaho and Oregon. Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint venturer in Bridger Coal Company (BCC), which mines and supplies coal to the Jim Bridger generating plant owned in part by Idaho Power. | |
IDACORP’s other wholly-owned subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate investments; Ida-West Energy Company (Ida-West), an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA); and IDACORP Energy Services Co. (IESCo), which is the former limited partner of, and current successor by merger to, IDACORP Energy L.P. (IE), a marketer of energy commodities that wound down operations in 2003. | |
Regulation of Utility Operations | |
IDACORP's and Idaho Power's financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues. In these instances, the amounts are deferred as regulatory assets or regulatory liabilities on the balance sheet and recorded on the income statement when recovered or returned through rates. Additionally, regulators can impose regulatory liabilities upon a regulated company for amounts previously collected from customers that are expected to be refunded. The effects of applying these regulatory accounting principles to Idaho Power's operations are discussed in more detail in Note 3. | |
Financial Statements | |
In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's consolidated financial position as of September 30, 2014, consolidated results of operations for the three and nine months ended September 30, 2014 and 2013, and consolidated cash flows for the nine months ended September 30, 2014 and 2013. These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or footnote disclosure concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in IDACORP’s and Idaho Power’s Annual Report on Form 10-K for the year ended December 31, 2013. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective financial condition and results of operations during the period in which such change occurred. | |
Management Estimates | |
Management makes estimates and assumptions when preparing financial statements in conformity with generally accepted accounting principles (GAAP). These estimates and assumptions include those related to rate regulation, retirement benefits, contingencies, litigation, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates. | |
Change in Method of Accounting for Investments in Qualified Affordable Housing Projects | |
On January 15, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-01, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. This ASU permits an accounting policy election to account for investments in qualified affordable housing projects using the proportional amortization method. For its consolidated financial statements as of and for the year ended December 31, 2013, IDACORP elected early adoption of ASU 2014-01 and changed its accounting for its equity-method investments in qualified affordable housing projects to the proportional amortization method. All prior periods were adjusted to reflect the new method. The standard also requires the recognition of the net investment performance in the financial statements as a component of income tax expense. The new method was elected because IDACORP believes the proportional amortization method more fairly represents the economics of and provides users with a better understanding of the returns from such investments than the equity method of amortization. |
INCOME_TAXES
INCOME TAXES: | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
INCOME TAXES | |||||||||||||||||
In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount. | |||||||||||||||||
Income Tax Expense | |||||||||||||||||
The following table provides a summary of income tax expense for the nine months ended September 30 (in thousands of dollars): | |||||||||||||||||
IDACORP | Idaho Power | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Nine months ended September 30, | |||||||||||||||||
Income tax at statutory rates (federal and state) | $ | 75,385 | $ | 85,143 | $ | 74,702 | $ | 84,466 | |||||||||
Capitalized repairs deduction(1) | (19,061 | ) | (16,129 | ) | (19,061 | ) | (16,129 | ) | |||||||||
Accounting method changes | (11,075 | ) | 4,583 | (11,075 | ) | 4,583 | |||||||||||
Affordable housing tax credits | (3,792 | ) | (4,152 | ) | — | — | |||||||||||
Affordable housing investment amortization, net of statutory taxes | 2,041 | 739 | — | — | |||||||||||||
Other(2) | (9,530 | ) | (7,243 | ) | (8,667 | ) | (6,225 | ) | |||||||||
Income tax expense | $ | 33,968 | $ | 62,941 | $ | 35,899 | $ | 66,695 | |||||||||
Effective tax rate | 17.6 | % | 28.9 | % | 18.8 | % | 30.9 | % | |||||||||
(1) The "Capitalized repairs deduction" is one of Idaho Power's most significant regulatory flow-through tax adjustments. | |||||||||||||||||
(2) "Other" is primarily comprised of the net tax effect of Idaho Power's remaining regulatory flow-through tax adjustments, which are each listed in the rate reconciliation table in Note 2 to the consolidated financial statements included in IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||||||||||
The reductions in income tax expense for the nine months ended September 30, 2014 as compared with the same period in 2013 were primarily due to lower Idaho Power pre-tax earnings in 2014, and the accounting method changes to Idaho Power’s capitalized repairs tax method that are discussed below. Net regulatory flow-through tax adjustments at Idaho Power were higher for the nine months ended September 30, 2014, primarily due to a greater capitalized repair deduction estimate for 2014. | |||||||||||||||||
Accounting Method Changes | |||||||||||||||||
In the third quarter of 2014 Idaho Power, in coordination with the U.S. Internal Revenue Service (IRS) through IDACORP’s Compliance Assurance Program (CAP) examination process, implemented aspects of the final tangible property regulations and other technical interpretations of these rules into its existing capitalized repairs tax accounting method for generation, transmission and distribution assets. These technical interpretations were received from the IRS in 2014. As a result of the modifications, an $11.1 million net tax benefit related to the 2013 capitalized repairs deduction was recorded in the third quarter of 2014. Idaho Power finalized these changes with the filing of IDACORP’s 2013 consolidated federal income tax return in September 2014. The IRS approved the repairs method modifications prior to the filing of the return as part of IDACORP’s 2013 CAP examination. Idaho Power’s 2014 capitalized repairs deduction estimate incorporates the modifications made to the accounting method. | |||||||||||||||||
In the third quarter of 2013, the U.S. Treasury Department and IRS issued final regulations addressing the deduction or capitalization of expenditures related to tangible property. In connection with the issuance of the regulations, Idaho Power assessed and estimated the impact of a method change associated with the electric generation property portion of the capitalized repairs tax method it adopted in fiscal year 2010. The change is pursuant to Revenue Procedure 2013-24 and would bring Idaho Power's existing method into alignment with the Revenue Procedure's safe harbor unit-of-property definitions for electric generation property. Based upon this assessment, Idaho Power recorded $4.6 million of income tax expense related to the cumulative method change adjustment for years prior to 2013. Continued refinement of Idaho Power's initial estimate of the method change impact could result in additional future income tax expense or benefit. Idaho Power expects the method change will be finalized with the filing of IDACORP's 2014 consolidated federal income tax return in September 2015. | |||||||||||||||||
The amount of the capitalized repairs annual tax deduction will vary depending on a number of factors, but most directly by the amount and type of Idaho Power's annual capital additions. The reversal of this temporary difference from prior years will offset a portion of the ongoing annual benefit. Idaho Power’s prescribed regulatory accounting treatment requires immediate income recognition for temporary tax differences of this type, commonly referred to as "flow-through." A net regulatory asset is established to reflect Idaho Power’s ability to recover the net increased income tax expense when such temporary differences reverse. |
REGULATORY_MATTERS
REGULATORY MATTERS: | 9 Months Ended | |
Sep. 30, 2014 | ||
Public Utilities, Rate Matters [Abstract] | ' | |
Regulatory Matters | ' | |
REGULATORY MATTERS | ||
Included below is a summary of Idaho Power's most recent general rate changes, as well as other recent or pending notable regulatory matters and proceedings. | ||
Idaho and Oregon General Rate Cases and Base Rate Adjustments | ||
Effective January 1, 2012, Idaho Power implemented new Idaho base rates resulting from its receipt of an order from the Idaho Public Utilities Commission (IPUC) approving a settlement stipulation that provided for a 7.86 percent authorized rate of return on an Idaho-jurisdiction rate base of approximately $2.36 billion. The settlement stipulation resulted in a $34.0 million overall increase in Idaho Power's annual Idaho-jurisdictional base rate revenues. Neither the IPUC's order nor the settlement stipulation specified an authorized rate of return on equity. | ||
Effective March 1, 2012, Idaho Power implemented new Oregon base rates resulting from its receipt of an order from the Public Utility Commission of Oregon (OPUC) approving a settlement stipulation that provided for a $1.8 million base rate revenue increase, a return on equity of 9.9 percent, and an overall rate of return of 7.757 percent in the Oregon jurisdiction. | ||
Idaho and Oregon base rates were subsequently adjusted again in 2012, in connection with Idaho Power's completion of the Langley Gulch power plant. On June 29, 2012, the IPUC issued an order approving a $58.1 million increase in annual Idaho-jurisdiction base rate revenues, effective July 1, 2012, for inclusion of the investment and associated costs of the plant in rates. The order also provided for a $335.9 million increase in Idaho rate base. On September 20, 2012, the OPUC issued an order approving a $3.0 million increase in annual Oregon jurisdiction base rate revenues, effective October 1, 2012, for inclusion of the investment and associated costs of the plant in Oregon rates. | ||
See "Idaho Power Cost Adjustment Mechanism; Update to Base-Level Net Power Supply Expense" below in this Note 3 for a description of Idaho Power's authorization from the IPUC to move a portion of its power supply expenses into Idaho base rates, effective June 1, 2014. | ||
Idaho Settlement Stipulation — Investment Tax Credits and Sharing Mechanism | ||
On December 27, 2011, the IPUC issued an order, separate from the then-pending Idaho general rate case proceeding, approving a settlement stipulation that provides as follows: | ||
• | If Idaho Power's actual Idaho-jurisdiction return on year-end equity (Idaho ROE) for 2012, 2013, or 2014 is less than 9.5 percent, then Idaho Power may amortize additional accumulated deferred investment tax credits (ADITC) to help achieve a minimum 9.5 percent Idaho ROE in the applicable year. Idaho Power may amortize additional ADITC in an aggregate amount up to $45 million over the three-year period. | |
• | If Idaho Power's actual Idaho ROE for 2012, 2013, or 2014 exceeds 10.0 percent, the amount of Idaho Power's Idaho-jurisdiction earnings exceeding a 10.0 percent and up to and including a 10.5 percent Idaho ROE for the applicable year would be shared equally between Idaho Power and its Idaho customers in the form of a rate reduction to become effective at the time of the subsequent year's power cost adjustment (PCA). | |
• | If Idaho Power's actual Idaho ROE for 2012, 2013, or 2014 exceeds 10.5 percent, the amount of Idaho Power's Idaho-jurisdiction earnings exceeding a 10.5 percent Idaho ROE for the applicable year would be allocated 75 percent to Idaho Power's Idaho customers through a reduction to the pension regulatory asset balancing account and 25 percent to Idaho Power. | |
The settlement stipulation also provides that the Idaho ROE thresholds (9.5 percent, 10.0 percent, and 10.5 percent) will be automatically adjusted prospectively in the event the IPUC approves a change to Idaho Power's authorized return on equity as part of a general rate case proceeding seeking a rate change effective prior to January 1, 2015. | ||
Idaho Power's actual Idaho ROE in 2012 and 2013 triggered the sharing mechanism of the December 2011 settlement stipulation for both years. Based on its estimate of full year 2014 Idaho ROE, in the third quarter of 2014 Idaho Power recorded a $4.9 million provision against current revenue for sharing of earnings with customers for 2014. | ||
In October 2014, the IPUC issued an order approving an extension, with modifications, of the terms of the December 2011 Idaho settlement stipulation for the period from 2015 to 2019, or until the terms are otherwise modified or terminated by order of the IPUC. The provisions of the new settlement stipulation are as follows: | ||
