Document and Entity Information
Document and Entity Information Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity File Number | 1-14465 | ||
Entity Registrant Name | IDACORP, Inc. | ||
I.R.S. Employer Identification No. | 82-0505802 | ||
Entity Incorporation, State or Country Code | ID | ||
Entity Address, Address Line One | 1221 W. Idaho Street | ||
Entity Address, City or Town | Boise, | ||
Entity Address, State or Province | ID | ||
Entity Address, Postal Zip Code | 83702-5627 | ||
City Area Code | (208) | ||
Local Phone Number | 388-2200 | ||
Entity Central Index Key | 0001057877 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, without par value | ||
Trading Symbol | IDA | ||
Security Exchange Name | NYSE | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,017,481,695 | ||
Entity Common Stock, Shares Outstanding | 50,409,901 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference: Part III, Items 10 - 14 Portions of IDACORP, Inc.’s definitive proxy statement to be filed pursuant to Regulation 14A for the 2020 annual meeting of shareholders. | ||
Idaho Power Company | |||
Document Information [Line Items] | |||
No Trading Symbol Flag | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity File Number | 1-3198 | ||
Entity Registrant Name | Idaho Power Company | ||
I.R.S. Employer Identification No. | 82-0130980 | ||
Entity Central Index Key | 0000049648 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Amendment Flag | false | ||
Title of 12(g) Security | Preferred Stock | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 39,150,812 |
Consolidated Statements of Inco
Consolidated Statements of Income Statement - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Revenues: | |||
Electric utility revenues | $ 1,342,940 | $ 1,366,582 | $ 1,344,893 |
Other operating revenues | 3,443 | 4,170 | 4,593 |
Total operating revenues | 1,346,383 | 1,370,752 | 1,349,486 |
Operating Expenses: | |||
Purchased power | 285,266 | 293,814 | 248,950 |
Fuel expense | 156,872 | 133,198 | 145,829 |
Power cost adjustment | 2,047 | 42,106 | 52,024 |
Other operations and maintenance | 355,770 | 364,456 | 346,695 |
Energy efficiency programs | 40,128 | 35,703 | 39,241 |
Depreciation | 169,210 | 165,190 | 162,091 |
Taxes other than income taxes | 34,044 | 34,792 | 34,089 |
Total electric utility expenses | 1,043,337 | 1,069,259 | 1,028,919 |
Other | 4,720 | 4,571 | 5,022 |
Total operating expenses | 1,048,057 | 1,073,830 | 1,033,941 |
Operating Income | 298,326 | 296,922 | 315,545 |
Other Income (Expense): | |||
Allowance for equity funds used during construction | 27,112 | 24,353 | 20,784 |
Earnings of unconsolidated equity-method investments | 12,370 | 12,449 | 11,374 |
Other expense, net | 6,502 | (2,867) | (2,109) |
Total other income | 20,363 | 11,645 | 12,547 |
Interest Expense: | |||
Interest on long-term debt | 82,457 | 84,408 | 81,198 |
Other interest | 14,721 | 11,691 | 11,242 |
Allowance for borrowed funds used during construction | (10,703) | (10,151) | (8,694) |
Total interest expense, net | 86,475 | 85,948 | 83,746 |
Income Before Income Taxes | 257,835 | 244,909 | 261,848 |
Income Tax Expense | 24,507 | 17,386 | 48,660 |
Net Income | 233,328 | 227,523 | 213,188 |
Adjustment for income attributable to noncontrolling interests | (474) | (722) | (769) |
Net Income Attributable to IDACORP, Inc. | $ 232,854 | $ 226,801 | $ 212,419 |
Weighted Average Common Shares Outstanding - Basic (000’s) (in shares) | 50,502 | 50,432 | 50,361 |
Weighted Average Common Shares Outstanding - Diluted (000’s) (in shares) | 50,537 | 50,510 | 50,424 |
Earnings Per Share of Common Stock: | |||
Earnings Attributable to IDACORP, Inc. - Basic (in dollars per share) | $ 4.61 | $ 4.50 | $ 4.22 |
Earnings Attributable to IDACORP, Inc. - Diluted (in dollars per share) | $ 4.61 | $ 4.49 | $ 4.21 |
Idaho Power Company | |||
Operating Revenues: | |||
Electric utility revenues | $ 1,342,940 | $ 1,366,582 | $ 1,344,893 |
Operating Expenses: | |||
Purchased power | 285,266 | 293,814 | 248,950 |
Fuel expense | 156,872 | 133,198 | 145,829 |
Power cost adjustment | 2,047 | 42,106 | 52,024 |
Other operations and maintenance | 355,770 | 364,456 | 346,695 |
Energy efficiency programs | 40,128 | 35,703 | 39,241 |
Depreciation | 169,210 | 165,190 | 162,091 |
Taxes other than income taxes | 34,044 | 34,792 | 34,089 |
Total electric utility expenses | 1,043,337 | 1,069,259 | 1,028,919 |
Operating Income | 299,603 | 297,323 | 315,974 |
Other Income (Expense): | |||
Allowance for equity funds used during construction | 27,112 | 24,353 | 20,784 |
Earnings of unconsolidated equity-method investments | 10,285 | 10,712 | 9,267 |
Other expense, net | 2,266 | (5,851) | (4,756) |
Total other income | 39,663 | 29,214 | 25,295 |
Interest Expense: | |||
Interest on long-term debt | 82,457 | 84,408 | 81,198 |
Other interest | 14,658 | 11,634 | 11,156 |
Allowance for borrowed funds used during construction | (10,703) | (10,151) | (8,694) |
Total interest expense, net | 86,412 | 85,891 | 83,660 |
Income Before Income Taxes | 252,854 | 240,646 | 257,609 |
Income Tax Expense | 28,417 | 18,312 | 51,262 |
Net Income | $ 224,437 | $ 222,334 | $ 206,347 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Income | $ 233,328 | $ 227,523 | $ 213,188 |
Other Comprehensive Income: | |||
Unfunded pension liability adjustment, net of tax | (13,440) | 8,120 | (5,990) |
Total Comprehensive Income | 219,888 | 235,643 | 207,198 |
Comprehensive income attributable to noncontrolling interests | (474) | (722) | (769) |
Comprehensive Income Attributable to IDACORP, Inc. | 219,414 | 234,921 | 206,429 |
Idaho Power Company | |||
Net Income | 224,437 | 222,334 | 206,347 |
Other Comprehensive Income: | |||
Unfunded pension liability adjustment, net of tax | (13,440) | 8,120 | (5,990) |
Total Comprehensive Income | $ 210,997 | $ 230,454 | $ 200,357 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Comprehensive (loss) Income, Pension and Other Postretirement Benefit Plans, Tax | $ (4,658) | $ 2,815 | $ (1,555) |
Idaho Power Company | |||
Other Comprehensive (loss) Income, Pension and Other Postretirement Benefit Plans, Tax | $ (4,658) | $ 2,815 | $ (1,555) |
Consolidated Balance Sheets Sta
Consolidated Balance Sheets Statement - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 217,254 | $ 267,492 |
Receivables: | ||
Customer | 72,675 | 77,178 |
Other | 18,789 | 7,476 |
Income taxes receivable | 3,106 | 4,356 |
Accrued unbilled revenues | 64,545 | 69,318 |
Materials and supplies (at average cost) | 56,660 | 54,987 |
Fuel stock (at average cost) | 57,448 | 47,979 |
Prepayments | 17,638 | 16,492 |
Current regulatory assets | 56,626 | 48,707 |
Other | 405 | 3,655 |
Total current assets | 565,146 | 597,640 |
Investments | 98,218 | 101,178 |
Property, Plant and Equipment: | ||
Utility plant in service | 6,113,567 | 6,103,856 |
Accumulated provision for depreciation | (2,155,783) | (2,210,781) |
Utility plant in service - net | 3,957,784 | 3,893,075 |
Construction work in progress | 552,499 | 480,259 |
Utility plant held for future use | 3,872 | 4,751 |
Other property, net of accumulated depreciation | 17,299 | 17,650 |
Property, plant and equipment - net | 4,531,454 | 4,395,735 |
Other Assets: | ||
Company-owned life insurance | 58,922 | 59,852 |
Regulatory assets | 1,326,433 | 1,165,467 |
Other | 61,028 | 62,882 |
Total other assets | 1,446,383 | 1,288,201 |
Total | 6,641,201 | 6,382,754 |
Current Liabilities: | ||
Current maturities of long-term debt | 100,000 | 0 |
Accounts payable | 110,745 | 110,824 |
Taxes accrued | 11,501 | 12,009 |
Interest accrued | 20,999 | 23,622 |
Accrued compensation | 52,550 | 55,121 |
Current regulatory liabilities | 33,987 | 25,883 |
Advances from customers | 28,452 | 20,037 |
Other | 16,625 | 11,096 |
Total current liabilities | 374,859 | 258,592 |
Other Liabilities: | ||
Deferred income taxes | 746,231 | 699,878 |
Regulatory liabilities | 748,198 | 738,994 |
Pension and other postretirement benefits | 519,570 | 431,475 |
Other | 45,131 | 43,216 |
Total other liabilities | 2,059,130 | 1,913,563 |
Long-Term Debt | 1,736,659 | 1,834,788 |
Commitments and Contingencies | ||
Equity: | ||
Common stock | 868,307 | 863,593 |
Retained earnings | 1,634,525 | 1,531,543 |
Accumulated other comprehensive loss | (36,284) | (22,844) |
Treasury stock | (1,920) | (1,932) |
Total IDACORP, Inc. shareholders’ equity | 2,464,628 | 2,370,360 |
Noncontrolling interests | 5,925 | 5,451 |
Total equity | 2,470,553 | 2,375,811 |
Total | 6,641,201 | 6,382,754 |
Idaho Power Company | ||
Current Assets: | ||
Cash and cash equivalents | 98,950 | 165,460 |
Receivables: | ||
Customer | 72,675 | 77,178 |
Other | 17,107 | 7,206 |
Income taxes receivable | 9,279 | 11,829 |
Accrued unbilled revenues | 64,545 | 69,318 |
Materials and supplies (at average cost) | 56,660 | 54,987 |
Fuel stock (at average cost) | 57,448 | 47,979 |
Prepayments | 17,520 | 16,374 |
Current regulatory assets | 56,626 | 48,707 |
Other | 405 | 3,655 |
Total current assets | 451,215 | 502,693 |
Property, Plant and Equipment: | ||
Utility plant in service | 6,113,567 | 6,103,856 |
Accumulated provision for depreciation | (2,155,783) | (2,210,781) |
Utility plant in service - net | 3,957,784 | 3,893,075 |
Construction work in progress | 552,499 | 480,259 |
Utility plant held for future use | 3,872 | 4,751 |
Property, plant and equipment - net | 4,514,155 | 4,378,085 |
Investments and Other Property | 87,104 | 90,019 |
Other Assets: | ||
Company-owned life insurance | 58,922 | 59,852 |
Regulatory assets | 1,326,433 | 1,165,467 |
Other | 56,330 | 58,284 |
Total other assets | 1,441,685 | 1,283,603 |
Total | 6,494,159 | 6,254,400 |
Current Liabilities: | ||
Current maturities of long-term debt | 100,000 | 0 |
Accounts payable | 110,581 | 110,597 |
Accounts payable to affiliates | 2,053 | 2,088 |
Taxes accrued | 11,481 | 11,750 |
Interest accrued | 20,999 | 23,622 |
Accrued compensation | 52,267 | 54,910 |
Current regulatory liabilities | 33,987 | 25,883 |
Advances from customers | 28,452 | 20,037 |
Other | 15,629 | 10,198 |
Total current liabilities | 375,449 | 259,085 |
Other Liabilities: | ||
Deferred income taxes | 794,402 | 753,239 |
Regulatory liabilities | 748,198 | 738,994 |
Pension and other postretirement benefits | 519,570 | 431,475 |
Other | 44,322 | 42,380 |
Total other liabilities | 2,106,492 | 1,966,088 |
Long-Term Debt | 1,736,659 | 1,834,788 |
Equity: | ||
Common stock | 97,877 | 97,877 |
Premium on capital stock | 712,258 | 712,258 |
Capital stock expense | (2,097) | (2,097) |
Retained earnings | 1,503,805 | 1,409,245 |
Accumulated other comprehensive loss | (36,284) | (22,844) |
Total equity | 2,275,559 | 2,194,439 |
Total capitalization | 4,012,218 | 4,029,227 |
Total | $ 6,494,159 | $ 6,254,400 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 1,401 | $ 1,725 |
Allowance for Doubtful Other Receivables, Current | $ 343 | $ 264 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Shares, Issued | 50,420,017 | 50,420,017 |
Treasury Stock, Shares | 21,966 | 27,228 |
Idaho Power Company | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 1,401 | $ 1,725 |
Allowance for Doubtful Other Receivables, Current | $ 343 | $ 264 |
Common Stock, Par or Stated Value Per Share | $ 2.50 | $ 2.50 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 39,150,812 | 39,150,812 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities: | |||
Net Income | $ 233,328 | $ 227,523 | $ 213,188 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 173,800 | 169,120 | 165,933 |
Deferred income taxes and investment tax credits | 22,389 | 11,292 | 33,245 |
Changes in regulatory assets and liabilities | (4,310) | 48,392 | 57,131 |
Pension and postretirement benefit plan expense | 27,804 | 32,256 | 28,911 |
Contributions to pension and postretirement benefit plans | (48,525) | (45,899) | (46,589) |
Earnings of unconsolidated equity-method investments | (12,370) | (12,449) | (11,374) |
Distributions from unconsolidated equity-method investments | 21,800 | 31,115 | 24,975 |
Allowance for equity funds used during construction | (27,112) | (24,353) | (20,784) |
Gain on sale of investments and assets | (285) | (155) | (131) |
Other non-cash adjustments to net income, net | 8,325 | 9,152 | 8,454 |
Change in: | |||
Accounts receivable | (5,996) | 729 | 1,045 |
Accounts payable and other accrued liabilities | (9,526) | 29,666 | (17,208) |
Taxes accrued/receivable | 742 | 4,725 | 4,361 |
Other current assets | (8,820) | 12,707 | 2,814 |
Other current liabilities | (799) | 6,848 | 1,017 |
Other assets | (4,375) | (7,488) | (8,734) |
Other liabilities | 555 | (1,555) | (1,093) |
Net cash provided by operating activities | 366,625 | 491,626 | 435,161 |
Investing Activities: | |||
Additions to property, plant and equipment | (278,705) | (277,853) | (285,488) |
Payments received from transmission project joint funding partners | 2,442 | 21,587 | 6,074 |
Purchase of available-for-sale securities | (10,896) | (11,390) | (11,356) |
Proceeds from sale of available-for-sale securities | 5,080 | 5,007 | 4,989 |
Other | 1,587 | 4,472 | 5,340 |
Net cash used in investing activities | (280,492) | (258,177) | (280,441) |
Financing Activities: | |||
Issuance of long-term debt | 166,100 | 220,000 | 0 |
Retirement of long-term debt | (166,100) | (130,000) | (1,064) |
Dividends on common stock | (129,677) | (121,421) | (113,127) |
Dividends, Common Stock, Cash | 129,872 | 121,786 | 113,181 |
Net change in short-term borrowings | 0 | 0 | (21,800) |
Acquisition of treasury stock | (4,160) | (3,614) | (3,212) |
Make-whole premium on retirement of long-term debt | 0 | (4,607) | 0 |
Other | (2,534) | (2,964) | (348) |
Net cash used in financing activities | (136,371) | (42,606) | (139,551) |
Net increase (decrease) in cash and cash equivalents | (50,238) | 190,843 | 15,169 |
Cash and cash equivalents at beginning of the year | 267,492 | 76,649 | 61,480 |
Cash and cash equivalents at end of the year | 217,254 | 267,492 | 76,649 |
Cash paid during the period for: | |||
Income taxes | 14,055 | 5,272 | 14,742 |
Interest (net of amount capitalized) | 85,260 | 80,951 | 80,004 |
Non-cash investing activities: | |||
Additions to property, plant and equipment in accounts payable | 38,815 | 29,528 | 33,220 |
Idaho Power Company | |||
Operating Activities: | |||
Net Income | 224,437 | 222,334 | 206,347 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 173,205 | 168,519 | 165,337 |
Deferred income taxes and investment tax credits | 14,889 | (2,272) | (10,875) |
Changes in regulatory assets and liabilities | (4,310) | 48,392 | 57,131 |
Pension and postretirement benefit plan expense | 27,788 | 32,240 | 28,894 |
Contributions to pension and postretirement benefit plans | (48,509) | (45,883) | (46,573) |
Earnings of unconsolidated equity-method investments | (10,285) | (10,712) | (9,267) |
Distributions from unconsolidated equity-method investments | 19,450 | 29,400 | 23,000 |
Allowance for equity funds used during construction | (27,112) | (24,353) | (20,784) |
Gain on sale of investments and assets | (285) | (155) | (131) |
Other non-cash adjustments to net income, net | (463) | (210) | 1,069 |
Change in: | |||
Accounts receivable | (4,724) | 633 | (5,282) |
Accounts payable and other accrued liabilities | (9,463) | (25,532) | 38,111 |
Taxes accrued/receivable | 2,281 | 15,509 | (3,601) |
Other current assets | (8,821) | 12,707 | 2,812 |
Other current liabilities | (870) | 6,822 | 996 |
Other assets | (4,280) | (7,488) | (8,734) |
Other liabilities | 584 | (1,476) | (967) |
Net cash provided by operating activities | 343,512 | 418,475 | 417,483 |
Investing Activities: | |||
Additions to property, plant and equipment | (278,707) | (277,823) | (285,471) |
Payments received from transmission project joint funding partners | 2,442 | 21,587 | 6,074 |
Purchase of available-for-sale securities | (10,896) | (11,390) | (11,356) |
Proceeds from sale of available-for-sale securities | 5,080 | 5,007 | 4,989 |
Other | 4,117 | 4,320 | 5,176 |
Net cash used in investing activities | (277,964) | (258,299) | (280,588) |
Financing Activities: | |||
Issuance of long-term debt | 166,100 | 220,000 | 0 |
Retirement of long-term debt | (166,100) | (130,000) | (1,064) |
Dividends on common stock | (121,791) | (113,284) | |
Dividends, Common Stock, Cash | 129,877 | 121,791 | 113,284 |
Net change in short-term borrowings | 0 | 0 | (21,800) |
Make-whole premium on retirement of long-term debt | 0 | (4,607) | 0 |
Other | (2,181) | (2,964) | (241) |
Net cash used in financing activities | (132,058) | (39,362) | (136,389) |
Net increase (decrease) in cash and cash equivalents | (66,510) | 120,814 | 506 |
Cash and cash equivalents at beginning of the year | 165,460 | 44,646 | 44,140 |
Cash and cash equivalents at end of the year | 98,950 | 165,460 | 44,646 |
Cash paid during the period for: | |||
Income taxes | 19,856 | 63,914 | 12,444 |
Interest (net of amount capitalized) | 85,198 | 80,894 | 79,918 |
Non-cash investing activities: | |||
Additions to property, plant and equipment in accounts payable | $ 38,815 | $ 29,528 | $ 33,220 |
Consolidated Statements of Equi
Consolidated Statements of Equity $ in Thousands | USD ($) |
Balance at beginning of year at Dec. 31, 2016 | $ 851,833 |
Common Stock | |
Share-based compensation expense | 7,384 |
Treasury shares issued | (2,069) |
Other | 59 |
Balance at end of year at Dec. 31, 2017 | 857,207 |
Balance at beginning of year at Dec. 31, 2016 | 1,323,198 |
Retained Earnings | |
Cumulative effect of accounting change - Retained Earnings | 4,092 |
Net income attributable to IDACORP, Inc. | 212,419 |
Common stock dividends ($2.40, $2.24, and $2.08 per share, respectively) | (113,181) |
Balance at end of year at Dec. 31, 2017 | 1,426,528 |
AOCI - Beginning Balance at Dec. 31, 2016 | (20,882) |
Accumulated Other Comprehensive (Loss) Income | |
Cumulative effect of accounting change - Accumulated Other Comprehensive (Loss) Income | (4,092) |
Unfunded pension liability adjustment, net of tax | (5,990) |
AOCI - Ending Balance at Dec. 31, 2017 | (30,964) |
Balance at beginning of year at Dec. 31, 2016 | 243 |
Treasury Stock | |
Issued | 2,069 |
Acquired | (3,212) |
Balance at end of year at Dec. 31, 2017 | 1,386 |
Balance at beginning of year at Dec. 31, 2016 | 3,960 |