• | If Idaho Power's annual Idaho ROE in any year is less than 9.5 percent, then Idaho Power may amortize up to $25 million of additional ADITC to help achieve a 9.5 percent Idaho ROE for that year, and may amortize up to a total of $45 million of additional ADITC (less any amount of additional ADITC amortized in 2014 under the December 2011 settlement stipulation). | |
• | If Idaho Power's annual Idaho ROE in any year exceeds 10.0 percent, the amount of earnings exceeding a 10.0 percent Idaho ROE and up to and including a 10.5 percent Idaho ROE will be allocated 75 percent to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's power cost adjustment and 25 percent to Idaho Power. | |
• | If Idaho Power's annual Idaho ROE in any year exceeds 10.5 percent, the amount of earnings exceeding a 10.5 percent Idaho ROE will be allocated 50 percent to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's power cost adjustment, 25 percent to Idaho Power's Idaho customers in the form of a reduction to the pension regulatory asset balancing account (to reduce the amount to be collected in the future from Idaho customers), and 25 percent to Idaho Power. | |
• | If the full $45 million of additional ADITC contemplated by the settlement stipulation has been amortized (including any additional ADITCs amortized in 2014) the sharing provisions would terminate. | |
• | In the event the IPUC approves a change to Idaho Power's Idaho-jurisdictional allowed return on equity as part of a general rate case proceeding seeking a rate change effective prior to January 1, 2020, the Idaho ROE thresholds (9.5 percent, 10.0 percent, and 10.5 percent) will be adjusted prospectively, under the same methodology used for the December 2011 settlement stipulation. | |
Idaho Power Cost Adjustment Mechanism; Update to Base-Level Net Power Supply Expense | ||
In both its Idaho and Oregon jurisdictions, Idaho Power's PCA mechanisms address the volatility of power supply costs and provide for annual adjustments to the rates charged to its retail customers. The PCA mechanisms compare Idaho Power's actual and forecast net power supply costs (primarily fuel and purchased power less off-system sales) against net power supply costs currently being recovered in retail rates. Under the PCA mechanisms, certain differences between actual net power supply costs incurred by Idaho Power and the costs included in retail rates are recorded as a deferred charge or credit on the balance sheets for future recovery or refund through retail rates. The power supply costs deferred primarily result from changes in wholesale market prices and transaction volumes, fuel prices, changes in contracted power purchase prices and volumes (including PURPA power purchases), and the levels of Idaho Power's own hydroelectric and thermal generation. | ||
On November 1, 2013, Idaho Power filed an application with the IPUC requesting an increase of approximately $106 million in the normalized or "base level" net power supply expense on a total-system basis to be used to update base rates and in the determination of the PCA rate that would become effective June 1, 2014. Idaho Power's request was intended to remove the Idaho-jurisdictional portion of those expenses from collection via the Idaho PCA mechanism and instead collect that portion through base rates. On March 21, 2014, the IPUC issued an order approving Idaho Power's application, with the change in collection methodology effective June 1, 2014. | ||
On May 30, 2014, the IPUC issued an order approving Idaho Power's April 15, 2014 application requesting an $11.1 million net increase in Idaho PCA rates, effective for the 2014-2015 PCA collection period from June 1, 2014 to May 31, 2015. The $11.1 million PCA rate increase was net of Idaho Power's $20.0 million of surplus Idaho energy efficiency rider funds. The PCA rate increase was also net of $7.6 million of customer revenue sharing for the year 2013 under the December 2011 settlement stipulation described above. Previously, in May 2013 the IPUC issued an order authorizing a $140.4 million increase in PCA rates (net of 2012 revenue sharing), effective for the 2013-2014 PCA collection period from June 1, 2013 to May 31, 2014. | ||
Annual Idaho Fixed Cost Adjustment Filing | ||
The fixed cost adjustment (FCA) is designed to remove Idaho Power’s financial disincentive to invest in energy efficiency programs by separating (or decoupling) the recovery of fixed costs from the variable kilowatt-hour charge and linking it instead to a set amount per customer. The FCA is adjusted each year to recover or refund the difference between the amount of fixed costs authorized in Idaho Power's most recent general rate case and the amount of fixed costs recovered by Idaho Power based upon weather-normalized energy sales. On May 30, 2014, the IPUC issued an order approving Idaho Power's March 14, 2014 application requesting a $6.0 million increase in the FCA recovery from $8.9 million to $14.9 million, effective for the period from June 1, 2014 to May 31, 2015. Previously, on May 22, 2013, the IPUC issued an order authorizing a decrease in FCA collection from $10.3 million to $8.9 million, effective for the period from June 1, 2013 to May 31, 2014. | ||
IPUC Review of Annual Rate Adjustment Mechanisms | ||
On July 1, 2014, the IPUC opened a docket pursuant to which Idaho Power, the IPUC Staff, and other interested parties would further evaluate Idaho Power's application of the true-up component of the PCA mechanism and whether a deferral balance adjustment is appropriate. The docket arose from the IPUC's May 2014 PCA order, which noted that the IPUC Staff believed that Idaho Power's application of the true-up component introduces a line-loss bias that inflated the true-up revenue it must collect by $14.2 million. The IPUC's docket was closed via an order issued by the IPUC on August 6, 2014, with no retroactive change to the PCA mechanism. Idaho Power has subsequently met with interested parties to explore approaches to increasing the accuracy of the actual cost recovery under the PCA mechanism, and discussions are ongoing. | ||
Also on July 1, 2014, the IPUC opened a docket to allow Idaho Power, the IPUC Staff, and other interested parties to further evaluate the IPUC Staff's concerns regarding the application of the FCA mechanism (including weather-normalization, customer count methodology, rate adjustment cap, and cross-subsidization issues) and whether the FCA is effectively removing Idaho Power's disincentive to aggressively pursue energy efficiency programs. Proceedings in the FCA docket, which remains open, could result in significant changes to the FCA. |
NOTES_PAYABLE
NOTES PAYABLE: | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Notes Payable | ' | ||||||||||||||||||||||||
NOTES PAYABLE | |||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||
IDACORP and Idaho Power have in place credit facilities that may be used for general corporate purposes and commercial paper backup. The terms and conditions of those credit facilities have not changed compared to the descriptions included in IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||||||||||||||||||
At September 30, 2014, no loans were outstanding under either IDACORP's or Idaho Power's facilities. At September 30, 2014, Idaho Power had regulatory authority to incur up to $450 million in principal amount of short-term indebtedness at any one time outstanding. Balances (in thousands of dollars) and interest rates of IDACORP’s and Idaho Power's short-term borrowings were as follows at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Idaho Power | IDACORP | Total | Idaho Power | IDACORP | Total | ||||||||||||||||||||
Commercial paper outstanding | $ | — | $ | 31,800 | $ | 31,800 | $ | — | $ | 54,750 | $ | 54,750 | |||||||||||||
Weighted-average annual interest rate | — | % | 0.31 | % | 0.31 | % | — | % | 0.34 | % | 0.34 | % |
COMMON_STOCK
COMMON STOCK: | 9 Months Ended |
Sep. 30, 2014 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' |
Common Stock | ' |
COMMON STOCK | |
IDACORP Common Stock | |
During the nine months ended September 30, 2014, IDACORP issued 74,049 shares of common stock pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan. Effective July 1, 2012, IDACORP instructed the plan administrators of the IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan and Idaho Power Company Employee Savings Plan to use market purchases of IDACORP common stock, as opposed to original issuance of common stock from IDACORP, to acquire shares of IDACORP common stock for the plans. However, IDACORP may determine at any time to resume original issuances of common stock under those plans. | |
IDACORP enters into sales agency agreements as a means of selling its common stock from time to time pursuant to a continuous equity program. On July 12, 2013, IDACORP entered into its current Sales Agency Agreement with BNY Mellon Capital Markets, LLC (BNYMCM). IDACORP may offer and sell up to 3 million shares of its common stock from time to time in at-the-market offerings through BNYMCM as IDACORP's agent. IDACORP has no obligation to issue any minimum number of shares under the Sales Agency Agreement. As of the date of this report, no shares of IDACORP common stock have been issued under the current Sales Agency Agreement. | |
Restrictions on Dividends | |
Idaho Power’s ability to pay dividends on its common stock held by IDACORP and IDACORP’s ability to pay dividends on its common stock are limited to the extent payment of such dividends would violate the covenants in their respective credit facilities or Idaho Power’s Revised Code of Conduct. A covenant under IDACORP’s credit facility and Idaho Power’s credit facility requires IDACORP and Idaho Power to maintain leverage ratios of consolidated indebtedness to consolidated total capitalization, as defined therein, of no more than 65 percent at the end of each fiscal quarter. At September 30, 2014, the leverage ratios for IDACORP and Idaho Power were 46 percent and 47 percent, respectively. Based on these restrictions, IDACORP’s and Idaho Power’s dividends were limited to $1.1 billion and $942 million, respectively, at September 30, 2014. There are additional facility covenants, subject to exceptions, that prohibit or restrict the sale or disposition of property without consent and any agreements restricting dividend payments to the company from any material subsidiary. At September 30, 2014, IDACORP and Idaho Power were in compliance with the financial covenants. | |
Idaho Power’s Revised Policy and Code of Conduct relating to transactions between and among Idaho Power, IDACORP, and other affiliates, which was approved by the IPUC in April 2008, provides that Idaho Power will not pay any dividends to IDACORP that will reduce Idaho Power’s common equity capital below 35 percent of its total adjusted capital without IPUC approval. At September 30, 2014, Idaho Power's common equity capital was 53 percent of its total adjusted capital. Further, Idaho Power must obtain approval of the OPUC before it could directly or indirectly loan funds or issue notes or give credit on its books to IDACORP. | |
Idaho Power’s articles of incorporation contain restrictions on the payment of dividends on its common stock if preferred stock dividends are in arrears. As of the date of this report, Idaho Power has no preferred stock outstanding. | |
In addition to contractual restrictions on the amount and payment of dividends, the Federal Power Act prohibits the payment of dividends from "capital accounts." The term "capital account" is undefined in the Federal Power Act or its regulations, but Idaho Power does not believe the restriction would limit Idaho Power's ability to pay dividends out of current year earnings or retained earnings. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE: | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
EARNINGS PER SHARE | |||||||||||||||||
The table below presents the computation of IDACORP’s basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 (in thousands, except for per share amounts). | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to IDACORP, Inc. | $ | 86,889 | $ | 73,119 | $ | 158,832 | $ | 154,815 | |||||||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding - basic | 50,129 | 50,056 | 50,131 | 50,051 | |||||||||||||
Effect of dilutive securities | 91 | 97 | 53 | 58 | |||||||||||||
Weighted-average common shares outstanding - diluted | 50,220 | 50,153 | 50,184 | 50,109 | |||||||||||||
Basic earnings per share | $ | 1.73 | $ | 1.46 | $ | 3.17 | $ | 3.09 | |||||||||
Diluted earnings per share | $ | 1.73 | $ | 1.46 | $ | 3.16 | $ | 3.09 | |||||||||
COMMITMENTS
COMMITMENTS: | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Commitments | ' |
COMMITMENTS | |
Purchase Obligations | |
IDACORP's and Idaho Power's purchase obligations did not change materially, outside of the ordinary course of business, during the nine months ended September 30, 2014, other than the addition of thirteen power purchase agreements with solar, wind, and other alternative energy developers for projects with a combined nameplate capacity of approximately 176 MW. Payments pursuant to these agreements are expected to total $659 million from 2014 to 2038. Three of these power purchase agreements remain subject to IPUC approval, with a combined nameplate capacity of approximately 120 MW and expected payments of $449 million over the period from 2016 to 2037. | |