Noncontrolling Interests | |
Adjustment for income (loss) attributable to noncontrolling interests | 769 |
Balance at end of year at Dec. 31, 2017 | 4,729 |
Treasury Stock | |
Total IDACORP, Inc. shareholders’ equity at end of year | 2,251,385 |
Noncontrolling Interests | |
Total equity at end of year | 2,256,114 |
Share-based compensation expense | 9,362 |
Treasury shares issued | (3,068) |
Other | 92 |
Balance at end of year at Dec. 31, 2018 | 863,593 |
Retained Earnings | |
Cumulative effect of accounting change - Retained Earnings | 0 |
Net income attributable to IDACORP, Inc. | 226,801 |
Common stock dividends ($2.40, $2.24, and $2.08 per share, respectively) | (121,786) |
Balance at end of year at Dec. 31, 2018 | 1,531,543 |
Accumulated Other Comprehensive (Loss) Income | |
Cumulative effect of accounting change - Accumulated Other Comprehensive (Loss) Income | 0 |
Unfunded pension liability adjustment, net of tax | 8,120 |
AOCI - Ending Balance at Dec. 31, 2018 | (22,844) |
Treasury Stock | |
Issued | 3,068 |
Acquired | (3,614) |
Balance at end of year at Dec. 31, 2018 | 1,932 |
Noncontrolling Interests | |
Adjustment for income (loss) attributable to noncontrolling interests | 722 |
Balance at end of year at Dec. 31, 2018 | 5,451 |
Treasury Stock | |
Total IDACORP, Inc. shareholders’ equity at end of year | 2,370,360 |
Noncontrolling Interests | |
Total equity at end of year | 2,375,811 |
Share-based compensation expense | 8,788 |
Treasury shares issued | (4,172) |
Other | 98 |
Balance at end of year at Dec. 31, 2019 | 868,307 |
Retained Earnings | |
Cumulative effect of accounting change - Retained Earnings | 0 |
Net income attributable to IDACORP, Inc. | 232,854 |
Common stock dividends ($2.40, $2.24, and $2.08 per share, respectively) | (129,872) |
Balance at end of year at Dec. 31, 2019 | 1,634,525 |
Accumulated Other Comprehensive (Loss) Income | |
Cumulative effect of accounting change - Accumulated Other Comprehensive (Loss) Income | 0 |
Unfunded pension liability adjustment, net of tax | (13,440) |
AOCI - Ending Balance at Dec. 31, 2019 | (36,284) |
Treasury Stock | |
Issued | 4,172 |
Acquired | (4,160) |
Balance at end of year at Dec. 31, 2019 | 1,920 |
Noncontrolling Interests | |
Adjustment for income (loss) attributable to noncontrolling interests | 474 |
Balance at end of year at Dec. 31, 2019 | 5,925 |
Treasury Stock | |
Total IDACORP, Inc. shareholders’ equity at end of year | 2,464,628 |
Noncontrolling Interests | |
Total equity at end of year | $ 2,470,553 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends Declared Per Share of Common Stock (in dollars per share) | $ 2.56 | $ 2.40 | $ 2.24 |
Consolidated Statements of Reta
Consolidated Statements of Retained Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retained Earnings [Roll Forward] | |||
Balance at beginning of year | $ 1,531,543 | $ 1,426,528 | $ 1,323,198 |
Net Income | 233,328 | 227,523 | 213,188 |
Dividends on Common Stock | (129,872) | (121,786) | (113,181) |
Balance at end of year | 1,634,525 | 1,531,543 | 1,426,528 |
Idaho Power Company | |||
Retained Earnings [Roll Forward] | |||
Balance at beginning of year | 1,409,245 | 1,308,702 | 1,211,547 |
Net Income | 224,437 | 222,334 | 206,347 |
Dividends on Common Stock | (129,877) | (121,791) | (113,284) |
Cumulative effect of accounting change | 0 | 0 | 4,092 |
Balance at end of year | $ 1,503,805 | $ 1,409,245 | $ 1,308,702 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This Annual Report on Form 10-K is a combined report of IDACORP, Inc. (IDACORP) and Idaho Power Company (Idaho Power). Therefore, these Notes to the Consolidated Financial Statements apply to both IDACORP and Idaho Power. However, Idaho Power makes no representation as to the information relating to IDACORP’s other operations. Nature of Business IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sales, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the Federal Energy Regulatory Commission (FERC). Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint venturer in Bridger Coal Company (BCC), which mines and supplies coal to the Jim Bridger generating plant (Jim Bridger plant) owned in part by Idaho Power. IDACORP’s other notable wholly-owned subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate investments, and Ida-West Energy Company (Ida-West), an operator of small hydropower generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA). Principles of Consolidation IDACORP’s and Idaho Power’s consolidated financial statements include the assets, liabilities, revenues and expenses of each company and its wholly-owned subsidiaries listed above, as well as any variable interest entities (VIEs) for which the respective company is the primary beneficiary. Investments in VIEs for which the companies are not the primary beneficiaries, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method of accounting. IDACORP also consolidates one variable interest entity (VIE), Marysville Hydro Partners (Marysville), which is a joint venture owned 50 percent by Ida-West and 50 percent by Environmental Energy Company (EEC). At December 31, 2019 , Marysville had approximately $18 million of assets, primarily a hydropower plant, and approximately $6 million of intercompany long-term debt, which is eliminated in consolidation. EEC has borrowed amounts from Ida-West to fund a portion of its required capital contributions to Marysville. The loans are payable from EEC’s share of distributions from Marysville and are secured by the stock of EEC and EEC’s interest in Marysville. Ida-West is identified as the primary beneficiary because the combination of its ownership interest in the joint venture with the intercompany note and the EEC note result in Ida-West's ability to control the activities of the joint venture. Creditors of Marysville have no recourse to the general credit of IDACORP and there are no other arrangements that could require IDACORP to provide financial support to Marysville or expose IDACORP to losses. The BCC joint venture is also a VIE, but because the power to direct the activities that most significantly impact the economic performance of BCC is shared with the joint venture partner, Idaho Power is not the primary beneficiary. The carrying value of Idaho Power's investment in BCC was $40.7 million at December 31, 2019 , and Idaho Power's maximum exposure to loss is the carrying value, any additional future contributions to BCC, and a $58.3 million guarantee for mine reclamation costs, which is discussed further in Note 10 - "Commitments." IFS's affordable housing limited partnership and other real estate investments are also VIEs for which IDACORP is not the primary beneficiary. IFS's limited partnership interests range from 4 to 99 percent and were acquired between 1996 and 2019. As a limited partner, IFS does not control these entities and they are not consolidated. IFS’s maximum exposure to loss in these developments is limited to its net carrying value, which was $3.7 million at December 31, 2019 . Ida-West's other investments in PURPA facilities, Idaho Power's investment in BCC, and IFS's investments are accounted for under the equity method of accounting (see Note 15 - "Investments"). Except for amounts related to sales of electricity by Ida-West's PURPA projects to Idaho Power, all intercompany transactions and balances have been eliminated in consolidation. The accompanying consolidated financial statements include Idaho Power's proportionate share of utility plant and related operations resulting from its interests in jointly-owned plants (see Note 13 - "Property, Plant and Equipment and Jointly-Owned Projects"). Regulation of Utility Operations As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition. Idaho Power meets the requirements under accounting principles generally accepted in the United States of America to prepare its financial statements applying the specialized rules to account for the effects of cost-based rate regulation. IDACORP’s and Idaho Power’s financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. Accounting for the economics of rate regulation impacts multiple financial statement line items and disclosures, such as property, plant, and equipment; regulatory assets and liabilities; operating revenues; operation and maintenance expense; depreciation expense; and income tax expense. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense. The effects of applying these regulatory accounting principles to Idaho Power’s operations are discussed in more detail in Note 3 - "Regulatory Matters." Management Estimates Management makes estimates and assumptions when preparing financial statements in conformity with generally accepted accounting principles. These estimates and assumptions include those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management’s control. Accordingly, actual results could differ from those estimates. System of Accounts The accounting records of Idaho Power conform to the Uniform System of Accounts prescribed by the FERC and adopted by the public utility commissions of Idaho, Oregon, and Wyoming. Cash and Cash Equivalents Cash and cash equivalents include cash on-hand and highly liquid temporary investments that mature within 90 days of the date of acquisition. Receivables and Allowance for Uncollectible Accounts Customer receivables are recorded at the invoiced amounts and do not bear interest. A late payment fee of one percent per month may be assessed on account balances after 30 days. An allowance is recorded for potential uncollectible accounts. The allowance is reviewed periodically and adjusted based upon a combination of historical write-off experience, aging of accounts receivable, and an analysis of specific customer accounts. Adjustments are charged to income. Customer accounts receivable balances that remain outstanding after reasonable collection efforts are written off. Other receivables, primarily notes receivable from business transactions, are also reviewed for impairment periodically, based upon transaction-specific facts. When it is probable that IDACORP or Idaho Power will be unable to collect all amounts due according to the contractual terms of the agreement, an allowance is established for the estimated uncollectible portion of the receivable and charged to income. There were no impaired receivables without related allowances at December 31, 2019 and 2018 . Once a receivable is determined to be impaired, any further interest income recognized is fully reserved. Derivative Financial Instruments Financial instruments such as commodity futures, forwards, options, and swaps are used to manage exposure to commodity price risk in the electricity and natural gas markets. All derivative instruments are recognized as either assets or liabilities at fair value on the balance sheet unless they are designated as normal purchases and normal sales. With the exception of forward contracts for the purchase of natural gas for use at Idaho Power's natural gas generation facilities and a nominal number of power transactions, Idaho Power’s physical forward contracts are designated as normal purchases and normal sales. Because of Idaho Power’s regulatory accounting mechanisms, Idaho Power records the changes in fair value of derivative instruments related to power supply as regulatory assets or liabilities. Revenues On January 1, 2018, IDACORP and Idaho Power adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) . The adoption did not change the timing or amounts of revenue recognized by IDACORP or Idaho Power. Operating revenues are generally recorded when service is rendered or energy is delivered to customers. Idaho Power accrues estimated unbilled revenues for electric services delivered to customers but not yet billed at year-end. Idaho Power does not report any collections of franchise fees and similar taxes related to energy consumption on the income statement. In addition, regulatory mechanisms in place in Idaho and Oregon affect the reported amount of revenue. The effects of applying these regulatory mechanisms are discussed in more detail in Note 4 - "Revenues." Property, Plant and Equipment and Depreciation The cost of utility plant in service represents the original cost of contracted services, direct labor and material, allowance for funds used during construction (AFUDC), and indirect charges for engineering, supervision, and similar overhead items. Repair and maintenance costs associated with planned major maintenance are expensed as the costs are incurred, as are maintenance and repairs of property and replacements and renewals of items determined to be less than units of property. For utility property replaced or renewed, the original cost plus removal cost less salvage is charged to accumulated provision for depreciation, while the cost of related replacements and renewals is added to property, plant and equipment. All utility plant in service is depreciated using the straight-line method at rates approved by regulatory authorities. Annual depreciation provisions as a percent of average depreciable utility plant in service approximated 2.9 percent in 2019 , 2.8 percent in 2018 , and 2.9 percent in 2017 . During the period of construction, costs expected to be included in the final value of the constructed asset, and depreciated once the asset is complete and placed in service, are classified as construction work in progress on the consolidated balance sheets. If the project becomes probable of being abandoned, such costs are expensed in the period such determination is made. Idaho Power may seek recovery of such costs in customer rates, although there can be no guarantee such recovery would be granted. Long-lived assets are periodically reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted expected future cash flows from an asset is less than the carrying value of the asset, impairment is recognized in the financial statements. There were no material impairments of long-lived assets in 2019 , 2018 , or 2017 . Allowance for Funds Used During Construction AFUDC represents the cost of financing construction projects with borrowed funds and equity funds. With one exception, for the Hells Canyon Complex (HCC) relicensing project, cash is not realized currently from such allowance; it is realized under the ratemaking process over the service life of the related property through increased revenues resulting from a higher rate base and higher depreciation expense. The component of AFUDC attributable to borrowed funds is included as a reduction to total interest expense. Idaho Power’s weighted-average monthly AFUDC rate was 7.6 percent for 2019 , 2018 and 2017 . Income Taxes IDACORP and Idaho Power account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method (commonly referred to as normalized accounting), deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In general, deferred income tax expense or benefit for a reporting period is recognized as the change in deferred tax assets and liabilities from the beginning to the end of the period. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date unless Idaho Power's primary regulator, the Idaho Public Utilities Commission (IPUC), orders direct deferral of the effect of the change in tax rates over a longer period of time. Consistent with orders and directives of the IPUC, unless contrary to applicable income tax guidance, Idaho Power does not record deferred income taxes for certain income tax temporary differences and instead recognizes the tax impact currently (commonly referred to as flow-through accounting) for rate making and financial reporting. Therefore, Idaho Power's effective income tax rate is impacted as these differences arise and reverse. Idaho Power recognizes such adjustments as regulatory assets or liabilities if it is probable that such amounts will be recovered from or returned to customers in future rates. IDACORP and Idaho Power use judgment, estimation, and historical data in developing the provision for income taxes and the reporting of tax-related assets and liabilities, including development of current year tax depreciation, capitalized repair costs, capitalized overheads, and other items. Income taxes can be impacted by changes in tax laws and regulations, interpretations by taxing authorities, changes to accounting guidance, and actions by federal or state public utility regulators. Actual income taxes could vary from estimated amounts and may result in favorable or unfavorable impacts to net income, cash flows, and tax-related assets and liabilities. In compliance with the federal income tax requirements for the use of accelerated tax depreciation, Idaho Power records deferred income taxes related to its plant assets for the difference between income tax depreciation and book depreciation used for financial statement purposes. Deferred income taxes are recorded for other temporary differences unless accounted for using flow-through. Investment tax credits earned on regulated assets are deferred and amortized to income over the estimated service lives of the related properties. Income taxes are discussed in more detail in Note 2 - "Income Taxes." Other Accounting Policies Debt discount, expense, and premium are deferred and amortized over the terms of the respective debt issues. Losses on reacquired debt and associated costs are amortized over the life of the associated replacement debt, as allowed under regulatory accounting. New and Recently Adopted Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), intended to improve financial reporting on leasing transactions. The ASU requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for most leases. In addition, the ASU revises the definition of a lease in regards to when an arrangement conveys the right to control the use of the identified asset under the arrangement. IDACORP and Idaho Power adopted ASU 2016-02 on January 1, 2019. The adoption did not have a material impact on their respective financial statements. Neither IDACORP nor Idaho Power has material agreements that meet the definition of a lease under ASU 2016-02. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , to provide financial statement users with more information about expected credit losses on financial instruments. The ASU revises the incurred loss impairment methodology to reflect current expected credit losses and requires consideration of a broader range of information to estimate credit losses. The new standard is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. IDACORP and Idaho Power are finalizing the assessment of the financial impacts of adoption, but do not believe that the adoption of ASU 2016-13 will have a material impact on their respective financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , to provide guidance on implementation costs incurred in a cloud computing arrangement that is a service contract. ASU 2018-15 aligns the recognition of such implementation costs with the accounting for costs incurred to implement an internal-use software solution. However, the balance sheet line item for presentation of capitalized implementation costs for a cloud arrangement that is a service contract should be the same as that for the prepayment of fees related to the same arrangement, while capitalized implementation costs for internal-use software solutions are often included in property, plant, and equipment as an intangible asset. The new standard is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. IDACORP and Idaho Power are finalizing the assessment of the financial impacts of adoption, but do not believe the adoption of ASU 2018-15 will not have a material impact on their respective financial statements. |
INCOME TAXES_
INCOME TAXES: | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | INCOME TAXES A reconciliation between the statutory federal income tax rate and the effective tax rate is as follows: IDACORP Idaho Power 2019 2018 2017 2019 2018 2017 (thousands of dollars) Federal income tax expense at statutory rate $ 54,046 $ 51,279 $ 91,378 $ 53,099 $ 50,536 $ 90,163 Change in taxes resulting from: AFUDC (7,941 ) (7,246 ) (10,318 ) (7,941 ) (7,246 ) (10,318 ) Capitalized interest 976 928 1,513 976 928 1,513 Investment tax credits (6,252 ) (2,929 ) (3,081 ) (6,252 ) (2,929 ) (3,081 ) Removal costs (3,139 ) (3,471 ) (6,280 ) (3,139 ) (3,471 ) (6,280 ) Capitalized overhead costs (7,140 ) (6,720 ) (11,200 ) (7,140 ) (6,720 ) (11,200 ) Capitalized repair costs (18,480 ) (17,850 ) (28,700 ) (18,480 ) (17,850 ) (28,700 ) Bond redemption costs — (1,029 ) — — (1,029 ) — Remeasurement of deferred taxes — (5,411 ) 1,690 — (5,664 ) 1,970 State income taxes, net of federal benefit 8,627 8,512 8,153 8,401 8,532 8,108 Depreciation 14,641 13,110 18,953 14,641 13,110 18,953 Excess deferred income tax reversal (6,181 ) (7,289 ) — (6,181 ) (7,289 ) — Income tax return adjustments 745 (5,076 ) (3,710 ) 993 (4,968 ) (3,601 ) Affordable housing tax credits (2,874 ) (2,560 ) (2,559 ) — — — Affordable housing investment distributions (3,232 ) (267 ) (1,124 ) — — — Affordable housing investment amortization 1,825 1,519 1,271 — — — Other, net (1,114 ) 1,886 (7,326 ) (560 ) 2,372 (6,265 ) Total income tax expense $ 24,507 $ 17,386 $ 48,660 $ 28,417 $ 18,312 $ 51,262 Effective tax rate 9.5% 7.1% 18.6% 11.2% 7.6% 19.9% The items comprising income tax expense are as follows: IDACORP Idaho Power 2019 2018 2017 2019 2018 2017 (thousands of dollars) Income taxes current: Federal $ 8,830 $ 5,390 $ 11,726 $ 25,338 $ 24,919 $ 51,575 State 4,865 3,328 5,418 (4,392 ) (2,049 ) 10,562 Total 13,695 8,718 17,144 20,946 22,870 62,137 Income taxes deferred: Federal 9,486 1,649 24,018 (4,599 ) (15,388 ) (13,002 ) State 1,159 30 (154 ) 10,054 5,425 (5,298 ) Total 10,645 1,679 23,864 5,455 (9,963 ) (18,300 ) Investment tax credits: Deferred 8,268 8,334 10,506 8,268 8,334 10,506 Restored (6,252 ) (2,929 ) (3,081 ) (6,252 ) (2,929 ) (3,081 ) Total 2,016 5,405 7,425 2,016 5,405 7,425 Affordable housing investments (1,849 ) 1,584 227 — — — Total income tax expense $ 24,507 $ 17,386 $ 48,660 $ 28,417 $ 18,312 $ 51,262 The components of the net deferred tax liability are as follows: IDACORP Idaho Power 2019 2018 2019 2018 (thousands of dollars) Deferred tax assets: Regulatory liabilities $ 96,599 $ 98,042 $ 96,599 $ 98,042 Deferred compensation 21,946 21,871 21,946 21,826 Deferred revenue 39,039 35,137 39,039 35,137 Tax credits 76,125 100,041 24,489 44,532 Partnership investments 7,911 4,200 4,912 1,086 Retirement benefits 114,124 91,867 114,124 91,867 Other 11,347 9,299 11,107 9,121 Total 367,091 360,457 312,216 301,611 Deferred tax liabilities: Property, plant and equipment 286,583 294,471 286,583 294,471 Regulatory assets 646,886 614,144 646,886 614,144 Partnership investments 3,565 3,875 — — Retirement benefits 132,764 108,440 132,764 108,440 Other 43,524 39,405 40,385 37,795 Total 1,113,322 1,060,335 1,106,618 1,054,850 Net deferred tax liabilities $ 746,231 $ 699,878 $ 794,402 $ 753,239 IDACORP's tax allocation agreement provides that each member of its consolidated group compute its income taxes on a separate company basis. Amounts payable or refundable are settled through IDACORP and are reported as taxes accrued or income taxes receivable, respectively, on the consolidated balance sheets of Idaho Power. See Note 1 - "Summary of Significant Accounting Policies" for further discussion of accounting policies related to income taxes. Tax Credit Carryforwards As of December 31, 2019 , IDACORP had $36.7 million of general business credit carryforwards for federal income tax purposes and $39.4 million of Idaho investment tax credit carryforward. The general business credit carryforward period expires from 2032 to 2039 , and the Idaho investment tax credit expires from 2024 to 2033 . Uncertain Tax Positions IDACORP and Idaho Power believe that they have no material income tax uncertainties for 2019 and prior tax years. Both companies recognize interest accrued related to unrecognized tax benefits as interest expense and penalties as other expense. IDACORP and Idaho Power are subject to examination by their major tax jurisdictions - U.S. federal and the State of Idaho. The open tax years for examination are 2019 for federal and 2016-2019 for Idaho. In May 2009, IDACORP formally entered the U.S. Internal Revenue Service (IRS) Compliance Assurance Process (CAP) program for its 2009 tax year and has remained in the CAP program for all subsequent years. The CAP program provides for IRS examination and issue resolution throughout the current year with the objective of return filings containing no contested items. In 2019 , t he IRS completed its examination of IDACORP's 2018 tax year with no unresolved income tax issues. Income Tax Reform On December 22, 2017, the Tax Cuts and Jobs Act was signed into law, which significantly reformed the Internal Revenue Code of 1986, as amended. Effective January 1, 2018, the Tax Cuts and Jobs Act permanently lowers the corporate tax rate to 21 percent from the existing maximum rate of 35 percent , provides for expanded bonus depreciation, limits the deductibility of interest expense, eliminates the alternative minimum tax, repeals the manufacturing deduction, and imposes additional limitations on the deductibility of executive compensation. Public utility companies, such as Idaho Power, retain the full deductibility of interest expense and are excluded from the bonus depreciation provisions; however, traditional accelerated tax depreciation methods are still available. Due to the enactment of the Tax Cuts and Jobs Act and following generally accepted accounting principles, at December 31, 2017, IDACORP and Idaho Power remeasured all deferred income tax assets and liabilities. The effects of these adjustments resulted in a net tax expense for 2017, as shown in the rate reconciliation table above. Also, as shown above, in 2018, a net tax benefit was recognized for the remeasurement of deferred taxes for the adjustment of temporary differences as a result of IDACORP's 2017 consolidated income tax return filings. Additionally, in 2017, the net deferred tax liabilities at both companies decreased by approximately $672 million . Idaho Power's regulatory asset deferred income tax liability item decreased as the related regulatory asset was reduced in two primary ways: (1) the decrease in the federal income tax rate decreased the future cost to customers for funding the net deferred income tax liabilities resulting from the cumulative impacts of using the flow-through income tax accounting method for regulatory purposes and (2) the decrease in the federal income tax rate also reduced the net-to-gross multiplier that increases the regulatory asset to a revenue requirement carrying value. The change in income tax law also reduced the deferred income tax liability for depreciation-related timing differences under the normalized tax accounting method. As this reduction will flow back to customers in the future under the statutorily prescribed average rate assumption method, it was recorded as a regulatory liability on the consolidated balance sheets of the companies. See Note 3 - "Regulatory Matters" for more information. On March 12, 2018, Idaho House Bill 463 was enacted which lowered the Idaho state corporate income tax rate from 7.4 percent to 6.925 percent effective January 1, 2018. The Idaho tax rate reduction did not have a material impact on IDACORP's and Idaho Power's 2018 income tax expense or deferred tax asset and liability balances. |
REGULATORY MATTERS_
REGULATORY MATTERS: | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Assets and Liabilities, Other Disclosures [Abstract] | |
Regulatory Matters | REGULATORY MATTERS IDACORP’s and Idaho Power’s financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. Included below is a summary of Idaho Power's regulatory assets and liabilities, as well as a discussion of notable regulatory matters. Regulatory Assets and Liabilities The application of accounting principles related to regulated operations sometimes results in Idaho Power recording some expenses and revenues in a different period than when an unregulated enterprise would record those expenses and revenues. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense. The following table presents a summary of Idaho Power’s regulatory assets and liabilities (in thousands of dollars): As of December 31, 2019 Remaining Earning a Return (1) Not Earning a Return Total as of December 31, Description 2019 2018 Regulatory Assets: Income taxes (2) $ — $ 646,886 $ 646,886 $ 614,144 Unfunded postretirement benefits (3) — 347,935 347,935 278,674 Pension expense deferrals (4) 150,350 22,287 172,637 147,836 Energy efficiency program costs (5) 1,465 — 1,465 1,398 Fixed cost adjustment (6) 2020-2021 35,208 18,808 54,016 42,503 North Valmy plant settlements (6) 2020-2028 107,525 — 107,525 77,512 Asset retirement obligations (7) — 18,835 18,835 17,655 Long-term service agreement 2020-2043 15,412 10,178 25,590 26,748 Other 2020-2055 2,804 5,366 8,170 7,704 Total $ 312,764 $ 1,070,295 $ 1,383,059 $ 1,214,174 Regulatory Liabilities: Income taxes (8) $ — $ 96,599 $ 96,599 $ 98,042 Depreciation-related excess deferred income taxes (9) 183,881 — 183,881 190,062 Removal costs (7) — 185,685 185,685 183,798 Investment tax credits — 94,806 94,806 92,790 Deferred revenue-AFUDC (10) 109,921 41,747 151,668 135,146 Energy efficiency program costs (5) — — — 5,259 Power supply costs (6) 2020-2021 46,022 2,470 48,492 42,322 Settlement agreement sharing mechanism (6) — — — 5,025 Tax reform accrual for future amortization (11) — 9,139 9,139 — Other 6,636 5,279 11,915 12,433 Total $ 346,460 $ 435,725 $ 782,185 $ 764,877 (1) Earning a return includes either interest or a return on the investment as a component of rate base at the allowed rate of return. (2) Represents flow-through income tax accounting differences which have a corresponding deferred tax liability disclosed in Note 2 - "Income Taxes." (3) Represents the unfunded obligation of Idaho Power’s pension and postretirement benefit plans, which are discussed in Note 12 - "Benefit Plans." (4) Idaho Power records a regulatory asset for the difference between net periodic pension cost and pension cost considered for rate-making purposes relating to Idaho Power's defined benefit pension plan. In its Idaho jurisdiction, Idaho Power’s inclusion of pension costs for the establishment of retail rates is based upon contributions made to the pension plan. This regulatory asset account represents the difference between cumulative cash contributions and amounts collected in rates. Deferred costs are amortized into expense as the amounts are provided for in Idaho retail revenues. (5) The energy efficiency asset includes the Oregon jurisdiction balance at December 31, 2019 and 2018. The Idaho jurisdiction balance was an asset at December 31, 2019, and a liability at December 31, 2018. (6) This item is discussed in more detail in this Note 3 - "Regulatory Matters." (7) Asset retirement obligations and removal costs are discussed in Note 14 - "Asset Retirement Obligations (ARO)." (8) Represents the tax gross-up related to the depreciation-related excess deferred income taxes and investment tax credits included in this table and has a corresponding deferred tax asset disclosed in Note 2 - "Income Taxes." (9) In 2017, income tax reform reduced deferred income tax assets and liabilities. For depreciation-related timing differences under the normalized tax accounting method, this reduction will flow back to customers under the statutorily prescribed average rate assumption method. (10) Idaho Power is collecting revenue in the Idaho jurisdiction for AFUDC on HCC relicensing costs but is deferring revenue recognition of the amounts collected until the license is issued and the asset is placed in service under the new license. (11) Represents amount accrued under the May 2018 Idaho Tax Reform Settlement Stipulation (described below) for the future amortization of existing or future unspecified regulatory deferrals that would otherwise be a future liability recoverable from Idaho customers. Idaho Power’s regulatory assets and liabilities are typically amortized over the period in which they are reflected in customer rates. In the event that recovery of Idaho Power’s costs through rates becomes unlikely or uncertain, regulatory accounting would no longer apply to some or all of Idaho Power’s operations and the items above may represent stranded investments. If not allowed full recovery of these items, Idaho Power would be required to write off the applicable portion, which could have a materially adverse financial impact. Power Cost Adjustment Mechanisms and Deferred Power Supply Costs In both its Idaho and Oregon jurisdictions, Idaho Power's power cost adjustment mechanisms address the volatility of power supply costs and provide for annual adjustments to the rates charged to its retail customers. The power cost adjustment mechanisms compare Idaho Power's actual net power supply costs (primarily fuel and purchased power less wholesale energy sales) against net power supply costs being recovered in Idaho Power's retail rates. Under the power cost adjustment mechanisms, certain differences between actual net power supply costs incurred by Idaho Power and costs being recovered in retail rates are recorded as a deferred charge or credit on the balance sheets for future recovery or refund. The power supply costs deferred primarily result from changes in contracted power purchase prices and volumes, changes in wholesale market prices and transaction volumes, fuel prices, and the levels of Idaho Power's own generation. The Idaho deferral period or Idaho-jurisdiction power cost adjustment (PCA) year runs from April 1 through March 31. Amounts deferred during the PCA year are primarily recovered or refunded during the subsequent June 1 through May 31 period. Idaho Jurisdiction Power Cost Adjustment Mechanism: In the Idaho jurisdiction, the annual PCA adjustment consists of (a) a forecast component, based on a forecast of net power supply costs in the coming year as compared with net power supply costs included in base rates; and (b) a true-up component, based on the difference between the previous year’s actual net power supply costs and the previous year’s forecast. The latter component also includes a balancing mechanism so that, over time, the actual collection or refund of authorized true-up dollars matches the amounts authorized. The PCA mechanism also includes: • a cost or benefit sharing ratio that allocates the deviations in net power supply expenses between customers ( 95 percent ) and Idaho Power ( 5 percent ), with the exceptions of expenses associated with PURPA power purchases and demand response incentive payments, which are allocated 100 percent to customers; and • a sales-based adjustment intended to ensure that power supply expense recovery resulting solely from sales changes does not distort the results of the mechanism. The table below summarizes the three most recent Idaho-jurisdiction PCA rate adjustments, all of which also include non-PCA-related rate adjustments as ordered by the IPUC: Effective Date $ Change (millions) Notes June 1, 2019 $ (50.1 ) The $50.1 million decrease includes a $5.0 million credit to customers for sharing of 2018 earnings under the IPUC order approving the extension, with modifications, of the terms of the December 2011 Idaho settlement stipulation for the period from 2015 through 2019 (October 2014 Idaho Earnings Support and Sharing Settlement Stipulation) and a $2.7 million credit for income tax reform benefits related to Idaho Power's OATT rate under a May 2018 Idaho tax reform settlement stipulation as described below in this Note 3 - Regulatory Matters. June 1, 2018 $ (30.4 ) The $30.4 million total decrease in PCA rates includes a $7.8 million one-time benefit for income tax benefits accrued from January 1 to May 31, 2018, and the income taxes related to Idaho Power's open access transmission tariff (OATT) rate as described below in this Note 3 - Regulatory Matters. June 1, 2017 $ 10.6 The net increase in PCA rates included an offsetting $13.0 million reduction for the refund of previously collected Idaho energy efficiency rider funds. Oregon Jurisdiction Power Cost Adjustment Mechanism: Idaho Power’s power cost recovery mechanism in Oregon has two components: an annual power cost update (APCU) and a power cost adjustment mechanism (PCAM). The APCU allows Idaho Power to reestablish its Oregon base net power supply costs annually, separate from a general rate case, and to forecast net power supply costs for the upcoming water year. The PCAM is a true-up filed annually in February. The filing calculates the deviation between actual net power supply expenses incurred for the preceding calendar year and the net power supply expenses recovered through the APCU for the same period. Oregon jurisdiction power supply cost changes under the APCU and PCAM during each of 2019, 2018, and 2017 did not have a material impact on the companies' financial statements. Notable Idaho Base Rate Adjustments Idaho base rates were most recently established through a general rate case in 2012, and adjusted in 2014, 2017, 2018, and 2019. January 2012 and June 2014 Idaho Base Rate Adjustments: Effective January 1, 2012, Idaho Power implemented new Idaho base rates resulting from IPUC approval of a settlement stipulation that provided for a 7.86 percent authorized overall rate of return on an Idaho-jurisdiction rate base of approximately $2.36 billion . The settlement stipulation resulted in a 4.07 percent , or $34.0 million , overall increase in Idaho Power's annual Idaho-jurisdiction base rate revenues. Idaho base rates were subsequently adjusted again in 2012, in connection with Idaho Power's completion of the Langley Gulch power plant. In June 2012, the IPUC issued an order approving a $58.1 million increase in annual Idaho-jurisdiction base rates, effective July 1, 2012. The order also provided for a $335.9 million increase in Idaho rate base. Neither the settlement stipulation nor the IPUC orders adjusting base rates specified an authorized rate of return on equity or imposed a moratorium on Idaho Power filing a general rate case at a future date. The IPUC issued a March 2014 order approving Idaho Power's request for an increase in the normalized or "base level" net power supply expense to be used to update base rates and in the determination of the PCA rate that became effective June 1, 2014. October 2014 Idaho Earnings Support and Sharing Settlement Stipulation: In October 2014, the IPUC issued an order approving an extension, with modifications, of the terms of a December 2011 Idaho settlement stipulation for the period from 2015 through 2019, or until the terms are otherwise modified or terminated by order of the IPUC or the full $45 million of additional accumulated deferred investment tax credits (ADITC) contemplated by the settlement stipulation has been amortized (October 2014 Idaho Earnings Support and Sharing Settlement Stipulation). The provisions of the October 2014 Idaho Earnings Support and Sharing Settlement Stipulation are described in the table included under "Income Tax Reform - Idaho Regulatory Treatment" below. In 2019 and 2017, Idaho Power recorded no provision against current revenue for sharing with customers, as its full-year return on year-end equity in the Idaho jurisdiction (Idaho ROE) for both years was between 9.5 percent and 10.0 percent . In 2018, Idaho Power recorded a $5.0 million provision against current revenue for sharing with customers as Idaho ROE was above 10.0 percent . Accordingly, at December 31, 2019, the full $45 million of additional ADITC remained available for future use under the terms of the May 2018 Idaho Tax Reform Settlement Stipulation described in "Income Tax Reform - Idaho Regulatory Treatment" below. May 2018 Idaho Tax Reform Settlement Stipulation: In December 2017, the Tax Cuts and Jobs Act was signed into law, which, among other things, lowered the corporate federal income tax rate from 35 percent to 21 percent and modified or eliminated certain federal income tax deductions for corporations. In March 2018, Idaho House Bill 463 was signed into law reducing the Idaho state corporate income tax rate from 7.4 percent to 6.925 percent. In May 2018, the IPUC issued an order approving a settlement stipulation (May 2018 Idaho Tax Reform Settlement Stipulation) related to income tax reform. Beginning June 1, 2018, the settlement stipulation provided an annual (a) $18.7 million reduction to Idaho customer base rates and (b) $7.4 million amortization of existing regulatory deferrals for specified items or future amortization of other existing or future unspecified regulatory deferrals that would otherwise be a future liability recoverable from Idaho customers. Additionally, a one-time benefit of a $7.8 million rate reduction was provided to Idaho customers throu gh the Idaho-jurisdiction power cost adjustment (PCA) mech anism for the period from June 1, 2018 through May 31, 2019, for the income tax reform benefits accrued from January 1, 2018 to May 31, 2018, and the income tax reform benefits related to Idaho Power's OATT rate. The amount provided via the PCA mechanism decreased to $2.7 million on June 1, 2019, for income tax reform benefits related to Idaho Power's OATT rate and will cease on June 1, 2020, to reflect the impact of a full year of reduced OATT third-party transmission revenues. The May 2018 Idaho Tax Reform Settlement Stipulation also provides for the indefinite extension, with modifications, of the October 2014 Idaho Earnings Support and Sharing Settlement Stipulation beyond its termination date of December 31, 2019. The table below summarizes and compares the terms of the October 2014 Idaho Earnings Support and Sharing Settlement Stipulation with the terms in the May 2018 Idaho Tax Reform Settlement Stipulation that became applicable on January 1, 2020. October 2014 Idaho Earnings Support and Sharing Settlement Stipulation (Effective through December 31, 2019) May 2018 Idaho Tax Reform Settlement Stipulation (Effective January 1, 2020, with no defined end date) If Idaho Power's actual annual Idaho ROE in any year is less than 9.5 percent, then Idaho Power may record additional ADITC amortization up to $25 million to help achieve a 9.5 percent Idaho ROE for that year, and may record additional ADITC amortization up to a total of $45 million over the 2015 through 2019 period. If the $45 million of ADITC are completely amortized, the revenue sharing provisions below would no longer be applicable. If Idaho Power's actual annual Idaho ROE in any year is less than 9.4 percent, then Idaho Power may amortize up to $25 million of additional ADITC to help achieve a 9.4 percent Idaho ROE for that year, so long as the cumulative amount of ADITC used does not exceed $45 million (Idaho Power will have available and may continue to use any unused portion of the $45 million of additional ADITC from the October 2014 Idaho Earnings Support and Sharing Settlement Stipulation); however, Idaho Power may seek approval from the IPUC to replenish the total amount of ADITC it is permitted to amortize. If there are no remaining amounts of ADITC authorized to be amortized, the revenue sharing provisions below would not be applicable until ADITC is replenished. If Idaho Power's annual Idaho ROE in any year exceeds 10.0 percent, the amount of earnings exceeding a 10.0 percent Idaho ROE and up to and including a 10.5 percent Idaho ROE will be allocated 75 percent to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's PCA, and 25 percent to Idaho Power. If Idaho Power's annual Idaho ROE in any year exceeds 10.0 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 80 percent to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's PCA, and 20 percent to Idaho Power. If Idaho Power's annual Idaho ROE in any year exceeds 10.5 percent, the amount of earnings exceeding a 10.5 percent Idaho ROE will be allocated 50 percent to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's PCA, 25 percent to Idaho Power's Idaho customers in the form of a reduction to the pension regulatory asset balancing account (to reduce the amount to be collected in the future from Idaho customers), 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 55 percent to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's PCA, 25 percent to Idaho Power's Idaho customers in the form of a reduction to the pension regulatory asset balancing account (to reduce the amount to be collected in the future from Idaho customers), and 20 percent to Idaho Power. In the event the IPUC approves a change to Idaho Power's allowed annual Idaho ROE as part of a general rate case proceeding before December 31, 2019, the Idaho ROE thresholds will be adjusted on a prospective basis as follows: (a) the Idaho ROE under which Idaho Power will be permitted to amortize an additional amount of ADITC will be set at 95 percent of the newly authorized Idaho ROE, (b) sharing with customers on an 75 percent basis as a customer rate reduction will begin at the newly authorized Idaho ROE, and (c) sharing with customers on a 75 percent basis but allocated 50 percent to a rate reduction, and 25 percent to a pension expense deferral regulatory asset, will begin at 105 percent of the newly authorized Idaho ROE. In the event the IPUC approves a change to Idaho Power's allowed annual Idaho ROE as part of a general rate case proceeding effective on or after January 1, 2020, the Idaho ROE thresholds will be adjusted on a prospective basis as follows: (a) the Idaho ROE under which Idaho Power will be permitted to amortize an additional amount of ADITC will be set at 95 percent of the newly authorized Idaho ROE, (b) sharing with customers on an 80 percent basis as a customer rate reduction will begin at the newly authorized Idaho ROE, and (c) sharing with customers on an 80 percent basis but allocated 55 percent to a rate reduction, and 25 percent to a pension expense deferral regulatory asset, will begin at 105 percent of the newly authorized Idaho ROE. The May 2018 Idaho Tax Reform Settlement Stipulation did not impose a moratorium on Idaho Power filing a general rate case or other form of rate proceeding in Idaho during its respective term. Valmy Base Rate Adjustment Settlement Stipulations: In May 2017, the IPUC approved a settlement stipulation allowing accelerated depreciation and cost recovery for Idaho Power’s jointly-owned North Valmy coal-fired power plant. The settlement stipulation provides for an increase in Idaho jurisdictional revenues of $13.3 million per year, and (1) levelized collections and associated cost recovery through December 2028, (2) accelerated depreciation on unit 1 through 2019 and unit 2 through 2025, and (3) Idaho Power to use prudent and commercially reasonable efforts to end its participation in the operation of unit 1 by the end of 2019 and unit 2 by the end of 2025. The costs intended to be recovered by the increased jurisdictional revenues include current investments as of May 31, 2017, in both units, forecasted unit 1 investments from 2017 through 2019, and forecasted decommissioning costs for unit 1 and unit 2, offset by forecasted operation and maintenance costs savings. The settlement stipulation also provides for the regulatory accrual or deferral of the difference between actual revenue requirements and levelized collections, and provides for the regulatory accrual or deferral of the difference between actual costs incurred (including accelerated depreciation expense on unit 1 through 2019 and unit 2 through 2025) compared with costs permitted to be recovered during the cost recovery period specified in the settlement stipulation (including depreciation expense through 2028). If actual costs incurred differ from forecasted amounts included in the settlement stipulation, collection or refund of any differences would be subject to regulatory approval. In February 2019, Idaho Power reached an agreement with NV Energy that facilitates the planned end of Idaho Power's participation in coal-fired operations at units 1 and 2 of its jointly-owned North Valmy coal-fired power plant in 2019 and 2025, respectively. In May 2019, the IPUC issued an order approving the North Valmy plant agreement and allowing Idaho Power to recover through customer rates the $1.2 million incremental annual levelized revenue requirement associated with required North Valmy plant investments and other exit costs, effective June 1, 2019, through December 31, 2028. In December 2019, as planned, Idaho Power ended its participation in coal-fired operations of North Valmy plant unit 1. Other Notable Idaho Regulatory Matters Fixed Cost Adjustment: The Idaho jurisdiction fixed cost adjustment (FCA) mechanism, applicable to Idaho residential and small commercial customers, is designed to remove a portion of Idaho Power’s financial disincentive to invest in energy efficiency programs by separating (or decoupling) the recovery of fixed costs from the variable kilowatt-hour charge and linking it instead to a set amount per customer. Under Idaho Power's current rate design, recovery of a portion of fixed costs is included in the variable kilowatt-hour charge, which may result in over-collection or under-collection of fixed costs. To return over-collection to customers or to collect under-collection from customers, the FCA mechanism allows Idaho Power to accrue, or defer, the difference between the authorized fixed-cost recovery amount per customer and the actual fixed costs per customer recovered by Idaho Power during the year. The IPUC has discretion to cap the annual increase in the FCA recovery at 3 percent of base revenue, with any excess deferred for collection in a subsequent year. The following table summarizes FCA amounts approved for collection in the prior three FCA years: FCA Year Period Rates in Effect Annual Amount 2018 June 1, 2019-May 31, 2020 $34.8 2017 June 1, 2018-May 31, 2019 $15.6 2016 June 1, 2017-May 31, 2018 $35.0 Hells Canyon Complex Relicensing Costs Settlement Stipulation: In December 2016, Idaho Power filed an application with the IPUC requesting a determination that Idaho Power's expenditures of $220.8 million through year-end 2015 on relicensing of the HCC were prudently incurred, and thus eligible for inclusion in retail rates in a future regulatory proceeding. In December 2017, Idaho Power filed with the IPUC a settlement stipulation signed by Idaho Power, the IPUC staff, and a third-party intervenor, recognizing that a total of $216.5 million in HCC relicensing expenditures and other related costs were reasonably incurred, and therefore should be eligible for inclusion in customer rates at a later date. As a result of filing the settlement stipulation, Idaho Power recorded a $5.0 million pre-tax charge in the fourth quarter of 2017, which included $4.3 million for costs incurred through 2015, as well as $0.7 million related to associated costs incurred in 2016 and 2017. Of the $5.0 million pre-tax charge in 2017, $2.5 million was recorded as other operations and maintenance (O&M) expense and $2.5 million was recorded as a reduction to AFUDC. In April 2018, the IPUC issued an order approving the settlement stipulation as filed with the IPUC and determined the $216.5 million of associated costs to be reasonably and prudently incurred. Notable Oregon Regulatory Matters Oregon Base Rate Changes: Oregon base rates were most recently established in a general rate case in 2012. In February 2012, the Public Utility Commission of Oregon (OPUC) issued an order approving a settlement stipulation that provided for a $1.8 million base rate increase, a return on equity of 9.9 percent , and an overall rate of return of 7.757 percent in the Oregon jurisdiction. New rates in conformity with the settlement stipulation were effective March 1, 2012. Subsequently, in September 2012, the OPUC issued an order approving an approximately $3.0 million increase in annual Oregon jurisdiction base rates, effective October 1, 2012, for inclusion of the Langley Gulch power plant in Idaho Power's Oregon rate base. In May 2018, the OPUC issued an order approving a settlement stipulation that provides for an annual $1.5 million reduction to Oregon customer base rates beginning June 1, 2018, through May 31, 2020, related to income tax reform. In December 2019, Idaho Power filed an application with the OPUC requesting approval of Idaho Power’s quantification of $1.5 million in annualized Oregon jurisdictional benefits associated with federal and state income tax changes resulting from tax reform and adjusting customer rates to reflect this amount, effective June 1, 2020, until its next general rate case or other proceeding where the tax-related revenue requirement components are reflected in rates. In June 2017, the OPUC approved a settlement stipulation allowing for (1) accelerated depreciation of North Valmy plant units 1 and 2 through December 31, 2025, (2) cost recovery of incremental North Valmy plant investments through May 31, 2017, and (3) forecasted North Valmy plant decommissioning costs. The settlement stipulation provides for an increase in the Oregon jurisdictional revenue requirement of $1.1 million , effective July 1, 2017, with yearly adjustments, if warranted. As part of the May 2018 settlement stipulation associated with income tax reform described above, the OPUC also deemed prudent Idaho Power's decision to pursue the end of its participation in coal-fired operations of unit 1 by the end of 2019 and approved Idaho Power's request to recover annual incremental accelerated depreciation relating to unit 1, beginning June 1, 2018, and ending December 31, 2019, resulting in a $2.5 million annualized revenue requirement. In October 2019, the OPUC approved the North Valmy plant agreement and authorized Idaho Power to adjust customer rates in Oregon, effective January 1, 2020, to reflect a decrease in the annual levelized revenue requirement of $3.2 million , which mostly relates to the decrease in depreciation expense and other costs associated with the December 2019 end of Idaho Power's participation in coal-fired operations of North Valmy plant unit 1. Federal Regulatory Matters - Open Access Transmission Tariff Rates Idaho Power uses a formula rate for transmission service provided under its OATT, which allows transmission rates to be updated annually based primarily on actual financial and operational data Idaho Power files with the FERC and allows Idaho Power to recover costs for FERC-approved expenditures associated with its transmission system. Idaho Power's OATT rates submitted to the FERC in Idaho Power's four most recent annual OATT Final Informational Filings were as follows: Applicable Period OATT Rate (per kW-year) October 1, 2019 to September 30, 2020 $ 27.32 October 1, 2018 to September 30, 2019 $ 31.25 October 1, 2017 to September 30, 2018 $ 34.90 October 1, 2016 to September 30, 2017 $ 25.52 Idaho Power's current OATT rate is based on a net annual transmission revenue requirement of $107.0 million |