Guarantees | |
Idaho Power has agreed to guarantee a portion of the performance of reclamation activities and obligations at BCC, of which IERCo owns a one-third interest. This guarantee, which is renewed annually with the Wyoming Department of Environmental Quality, was $70 million at September 30, 2014, representing IERCo's one-third share of BCC's total reclamation obligation. BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs. At September 30, 2014, the value of the reclamation trust fund was $66 million. During the nine months ended September 30, 2014, the reclamation trust fund distributed approximately $10 million for reclamation activity costs associated with the BCC surface mine. BCC periodically assesses the adequacy of the reclamation trust fund and its estimate of future reclamation costs. To ensure that the reclamation trust fund maintains adequate reserves, BCC has the ability to add a per-ton surcharge to coal sales, all of which are made to the Jim Bridger plant. Starting in 2010, BCC began applying a nominal surcharge to coal sales in order to maintain adequate reserves in the reclamation trust fund. Because of the existence of the fund and the ability to apply a per-ton surcharge, the estimated fair value of this guarantee is minimal. | |
IDACORP and Idaho Power enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of September 30, 2014, management believes the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective condensed consolidated balance sheets with respect to these indemnification obligations. |
CONTINGENCIES
CONTINGENCIES: | 9 Months Ended |
Sep. 30, 2014 | |
Loss Contingency [Abstract] | ' |
Contingencies | ' |
CONTINGENCIES | |
IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, including the items described in this Note 8. Some of these claims, controversies, disputes, and other contingent matters involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. In such cases, there may be a possible exposure to loss in excess of any amounts accrued. IDACORP and Idaho Power monitor those matters for developments that could affect the likelihood of a loss and the accrued amount, if any, and adjust the amount as appropriate. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power’s operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred. | |
Western Energy Proceedings | |
High prices for electricity, energy shortages, and blackouts in California and in western wholesale markets during 2000 and 2001 caused numerous purchasers of electricity in those markets to initiate proceedings seeking refunds or other forms of relief and the FERC to initiate its own investigations. Some of these proceedings remain pending before the FERC or are on appeal to the United States Court of Appeals for the Ninth Circuit. Idaho Power and IESCo (as successor to IDACORP Energy L.P.) believe that settlement releases they have obtained will restrict potential claims that might result from the disposition of pending proceedings and predict that these matters will not have a material adverse effect on IDACORP's or Idaho Power's results of operations or financial condition. However, the settlements and associated FERC orders have not fully eliminated the potential for so-called "ripple claims," which involve potential claims for refunds from an upstream seller of power based on a finding that its downstream buyer was liable for refunds as a seller of power during the relevant period. The FERC has characterized these ripple claims as "speculative." The FERC has refused to dismiss Idaho Power and IESCo from the proceedings in the Pacific Northwest. In orders respecting two separately filed settlements, the FERC has refused to approve a provision that provided for waivers of all claims in those proceedings, despite only limited objections from two market participants, one of whom removed its objections in the later-filed settlement. Petitions for review filed by Idaho Power and IESCo of the first of the FERC's decisions refusing to approve the waiver provision of the settlements have been briefed to the Ninth Circuit Court of Appeals and remain pending before that court. On August 5, 2014, Idaho Power and IESCo filed a petition for review of the FERC orders rejecting ripple claim waivers in the Ninth Circuit, which stayed the new proceedings until February 2015. | |
Based on its evaluation of the merits of ripple claims and the inability to estimate the potential exposure should the claims ultimately have any merit, particularly in light of Idaho Power and IESCo being both purchasers and sellers in the energy market during the relevant period, Idaho Power and IESCo have no amount accrued relating to the proceedings. To the extent the availability of any ripple claims materializes, Idaho Power and IESCo intend to continue to vigorously defend their positions in the proceedings. | |
Snake River Basin Adjudication | |
Idaho Power holds water rights, acquired under applicable state law, for its hydroelectric projects. In addition, Idaho Power holds water rights for domestic, irrigation, commercial, and other necessary purposes related to project lands and other holdings within the states of Idaho and Oregon. Idaho Power's water rights for power generation are, to varying degrees, subordinated to future upstream appropriations for irrigation and other authorized consumptive uses. Over time, increased irrigation development and other consumptive uses within the Snake River watershed led to a reduction in flows of the Snake River. In the late 1970s and early 1980s these reduced flows resulted in a conflict between the exercise of Idaho Power's water rights at certain hydroelectric projects on the Snake River and upstream consumptive diversions. The Swan Falls Agreement, signed by Idaho Power and the State of Idaho on October 25, 1984, resolved the conflict and provided a level of protection for Idaho Power's hydropower water rights at specified projects on the Snake River through the establishment of minimum stream flows and an administrative process governing future development of water rights that may affect those minimum stream flows. In 1987, Congress enacted legislation directing the FERC to issue an order approving the Swan Falls settlement together with a finding that the agreement was neither inconsistent with the terms and conditions of Idaho Power's project licenses nor the Federal Power Act. The FERC entered an order implementing the legislation in March 1988. | |
The Swan Falls Agreement provided that the resolution and recognition of Idaho Power's water rights together with the State Water Plan provided a sound comprehensive plan for management of the Snake River watershed. The Swan Falls Agreement also recognized, however, that in order to effectively manage the waters of the Snake River basin, a general adjudication to determine the nature, extent, and priority of the rights of all water uses in the basin was necessary. Consistent with that recognition, in 1987 the State of Idaho initiated the Snake River Basin Adjudication (SRBA), and pursuant to the commencement order issued by the SRBA court that same year, all claimants to water rights within the basin were required to file water rights claims in the SRBA. Idaho Power filed claims to its water rights and has been actively participating in the SRBA since its commencement. Questions concerning the effect of the Swan Falls Agreement on Idaho Power's water rights claims, including the nature and extent of the subordination of Idaho Power's rights to upstream uses, resulted in the filing of litigation in the SRBA in 2007 between Idaho Power and the State of Idaho. This litigation was resolved by the Framework Reaffirming the Swan Falls Settlement (Framework) signed by Idaho Power and the State of Idaho on March 25, 2009. In that Framework, the parties acknowledged that the effective management of Idaho's water resources remains critical to the public interest of the State of Idaho by sustaining economic growth, maintaining reasonable electric rates, protecting and preserving existing water rights, and protecting water quality and environmental values. The Framework further provided that the State of Idaho and Idaho Power would cooperate in exploring approaches to resolve issues of mutual concern relating to the management of Idaho's water resources. Idaho Power continues to work with the State of Idaho and other interested parties on these issues. | |
Idaho Power’s claims for water rights have now been adjudicated in the SRBA and partial decrees for those water rights have been entered by the court. In July 2011, the SRBA Court entered an Order Designating Basin-Wide Issue 16, In Re: Form and Content of Final Unified Decree, and advised the parties to the SRBA of the need to file notices of intent to participate in the basin-wide issue and of the court’s intent to establish a schedule for closing the taking of water right claims in the SRBA. Idaho Power participated in Basin-Wide Issue 16 and in June 2012 the court issued a memorandum decision and order. By subsequent orders, the court closed claims taking in all of the basins in the SRBA. The court issued a final unified decree in the SRBA in August 2014, substantially concluding the SRBA. | |
Separately, Idaho Power continues to work with the State of Idaho and other interested stakeholders on issues relating to the management of the Eastern Snake Plain Aquifer (ESPA), a large underground aquifer in southeastern Idaho that is hydrologically connected to the Snake River. House Concurrent Resolution No. 28, adopted by the Idaho Legislature in 2007, directed the Idaho Water Resource Board to pursue the development of a comprehensive management plan for the ESPA, to include measures that would enhance aquifer levels, springs, and river flows on the eastern Snake River plain to the benefit of both agricultural development and hydropower generation. In May 2007, the Idaho Water Resource Board appointed an advisory committee, charged with the responsibility of developing a management plan for the ESPA. Idaho Power was a member of that committee. In January 2009, the Idaho Water Resource Board, based on the committee's recommendations, adopted a Comprehensive Aquifer Management Plan (CAMP) for the ESPA. The Idaho Legislature approved the CAMP that same year. Idaho Power is a member of the CAMP Implementation Committee and continues to work with the Idaho Water Resource Board, other stakeholders, and the Idaho Legislature in exploring opportunities for implementation of the CAMP management plan. | |
Other Proceedings | |
IDACORP and Idaho Power are parties to legal claims and legal and regulatory actions and proceedings in the ordinary course of business that are in addition to those discussed above and, as noted above, records an accrual for associated loss contingencies when they are probable and reasonably estimable. As of the date of this report the companies believe that resolution of those matters will not have a material adverse effect on their respective consolidated financial statements. Idaho Power is also actively monitoring various pending environmental regulations that may have a significant impact on its future operations, including the U.S. Environmental Protection Agency's recently issued proposed rule for CO2 emission reductions from existing utility generating plants under Section 111(d) of the Clean Air Act. Given uncertainties regarding the outcome, timing, and compliance plans for these environmental matters, Idaho Power is unable to estimate the financial impact of these regulations but does believe that future capital investment for infrastructure and modifications to its electric generating facilities to comply with these regulations could be significant. |
BENEFIT_PLANS
BENEFIT PLANS: | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||||||||||
Benefit Plans | ' | ||||||||||||||||||||||||
BENEFIT PLANS | |||||||||||||||||||||||||
Idaho Power has two defined benefit pension plans - a noncontributory defined benefit pension plan (pension plan) and nonqualified defined benefit plans for certain senior management employees called the Security Plan for Senior Management Employees I and II (SMSP). The benefits under the pension plan are based on years of service and the employee’s final average earnings. Idaho Power also maintains a defined benefit postretirement benefit plan (consisting of health care and death benefits) that covers all employees who were enrolled in the active-employee group plan at the time of retirement as well as their spouses and qualifying dependents. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended September 30, 2014 and 2013 (in thousands of dollars). | |||||||||||||||||||||||||
Pension Plan | SMSP | Postretirement | |||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | 6,323 | $ | 7,839 | $ | 411 | $ | 544 | $ | 252 | $ | 328 | |||||||||||||
Interest cost | 8,853 | 7,958 | 964 | 816 | 711 | 659 | |||||||||||||||||||
Expected return on plan assets | (10,561 | ) | (9,053 | ) | — | — | (648 | ) | (582 | ) | |||||||||||||||
Amortization of prior service cost | 86 | 86 | 55 | 53 | 45 | (57 | ) | ||||||||||||||||||
Amortization of net loss | 978 | 4,280 | 654 | 709 | — | 25 | |||||||||||||||||||
Net periodic benefit cost | 5,679 | 11,110 | 2,084 | 2,122 | 360 | 373 | |||||||||||||||||||