REVENUES_ (Notes)
REVENUES: (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Revenues [Abstract] | |
Revenue from Contract with Customer | REVENUES IDACORP and Idaho Power adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), using the modified retrospective method on January 1, 2018. The adoption did not change the timing or amounts of revenue recognized by IDACORP or Idaho Power and, therefore, the companies recorded no cumulative-effect adjustment. The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power (in thousands): Year Ended December 31, 2019 2018 2017 Electric utility operating revenues: Revenue from contracts with customers $ 1,285,286 $ 1,312,112 $ 1,320,004 Alternative revenue programs and derivative revenues 57,654 54,470 24,889 Total electric utility operating revenues $ 1,342,940 $ 1,366,582 $ 1,344,893 Revenues from Contracts with Customers Revenues from contracts with customers are primarily related to Idaho Power’s regulated tariff-based sales of energy or related services. Generally, tariff-based sales do not involve a written contract, but are classified as revenues from contracts with customers under ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . Idaho Power assesses revenues on a contract-by-contract basis to determine the nature, amount, timing, and uncertainty, if any, of revenues being recognized. The following table presents revenues from contracts with customers disaggregated by revenue source (in thousands): Year Ended December 31, 2019 2018 2017 Revenues from contracts with customers: Retail revenues: Residential (includes $35,587, $34,625 and $17,320, respectively, related to the FCA (1) ) $ 526,966 $ 530,527 $ 552,333 Commercial (includes $1,336, $1,299, and $876, respectively, related to the FCA (1) ) 295,203 310,299 319,195 Industrial 181,372 190,130 195,124 Irrigation 135,850 158,001 150,030 Provision for sharing — (5,025 ) — Deferred revenue related to HCC relicensing AFUDC (2) (8,780 ) (8,780 ) (10,706 ) Total retail revenues 1,130,611 1,175,152 1,205,976 Less: FCA mechanism revenues (1) (36,923 ) (35,924 ) (18,196 ) Wholesale energy sales 71,198 52,845 24,790 Transmission wheeling-related revenues 53,828 59,094 43,970 Energy efficiency program revenues 40,128 35,703 39,241 Other revenues from contracts with customers 26,444 25,242 24,223 Total revenues from contracts with customers $ 1,285,286 $ 1,312,112 $ 1,320,004 (1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers. (2) The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service. Prior to the May 2018 Idaho Tax Reform Settlement Stipulation described in Note 3 - "Regulatory Matters," Idaho Power was collecting $10.7 million annually. Retail Revenues: Idaho Power’s retail revenues primarily relate to the sale of electricity to customers based on regulated tariff-based prices. Idaho Power recognizes retail revenues in amounts for which it has the right to invoice the customer in the period when energy is delivered or services are provided to customers. The total energy price generally has a fixed component related to having service available and a usage-based component related to the demand, delivery, and consumption of energy. The revenues recognized reflect the consideration Idaho Power expects to be entitled to in exchange for energy and services. Retail customers are classified as residential, commercial, industrial, or irrigation. Approximately 95 percent of Idaho Power's retail revenue originates from customers located in Idaho, with the remainder originating from customers located in Oregon. Idaho Power’s retail customer rates are based on Idaho Power’s cost of service and are determined through general rate case proceedings, settlement stipulations, and other filings with the IPUC and OPUC. Changes in rates and changes in customer demand are typically the primary causes of fluctuations in retail revenue from period to period. The primary influences on changes in customer demand for electricity are weather, economic conditions (including growth in the number of Idaho Power customers), and energy efficiency. Idaho Power's utility revenues are not earned evenly during the year. Retail revenues are billed monthly based on meter readings taken throughout the month. Payments for amounts billed are generally due from the customer within 15 days of billing. Idaho Power accrues estimated unbilled revenues for energy or related services delivered to customers but not yet billed at period-end based on actual meter readings at period-end and estimated rates. Credit losses recorded on receivables arising from Idaho Power’s contracts with customers were $2.6 million , $3.6 million , and $4.7 million for 2019 , 2018 , and 2017 , respectively. Residential Customers : Idaho Power’s energy sales to residential customers typically peak during the winter heating season and summer cooling season. Extreme temperatures increase sales to residential customers who use electricity for cooling and heating, compared with normal temperatures. Idaho Power's rate structure provides for higher rates during the summer when overall system loads are at their highest, and includes tiers such that rates increase as a customer's consumption level increases. These seasonal and tiered rate structures contribute to the seasonal fluctuations in revenues and earnings. Economic and demographic conditions can also affect residential customer demand; strong job growth and population growth in Idaho Power’s service area have led to increasing customer growth rates in recent years. Residential demand is also impacted by energy efficiency initiatives. Idaho Power’s FCA mechanism mitigates some of the fluctuations caused by weather and energy efficiency initiatives. Commercial Customers : Most businesses are included in Idaho Power's commercial customer class, as well as small industrial companies, and public street and highway lighting accounts. Idaho Power’s commercial customers are less influenced by weather conditions than residential customers, although weather does affect commercial customer energy use. Economic conditions, including manufacturing activity levels, and energy efficiency initiatives also affect energy use of commercial customers. Industrial Customers : Industrial customers consist of large industrial companies, including special contract customers. Energy use of industrial customers is primarily driven by economic conditions, with weather having little impact on this customer class. Irrigation Customers : Irrigation customers use electricity to operate irrigation pumps, primarily during the agricultural growing season. The amount and timing of precipitation as well as temperature levels can affect the timing and amounts of sales to irrigation customers, with increased precipitation generally resulting in decreased sales. Provision for Sharing : Idaho Power's sharing mechanism is associated with the October 2014 Idaho Earnings Support and Sharing Settlement Stipulation that provides for the sharing with customers of a portion of Idaho-jurisdiction earnings exceeding a 10.0 percent Idaho ROE. Based on full-year 2019 Idaho ROE, Idaho Power recorded no provision against current revenues for sharing of earnings with customers for 2019. Idaho Power recorded $5.0 million of sharing of earnings with customers during 2018 and no provision was recorded during 2017 . The October 2014 Idaho Earnings Support and Sharing Settlement Stipulation is described further in Note 3 - "Regulatory Matters." Wholesale Energy Sales: As a public utility under the Federal Power Act (FPA), Idaho Power has the authority to charge market-based rates for wholesale energy sales under its FERC tariff. Idaho Power’s wholesale electricity sales are primarily to utilities and power marketers and are predominantly short-term and consist of a single performance obligation satisfied as energy is transferred to the counterparty. Idaho Power's wholesale energy sales depend largely on the availability of generation resources in excess of the amount necessary to serve customer loads as well as adequate market power prices at the time when those resources are available. A reduction in either factor may lead to lower wholesale energy sales. Transmission Wheeling-Related Revenues: As a public utility under the FPA, Idaho Power has the authority to provide cost-based wholesale and retail access transmission services under its OATT. Services under the OATT are offered on a nondiscriminatory basis such that all potential customers have an equal opportunity to access the transmission system. Idaho Power’s transmission revenue is primarily related to third parties reserving capacity on Idaho Power’s transmission system to transmit electricity through Idaho Power’s service area. The reservations are predominantly short-term but may be part of a long-term capacity contract, short-term contract, or on-demand when available. Transmission wheeling-related revenues consist of a single performance obligation satisfied as capacity on Idaho Power’s transmission system is provided to the third party. Transmission wheeling-related revenues are affected by changes in Idaho Power’s OATT rate and customer demand. Demand for transmission services can be affected by regional market factors, such as loads and generation of utilities in Idaho Power’s region. Energy Efficiency Program Revenues: Idaho Power collects most of its energy efficiency program costs through an energy efficiency rider on customer bills. The rider collections are deferred until expenditures are incurred. Energy efficiency program expenditures funded through the rider are reported as an operating expense with an equal amount recorded in revenues, resulting in no net impact on earnings. Energy efficiency program revenues are recognized in the period when the related costs of the energy efficiency program are incurred by Idaho Power. The cumulative variance between expenditures and amounts collected through the rider is recorded as a regulatory asset or liability. A liability balance indicates that Idaho Power has collected more than it has spent, and an asset balance indicates that Idaho Power has spent more than it has collected. At December 31, 2019 , Idaho Power's energy efficiency rider balances were a $0.3 million regulatory asset in the Idaho jurisdiction and a $1.2 million regulatory asset in the Oregon jurisdiction. Alternative Revenue Programs and Derivative Revenues While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of the FCA mechanism, which may increase or decrease tariff-based rates billed to customers. The FCA mechanism is described in detail in Note 3 - "Regulatory Matters." The FCA mechanism revenues include only the initial recognition of FCA revenues when the regulator-specified conditions for recognition have been met. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that had been initially recorded in prior periods when regulator-specified conditions were met. When those amounts are included in the price of utility service and billed to customers, such amounts are recorded as recovery of the associated regulatory asset or liability and not as revenues. The table below presents the FCA mechanism revenues and derivative revenues (in thousands): Year Ended December 31, 2019 2018 2017 Alternative revenue programs and derivative revenues: FCA mechanism revenues $ 36,923 $ 35,924 $ 18,196 Derivative revenues 20,731 18,546 6,693 Total alternative revenue programs and derivative revenues $ 57,654 $ 54,470 $ 24,889 IDACORP's Other Revenues IDACORP's other revenues are primarily comprised of revenues from IDACORP’s subsidiary, Ida-West. Ida-West operates small hydropower generation projects that satisfy the requirements of PURPA. |
LONG-TERM DEBT_
LONG-TERM DEBT: | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Debt, Unclassified [Abstract] | |
Long-term Debt | LONG-TERM DEBT The following table summarizes IDACORP's and Idaho Power's long-term debt at December 31 (in thousands of dollars): 2019 2018 First mortgage bonds: 3.40% Series due 2020 $ 100,000 $ 100,000 2.95% Series due 2022 75,000 75,000 2.50% Series due 2023 75,000 75,000 6.00% Series due 2032 100,000 100,000 5.50% Series due 2033 70,000 70,000 5.50% Series due 2034 50,000 50,000 5.875% Series due 2034 55,000 55,000 5.30% Series due 2035 60,000 60,000 6.30% Series due 2037 140,000 140,000 6.25% Series due 2037 100,000 100,000 4.85% Series due 2040 100,000 100,000 4.30% Series due 2042 75,000 75,000 4.00% Series due 2043 75,000 75,000 3.65% Series due 2045 250,000 250,000 4.05% Series due 2046 120,000 120,000 4.20% Series due 2048 220,000 220,000 Total first mortgage bonds 1,665,000 1,665,000 Pollution control revenue bonds: 1.45% Series due 2024 (1) 49,800 49,800 1.70% Series due 2026 (1) 116,300 116,300 Variable Rate Series 2000 due 2027 4,360 4,360 Total pollution control revenue bonds 170,460 170,460 American Falls bond guarantee 19,885 19,885 Unamortized issuance costs and discounts (18,686 ) (20,557 ) Total IDACORP and Idaho Power outstanding debt (2) 1,836,659 1,834,788 Current maturities of long-term debt (100,000 ) — Total long-term debt $ 1,736,659 $ 1,834,788 (1) Humboldt County and Sweetwater County Pollution Control Revenue Bonds are secured by the first mortgage, bringing the total first mortgage bonds outstanding at December 31, 2019 , to $1.831 billion . These two bonds were purchased and remarketed in August of 2019. See "Long-Term Debt Issuances, Maturities, and Redemptions" below. (2) At December 31, 2019 and 2018 , the overall effective cost rate of Idaho Power's outstanding debt was 4.50 percent and 4.83 percent , respectively. At December 31, 2019 , the maturities for the aggregate amount of IDACORP and Idaho Power long-term debt outstanding were as follows (in thousands of dollars): 2020 2021 2022 2023 2024 Thereafter $ 100,000 $ — $ 75,000 $ 75,000 $ 49,800 $ 1,555,545 Long-Term Debt Issuances, Maturities, and Redemptions In March 2018, Idaho Power issued $220.0 million in principal amount of 4.20% first mortgage bonds, secured medium-term notes, Series K, maturing on March 1, 2048. In April 2018, Idaho Power redeemed, prior to maturity, $130.0 million in principal amount of 4.50% first mortgage bonds, secured medium-term notes, Series H, due March 2020. In accordance with the redemption provisions of the notes, the redemption included Idaho Power's payment of a make-whole premium of $4.6 million . Idaho Power used a portion of the net proceeds from the March 2018 sale of first mortgage bonds, medium-term notes to effect the redemption. In August 2019, Idaho Power purchased and remarketed two of its outstanding series of pollution control tax-exempt bonds, one in the aggregate principal amount of $49.8 million issued in 2003 by Humboldt County, Nevada and due in 2024, and the other in the aggregate principal amount of $116.3 million issued in 2006 by Sweetwater County, Wyoming and due in 2026. The bonds were remarketed with substantially the same terms, but with lower term interest rates. The term interest rate of the series due in 2024 decreased from 5.15 percent to 1.45 percent and the term interest rate of the series due in 2026 decreased from 5.25 percent to 1.70 percent . Idaho Power First Mortgage Bonds Idaho Power's issuance of long-term indebtedness is subject to the approval of the IPUC, OPUC, and Wyoming Public Service Commission (WPSC). In April and May 2019, Idaho Power received orders from the IPUC, OPUC, and WPSC authorizing the company to issue and sell from time to time up to $500 million in aggregate principal amount of debt securities and first mortgage bonds, subject to conditions specified in the orders. Authority from the IPUC is effective through May 31, 2022, subject to extensions upon request to the IPUC. The OPUC's and WPSC's orders do not impose a time limitation for issuances, but the OPUC order does impose a number of other conditions, including a requirement that the interest rates for the debt securities or first mortgage bonds fall within either (a) designated spreads over comparable U.S. Treasury rates or (b) a maximum all-in interest rate limit of 7.0 percent . In May 2019, Idaho Power filed a shelf registration statement with the SEC, which became effective upon filing, for the offer and sale of an unspecified principal amount of its first mortgage bonds. The issuance of first mortgage bonds requires that Idaho Power meet interest coverage and security provisions set forth in the Idaho Power's Indenture of Mortgage and Deed of Trust, dated as of October 1, 1937, as amended and supplemented from time to time (Indenture). Future issuances of first mortgage bonds are subject to satisfaction of covenants and security provisions set forth in the Indenture, market conditions, regulatory authorizations, and covenants contained in other financing agreements. As of the date of this report, Idaho Power has not entered into a selling agency agreement under the new shelf agreement. The mortgage of the Indenture secures all bonds issued under the Indenture equally and ratably, without preference, priority, or distinction. First mortgage bonds issued in the future will also be secured by the mortgage of the Indenture. The lien constitutes a first mortgage on all the properties of Idaho Power, subject only to certain limited exceptions including liens for taxes and assessments that are not delinquent and minor excepted encumbrances. Certain of the properties of Idaho Power are subject to easements, leases, contracts, covenants, workmen's compensation awards, and similar encumbrances and minor defects common to properties. The mortgage of the Indenture does not create a lien on revenues or profits, or notes or accounts receivable, contracts or choses in action, except as permitted by law during a completed default, securities, or cash, except when pledged, or merchandise or equipment manufactured or acquired for resale. The mortgage of the Indenture creates a lien on the interest of Idaho Power in property subsequently acquired, other than excepted property, subject to limitations in the case of consolidation, merger, or sale of all or substantially all of the assets of Idaho Power. The Indenture requires Idaho Power to spend or appropriate 15 percent of its annual gross operating revenues for maintenance, retirement, or amortization of its properties. Idaho Power may, however, anticipate or make up these expenditures or appropriations within the five years that immediately follow or precede a particular year. The Forty-eighth Supplemental Indenture increased the maximum amount of first mortgage bonds issuable by Idaho Power under the Indenture from $2.0 billion to $2.5 billion . Idaho Power may amend the Indenture and increase this amount without consent of the holders of the first mortgage bonds. The amount issuable is also restricted by property, earnings, and other provisions of the Indenture and supplemental indentures to the Indenture. The Indenture requires that Idaho Power's net earnings be at least twice the annual interest requirements on all outstanding debt of equal or prior rank, including the bonds that Idaho Power may propose to issue. Under certain circumstances, the net earnings test does not apply, including the issuance of refunding bonds to retire outstanding bonds that mature in less than two years or that are of an equal or higher interest rate, or prior lien bonds. As of December 31, 2019 , Idaho Power could issue under its Indenture approximately $1.9 billion of additional first mortgage bonds based on retired first mortgage bonds and total unfunded property additions. These amounts are further limited by the maximum amount of first mortgage bonds set forth in the Forty-eighth Supplemental Indenture. As a result, the maximum amount of first mortgage bonds Idaho Power could issue as of December 31, 2019 was limited to approximately $669 million under the Indenture. |