Adjustments due to the effects of regulation(1) | (1,140 | ) | (6,274 | ) | — | — | — | — | |||||||||||||||||
Net periodic benefit cost recognized for financial reporting(1) | $ | 4,539 | $ | 4,836 | $ | 2,084 | $ | 2,122 | $ | 360 | $ | 373 | |||||||||||||
(1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, income statement recognition of pension plan costs is deferred until costs are recovered through rates. | |||||||||||||||||||||||||
The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the nine months ended September 30, 2014 and 2013 (in thousands of dollars). | |||||||||||||||||||||||||
Pension Plan | SMSP | Postretirement | |||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | 18,969 | $ | 23,517 | $ | 1,234 | $ | 1,634 | $ | 758 | $ | 986 | |||||||||||||
Interest cost | 26,561 | 23,873 | 2,892 | 2,444 | 2,131 | 1,975 | |||||||||||||||||||
Expected return on plan assets | (31,717 | ) | (26,816 | ) | — | — | (1,946 | ) | (1,746 | ) | |||||||||||||||
Amortization of prior service cost | 260 | 260 | 165 | 159 | 137 | (172 | ) | ||||||||||||||||||
Amortization of net loss | 2,933 | 12,839 | 1,963 | 2,129 | — | 74 | |||||||||||||||||||
Net periodic benefit cost | 17,006 | 33,673 | 6,254 | 6,366 | 1,080 | 1,117 | |||||||||||||||||||
Adjustments due to the effects of regulation(1) | (3,437 | ) | (19,168 | ) | — | — | — | — | |||||||||||||||||
Net periodic benefit cost recognized for financial reporting(1) | $ | 13,569 | $ | 14,505 | $ | 6,254 | $ | 6,366 | $ | 1,080 | $ | 1,117 | |||||||||||||
(1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, income statement recognition of pension plan costs is deferred until costs are recovered through rates. | |||||||||||||||||||||||||
During the nine months ended September 30, 2014, Idaho Power made $30.0 million of contributions to its defined benefit pension plan. | |||||||||||||||||||||||||
Idaho Power also has an Employee Savings Plan that complies with Section 401(k) of the Internal Revenue Code and covers substantially all employees. Idaho Power matches specified percentages of employee contributions to the Employee Savings Plan. |
INVESTMENTS_IN_DEBT_AND_EQUITY
INVESTMENTS IN DEBT AND EQUITY SECURITIES: | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
Investments in Debt and Equity Securities | ' | ||||||||||||||||||||||||
INVESTMENTS IN EQUITY SECURITIES | |||||||||||||||||||||||||
Investments in securities classified as available-for-sale securities are reported at fair value, using either specific identification or average cost to determine the cost for computing gains or losses. Any unrealized gains or losses on available-for-sale securities are included in other comprehensive income. The following table summarizes investments in equity securities by IDACORP and Idaho Power as of September 30, 2014 and December 31, 2013 (in thousands of dollars). | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gross | Gross | Fair | Gross | Gross | Fair | ||||||||||||||||||||
Unrealized | Unrealized | Value | Unrealized | Unrealized | Value | ||||||||||||||||||||
Gain | Loss | Gain | Loss | ||||||||||||||||||||||
Available-for-sale securities | $ | — | $ | — | $ | 37,606 | $ | — | $ | — | $ | 41,119 | |||||||||||||
At the end of each reporting period, IDACORP and Idaho Power analyze securities in loss positions to determine whether they have experienced a decline in market value that is considered other-than-temporary. At September 30, 2014 and at December 31, 2013, there were no indicators of other-than-temporary impairment related to IDACORP's and Idaho Power's investments. | |||||||||||||||||||||||||
There were no sales of available-for-sale securities during the nine months ended September 30, 2014 or 2013. |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS: | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||||||||||||||||
Commodity Price Risk | |||||||||||||||||||||||||||
Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop. | |||||||||||||||||||||||||||
All of Idaho Power's derivative instruments have been entered into for the purpose of economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). These types of transactions are excluded from the offsetting presented in the derivative fair value and offsetting table below. | |||||||||||||||||||||||||||
The table below presents the gains and losses on derivatives not designated as hedging instruments for the three and nine months ended September 30, 2014 and 2013 (in thousands of dollars). | |||||||||||||||||||||||||||
Gain/(Loss) on Derivatives Recognized in Income(1) | |||||||||||||||||||||||||||
Location of Realized Gain/(Loss) on Derivatives Recognized in Income | Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Financial swaps | Off-system sales | $ | 517 | $ | (98 | ) | $ | (6,026 | ) | $ | 224 | ||||||||||||||||
Financial swaps | Purchased power | (2,265 | ) | 496 | (785 | ) | 510 | ||||||||||||||||||||
Financial swaps | Fuel expense | 239 | (705 | ) | 3,907 | 444 | |||||||||||||||||||||
Financial swaps | Other operations and maintenance | (34 | ) | 12 | (44 | ) | 27 | ||||||||||||||||||||
Forward contracts | Off-system sales | 112 | 135 | 164 | 135 | ||||||||||||||||||||||
Forward contracts | Purchased power | (113 | ) | (138 | ) | (163 | ) | (138 | ) | ||||||||||||||||||
Forward contracts | Fuel expense | 53 | 52 | 101 | 131 | ||||||||||||||||||||||
(1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. | |||||||||||||||||||||||||||
Settlement gains and losses on electricity swap contracts are recorded on the income statement in off-system sales or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other operations and maintenance expense. See Note 12 for additional information concerning the determination of fair value for Idaho Power’s assets and liabilities from price risk management activities. | |||||||||||||||||||||||||||
Derivative Instrument Summary | |||||||||||||||||||||||||||
The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at September 30, 2014 and December 31, 2013 (in thousands of dollars). | |||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||
Balance Sheet Location | Gross Fair Value | Amounts Offset | Net Assets | Gross Fair Value | Amounts Offset | Net Liabilities | |||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||
Financial swaps | Other current assets | $ | 1,418 | $ | (154 | ) | $ | 1,264 | $ | 154 | $ | (154 | ) | $ | — | ||||||||||||
Financial swaps | Other current liabilities | — | — | — | 689 | — | 689 | ||||||||||||||||||||
Forward contracts | Other current assets | 176 | — | 176 | — | — | — | ||||||||||||||||||||
Forward contracts | Other current liabilities | — | — | — | 115 | — | 115 | ||||||||||||||||||||
Long-term: | |||||||||||||||||||||||||||
Forward contracts | Other assets | 63 | — | 63 | — | — | — | ||||||||||||||||||||
Total | $ | 1,657 | $ | (154 | ) | $ | 1,503 | $ | 958 | $ | (154 | ) | $ | 804 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||
Financial swaps | Other current assets | $ | 1,451 | $ | (175 | ) | $ | 1,276 | $ | 175 | $ | (175 | ) | $ | — | ||||||||||||
Financial swaps | Other current liabilities | 373 | (373 | ) | — | 1,975 | (1,429 | ) | (1) | 546 | |||||||||||||||||
Forward contracts | Other current assets | 109 | — | 109 | — | — | — | ||||||||||||||||||||
Forward contracts | Other current liabilities | — | — | — | 26 | — | 26 | ||||||||||||||||||||
Long-term: | |||||||||||||||||||||||||||
Financial swaps | Other assets | 189 | (28 | ) | 161 | 28 | (28 | ) | — | ||||||||||||||||||
Forward contracts | Other assets | 126 | — | 126 | — | — | — | ||||||||||||||||||||
Total | $ | 2,248 | $ | (576 | ) | $ | 1,672 | $ | 2,204 | $ | (1,632 | ) | $ | 572 | |||||||||||||
(1) Current liability derivative amounts offset include $1.1 million of collateral receivable for the period ended December 31, 2013. | |||||||||||||||||||||||||||
The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at September 30, 2014 and 2013 (in thousands of units). | |||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||
Commodity | Units | 2014 | 2013 | ||||||||||||||||||||||||
Electricity purchases | MWh | 227 | 382 | ||||||||||||||||||||||||
Electricity sales | MWh | 391 | 1,064 | ||||||||||||||||||||||||
Natural gas purchases | MMBtu | 5,455 | 11,929 | ||||||||||||||||||||||||
Natural gas sales | MMBtu | 1,137 | 1,153 | ||||||||||||||||||||||||
Diesel purchases | Gallons | 222 | 1,113 | ||||||||||||||||||||||||
Credit Risk | |||||||||||||||||||||||||||
At September 30, 2014, Idaho Power did not have material credit risk exposure from financial instruments, including derivatives. Idaho Power monitors credit risk exposure through reviews of counterparty credit quality, corporate-wide counterparty credit exposure, and corporate-wide counterparty concentration levels. Idaho Power manages these risks by establishing credit and concentration limits on transactions with counterparties and requiring contractual guarantees, cash deposits, or letters of credit from counterparties or their affiliates, as deemed necessary. Idaho Power’s physical power contracts are commonly under Western Systems Power Pool agreements, physical gas contracts are usually under North American Energy Standards Board contracts, and financial transactions are usually under International Swaps and Derivatives Association, Inc. contracts. These contracts contain adequate assurance clauses requiring collateralization if a counterparty has debt that is downgraded below investment grade by at least one rating agency. | |||||||||||||||||||||||||||
Credit-Contingent Features | |||||||||||||||||||||||||||
Certain of Idaho Power's derivative instruments contain provisions that require Idaho Power's unsecured debt to maintain an investment grade credit rating from Moody's Investors Service and Standard & Poor's Ratings Services. If Idaho Power's unsecured debt were to fall below investment grade, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position at September 30, 2014, was $0.7 million. Idaho Power posted $0.1 million of cash collateral related to this amount. If the credit-risk-related contingent features underlying these agreements were triggered on September 30, 2014, Idaho Power would have been required to post an additional $6.2 million of cash collateral to its counterparties. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS: | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||||||||||
IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | |||||||||||||||||||||||||||||||||
Financial assets and liabilities recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: | |||||||||||||||||||||||||||||||||
• Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power has the ability to access. | |||||||||||||||||||||||||||||||||
• Level 2: Financial assets and liabilities whose values are based on the following: | |||||||||||||||||||||||||||||||||
a) quoted prices for similar assets or liabilities in active markets; | |||||||||||||||||||||||||||||||||
b) quoted prices for identical or similar assets or liabilities in non-active markets; | |||||||||||||||||||||||||||||||||
c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and | |||||||||||||||||||||||||||||||||
d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. | |||||||||||||||||||||||||||||||||
IDACORP and Idaho Power Level 2 inputs are based on quoted market prices adjusted for location using corroborated, observable market data. | |||||||||||||||||||||||||||||||||
• Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. | |||||||||||||||||||||||||||||||||
IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. An item recorded at fair value is reclassified among levels when changes in the nature of valuation inputs cause the item to no longer meet the criteria for the level in which it was previously categorized. There were no transfers between levels or material changes in valuation techniques or inputs during the three and nine months ended September 30, 2014 or the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||
The table below presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013 (in thousands of dollars). | |||||||||||||||||||||||||||||||||
30-Sep-14 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Derivatives | $ | 995 | $ | 508 | $ | — | $ | 1,503 | $ | 1,437 | $ | 235 | $ | — | $ | 1,672 | |||||||||||||||||
Money market funds | 100 | — | — | 100 | 100 | — | — | 100 | |||||||||||||||||||||||||
Trading securities: Equity securities | 139 | — | — | 139 | 1,153 | — | — | 1,153 | |||||||||||||||||||||||||
Available-for-sale securities: Equity securities | 37,606 | — | — | 37,606 | 41,119 | — | — | 41,119 | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivatives | $ | 78 | $ | 726 | $ | — | $ | 804 | $ | 546 | $ | 26 | $ | — | $ | 572 | |||||||||||||||||
Idaho Power’s derivatives are contracts entered into as part of its management of loads and resources. Electricity derivatives are valued on the Intercontinental Exchange (ICE) with quoted prices in an active market. Natural gas and diesel derivative valuations are performed using New York Mercantile Exchange (NYMEX) and ICE pricing, adjusted for location basis, which are also quoted under NYMEX and ICE pricing. Trading securities consist of employee-directed investments held in a Rabbi Trust and are related to an executive deferred compensation plan. Available-for-sale securities are related to the SMSP and are held in a Rabbi Trust and are actively traded money market and equity funds with quoted prices in active markets. | |||||||||||||||||||||||||||||||||