NOTES PAYABLE_
NOTES PAYABLE: | 12 Months Ended |
Dec. 31, 2019 | |
Notes Payable [Abstract] | |
Notes Payable | NOTES PAYABLE Credit Facilities On December 6, 2019, IDACORP and Idaho Power entered into amendments to their outstanding Credit Agreements, which provide credit facilities that may be used for general corporate purposes and commercial paper backup. IDACORP's credit facility consists of a revolving line of credit not to exceed the aggregate principal amount at any one time outstanding of $100 million , including swingline loans in an aggregate principal amount at any time outstanding not to exceed $10 million , and letters of credit in an aggregate principal amount at any time outstanding not to exceed $50 million . Idaho Power's credit facility consists of a revolving line of credit, through the issuance of loans and standby letters of credit, not to exceed the aggregate principal amount at any one time outstanding of $300 million , including swingline loans in an aggregate principal amount at any time outstanding not to exceed $30 million , and letters of credit in an aggregate principal amount at any time outstanding not to exceed $50 million . IDACORP and Idaho Power have the right to request an increase in the aggregate principal amount of the facilities to $150 million and $450 million , respectively, in each case subject to certain conditions. The IDACORP and Idaho Power credit facilities have similar terms and conditions. The interest rates for any borrowings under the facilities are based on either (1) a floating rate that is equal to the highest of the prime rate , federal funds rate plus 0.5 percent , or LIBOR Market Index rate plus 1.0 percent , or (2) the LIBOR Market Index rate , plus, in each case, an applicable margin, provided that the federal funds rate and LIBOR rate will not be less than zero percent . An alternate benchmark rate selected by the administrative agent for the credit facilities and IDACORP and Idaho Power will apply during any period in which the LIBOR rate is unavailable or unascertainable. The applicable margin is based on IDACORP's or Idaho Power's, as applicable, senior unsecured long-term indebtedness credit rating by Moody's Investors Service, Inc., Standard and Poor's Ratings Services, and Fitch Rating Services, Inc., as set forth on a schedule to the credit agreements. Under their respective credit facilities, the companies pay a facility fee on the commitment based on the respective company's credit rating for senior unsecured long-term debt securities. While the credit facilities provide for an original maturity date of December 6, 2024, the credit agreements grant IDACORP and Idaho Power the right to request up to two one-year extensions, subject to certain conditions. At December 31, 2019 , no loans were outstanding under either IDACORP's or Idaho Power's facilities. At December 31, 2019 , Idaho Power had regulatory authority to incur up to $450 million in principal amount of short-term indebtedness at any one time outstanding. IDACORP’s and Idaho Power's short-term borrowings were zero at December 31, 2019 , and December 31, 2018 . |
COMMON STOCK_
COMMON STOCK: | 12 Months Ended |
Dec. 31, 2019 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Common Stock | COMMON STOCK IDACORP Common Stock The following table summarizes IDACORP common stock transactions during the last three years and shares reserved at December 31, 2019 : Shares issued Shares reserved 2019 2018 2017 December 31, 2019 Balance at beginning of year 50,420,017 50,420,017 50,420,017 Continuous equity program (inactive) — — — 3,000,000 Dividend reinvestment and stock purchase plan — — — 2,576,723 Employee savings plan — — — 3,567,954 Long-term incentive and compensation plan (1) — — — 1,356,729 Balance at end of year 50,420,017 50,420,017 50,420,017 (1) During 2019, 2018, and 2017, IDACORP granted 70,419 , 75,761 , and 72,397 restricted stock unit awards, respectively, to employees and 9,594 , 12,950 , and 12,050 shares of common stock, respectively, to directors but made no original issuances of shares of common stock pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan. Restrictions on Dividends Idaho Power’s ability to pay dividends on its common stock held by IDACORP and IDACORP’s ability to pay dividends on its common stock are limited to the extent payment of such dividends would violate the covenants in their respective credit facilities or Idaho Power’s Revised Code of Conduct. A covenant under IDACORP’s credit facility and Idaho Power’s credit facility requires IDACORP and Idaho Power to maintain leverage ratios of consolidated indebtedness to consolidated total capitalization, as defined therein, of no more than 65 percent at the end of each fiscal quarter. At December 31, 2019 , the leverage ratios for IDACORP and Idaho Power were 43 percent and 45 percent , respectively. Based on these restrictions, IDACORP’s and Idaho Power’s dividends were limited to $1.5 billion and $1.3 billion , respectively, at December 31, 2019 . There are additional facility covenants, subject to exceptions, that prohibit or restrict the sale or disposition of property without consent and any agreements restricting dividend payments to IDACORP and Idaho Power from any material subsidiary. At December 31, 2019 , IDACORP and Idaho Power were in compliance with those covenants. Idaho Power’s Revised Policy and Code of Conduct relating to transactions between and among Idaho Power, IDACORP, and other affiliates, which was approved by the IPUC in April 2008, provides that Idaho Power will not pay any dividends to IDACORP that will reduce Idaho Power’s common equity capital below 35 percent of its total adjusted capital without IPUC approval. At December 31, 2019 , Idaho Power's common equity capital was 55 percent of its total adjusted capital. Further, Idaho Power must obtain approval from the OPUC before it can directly or indirectly loan funds or issue notes or give credit on its books to IDACORP. Idaho Power’s articles of incorporation contain restrictions on the payment of dividends on its common stock if preferred stock dividends are in arrears. As of the date of this report, Idaho Power has no preferred stock outstanding. |
SHARE-BASED COMPENSATION SHARE-
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION: | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based compensation | SHARE-BASED COMPENSATION IDACORP has one share-based compensation plan — the 2000 Long-Term Incentive and Compensation Plan (LTICP). The LTICP (for officers, key employees, and directors) permits the grant of stock options, restricted stock and restricted stock units (together, Restricted Stock), performance shares and performance-based units (together, Performance-Based Shares), and several other types of share-based awards. At December 31, 2019 , the maximum number of shares available under the LTICP was 613,394 . Restricted Stock and Performance-Based Shares Awards Restricted Stock awards have three-year vesting periods and entitle the recipients to dividends or dividend equivalents, as applicable, and voting rights, except that holders of restricted stock units do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition and subject to forfeiture under certain circumstances. The fair value of these awards is based on the closing market price of common stock on the grant date and is charged to compensation expense over the vesting period, reduced for any forfeitures during the vesting period. Performance-Based Shares awards have three-year vesting periods and entitle the recipients to voting rights, except that holders of performance-based units do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition, subject to forfeiture under certain circumstances, and subject to the attainment of specific performance conditions over the three-year vesting period. The performance conditions are two equally-weighted metrics, cumulative earnings per share (CEPS) and total shareholder return (TSR) relative to a peer group. Depending on the level of attainment of the performance conditions and the year issued, the final number of shares awarded can range from zero to 200 percent of the target award. Dividends or dividend equivalents, as applicable, are accrued during the vesting period and paid out based on the final number of shares awarded. The grant-date fair value of the CEPS portion is based on the closing market value at the date of grant, reduced by the loss in time-value of the estimated future dividend payments. The fair value of this portion of the awards is charged to compensation expense over the requisite service period based on the estimated achievement of performance targets, reduced for any forfeitures during the vesting period. The grant-date fair value of the TSR portion is estimated using the market value at the date of grant and a statistical model that incorporates the probability of meeting performance targets based on historical returns relative to the peer group. The fair value of this portion of the awards is charged to compensation expense over the requisite service period, provided the requisite service period is rendered, regardless of the level of TSR metric attained. A summary of Restricted Stock and Performance-Based Shares award activity is presented below. Idaho Power share amounts represent the portion of IDACORP amounts related to Idaho Power employees: IDACORP Idaho Power Number of Weighted-Average Number of Weighted-Average Nonvested shares/units at January 1, 2019 206,035 $ 81.31 204,859 $ 81.31 Shares/units granted 98,868 92.58 98,362 92.59 Shares/units forfeited (4,640 ) 94.57 (4,640 ) 94.57 Shares/units vested (97,353 ) 71.95 (96,761 ) 71.95 Nonvested shares/units at December 31, 2019 202,910 $ 90.99 201,820 $ 90.99 The total fair value of shares vested was $9.4 million in 2019 , $8.3 million in 2018 , and $7.5 million in 2017 . At December 31, 2019 , IDACORP had $7.9 million of total unrecognized compensation cost related to nonvested share-based compensation. Idaho Power's share of this amount was $7.8 million . These costs are expected to be recognized over a weighted-average period of 1.7 years. IDACORP uses original issue and/or treasury shares for these awards. In 2019 , a total of 9,594 shares were awarded to directors at a grant date fair value of $98.41 per share. Directors elected to defer receipt of 3,198 of these shares, which are being held as deferred stock units with dividend equivalents reinvested in additional stock units. Compensation Expense: The following table shows the compensation cost recognized in income and the tax benefits resulting from the LTICP, as well as the amounts allocated to Idaho Power for those costs associated with Idaho Power’s employees (in thousands of dollars): IDACORP Idaho Power 2019 2018 2017 2019 2018 2017 Compensation cost $ 8,788 $ 9,362 $ 7,384 $ 8,639 $ 9,276 $ 7,304 Income tax benefit (1) 2,262 2,410 2,887 2,224 2,388 2,856 (1) Due to tax reform, the effective income tax rate was reduced in 2018 for both IDACORP and Idaho Power, which is described in Note 2 - "Income Taxes." No |
EARNINGS PER SHARE_
EARNINGS PER SHARE: | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table presents the computation of IDACORP’s basic and diluted earnings per share for the years ended December 31, 2019 , 2018 , and 2017 (in thousands, except for per share amounts): Year Ended December 31, 2019 2018 2017 Numerator: Net income attributable to IDACORP, Inc. $ 232,854 $ 226,801 $ 212,419 Denominator: Weighted-average common shares outstanding - basic 50,502 50,432 50,361 Effect of dilutive securities 35 78 63 Weighted-average common shares outstanding - diluted 50,537 50,510 50,424 Basic earnings per share $ 4.61 $ 4.50 $ 4.22 Diluted earnings per share $ 4.61 $ 4.49 $ 4.21 |
COMMITMENTS_
COMMITMENTS: | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS Purchase Obligations At December 31, 2019 , Idaho Power had the following long-term commitments relating to purchases of energy, capacity, transmission rights, and fuel (in thousands of dollars): 2020 2021 2022 2023 2024 Thereafter Cogeneration and power production $ 241,835 $ 248,481 $ 251,964 $ 262,735 $ 266,061 $ 2,739,123 Fuel 55,693 36,069 8,389 8,379 8,371 75,074 As of December 31, 2019 , Idaho Power had 1,136 MW nameplate capacity of PURPA-related projects on-line, with an additional 11 MW nameplate capacity of projects projected to be on-line by 2022. The power purchase contracts for these projects have original contract terms ranging from one to 35 years. Idaho Power's expenses associated with PURPA-related projects were approximately $187 million in 2019 , $190 million in 2018 , and $170 million in 2017 . Also, in March 2019, Idaho Power signed a 20-year power purchase agreement to purchase the output from a planned 120-megawatt solar facility. The agreement was approved by the IPUC in December 2019 and is, as of the date of this report, pending approval by the OPUC. If approved, the agreement would increase contractual obligations by $136 million over the 20-year term. Idaho Power also has the following long-term commitments (in thousands of dollars): 2020 2021 2022 2023 2024 Thereafter Joint-operating agreement payments (1) $ 2,678 $ 2,678 $ 2,678 $ 2,678 $ 2,678 $ 13,391 Easements and other payments 269 1,124 1,072 1,062 1,055 16,408 Maintenance and service agreements (1) 47,547 13,797 16,468 7,143 7,354 55,768 FERC and other industry-related fees (1) 14,178 13,874 13,056 13,056 13,056 65,278 (1) Approximately $27 million , $48 million , and $131 million of the obligations included in joint-operating agreement payments, maintenance and service agreements, and FERC and other industry-related fees, respectively, have contracts that do not specify terms related to expiration. As these contracts are presumed to continue indefinitely, ten years of information, estimated based on current contract terms, has been included in the table for presentation purposes. IDACORP’s expense for operating leases was not material for the years ended 2019, 2018, and 2017. Guarantees Through a self-bonding mechanism, Idaho Power guarantees its portion of reclamation activities and obligations at BCC, of which IERCo owns a one-third interest. This guarantee, which is renewed annually with the Wyoming Department of Environmental Quality (WDEQ), was $58.3 million at December 31, 2019 , representing IERCo's one-third share of BCC's total reclamation obligation of $175.0 million . BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs. At December 31, 2019 , the value of the reclamation trust fund was $139.5 million . During 2019 , the reclamation trust fund made no distributions for reclamation activity costs associated with the BCC surface mine. BCC periodically assesses the adequacy of the reclamation trust fund and its estimate of future reclamation costs. To ensure that the reclamation trust fund maintains adequate reserves, BCC has the ability to, and does, add a per-ton surcharge to coal sales, all of which are made to the Jim Bridger plant. Because of the existence of the fund and the ability to apply a per-ton surcharge, the estimated fair value of this guarantee is minimal. In May 2019, the state of Wyoming enacted legislation that limits a mine operator's maximum amount of self-bonding. Idaho Power and the co-owners of BCC have until December 2020 to comply with the new regulations, which would reduce the portion of Idaho Power's guarantee of reclamation activities and obligations at BCC that Idaho Power is allowed to self-bond. As of the date of this report, Idaho Power believes the cost of any insurance, third-party assurance, or additional collateral that might be required for this guarantee due to the new law would be immaterial to the companies' consolidated financial statements. IDACORP and Idaho Power enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of December 31, 2019 , management believes the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective consolidated balance sheets with respect to these indemnification obligations. |
CONTINGENCIES_
CONTINGENCIES: | 12 Months Ended |
Dec. 31, 2019 | |
Loss Contingency [Abstract] | |