The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, as of September 30, 2014 and December 31, 2013, using available market information and appropriate valuation methodologies (in thousands of dollars). | |||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||||||||||||
IDACORP | |||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Notes receivable(1) | $ | 3,472 | $ | 3,472 | $ | 3,472 | $ | 3,472 | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Long-term debt(1) | 1,615,441 | 1,672,271 | 1,616,322 | 1,600,248 | |||||||||||||||||||||||||||||
Idaho Power | |||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Long-term debt(1) | $ | 1,615,441 | $ | 1,672,271 | $ | 1,616,322 | $ | 1,600,248 | |||||||||||||||||||||||||
(1) Notes receivable and long-term debt are categorized as Level 3 and Level 2, respectively, of the fair value hierarchy, as defined earlier in this Note 12. | |||||||||||||||||||||||||||||||||
Notes receivable are related to Ida-West and are valued based on unobservable inputs, including discounted cash flows, which are partially based on forecasted hydroelectric conditions. Long-term debt is not traded on an exchange and is valued using quoted rates for similar debt in active markets. Carrying values for cash and cash equivalents, deposits, customer and other receivables, notes payable, accounts payable, interest accrued, and taxes accrued approximate fair value. |
SEGMENT_INFORMATION
SEGMENT INFORMATION: | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
SEGMENT INFORMATION | |||||||||||||||||
IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the generation, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated joint venture. | |||||||||||||||||
IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the “All Other” category in the table below. This category is comprised of IFS’s investments in affordable housing and historic rehabilitation projects, Ida-West’s joint venture investments in small hydroelectric generation projects, the remaining activities of IESCo, and IDACORP’s holding company expenses. | |||||||||||||||||
The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands of dollars). | |||||||||||||||||
Utility | All | Eliminations | Consolidated | ||||||||||||||
Operations | Other | Total | |||||||||||||||
Three months ended September 30, 2014: | |||||||||||||||||
Revenues | $ | 380,711 | $ | 1,490 | $ | — | $ | 382,201 | |||||||||
Net income attributable to IDACORP, Inc. | 84,600 | 2,289 | — | 86,889 | |||||||||||||
Total assets as of September 30, 2014 | 5,408,736 | 102,904 | (13,363 | ) | 5,498,277 | ||||||||||||
Three months ended September 30, 2013: | |||||||||||||||||
Revenues | $ | 380,304 | $ | 803 | $ | — | $ | 381,107 | |||||||||
Net income attributable to IDACORP, Inc. | 70,302 | 2,817 | — | 73,119 | |||||||||||||
Nine months ended September 30, 2014: | |||||||||||||||||
Revenues | $ | 989,686 | $ | 3,017 | $ | — | $ | 992,703 | |||||||||
Net income attributable to IDACORP, Inc. | 155,154 | 3,678 | — | 158,832 | |||||||||||||
Nine months ended September 30, 2013: | |||||||||||||||||
Revenues | $ | 947,529 | $ | 2,455 | $ | — | $ | 949,984 | |||||||||
Net income attributable to IDACORP, Inc. | 149,331 | 5,484 | — | 154,815 | |||||||||||||
CHANGES_IN_ACCUMULATED_OTHER_C
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME: CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME: | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | ||||||||||||||||
Changes in Accumulated Other Comprehensive Income [Text Block] | ' | ||||||||||||||||
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||
Comprehensive income includes net income, unrealized holding gains and losses on available-for-sale marketable securities, and amounts related to the SMSP. | |||||||||||||||||
The table below presents amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the three and nine months ended September 30, 2014 and 2013 (in thousands of dollars). Items in parentheses indicate increases to net income. | |||||||||||||||||
Amount Reclassified from AOCI | |||||||||||||||||
Details About AOCI | Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amortization of defined benefit pension items(1) | |||||||||||||||||
Prior service cost | $ | 55 | $ | 53 | $ | 165 | $ | 159 | |||||||||
Net loss | 654 | 709 | 1,963 | 2,129 | |||||||||||||
Total before tax | 709 | 762 | 2,128 | 2,288 | |||||||||||||
Tax benefit(2) | (277 | ) | (298 | ) | (832 | ) | (894 | ) | |||||||||
Net of tax | 432 | 464 | 1,296 | 1,394 | |||||||||||||
Total reclassification for the period | $ | 432 | $ | 464 | $ | 1,296 | $ | 1,394 | |||||||||
(1) Amortization of these items is included in IDACORP's condensed consolidated income statements in other operating expenses and in Idaho Power's condensed consolidated income statements in other expense, net. | |||||||||||||||||
(2) The tax benefit is included in income tax expense in the condensed consolidated income statements of both IDACORP and Idaho Power. | |||||||||||||||||
The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the three and nine months ended September 30, 2014 and 2013 (in thousands of dollars). Items in parentheses indicate reductions to AOCI. | |||||||||||||||||
Unrealized Gains and Losses on Available-for-Sale Securities | Defined Benefit Pension Items | Total | |||||||||||||||
Three months ended September 30, 2014: | |||||||||||||||||
Balance at beginning of period | $ | — | $ | (15,689 | ) | $ | (15,689 | ) | |||||||||
Other comprehensive income before reclassifications | — | — | — | ||||||||||||||
Amounts reclassified out of AOCI | — | 432 | 432 | ||||||||||||||
Net current-period other comprehensive income | — | 432 | 432 | ||||||||||||||
Balance at end of period | $ | — | $ | (15,257 | ) | $ | (15,257 | ) | |||||||||
Nine months ended September 30, 2014: | |||||||||||||||||
Balance at beginning of period | $ | — | $ | (16,553 | ) | $ | (16,553 | ) | |||||||||
Other comprehensive income before reclassifications | — | — | — | ||||||||||||||
Amounts reclassified out of AOCI | — | 1,296 | 1,296 | ||||||||||||||
Net current-period other comprehensive income | — | 1,296 | 1,296 | ||||||||||||||
Balance at end of period | $ | — | $ | (15,257 | ) | $ | (15,257 | ) | |||||||||
Three months ended September 30, 2013: | |||||||||||||||||
Balance at beginning of period | $ | 5,576 | $ | (20,322 | ) | $ | (14,746 | ) | |||||||||
Other comprehensive income before reclassifications | 843 | — | 843 | ||||||||||||||
Amounts reclassified out of AOCI | — | 464 | 464 | ||||||||||||||
Net current-period other comprehensive income | 843 | 464 | 1,307 | ||||||||||||||
Balance at end of period | $ | 6,419 | $ | (19,858 | ) | $ | (13,439 | ) | |||||||||
Nine months ended September 30, 2013: | |||||||||||||||||
Balance at beginning of period | $ | 4,136 | $ | (21,252 | ) | $ | (17,116 | ) | |||||||||
Other comprehensive income before reclassifications | 2,283 | — | 2,283 | ||||||||||||||
Amounts reclassified out of AOCI | — | 1,394 | 1,394 | ||||||||||||||
Net current-period other comprehensive income | 2,283 | 1,394 | 3,677 | ||||||||||||||
Balance at end of period | $ | 6,419 | $ | (19,858 | ) | $ | (13,439 | ) | |||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Organization, Consolidation, Presentation, and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the Federal Energy Regulatory Commission (FERC) and the state regulatory commissions of Idaho and Oregon. Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint venturer in Bridger Coal Company (BCC), which mines and supplies coal to the Jim Bridger generating plant owned in part by Idaho Power. | |
IDACORP’s other wholly-owned subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate investments; Ida-West Energy Company (Ida-West), an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA); and IDACORP Energy Services Co. (IESCo), which is the former limited partner of, and current successor by merger to, IDACORP Energy L.P. (IE), a marketer of energy commodities that wound down operations in 2003. | |
Regulatory Assets and Liabilities, Recognition Criteria | 'IDACORP's and Idaho Power's financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power.B The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues.B In these instances, the amounts are deferred as regulatory assets or regulatory liabilities on the balance sheet and recorded on the income statement when recovered or returned through rates.B Additionally, regulators can impose regulatory liabilities upon a regulated company for amounts previously collected from customers that are expected to be refunded. |
Comparability of Prior Year Financial Data | ' |
In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's consolidated financial position as of September 30, 2014, consolidated results of operations for the three and nine months ended September 30, 2014 and 2013, and consolidated cash flows for the nine months ended September 30, 2014 and 2013. These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or footnote disclosure concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in IDACORP’s and Idaho Power’s Annual Report on Form 10-K for the year ended December 31, 2013. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective financial condition and results of operations during the period in which such change occurred. | |
Use of Estimates | ' |
Management makes estimates and assumptions when preparing financial statements in conformity with generally accepted accounting principles (GAAP). These estimates and assumptions include those related to rate regulation, retirement benefits, contingencies, litigation, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates. | |
New Accounting Pronouncement and Change in Accounting Principle | ' |
On January 15, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-01, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. This ASU permits an accounting policy election to account for investments in qualified affordable housing projects using the proportional amortization method. For its consolidated financial statements as of and for the year ended December 31, 2013, IDACORP elected early adoption of ASU 2014-01 and changed its accounting for its equity-method investments in qualified affordable housing projects to the proportional amortization method. All prior periods were adjusted to reflect the new method. The standard also requires the recognition of the net investment performance in the financial statements as a component of income tax expense. The new method was elected because IDACORP believes the proportional amortization method more fairly represents the economics of and provides users with a better understanding of the returns from such investments than the equity method of amortization. | |
Income Tax, Policy | ' |
In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount. | |
Available-for-sale Securities | ' |
Investments in securities classified as available-for-sale securities are reported at fair value, using either specific identification or average cost to determine the cost for computing gains or losses. Any unrealized gains or losses on available-for-sale securities are included in other comprehensive income. | |
Derivatives not designated as hedges | ' |
Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop. | |
All of Idaho Power's derivative instruments have been entered into for the purpose of economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). | |
Reporting of derivative activity | ' |
Settlement gains and losses on electricity swap contracts are recorded on the income statement in off-system sales or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other operations and maintenance expense. | |
Fair value of financial instruments | ' |
IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | |
Financial assets and liabilities recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: | |
• Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power has the ability to access. | |
• Level 2: Financial assets and liabilities whose values are based on the following: | |
a) quoted prices for similar assets or liabilities in active markets; | |
b) quoted prices for identical or similar assets or liabilities in non-active markets; | |
c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and | |
d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. | |
IDACORP and Idaho Power Level 2 inputs are based on quoted market prices adjusted for location using corroborated, observable market data. | |
• Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. | |
IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. An item recorded at fair value is reclassified among levels when changes in the nature of valuation inputs cause the item to no longer meet the criteria for the level in which it was previously categorized. | |
Segment reporting | ' |
IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the generation, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated joint venture. | |
IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the “All Other” category in the table below. This category is comprised of IFS’s investments in affordable housing and historic rehabilitation projects, Ida-West’s joint venture investments in small hydroelectric generation projects, the remaining activities of IESCo, and IDACORP’s holding company expenses. |
INCOME_TAXES_Level_3_Tables
INCOME TAXES: Level 3 (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||||||
The following table provides a summary of income tax expense for the nine months ended September 30 (in thousands of dollars): | |||||||||||||||||
IDACORP | Idaho Power | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Nine months ended September 30, | |||||||||||||||||
Income tax at statutory rates (federal and state) | $ | 75,385 | $ | 85,143 | $ | 74,702 | $ | 84,466 | |||||||||
Capitalized repairs deduction(1) | (19,061 | ) | (16,129 | ) | (19,061 | ) | (16,129 | ) | |||||||||
Accounting method changes | (11,075 | ) | 4,583 | (11,075 | ) | 4,583 | |||||||||||
Affordable housing tax credits | (3,792 | ) | (4,152 | ) | — | — | |||||||||||
Affordable housing investment amortization, net of statutory taxes | 2,041 | 739 | — | — | |||||||||||||
Other(2) | (9,530 | ) | (7,243 | ) | (8,667 | ) | (6,225 | ) | |||||||||
Income tax expense | $ | 33,968 | $ | 62,941 | $ | 35,899 | $ | 66,695 | |||||||||
Effective tax rate | 17.6 | % | 28.9 | % | 18.8 | % | 30.9 | % | |||||||||
(1) The "Capitalized repairs deduction" is one of Idaho Power's most significant regulatory flow-through tax adjustments. | |||||||||||||||||
(2) "Other" is primarily comprised of the net tax effect of Idaho Power's remaining regulatory flow-through tax adjustments, which are each listed in the rate reconciliation table in Note 2 to the consolidated financial statements included in IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2013. |
NOTES_PAYABLE_Level_3_Tables
NOTES PAYABLE: Level 3 (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Shedule of short term debt [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Short-term Debt | ' | ||||||||||||||||||||||||
Balances (in thousands of dollars) and interest rates of IDACORP’s and Idaho Power's short-term borrowings were as follows at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Idaho Power | IDACORP | Total | Idaho Power | IDACORP | Total | ||||||||||||||||||||
Commercial paper outstanding | $ | — | $ | 31,800 | $ | 31,800 | $ | — | $ | 54,750 | $ | 54,750 | |||||||||||||
Weighted-average annual interest rate | — | % | 0.31 | % | 0.31 | % | — | % | 0.34 | % | 0.34 | % |
EARNINGS_PER_SHARE_Level_3_Tab
EARNINGS PER SHARE: Level 3 (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | ' | ||||||||||||||||
The table below presents the computation of IDACORP’s basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 (in thousands, except for per share amounts). | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to IDACORP, Inc. | $ | 86,889 | $ | 73,119 | $ | 158,832 | $ | 154,815 | |||||||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding - basic | 50,129 | 50,056 | 50,131 | 50,051 | |||||||||||||
Effect of dilutive securities | 91 | 97 | 53 | 58 | |||||||||||||
Weighted-average common shares outstanding - diluted | 50,220 | 50,153 | 50,184 | 50,109 | |||||||||||||
Basic earnings per share | $ | 1.73 | $ | 1.46 | $ | 3.17 | $ | 3.09 | |||||||||
Diluted earnings per share | $ | 1.73 | $ | 1.46 | $ | 3.16 | $ | 3.09 | |||||||||
BENEFIT_PLANS_Level_3_Tables
BENEFIT PLANS: Level 3 (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | ||||||||||||||||||||||||
The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended September 30, 2014 and 2013 (in thousands of dollars). | |||||||||||||||||||||||||
Pension Plan | SMSP | Postretirement | |||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | 6,323 | $ | 7,839 | $ | 411 | $ | 544 | $ | 252 | $ | 328 | |||||||||||||
Interest cost | 8,853 | 7,958 | 964 | 816 | 711 | 659 | |||||||||||||||||||
Expected return on plan assets | (10,561 | ) | (9,053 | ) | — | — | (648 | ) | (582 | ) | |||||||||||||||
Amortization of prior service cost | 86 | 86 | 55 | 53 | 45 | (57 | ) | ||||||||||||||||||
Amortization of net loss | 978 | 4,280 | 654 | 709 | — | 25 | |||||||||||||||||||
Net periodic benefit cost | 5,679 | 11,110 | 2,084 | 2,122 | 360 | 373 | |||||||||||||||||||
Adjustments due to the effects of regulation(1) | (1,140 | ) | (6,274 | ) | — | — | — | — | |||||||||||||||||
Net periodic benefit cost recognized for financial reporting(1) | $ | 4,539 | $ | 4,836 | $ | 2,084 | $ | 2,122 | $ | 360 | $ | 373 | |||||||||||||
(1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, income statement recognition of pension plan costs is deferred until costs are recovered through rates. | |||||||||||||||||||||||||
The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the nine months ended September 30, 2014 and 2013 (in thousands of dollars). | |||||||||||||||||||||||||
Pension Plan | SMSP | Postretirement | |||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | 18,969 | $ | 23,517 | $ | 1,234 | $ | 1,634 | $ | 758 | $ | 986 | |||||||||||||
Interest cost | 26,561 | 23,873 | 2,892 | 2,444 | 2,131 | 1,975 | |||||||||||||||||||
Expected return on plan assets | (31,717 | ) | (26,816 | ) | — | — | (1,946 | ) | (1,746 | ) | |||||||||||||||
Amortization of prior service cost | 260 | 260 | 165 | 159 | 137 | (172 | ) | ||||||||||||||||||
Amortization of net loss | 2,933 | 12,839 | 1,963 | 2,129 | — | 74 | |||||||||||||||||||
Net periodic benefit cost | 17,006 | 33,673 | 6,254 | 6,366 | 1,080 | 1,117 | |||||||||||||||||||
Adjustments due to the effects of regulation(1) | (3,437 | ) | (19,168 | ) | — | — | — | — | |||||||||||||||||
Net periodic benefit cost recognized for financial reporting(1) | $ | 13,569 | $ | 14,505 | $ | 6,254 | $ | 6,366 | $ | 1,080 | $ | 1,117 | |||||||||||||
(1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, income statement recognition of pension plan costs is deferred until costs are recovered through rates. |
INVESTMENTS_IN_DEBT_AND_EQUITY1
INVESTMENTS IN DEBT AND EQUITY SECURITIES: Level 3 (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes investments in equity securities by IDACORP and Idaho Power as of September 30, 2014 and December 31, 2013 (in thousands of dollars). | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gross | Gross | Fair | Gross | Gross | Fair | ||||||||||||||||||||
Unrealized | Unrealized | Value | Unrealized | Unrealized | Value | ||||||||||||||||||||
Gain | Loss | Gain | Loss | ||||||||||||||||||||||
Available-for-sale securities | $ | — | $ | — | $ | 37,606 | $ | — | $ | — | $ | 41,119 | |||||||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS: Level 3 (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | ||||||||||||||||||||||||||
The table below presents the gains and losses on derivatives not designated as hedging instruments for the three and nine months ended September 30, 2014 and 2013 (in thousands of dollars). | |||||||||||||||||||||||||||
Gain/(Loss) on Derivatives Recognized in Income(1) | |||||||||||||||||||||||||||
Location of Realized Gain/(Loss) on Derivatives Recognized in Income | Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Financial swaps | Off-system sales | $ | 517 | $ | (98 | ) | $ | (6,026 | ) | $ | 224 | ||||||||||||||||
Financial swaps | Purchased power | (2,265 | ) | 496 | (785 | ) | 510 | ||||||||||||||||||||
Financial swaps | Fuel expense | 239 | (705 | ) | 3,907 | 444 | |||||||||||||||||||||
Financial swaps | Other operations and maintenance | (34 | ) | 12 | (44 | ) | 27 | ||||||||||||||||||||
Forward contracts | Off-system sales | 112 | 135 | 164 | 135 | ||||||||||||||||||||||
Forward contracts | Purchased power | (113 | ) | (138 | ) | (163 | ) | (138 | ) | ||||||||||||||||||
Forward contracts | Fuel expense | 53 | 52 | 101 | 131 | ||||||||||||||||||||||
(1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. | |||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||||||||||||
The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at September 30, 2014 and December 31, 2013 (in thousands of dollars). | |||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||
Balance Sheet Location | Gross Fair Value | Amounts Offset | Net Assets | Gross Fair Value | Amounts Offset | Net Liabilities | |||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||
Financial swaps | Other current assets | $ | 1,418 | $ | (154 | ) | $ | 1,264 | $ | 154 | $ | (154 | ) | $ | — | ||||||||||||
Financial swaps | Other current liabilities | — | — | — | 689 | — | 689 | ||||||||||||||||||||
Forward contracts | Other current assets | 176 | — | 176 | — | — | — | ||||||||||||||||||||
Forward contracts | Other current liabilities | — | — | — | 115 | — | 115 | ||||||||||||||||||||
Long-term: | |||||||||||||||||||||||||||
Forward contracts | Other assets | 63 | — | 63 | — | — | — | ||||||||||||||||||||
Total | $ | 1,657 | $ | (154 | ) | $ | 1,503 | $ | 958 | $ | (154 | ) | $ | 804 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||
Financial swaps | Other current assets | $ | 1,451 | $ | (175 | ) | $ | 1,276 | $ | 175 | $ | (175 | ) | $ | — | ||||||||||||
Financial swaps | Other current liabilities | 373 | (373 | ) | — | 1,975 | (1,429 | ) | (1) | 546 | |||||||||||||||||
Forward contracts | Other current assets | 109 | — | 109 | — | — | — | ||||||||||||||||||||
Forward contracts | Other current liabilities | — | — | — | 26 | — | 26 | ||||||||||||||||||||
Long-term: | |||||||||||||||||||||||||||
Financial swaps | Other assets | 189 | (28 | ) | 161 | 28 | (28 | ) | — | ||||||||||||||||||
Forward contracts | Other assets | 126 | — | 126 | — | — | — | ||||||||||||||||||||
Total | $ | 2,248 | $ | (576 | ) | $ | 1,672 | $ | 2,204 | $ | (1,632 | ) | $ | 572 | |||||||||||||
(1) Current liability derivative amounts offset include $1.1 million of collateral receivable for the period ended December 31, 2013. | |||||||||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||||||||||||||||
The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at September 30, 2014 and 2013 (in thousands of units). | |||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||
Commodity | Units | 2014 | 2013 | ||||||||||||||||||||||||
Electricity purchases | MWh | 227 | 382 | ||||||||||||||||||||||||
Electricity sales | MWh | 391 | 1,064 | ||||||||||||||||||||||||
Natural gas purchases | MMBtu | 5,455 | 11,929 | ||||||||||||||||||||||||
Natural gas sales | MMBtu | 1,137 | 1,153 | ||||||||||||||||||||||||
Diesel purchases | Gallons | 222 | 1,113 |
FAIR_VALUE_MEASUREMENTS_Level_
FAIR VALUE MEASUREMENTS: Level 3 (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The table below presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013 (in thousands of dollars). | |||||||||||||||||||||||||||||||||
30-Sep-14 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Derivatives | $ | 995 | $ | 508 | $ | — | $ | 1,503 | $ | 1,437 | $ | 235 | $ | — | $ | 1,672 | |||||||||||||||||
Money market funds | 100 | — | — | 100 | 100 | — | — | 100 | |||||||||||||||||||||||||
Trading securities: Equity securities | 139 | — | — | 139 | 1,153 | — | — | 1,153 | |||||||||||||||||||||||||
Available-for-sale securities: Equity securities | 37,606 | — | — | 37,606 | 41,119 | — | — | 41,119 | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivatives | $ | 78 | $ | 726 | $ | — | $ | 804 | $ | 546 | $ | 26 | $ | — | $ | 572 | |||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, as of September 30, 2014 and December 31, 2013, using available market information and appropriate valuation methodologies (in thousands of dollars). | |||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||||||||||||
IDACORP | |||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Notes receivable(1) | $ | 3,472 | $ | 3,472 | $ | 3,472 | $ | 3,472 | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Long-term debt(1) | 1,615,441 | 1,672,271 | 1,616,322 | 1,600,248 | |||||||||||||||||||||||||||||
Idaho Power | |||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Long-term debt(1) | $ | 1,615,441 | $ | 1,672,271 | $ | 1,616,322 | $ | 1,600,248 | |||||||||||||||||||||||||
(1) Notes receivable and long-term debt are categorized as Level 3 and Level 2, respectively, of the fair value hierarchy, as defined earlier in this Note 12. |
SEGMENT_INFORMATION_Level_3_Ta
SEGMENT INFORMATION: Level 3 (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands of dollars). | |||||||||||||||||
Utility | All | Eliminations | Consolidated | ||||||||||||||
Operations | Other | Total | |||||||||||||||
Three months ended September 30, 2014: | |||||||||||||||||
Revenues | $ | 380,711 | $ | 1,490 | $ | — | $ | 382,201 | |||||||||
Net income attributable to IDACORP, Inc. | 84,600 | 2,289 | — | 86,889 | |||||||||||||
Total assets as of September 30, 2014 | 5,408,736 | 102,904 | (13,363 | ) | 5,498,277 | ||||||||||||
Three months ended September 30, 2013: | |||||||||||||||||
Revenues | $ | 380,304 | $ | 803 | $ | — | $ | 381,107 | |||||||||
Net income attributable to IDACORP, Inc. | 70,302 | 2,817 | — | 73,119 | |||||||||||||
Nine months ended September 30, 2014: | |||||||||||||||||
Revenues | $ | 989,686 | $ | 3,017 | $ | — | $ | 992,703 | |||||||||
Net income attributable to IDACORP, Inc. | 155,154 | 3,678 | — | 158,832 | |||||||||||||
Nine months ended September 30, 2013: | |||||||||||||||||
Revenues | $ | 947,529 | $ | 2,455 | $ | — | $ | 949,984 | |||||||||
Net income attributable to IDACORP, Inc. | 149,331 | 5,484 | — | 154,815 | |||||||||||||
CHANGES_IN_ACCUMULATED_OTHER_C1
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME: Level 3 (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the three and nine months ended September 30, 2014 and 2013 (in thousands of dollars). Items in parentheses indicate reductions to AOCI. | |||||||||||||||||
Unrealized Gains and Losses on Available-for-Sale Securities | Defined Benefit Pension Items | Total | |||||||||||||||
Three months ended September 30, 2014: | |||||||||||||||||
Balance at beginning of period | $ | — | $ | (15,689 | ) | $ | (15,689 | ) | |||||||||
Other comprehensive income before reclassifications | — | — | — | ||||||||||||||
Amounts reclassified out of AOCI | — | 432 | 432 | ||||||||||||||
Net current-period other comprehensive income | — | 432 | 432 | ||||||||||||||
Balance at end of period | $ | — | $ | (15,257 | ) | $ | (15,257 | ) | |||||||||
Nine months ended September 30, 2014: | |||||||||||||||||
Balance at beginning of period | $ | — | $ | (16,553 | ) | $ | (16,553 | ) | |||||||||
Other comprehensive income before reclassifications | — | — | — | ||||||||||||||
Amounts reclassified out of AOCI | — | 1,296 | 1,296 | ||||||||||||||
Net current-period other comprehensive income | — | 1,296 | 1,296 | ||||||||||||||
Balance at end of period | $ | — | $ | (15,257 | ) | $ | (15,257 | ) | |||||||||
Three months ended September 30, 2013: | |||||||||||||||||
Balance at beginning of period | $ | 5,576 | $ | (20,322 | ) | $ | (14,746 | ) | |||||||||
Other comprehensive income before reclassifications | 843 | — | 843 | ||||||||||||||
Amounts reclassified out of AOCI | — | 464 | 464 | ||||||||||||||
Net current-period other comprehensive income | 843 | 464 | 1,307 | ||||||||||||||
Balance at end of period | $ | 6,419 | $ | (19,858 | ) | $ | (13,439 | ) | |||||||||
Nine months ended September 30, 2013: | |||||||||||||||||
Balance at beginning of period | $ | 4,136 | $ | (21,252 | ) | $ | (17,116 | ) | |||||||||
Other comprehensive income before reclassifications | 2,283 | — | 2,283 | ||||||||||||||
Amounts reclassified out of AOCI | — | 1,394 | 1,394 | ||||||||||||||
Net current-period other comprehensive income | 2,283 | 1,394 | 3,677 | ||||||||||||||
Balance at end of period | $ | 6,419 | $ | (19,858 | ) | $ | (13,439 | ) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||
The table below presents amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the three and nine months ended September 30, 2014 and 2013 (in thousands of dollars). Items in parentheses indicate increases to net income. | |||||||||||||||||
Amount Reclassified from AOCI | |||||||||||||||||
Details About AOCI | Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amortization of defined benefit pension items(1) | |||||||||||||||||
Prior service cost | $ | 55 | $ | 53 | $ | 165 | $ | 159 | |||||||||
Net loss | 654 | 709 | 1,963 | 2,129 | |||||||||||||
Total before tax | 709 | 762 | 2,128 | 2,288 | |||||||||||||
Tax benefit(2) | (277 | ) | (298 | ) | (832 | ) | (894 | ) | |||||||||
Net of tax | 432 | 464 | 1,296 | 1,394 | |||||||||||||
Total reclassification for the period | $ | 432 | $ | 464 | $ | 1,296 | $ | 1,394 | |||||||||
(1) Amortization of these items is included in IDACORP's condensed consolidated income statements in other operating expenses and in Idaho Power's condensed consolidated income statements in other expense, net. | |||||||||||||||||
(2) The tax benefit is included in income tax expense in the condensed consolidated income statements of both IDACORP and Idaho Power. |
INCOME_TAXES_Level_4_Details
INCOME TAXES: Level 4 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Income Tax Expense [Line Items] | ' | ' | ' | ' | ||
Income tax at statutory rates (federal and state) | ' | ' | $75,385 | $85,143 | ||
Capitalized repairs deduction | ' | ' | -19,061 | [1] | -16,129 | [1] |
Accounting method changes | ' | ' | -11,075 | 4,583 | ||
Affordable housing tax credits | ' | ' | -3,792 | -4,152 | ||
Affordable housing investment amortization, net of statutory taxes | ' | ' | 2,041 | 739 | ||
Other | ' | ' | -9,530 | [2] | -7,243 | [2] |
Income Tax Expense | 10,869 | 33,222 | 33,968 | 62,941 | ||
Effective tax rate | ' | ' | 17.60% | 28.90% | ||
Idaho Power Company | ' | ' | ' | ' | ||
Income Tax Expense [Line Items] | ' | ' | ' | ' | ||
Income tax at statutory rates (federal and state) | ' | ' | 74,702 | 84,466 | ||
Capitalized repairs deduction | ' | ' | -19,061 | [1] | -16,129 | [1] |
Accounting method changes | ' | ' | -11,075 | 4,583 | ||
Other | ' | ' | -8,667 | [2] | -6,225 | [2] |
Income Tax Expense | $11,509 | $34,965 | $35,899 | $66,695 | ||
Effective tax rate | ' | ' | 18.80% | 30.90% | ||
[1] | The "Capitalized repairs deduction" is one of Idaho Power's most significant regulatory flow-through tax adjustments. | |||||
[2] | "Other" is primarily comprised of the net tax effect of Idaho Power's remaining regulatory flow-through tax adjustments, which are each listed in the rate reconciliation table in Note 2 to the consolidated financial statements included in IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2013. |
REGULATORY_MATTERS_Level_4_Det
REGULATORY MATTERS: Level 4 (Details) (USD $) | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||
Jan. 01, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2012 | Jun. 01, 2014 | Jun. 01, 2013 | Dec. 31, 2013 | Jun. 01, 2014 | Jun. 01, 2014 | Jun. 01, 2013 | Jun. 01, 2012 | Jul. 01, 2014 | Jan. 01, 2012 | Jan. 01, 2012 | Jul. 01, 2012 | Jul. 01, 2012 | Jun. 01, 2014 | Mar. 01, 2012 | Mar. 01, 2012 | Oct. 01, 2012 | Oct. 30, 2014 | |
Settlement Stipulation - Investment Tax Credits and Idaho Sharing Mechanism | Settlement Stipulation - Investment Tax Credits and Idaho Sharing Mechanism | Settlement Stipulation - Investment Tax Credits and Idaho Sharing Mechanism | Settlement Stipulation - Investment Tax Credits and Idaho Sharing Mechanism | Idaho Power Cost Adjustment Mechanism; Update to Base Level Net Power Supply Expense | Idaho Power Cost Adjustment Mechanism; Update to Base Level Net Power Supply Expense | Idaho Power Cost Adjustment Mechanism; Update to Base Level Net Power Supply Expense | Annual Idaho Fixed Cost Adjustment Filing | Annual Idaho Fixed Cost Adjustment Filing | Annual Idaho Fixed Cost Adjustment Filing | Annual Idaho Fixed Cost Adjustment Filing | IPUC Review of Rate Adjustment Mechanisms | IDAHO | IDAHO | IDAHO | IDAHO | IDAHO | OREGON | OREGON | OREGON | Subsequent Event [Member] | |
Idaho and Oregon General Rate Cases and Base Rate Adjustments | Idaho and Oregon General Rate Cases and Base Rate Adjustments | Cost Recovery for Langley Gulch Power Plant | Cost Recovery for Langley Gulch Power Plant | Idaho Power Cost Adjustment Mechanism; Update to Base Level Net Power Supply Expense | Idaho and Oregon General Rate Cases and Base Rate Adjustments | Idaho and Oregon General Rate Cases and Base Rate Adjustments | Cost Recovery for Langley Gulch Power Plant | Settlement Stipulation - Investment Tax Credits and Idaho Sharing Mechanism | |||||||||||||
Rate Case | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized Rate of Return in Rate Case | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.86% | ' | ' | ' | ' | 7.76% | ' | ' |
Total Retail Rate Base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,360,000,000 | ' | ' | ' | ' | ' | ' | ' |
Approved Rate Increase (Decrease), Amount | ' | ' | ' | ' | 11,100,000 | 140,400,000 | ' | 6,000,000 | ' | ' | ' | ' | 34,000,000 | ' | 58,100,000 | ' | 106,000,000 | 1,800,000 | ' | 3,000,000 | ' |
Public Utilities, Approved Return on Equity, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.90% | ' | ' | ' |
Increase (Decrease) in Rate Base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 335,900,000 | ' | ' | ' | ' | ' |
Authorized Return on Equity in Rate Case, Minimum | ' | ' | ' | 9.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.50% |
Authorized Return on Equity in Rate Case, Mid-point | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% |
Authorized Return on Equity in Rate Case, Maximum | ' | ' | ' | 10.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.50% |
Investment Tax Credits, Maximum, in Rate Case | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 |
Period of Current ADITC Stipulation | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage to be Shared with Customers | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% |
Percentage to be Shared with Entity | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% |
Regulatory Liabilities | ' | 4,900,000 | 7,600,000 | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Tax Credits Maximum In One Year In Rate Case | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 |
Percent To Be Shared With Customers, Power Cost Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Percent To Be Shared With Customers, Pension Balancing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% |
Annual fixed cost adjustment mechanism deferral | ' | ' | ' | ' | ' | ' | ' | ' | 14,900,000 | 8,900,000 | 10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PCA Rate Review | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NOTES_PAYABLE_Level_4_Details
NOTES PAYABLE: Level 4 (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Short-term borrowings: | ' | ' |
Commercial paper outstanding | $31,800,000 | $54,750,000 |
Weighted-average annual interest rate | 0.31% | 0.34% |
IDACORP | ' | ' |
Short-term borrowings: | ' | ' |
Commercial paper outstanding | 31,800,000 | 54,750,000 |
Weighted-average annual interest rate | 0.31% | 0.34% |
Credit facility: | ' | ' |
Amount outstanding on credit facility | 0 | ' |
Idaho Power Company | ' | ' |
Short-term borrowings: | ' | ' |
Commercial paper outstanding | 0 | 0 |
Weighted-average annual interest rate | 0.00% | 0.00% |
Credit facility: | ' | ' |
Amount outstanding on credit facility | 0 | ' |
Regulatory authority to incur short-term indebtedness | $450,000,000 | ' |
COMMON_STOCK_Level_4_Details
COMMON STOCK: Level 4 (Details) (USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 |
Idaho Power Company | ' |
Shareholders' equity | ' |
Maximum leverage ratio requirement | 0.65 |
Ratio of Indebtedness to Net Capital | 0.47 |
Dividend Distribution Restriction Amount | $942 |
Dividend Distribution Restriction Threshold | 0.35 |
Ratio of total Capital to total capital and long-term debt | 0.53 |
Preferred Stock, Shares Outstanding | 0 |
IDACORP | ' |
Shareholders' equity | ' |
Stock Issued During Period, Shares, New Issues | 74,049 |
Maximum leverage ratio requirement | 0.65 |
Ratio of Indebtedness to Net Capital | 0.46 |
Dividend Distribution Restriction Amount | $1,100 |
IDACORP | Continuous equity program | ' |
Shareholders' equity | ' |
Stock Issued During Period, Shares, New Issues | 0 |
Remaining shares available under sales agency agreement | 3,000,000 |
EARNINGS_PER_SHARE_Level_4_Det
EARNINGS PER SHARE: Level 4 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income attributable to IDACORP, Inc. | $86,889 | $73,119 | $158,832 | $154,815 |
Denominator: | ' | ' | ' | ' |
Weighted Average Common Shares Outstanding - Basic | 50,129 | 50,056 | 50,131 | 50,051 |
Options | 91 | 97 | 53 | 58 |
Weighted Average Common Shares Outstanding - Diluted | 50,220 | 50,153 | 50,184 | 50,109 |
Earnings Attributable to IDACORP, Inc. - Basic (in dollars per share) | $1.73 | $1.46 | $3.17 | $3.09 |
Earnings Attributable to IDACORP, Inc. - Diluted (in dollars per share) | $1.73 | $1.46 | $3.16 | $3.09 |
COMMITMENTS_Level_4_Details
COMMITMENTS: Level 4 (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
MWh | |
Idaho Power Company | ' |
Guarantor Obligations | ' |
IERCo ownership interest in BCC | 33.00% |
IERCo guarantee of BCC reclamation obligation | $70 |
Long-term Purchase Commitment | ' |
Nameplate Capacity (in MWs) | 176 |
Estimated purchase obligation | 659 |
Nameplate capacity, subject to approval (in MWs) | 120 |
Estimated purchase obligation, subject to approval | 449 |
Bridger Coal Company | ' |
Guarantor Obligations | ' |
Guarantor Obligations Total Reclamation Trust Fund | 66 |
Distribution from Reclamation Trust Fund | $10 |
CONTINGENCIES_Level_4_Details
CONTINGENCIES: Level 4 (Details) (USD $) | Sep. 30, 2014 |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Estimate of Possible Loss | $0 |
BENEFIT_PLANS_Level_4_Details
BENEFIT PLANS: Level 4 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
Pension Plan | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure | ' | ' | ' | ' | ||||
Service cost | $6,323,000 | $7,839,000 | $18,969,000 | $23,517,000 | ||||
Interest cost | 8,853,000 | 7,958,000 | 26,561,000 | 23,873,000 | ||||
Expected return on plan assets | -10,561,000 | -9,053,000 | -31,717,000 | -26,816,000 | ||||
Amortization of prior service cost | 86,000 | 86,000 | 260,000 | 260,000 | ||||
Amortization of net loss | 978,000 | 4,280,000 | 2,933,000 | 12,839,000 | ||||
Net periodic benefit cost | 5,679,000 | 11,110,000 | 17,006,000 | 33,673,000 | ||||
Adjustments due to the effects of regulation | -1,140,000 | [1] | -6,274,000 | [1] | -3,437,000 | [1] | -19,168,000 | [1] |