Contingencies | CONTINGENCIES IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, some of which involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power's operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred, although there is no assurance that such recovery would be granted. IDACORP and Idaho Power are parties to legal claims and legal, tax, and regulatory actions and proceedings in the ordinary course of business and, as noted above, record an accrual for associated loss contingencies when they are probable and reasonably estimable. In connection with its utility operations, Idaho Power is subject to claims by individuals, entities, and governmental agencies for damages for alleged personal injury, property damage, and economic losses, relating to the company’s provision of electric service and the operation of its generation, transmission, and distribution facilities. Some of those claims relate to electrical contacts, service quality, property damage, and wildfires. In recent years, utilities in the western United States have been subject to significant liability for personal injury, loss of life, property damage, trespass, and economic losses, and in some cases, punitive damages and criminal charges, associated with wildfires that originated from utility property, most commonly transmission and distribution lines. In recent years, Idaho Power has regularly received claims by governmental agencies and private landowners for damages for fires allegedly originating from Idaho Power’s transmission and distribution system. As of the date of this report, the companies believe that resolution of existing claims will not have a material adverse effect on their respective consolidated financial statements. Idaho Power is also actively monitoring various pending environmental regulations and executive orders related to environmental matters that may have a significant impact on its future operations. Given uncertainties regarding the outcome, timing, and compliance plans for these environmental matters, Idaho Power is unable to estimate the financial impact of these regulations. |
BENEFIT PLANS_
BENEFIT PLANS: | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits, Description [Abstract] | |
Benefit Plans | BENEFIT PLANS Idaho Power sponsors defined benefit and other postretirement benefit plans that cover the majority of its employees. Idaho Power also sponsors a defined contribution 401(k) employee savings plan and provides certain post-employment benefits. Pension Plans Idaho Power has two pension plans–a noncontributory defined benefit pension plan (pension plan) and two nonqualified defined benefit pension plans for certain senior management employees called the Security Plan for Senior Management Employees I and Security Plan for Senior Management Employees II (together, SMSP). Idaho Power also has a nonqualified defined benefit pension plan for directors that was frozen in 2002. Remaining vested benefits from that plan are included with the SMSP in the disclosures below. The benefits under these plans are based on years of service and the employee's final average earnings. The following table summarizes the changes in benefit obligations and plan assets of these plans (in thousands of dollars): Pension Plan SMSP 2019 2018 2019 2018 Change in projected benefit obligation: Benefit obligation at January 1 $ 951,857 $ 999,344 $ 102,318 $ 110,303 Service cost 34,061 37,836 (181 ) (316 ) Interest cost 42,312 38,833 4,575 4,248 Actuarial loss (gain) 147,784 (84,758 ) 17,888 (7,050 ) Plan amendment — — 2,839 — Benefits paid (41,262 ) (39,398 ) (4,996 ) (4,867 ) Projected benefit obligation at December 31 1,134,752 951,857 122,443 102,318 Change in plan assets: Fair value at January 1 650,604 697,683 — — Actual return (loss) on plan assets 113,777 (47,681 ) — — Employer contributions 40,000 40,000 — — Benefits paid (41,262 ) (39,398 ) — — Fair value at December 31 763,119 650,604 — — Funded status at end of year $ (371,633 ) $ (301,253 ) $ (122,443 ) $ (102,318 ) Amounts recognized in the statement of financial position consist of: Other current liabilities $ — $ — $ (5,911 ) $ (5,158 ) Noncurrent liabilities (371,633 ) (301,253 ) (116,532 ) (97,160 ) Net amount recognized $ (371,633 ) $ (301,253 ) $ (122,443 ) $ (102,318 ) Amounts recognized in accumulated other comprehensive income consist of: Net loss $ 347,785 $ 278,720 $ 45,851 $ 30,496 Prior service cost 56 62 3,143 399 Subtotal 347,841 278,782 48,994 30,895 Less amount recorded as regulatory asset (1) (347,841 ) (278,782 ) — — Net amount recognized in accumulated other comprehensive income $ — $ — $ 48,994 $ 30,895 Accumulated benefit obligation $ 958,586 $ 814,549 $ 109,966 $ 94,630 (1) Changes in the funded status of the pension plan that would be recorded in accumulated other comprehensive income for an unregulated entity are recorded as a regulatory asset for Idaho Power as Idaho Power believes it is probable that an amount equal to the regulatory asset will be collected through the setting of future rates. The actuarial losses reflected in the benefit obligations for the pension and SMSP plans in 2019 are due primarily to decreases in the assumed discount rates of both plans from December 31, 2018, to December 31, 2019. The actuarial gains affecting the benefit obligations for the pension and SMSP plans in 2018 are due primarily to increases in the assumed discount rates from December 31, 2017, to December 31, 2018. For more information on discount rates, see “Plan Assumptions” below in this Note 12. As a non-qualified plan, the SMSP has no plan assets. However, Idaho Power has a Rabbi trust designated to provide funding for SMSP obligations. The Rabbi trust holds investments in marketable securities and corporate-owned life insurance. The recorded value of these investments was approximately $97.6 million and $92.5 million at December 31, 2019 and 2018 , respectively, and is reflected in Investments and in Company-owned life insurance on the consolidated balance sheets. The following table shows the components of net periodic benefit cost for these plans (in thousands of dollars). For purposes of calculating the expected return on plan assets, the market-related value of assets is equal to the fair value of the assets. Pension Plan SMSP 2019 2018 2017 2019 2018 2017 Service cost $ 34,061 $ 37,836 $ 33,742 $ (181 ) $ (316 ) $ 759 Interest cost 42,312 38,833 38,957 4,575 4,248 4,315 Expected return on assets (48,623 ) (52,302 ) (45,138 ) — — — Amortization of net loss 13,564 13,558 13,190 2,533 3,788 2,963 Amortization of prior service cost 6 6 28 96 98 127 Net periodic pension cost 41,320 37,931 40,779 7,023 7,818 8,164 Regulatory deferral of net periodic benefit cost (1) (39,379 ) (36,153 ) (38,699 ) — — — Previously deferred pension cost recognized (1) 17,154 17,154 17,154 — — — Net periodic benefit cost recognized for financial reporting (1)(2) $ 19,095 $ 18,932 $ 19,234 $ 7,023 $ 7,818 $ 8,164 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. (2) Of total net periodic benefit cost recognized for financial reporting $15.1 million , $15.2 million , and $16.2 million respectively, was recognized in "Other operations and maintenance" and $11.0 million , and $11.6 million , and $11.2 million respectively, was recognized in "Other expense, net" on the consolidated statements of income of the companies for the twelve months ended December 31, 2019 , 2018 , and 2017 . The following table shows the components of other comprehensive (loss) income for the plans (in thousands of dollars): Pension Plan SMSP 2019 2018 2017 2019 2018 2017 Actuarial (loss) gain during the year $ (82,631 ) $ (15,226 ) $ (26,608 ) $ (17,888 ) $ 7,049 $ (10,635 ) Plan amendment service cost — — — (2,839 ) — — Reclassification adjustments for: Amortization of net loss 13,564 13,558 13,190 2,533 3,788 2,963 Amortization of prior service cost 6 6 28 96 98 127 Adjustment for deferred tax effects 17,776 428 1,744 4,658 (2,815 ) 1,555 Adjustment due to the effects of regulation 51,285 1,234 11,646 — — — Other comprehensive (loss) income recognized related to pension benefit plans $ — $ — $ — $ (13,440 ) $ 8,120 $ (5,990 ) The following table summarizes the expected future benefit payments of these plans (in thousands of dollars): 2020 2021 2022 2023 2024 2025-2029 Pension Plan $ 40,727 $ 42,674 $ 44,576 $ 46,670 $ 48,694 $ 273,700 SMSP 6,010 6,186 6,281 6,700 6,724 33,304 Idaho Power’s funding policy for the pension plan is to contribute at least the minimum required under the Employee Retirement Income Security Act of 1974 (ERISA) but not more than the maximum amount deductible for income tax purposes. In 2019 , 2018 , and 2017 , Idaho Power elected to contribute more than the minimum required amounts in order to bring the pension plan to a more funded position, to reduce future required contributions, and to reduce Pension Benefit Guaranty Corporation premiums. As of the date of this report, IDACORP's and Idaho Power's minimum required contribution to the pension plan is estimated to be $14 million during 2020 . Depending on market conditions and cash flow considerations in 2020, Idaho Power could contribute up to $40 million to the pension plan during 2020 in order to help balance the regulatory collection of these expenditures with the amount and timing of contributions and to mitigate the cost of being in an underfunded position. Postretirement Benefits Idaho Power maintains a defined benefit postretirement benefit plan (consisting of health care and death benefits) that covers all employees who were enrolled in the active-employee group plan at the time of retirement as well as their spouses and qualifying dependents. Retirees hired on or after January 1, 1999, have access to the standard medical option at full cost, with no contribution by Idaho Power. Benefits for employees who retire after December 31, 2002, are limited to a fixed amount, which has limited the growth of Idaho Power’s future obligations under this plan. The following table summarizes the changes in benefit obligation and plan assets (in thousands of dollars): 2019 2018 Change in accumulated benefit obligation: Benefit obligation at January 1 $ 66,453 $ 70,051 Service cost 853 1,051 Interest cost 2,989 2,643 Actuarial loss (gain) 5,298 (2,688 ) Benefits paid (1) (4,564 ) (4,604 ) Plan amendments — Benefit obligation at December 31 71,029 66,453 Change in plan assets: Fair value of plan assets at January 1 33,391 38,294 Actual return (loss) on plan assets 7,269 (1,330 ) Employer contributions (1) 3,529 1,031 Benefits paid (1) (4,564 ) (4,604 ) Fair value of plan assets at December 31 39,625 33,391 Funded status at end of year (included in noncurrent liabilities) $ (31,404 ) $ (33,062 ) (1) Contributions and benefits paid are each net of $3.3 million and $3.1 million of plan participant contributions for 2019 and 2018 , respectively. Amounts recognized in accumulated other comprehensive income consist of the following (in thousands of dollars): 2019 2018 Net loss $ (81 ) $ (330 ) Prior service cost 174 222 Subtotal 93 (108 ) Less amount recognized in regulatory assets (93 ) 108 Net amount recognized in accumulated other comprehensive income $ — $ — The net periodic postretirement benefit cost was as follows (in thousands of dollars): 2019 2018 2017 Service cost $ 853 $ 1,051 $ 973 Interest cost 2,989 2,643 2,783 Expected return on plan assets (2,220 ) (2,467 ) (2,307 ) Immediate recognition of loss from temporary deviation (1) — 4,216 — Amortization of prior service cost 48 47 47 Net periodic postretirement benefit cost $ 1,670 $ 5,490 $ 1,496 (1) In 2018, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other expense, net" on the consolidated statements of income of the companies. The following table shows the components of other comprehensive income for the plan (in thousands of dollars): 2019 2018 2017 Actuarial loss during the year $ (249 ) $ (1,109 ) $ (2,964 ) Prior service cost arising during the year — — (212 ) Reclassification adjustments for: Immediate recognition of loss from temporary deviation (1) — 4,216 — Reclassification adjustments for amortization of prior service cost 48 47 47 Adjustment for deferred tax effects 52 270 807 Adjustment due to the effects of regulation 149 (3,424 ) 2,322 Other comprehensive income related to postretirement benefit plans $ — $ — $ — (1) In 2018, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other expense, net" on the consolidated statements of income of the companies. The following table summarizes the expected future benefit payments of the postretirement benefit plan (in thousands of dollars): 2020 2021 2022 2023 2024 2025-2028 Expected benefit payments $ 5,552 $ 4,932 $ 4,750 $ 4,532 $ 4,289 $ 19,133 Plan Assumptions The following table sets forth the weighted-average assumptions used at the end of each year to determine benefit obligations for all Idaho Power-sponsored pension and postretirement benefits plans: Pension Plan SMSP Postretirement Benefits 2019 2018 2019 2018 2019 2018 Discount rate 3.60 % 4.55 % 3.65 % 4.60 % 3.60 % 4.60 % Rate of compensation increase (1) 4.37 % 4.25 % 4.75 % 4.75 % — — Medical trend rate — — — — 6.7 % 6.3 % Dental trend rate — — — — 4.0 % 4.0 % Measurement date 12/31/2019 12/31/2018 12/31/2019 12/31/2018 12/31/2019 12/31/2018 (1) The 2019 rate of compensation increase assumption for the pension plan includes an inflation component of 2.40% plus a 1.97% composite merit increase component that is based on employees' years of service. Merit salary increases are assumed to be 8.0% for employees in their first year of service and scale down to 0.6% for employees in their fortieth year of service and beyond. The following table sets forth the weighted-average assumptions used to determine net periodic benefit cost for all Idaho Power-sponsored pension and postretirement benefit plans: Pension Plan SMSP Postretirement Benefits 2019 2018 2017 2019 2018 2017 2019 2018 2017 Discount rate 4.55 % 3.95 % 4.45 % 4.60 % 3.95 % 4.45 % 4.60 % 3.95 % 4.45 % Expected long-term rate of return on assets 7.50 % 7.50 % 7.50 % — — — 6.75 % 6.75 % 6.75 % Rate of compensation increase 4.37 % 4.25 % 4.17 % 4.75 % 4.75 % 4.75 % — — % — % Medical trend rate — — — — — — 6.7 % 6.3 % 6.8 % Dental trend rate — — — — — — 4.0 % 4.0 % 4.0 % The assumed health care cost trend rate used to measure the expected cost of health benefits covered by the postretirement plan was 6.7 percent in 2019 and is assumed to decrease to 5.9 percent in 2020 , 5.2 percent in 2021, 5.1 percent in 2022 and to gradually decrease to 3.9 percent by 2091 . The assumed dental cost trend rate used to measure the expected cost of dental benefits covered by the plan was 4.0 percent , or equal to the medical trend rate if lower, for all years. Plan Assets Pension Asset Allocation Policy: The target allocation and actual allocations at December 31, 2019 , for the pension asset portfolio by asset class is set forth below: Asset Class Target Allocation Actual Allocation December 31, 2019 Debt securities 24 % 23 % Equity securities 56 % 59 % Real estate 7 % 6 % Other plan assets 13 % 12 % Total 100 % 100 % Assets are rebalanced as necessary to keep the portfolio close to target allocations. The plan’s principal investment objective is to maximize total return (defined as the sum of realized interest and dividend income and realized and unrealized gain or loss in market price) consistent with prudent parameters of risk and the liability profile of the portfolio. Emphasis is placed on preservation and growth of capital along with adequacy of cash flow sufficient to fund current and future payments to plan participants. The three major goals in Idaho Power’s asset allocation process are to: • determine if the investments have the potential to earn the rate of return assumed in the actuarial liability calculations; • match the cash flow needs of the plan. Idaho Power sets bond allocations sufficient to cover approximately five years of benefit payments. Idaho Power then utilizes growth instruments (equities, real estate, venture capital) to fund the longer-term liabilities of the plan; and • maintain a prudent risk profile consistent with ERISA fiduciary standards. Allowable plan investments include stocks and stock funds, investment-grade bonds and bond funds, real estate funds, private equity funds, and cash and cash equivalents. With the exception of real estate holdings and private equity, investments must be readily marketable so that an entire holding can be disposed of quickly with only a minor effect upon market price. Rate-of-return projections for plan assets are based on historical risk/return relationships among asset classes. The primary measure is the historical risk premium each asset class has delivered versus the yield on the Moody's AA Corporate Bond Index. This historical risk premium is then added to the current yield on the Moody's AA Corporate Bond Index. Additional analysis is performed to measure the expected range of returns, as well as worst-case and best-case scenarios. Based on the current low interest rate environment, current rate-of-return expectations are lower than the nominal returns generated over the past 30 years when interest rates were generally much higher. Idaho Power’s asset modeling process also utilizes historical market returns to measure the portfolio’s exposure to a “worst-case” market scenario, to determine how much performance could vary from the expected “average” performance over various time periods. This “worst-case” modeling, in addition to cash flow matching and diversification by asset class and investment style, provides the basis for managing the risk associated with investing portfolio assets. Fair Value of Plan Assets: Idaho Power classifies its pension plan and postretirement benefit plan investments using the three-level fair value hierarchy described in Note 17 - "Fair Value Measurements." The following table presents the fair value of the plans' investments by asset category (in thousands of dollars). Level 1 Level 2 Level 3 Total Assets at December 31, 2019 Cash and cash equivalents $ 10,878 $ — $ — $ 10,878 Short-term bonds 21,628 — — 21,628 Intermediate bonds 22,369 134,931 — 157,300 Long-term bonds — — — — Equity