Net periodic benefit cost recognized for financial reporting | 4,539,000 | [1] | 4,836,000 | [1] | 13,569,000 | [1] | 14,505,000 | [1] |
Contributions made to the defined benefit pension plan | ' | ' | 30,000,000 | ' | ||||
Senior Management Security Plan | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure | ' | ' | ' | ' | ||||
Service cost | 411,000 | 544,000 | 1,234,000 | 1,634,000 | ||||
Interest cost | 964,000 | 816,000 | 2,892,000 | 2,444,000 | ||||
Expected return on plan assets | 0 | 0 | 0 | 0 | ||||
Amortization of prior service cost | 55,000 | 53,000 | 165,000 | 159,000 | ||||
Amortization of net loss | 654,000 | 709,000 | 1,963,000 | 2,129,000 | ||||
Net periodic benefit cost | 2,084,000 | 2,122,000 | 6,254,000 | 6,366,000 | ||||
Net periodic benefit cost recognized for financial reporting | 2,084,000 | 2,122,000 | 6,254,000 | 6,366,000 | ||||
Postretirement Benefits | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure | ' | ' | ' | ' | ||||
Service cost | 252,000 | 328,000 | 758,000 | 986,000 | ||||
Interest cost | 711,000 | 659,000 | 2,131,000 | 1,975,000 | ||||
Expected return on plan assets | -648,000 | -582,000 | -1,946,000 | -1,746,000 | ||||
Amortization of prior service cost | 45,000 | -57,000 | 137,000 | -172,000 | ||||
Amortization of net loss | 0 | 25,000 | 0 | 74,000 | ||||
Net periodic benefit cost | 360,000 | 373,000 | 1,080,000 | 1,117,000 | ||||
Net periodic benefit cost recognized for financial reporting | $360,000 | $373,000 | $1,080,000 | $1,117,000 | ||||
[1] | Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, income statement recognition of pension plan costs is deferred until costs are recovered through rates. |
INVESTMENTS_IN_DEBT_AND_EQUITY2
INVESTMENTS IN DEBT AND EQUITY SECURITIES: Level 4 (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Summary of investments in debt and equity securities | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Gain | $0 | ' | $0 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | ' | 0 |
Available-for-sale Securities, Fair Value | 37,606,000 | ' | 41,119,000 |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | $0 | $0 | ' |
Derivative_Instruments_Fair_Va
Derivative Instruments Fair Value and Offsets Table (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Asset, Fair Value, Gross Asset | $1,657,000 | $2,248,000 | |
Derivative Asset, Fair Value, Gross Liability | -154,000 | -576,000 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1,503,000 | 1,672,000 | |
Derivative Liability, Fair Value, Gross Liability | 958,000 | 2,204,000 | |
Derivative Liability, Fair Value, Gross Asset | -154,000 | -1,632,000 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 804,000 | 572,000 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | ' | 1,100,000 | |
Financial Swaps | Other Current Assets [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Asset, Fair Value, Gross Asset | 1,418,000 | 1,451,000 | |
Derivative Asset, Fair Value, Gross Liability | -154,000 | -175,000 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1,264,000 | 1,276,000 | |
Derivative Liability, Fair Value, Gross Liability | 154,000 | 175,000 | |
Derivative Liability, Fair Value, Gross Asset | -154,000 | -175,000 | |
Financial Swaps | Other Current Liabilities [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Asset, Fair Value, Gross Asset | ' | 373,000 | |
Derivative Asset, Fair Value, Gross Liability | ' | -373,000 | |
Derivative Liability, Fair Value, Gross Liability | 689,000 | 1,975,000 | |
Derivative Liability, Fair Value, Gross Asset | ' | -1,429,000 | [1] |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 689,000 | 546,000 | |
Financial Swaps | Other Assets [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Asset, Fair Value, Gross Asset | ' | 189,000 | |
Derivative Asset, Fair Value, Gross Liability | ' | -28,000 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | ' | 161,000 | |
Derivative Liability, Fair Value, Gross Liability | ' | 28,000 | |
Derivative Liability, Fair Value, Gross Asset | ' | -28,000 | |
Forward contracts | Other Current Assets [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Asset, Fair Value, Gross Asset | 176,000 | 109,000 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 176,000 | 109,000 | |
Forward contracts | Other Current Liabilities [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Liability, Fair Value, Gross Liability | 115,000 | 26,000 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 115,000 | 26,000 | |
Forward contracts | Other Assets [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Asset, Fair Value, Gross Asset | 63,000 | 126,000 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | $63,000 | $126,000 | |
[1] | Current liability derivative amounts offset include $1.1 million of collateral receivable for the period ended DecemberB 31, 2013. |
Derivative_Instruments_Gains_L
Derivative Instruments Gains (Loss) on Derivatives Recognized in Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Financial Swaps | Off-system sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative, Loss on Derivative | ' | ($98) | ($6,026) | ' |
Derivative, Gain on Derivative | 517 | ' | ' | 224 |
Financial Swaps | Purchased power | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative, Loss on Derivative | -2,265 | ' | -785 | ' |
Derivative, Gain on Derivative | ' | 496 | ' | 510 |
Financial Swaps | Fuel expense | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative, Loss on Derivative | ' | -705 | ' | ' |
Derivative, Gain on Derivative | 239 | ' | 3,907 | 444 |
Financial Swaps | Other operations and maintenance | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative, Loss on Derivative | -34 | ' | -44 | ' |
Derivative, Gain on Derivative | ' | 12 | ' | 27 |
Forward contracts | Off-system sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative, Gain on Derivative | 112 | 135 | 164 | 135 |
Forward contracts | Purchased power | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative, Loss on Derivative | -113 | -138 | -163 | -138 |
Forward contracts | Fuel expense | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative, Gain on Derivative | $53 | $52 | $101 | $131 |
Derivative_Commodities_and_Dis
Derivative Commodities and Disclosures (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | MWh | MWh |
Derivative | ' | ' |
Derivatives in a net liability position | 0.7 | ' |
Collateral Already Posted, Aggregate Fair Value | 0.1 | ' |
Additional Collateral, Aggregate Fair Value | 6.2 | ' |
Electricity (MWh) | Long [Member] | ' | ' |
Derivative | ' | ' |
Derivative, Nonmonetary Notional Amount | 227,000 | 382,000 |
Electricity (MWh) | Short [Member] | ' | ' |
Derivative | ' | ' |
Derivative, Nonmonetary Notional Amount | 391,000 | 1,064,000 |
Natural Gas (MMBTU) | Long [Member] | ' | ' |
Derivative | ' | ' |
Derivative, Nonmonetary Notional Amount | 5,455,000 | 11,929,000 |
Natural Gas (MMBTU) | Short [Member] | ' | ' |
Derivative | ' | ' |
Derivative, Nonmonetary Notional Amount | 1,137,000 | 1,153,000 |
Diesel Fuel (Gallons) | Long [Member] | ' | ' |
Derivative | ' | ' |
Derivative, Nonmonetary Notional Amount | 222,000 | 1,113,000 |
FAIR_VALUE_MEASUREMENTS_Level_1
FAIR VALUE MEASUREMENTS: Level 4 (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $0 | $0 |
Derivative Asset | 1,503,000 | 1,672,000 |
Cash and Cash Equivalents, Fair Value Disclosure | 100,000 | 100,000 |
Trading Securities | 139,000 | 1,153,000 |
Available-for-sale Securities | 37,606,000 | 41,119,000 |
Derivative Liability | 804,000 | 572,000 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset | 995,000 | 1,437,000 |
Cash and Cash Equivalents, Fair Value Disclosure | 100,000 | 100,000 |
Trading Securities | 139,000 | 1,153,000 |
Available-for-sale Securities | 37,606,000 | 41,119,000 |
Derivative Liability | 78,000 | 546,000 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset | 508,000 | 235,000 |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Trading Securities | 0 | 0 |
Available-for-sale Securities | 0 | 0 |
Derivative Liability | 726,000 | 26,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset | 0 | 0 |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Trading Securities | 0 | 0 |
Available-for-sale Securities | 0 | 0 |
Derivative Liability | $0 | $0 |
FAIR_VALUE_MEASUREMENTS_Fair_V
FAIR VALUE MEASUREMENTS: Fair Value, by Balance Sheet Grouping (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Reported Value Measurement [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Notes Receivable, Fair Value Disclosure | $3,472 | [1] | $3,472 | [1] |
Loans Payable, Fair Value Disclosure | 1,615,441 | [1] | 1,616,322 | [1] |
Reported Value Measurement [Member] | Idaho Power Company | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Loans Payable, Fair Value Disclosure | 1,615,441 | [1] | 1,616,322 | [1] |
Estimate of Fair Value Measurement [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Notes Receivable, Fair Value Disclosure | 3,472 | [1] | 3,472 | [1] |
Loans Payable, Fair Value Disclosure | 1,672,271 | [1] | 1,600,248 | [1] |
Estimate of Fair Value Measurement [Member] | Idaho Power Company | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Loans Payable, Fair Value Disclosure | $1,672,271 | [1] | $1,600,248 | [1] |
[1] | Notes receivable and long-term debt are categorized as Level 3 and Level 2, respectively, of the fair value hierarchy, as defined earlier in this Note 12. |
SEGMENT_INFORMATION_Level_4_De
SEGMENT INFORMATION: Level 4 (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information | ' | ' | ' | ' | ' |
Revenues | $382,201 | $381,107 | $992,703 | $949,984 | ' |
Income (loss) attributable to IDACORP, Inc. | 87,234 | 73,104 | 159,115 | 154,784 | ' |
Net Income Attributable to IDACORP, Inc. | 86,889 | 73,119 | 158,832 | 154,815 | ' |
Total assets | 5,498,277 | ' | 5,498,277 | ' | 5,364,563 |
Idaho Power Company | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' |
Revenues | 380,711 | 380,304 | 989,686 | 947,529 | ' |
Income (loss) attributable to IDACORP, Inc. | 84,600 | 70,302 | 155,154 | 149,331 | ' |
Total assets | 5,408,736 | ' | 5,408,736 | ' | ' |
All Other | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' |
Revenues | 1,490 | 803 | 3,017 | 2,455 | ' |
Income (loss) attributable to IDACORP, Inc. | 2,289 | 2,817 | 3,678 | 5,484 | ' |
Total assets | 102,904 | ' | 102,904 | ' | ' |
Eliminations | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 | ' |
Income (loss) attributable to IDACORP, Inc. | 0 | 0 | 0 | 0 | ' |
Total assets | -13,363 | ' | -13,363 | ' | ' |
Idaho Power Company | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' |
IERCo's ownership percentage in Bridger Coal Company | ' | ' | 33.00% | ' | ' |
Income (loss) attributable to IDACORP, Inc. | 84,600 | 70,302 | 155,154 | 149,331 | ' |
Total assets | $5,409,463 | ' | $5,409,463 | ' | $5,266,411 |
CHANGES_IN_ACCUMULATED_OTHER_C2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME: Level 4 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ||||
Amortization of prior service cost | $55 | [1] | $53 | [1] | $165 | [1] | $159 | [1] |
Amortization of net loss | 654 | [1] | 709 | [1] | 1,963 | [1] | 2,129 | [1] |
Total reclassification, before tax - pension and postretirement benefits | 709 | 762 | 2,128 | 2,288 | ||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | -277 | [2] | -298 | [2] | -832 | [2] | -894 | [2] |
Total reclassification, net of tax - pension and postretirement benfits | 432 | 464 | 1,296 | 1,394 | ||||
Reclassifications | 432 | 464 | 1,296 | 1,394 | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||||
AOCI - Beginning Balance | -15,689 | -14,746 | -16,553 | -17,116 | ||||
Before Reclassifications | 0 | 843 | 0 | 2,283 | ||||
Reclassifications | 432 | 464 | 1,296 | 1,394 | ||||
Other Comprehensive Income (Loss) | 432 | 1,307 | 1,296 | 3,677 | ||||
AOCI - Ending Balance | -15,257 | -13,439 | -15,257 | -13,439 | ||||
Accumulated Unrealized Gains and Losses on Available-for-Sale Securities | ' | ' | ' | ' | ||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ||||
Reclassifications | 0 | 0 | 0 | 0 | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||||
AOCI - Beginning Balance | 0 | 5,576 | 0 | 4,136 | ||||
Before Reclassifications | 0 | 843 | 0 | 2,283 | ||||
Reclassifications | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss) | 0 | 843 | 0 | 2,283 | ||||
AOCI - Ending Balance | 0 | 6,419 | 0 | 6,419 | ||||
Accumulated Defined Benefit Pension Items | ' | ' | ' | ' | ||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ||||
Reclassifications | 432 | 464 | 1,296 | 1,394 | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||||
AOCI - Beginning Balance | -15,689 | -20,322 | -16,553 | -21,252 | ||||
Before Reclassifications | 0 | 0 | 0 | 0 | ||||
Reclassifications | 432 | 464 | 1,296 | 1,394 | ||||
Other Comprehensive Income (Loss) | 432 | 464 | 1,296 | 1,394 | ||||
AOCI - Ending Balance | ($15,257) | ($19,858) | ($15,257) | ($19,858) | ||||
[1] | Amortization of these items is included in IDACORP's condensed consolidated income statements in other operating expenses and in Idaho Power's condensed consolidated income statements in other expense, net. | |||||||
[2] | The tax benefit is included in income tax expense in the condensed consolidated income statements of both IDACORP and Idaho Power. |