Securities: Large-Cap 92,852 — — 92,852 Equity Securities: Mid-Cap 81,663 — — 81,663 Equity Securities: Small-Cap 67,075 — — 67,075 Equity Securities: Micro-Cap 31,469 — — 31,469 Equity Securities: International 13,817 — — 13,817 Equity Securities: Emerging Markets 8,245 — — 8,245 Plan assets measured at NAV (not subject to hierarchy disclosure) Commingled Fund: Equity Securities: Global and International 114,975 Commingled Fund: Equity Securities: Emerging Markets 40,059 Commingled Fund: Commodities fund 34,793 Real estate 47,570 Private market investments 40,795 Total $ 349,996 $ 134,931 $ — $ 763,119 Postretirement plan assets (1) $ 641 $ 38,984 $ — $ 39,625 Level 1 Level 2 Level 3 Total Assets at December 31, 2018 Cash and cash equivalents $ 9,717 $ — $ — $ 9,717 Short-term bonds 20,644 — — 20,644 Intermediate bonds 20,595 87,646 — 108,241 Long-term bonds — 40,857 — 40,857 Equity Securities: Large-Cap 71,176 — — 71,176 Equity Securities: Mid-Cap 71,419 — — 71,419 Equity Securities: Small-Cap 53,401 — — 53,401 Equity Securities: Micro-Cap 30,387 — — 30,387 Equity Securities: International 7,104 — — 7,104 Equity Securities: Emerging Markets 6,519 — — 6,519 Plan assets measured at NAV (not subject to hierarchy disclosure) Commingled Fund: Equity Securities: International 95,653 Commingled Fund: Equity Securities: Emerging Markets 29,757 Commingled Fund: Commodities fund 30,842 Real estate 39,846 Private market investments 35,041 Total $ 290,962 $ 128,503 $ — $ 650,604 Postretirement plan assets (1) $ 758 $ 32,633 $ — $ 33,391 (1) The postretirement benefits assets are primarily life insurance contracts. For the years ended December 31, 2019 and 2018 , there were no material transfers into or out of Levels 1, 2, or 3. Fair Value Measurement of Level 2 Plan assets and Plan assets measured at NAV: Level 2 Bonds : These investments represent U.S. government, agency bonds, and corporate bonds. The U.S. government and agency bonds, as well as the corporate bonds, are not traded on an exchange and are valued utilizing market prices for similar assets or liabilities in active markets. Level 2 Postretirement Asset: This asset represents an investment in a life insurance contract and is recorded at fair value, which is the cash surrender value, less any unpaid expenses. The cash surrender value of this insurance contract is contractually equal to the insurance contract's proportionate share of the market value of an associated investment account held by the insurer. The investments held by the insurer's investment account are all instruments traded on exchanges with readily determinable market prices. Commingled Funds : These funds, made up of the international and emerging markets equity securities and commodities fund measured at NAV, are not publicly traded, and therefore no publicly quoted market price is readily available. The values of the commingled funds are presented at estimated fair value, which is determined based on the unit value of the fund. The values of these investments are calculated by the custodian for the fund company on a monthly or more frequent basis, and are based on market prices of the assets held by each of the commingled funds divided by the number of fund shares outstanding for the respective fund. The investments in commingled funds have redemption limitations that permit monthly redemption following notice requirements of 5 to 7 days. Real Estate : Real estate holdings represent investments in open-end and closed-end commingled real estate funds. As the property interests held in these real estate funds are not frequently traded, establishing the market value of the property interests held by the fund, and the resulting unit value of fund shareholders, is based on unobservable inputs including property appraisals by the fund companies, property appraisals by independent appraisal firms, analysis of the replacement cost of the property, discounted cash flows generated by property rents and changes in property values, and comparisons with sale prices of similar properties in similar markets. These real estate funds also furnish annual audited financial statements that are also used to further validate the information provided. Redemptions on the open-end funds are generally available on a quarterly basis, with 10 to 35 days written notice, depending on the individual fund. If the fund has sufficient liquidity, the redemption will be processed at the fund NAV or the fund’s estimate of fair value at the end of the quarter. If the fund does not have sufficient liquidity to honor the full redemption, the remainder will be set for redemption the following quarter on a pro-rata basis with other redemption requests. This same process will repeat until the redemption request has been completed. To protect other fund holders, real estate funds have no duty to liquidate or encumber funds to meet redemption requests. The closed-end funds are formed for a stated life of 7 to 9 years. The fund can be further extended with the approval of the limited partners. There are generally no redemption rights associated with these funds. The limited partner must hold the fund for the life of the fund or find a third-party buyer. Private Market Investments : Private market investments represent two categories: fund of hedge funds and venture capital funds. These funds are valued by the fund companies based on the estimated fair values of the underlying fund holdings divided by the fund shares outstanding or multiplied by the ownership percentages of the holder. Some hedge fund strategies utilize securities with readily available market prices, while others utilize less liquid investment vehicles that are valued based on unobservable inputs including cost, operating results, recent funding activity, or comparisons with similar investment vehicles. Redemptions are available on a quarterly basis with 70 days written notice. Redemptions will be processed at the quarterly NAV or fair value within 60 days following quarter end. In the event of a full redemption, a reserve amount of 5% to 10% of the redemption amount may be held in reserve until the audited financial statements of the fund are published. This allows the fund to adjust the redemption so that other fund holders are not adversely impacted. Venture capital fund investments are valued by the fund companies based on estimated fair value of the underlying fund holdings divided by the fund shares outstanding. Some venture capital investments have progressed to the point that they have readily available exchange-based market valuations. Early stage venture investments are valued based on unobservable inputs including cost, operating results, discounted cash flows, the price of recent funding events, or pending offers from other viable entities. These private market investments furnish annual audited financial statements that are also used to further validate the information provided. These funds are formed for a stated life of 10 to 15 years. The general partner can extend the fund life for 2 or 3 one-year periods. The fund can be further extended with the approval of the limited partners. There are generally no redemption rights associated with these funds. The limited partner must hold the fund for the life of the fund or find a third-party buyer. Employee Savings Plan Idaho Power has a defined contribution plan designed to comply with Section 401(k) of the Internal Revenue Code and that covers substantially all employees. Idaho Power matches specified percentages of employee contributions to the plan. Matching annual contributions were approximately $7.7 million , $7.7 million , and $7.4 million in 2019 , 2018 , and 2017 , respectively. Post-employment Benefits Idaho Power provides certain benefits to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement, in addition to the health care benefits required under the Consolidated Omnibus Budget Reconciliation Act. These benefits include salary continuation, health care and life insurance for those employees found to be disabled under Idaho Power’s disability plans, and health care for surviving spouses and dependents. Idaho Power accrues a liability for such benefits. The post-employment benefits included in other deferred credits on both IDACORP’s and Idaho Power’s consolidated balance sheets at December 31, 2019 , and 2018 , were approximately $2 million . |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND JOINTLY-OWNED PROJECTS: | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | PROPERTY, PLANT AND EQUIPMENT AND JOINTLY-OWNED PROJECTS The following table presents the major classifications of Idaho Power’s utility plant in service, annual depreciation provisions as a percent of average depreciable balance, and accumulated provision for depreciation for the years ended December 31, 2019 and 2018 (in thousands of dollars): 2019 2018 Balance Avg Rate Balance Avg Rate Production $ 2,535,938 3.19 % $ 2,654,201 3.10 % Transmission 1,220,703 1.89 % 1,201,092 1.89 % Distribution 1,882,136 2.25 % 1,792,284 2.24 % General and Other 474,790 6.17 % 456,279 6.40 % Total in service 6,113,567 2.87 % 6,103,856 2.84 % Accumulated provision for depreciation (2,155,783 ) (2,210,781 ) In service - net $ 3,957,784 $ 3,893,075 At December 31, 2019 , Idaho Power's construction work in progress balance of $552.5 million included relicensing costs of $326.0 million for the HCC, Idaho Power's largest hydropower complex. In 2019, 2018, and 2017, Idaho Power had IPUC authorization to include in its Idaho jurisdiction rates $6.5 million annually ( $8.8 million when grossed-up for the effect of income taxes in 2019 and 2018 and $10.7 million when grossed-up for the effect of income taxes in 2017 prior to income tax reform described in Note 2 - "Income Taxes") of AFUDC relating to the HCC relicensing project. Collecting these amounts will reduce the amount collected in the future once the HCC relicensing costs are approved for recovery in base rates. At December 31, 2019 , Idaho Power's regulatory liability for collection of AFUDC relating to the HCC was $151.7 million . Idaho Power's ownership interest in three jointly-owned generating facilities is included in the table above. Under the joint operating agreements for these facilities, each participating utility is responsible for financing its share of construction, operating, and leasing costs. Idaho Power's proportionate share of operating expenses for each facility is included in the Consolidated Statements of Income. These jointly-owned facilities, including balance sheet amounts and the extent of Idaho Power’s participation, were as follows at December 31, 2019 (in thousands of dollars): Name of Plant Location Utility Plant in Service Construction Work in Progress Accumulated Provision for Depreciation Ownership % MW (1)(2) Jim Bridger units 1-4 Rock Springs, WY $ 745,096 $ 4,622 $ 353,254 33 771 Boardman Boardman, OR 82,501 12 78,411 10 64 North Valmy unit 2 (2) Winnemucca, NV 252,921 217 166,419 50 145 (1) Idaho Power’s share of nameplate capacity. (2) Idaho Power ended its participation in coal-fired operations at unit 1 of the North Valmy plant on December 31, 2019. IERCo, Idaho Power’s wholly-owned subsidiary, is a joint venturer in BCC. Idaho Power’s coal purchases from the joint venture were $73.6 million in 2019 , $81.8 million in 2018 , and $86.4 million in 2017 . Idaho Power has contracts to purchase the energy from four PURPA qualifying facilities that are 50 percent owned by Ida-West. Idaho Power’s power purchases from these facilities were $8.6 million in 2019 , $9.7 million in 2018 , and $9.8 million in 2017 . IDACORP's consolidated VIE, Marysville, owns a hydropower plant with a net book value of $14.7 million and $15.2 million at December 31, 2019 and 2018 , respectively. |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligation Disclosure | ASSET RETIREMENT OBLIGATIONS (ARO) The guidance relating to accounting for AROs requires that legal obligations associated with the retirement of property, plant, and equipment be recognized as a liability at fair value when incurred and when a reasonable estimate of the fair value of the liability can be made. Under the guidance, when a liability is initially recorded, the entity increases the carrying amount of the related long-lived asset to reflect the future retirement cost. Over time, the liability is accreted to its estimated settlement value and paid, and the capitalized cost is depreciated over the useful life of the related asset. If, at the end of the asset’s life, the recorded liability differs from the actual obligations paid, a gain or loss would be recognized. As a rate-regulated entity, Idaho Power records regulatory assets or liabilities instead of accretion, depreciation, and gains or losses, as approved by the IPUC. The regulatory assets recorded under this order do not earn a return on investment. Accretion, depreciation, and gains or losses related to the Boardman generating facility are exempted from such regulatory treatment as Idaho Power is now collecting amounts related to the decommissioning of Boardman in rates. Idaho Power’s recorded AROs relate to the reclamation and removal costs at its jointly-owned coal-fired generation facilities. Idaho Power also has additional AROs associated with its transmission system, hydropower facilities, natural gas-fired generation facilities, and jointly owned coal-fired generation facilities; however, due to the indeterminate removal date, the fair value of the associated liabilities currently cannot be estimated and no amounts are recognized in the consolidated financial statements. Idaho Power also collect removal costs in rates for certain assets that do not have associated AROs. Idaho Power is required to classify these removal costs as regulatory liabilities, see Note 3 - "Regulatory Matters" for the removal costs recorded as regulatory liabilities on IDACORP’s and Idaho Power’s consolidated balance sheets as of December 31, 2019 and 2018 . The following table presents the changes in the carrying amount of AROs (in thousands of dollars): 2019 2018 Balance at beginning of year $ 26,792 $ 26,415 Accretion expense 1,115 1,055 Revisions in estimated cash flows 365 (751 ) Liability incurred — 129 Liability settled (81 ) (56 ) Balance at end of year $ 28,191 $ 26,792 |
INVESTMENTS_
INVESTMENTS: | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investments in Debt and Equity Securities | INVESTMENTS The table below summarizes IDACORP’s and Idaho Power’s investments as of December 31 (in thousands of dollars): 2019 2018 Idaho Power investments: Bridger Coal Company (equity method investment) $ 40,713 $ 49,878 Exchange traded short-term bond funds and cash equivalents 42,648 36,471 Executive deferred compensation plan investments 90 17 Total Idaho Power investments 83,451 86,366 Investments in affordable housing (IDACORP Financial Services) 3,665 3,446 Ida-West joint ventures (equity method investments) 11,102 11,366 Total IDACORP investments $ 98,218 $ 101,178 Equity Method Investments Idaho Power, through its subsidiary IERCo, is a 33 percent owner of BCC. Ida-West, through separate subsidiaries, owns 50 percent of three electric generation projects that are accounted for using the equity method: South Forks Joint Venture, Hazelton/Wilson Joint Venture, and Snow Mountain Hydro LLC. All projects are reviewed periodically for impairment. The table below presents IDACORP’s and Idaho Power’s earnings of unconsolidated equity-method investments (in thousands of dollars): 2019 2018 2017 Bridger Coal Company (Idaho Power) $ 10,285 $ 10,712 $ 9,267 Ida-West joint ventures 2,085 1,737 2,107 Total $ 12,370 $ 12,449 $ 11,374 Investments in Equity Securities Investments in equity securities are reported at fair value. Any unrealized gains or losses on equity securities are included in income. Unrealized gains and losses on equity securities were immaterial at December 31, 2019 and December 31, 2018 . The following table summarizes sales of equity securities (in thousands of dollars): 2019 2018 2017 Proceeds from sales $ 5,080 $ 5,007 $ 4,989 Gross realized gains from sales — — — Investments in Affordable Housing |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS: | 12 Months Ended |
Dec. 31, 2019 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS Commodity Price Risk Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop. All of Idaho Power's derivative instruments have been entered into for the purpose of economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). These types of transactions are excluded from the offsetting presented in the derivative fair value and offsetting table below. The table below presents the gains and losses on derivatives not designated as hedging instruments for the years ended December 31, 2019 , 2018 , and 2017 (in thousands of dollars): Location of Realized Gain/(Loss) on Derivatives Recognized in Income Gain/(Loss) on Derivatives Recognized in Income (1) 2019 2018 2017 Financial swaps Operating revenues $ 904 $ 1,316 $ 902 Financial swaps Purchased power (2,183 ) 7,828 166 Financial swaps Fuel expense 13,811 22,563 701 Financial swaps Other operations and maintenance — 118 (84 ) Forward contracts Operating revenues 285 41 55 Forward contracts Purchased power (270 ) (54 ) (69 ) Forward contracts Fuel expense 565 (186 ) 4 (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 revenues from contracts with customers 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 17 - "Fair Value Measurements" for additional information concerning the determination of fair value for Idaho Power’s assets and liabilities from price risk management activities. Derivative Instrument Summary The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at December 31, 2019 and 2018 (in thousands of dollars): Asset Derivatives Liability Derivatives Balance Sheet Location Gross Fair Value Amounts Offset Net Assets Gross Fair Value Amounts Offset Net Liabilities December 31, 2019 Current: Financial swaps Other current assets $ 2,426 $ (2,034 ) $ 392 $ 2,034 $ (2,034 ) $ — Financial swaps Other current liabilities 134 (134 ) — 924 (134 ) 790 Forward contracts Other current assets 13 — 13 — — — Forward contracts Other current liabilities — — — 32 — 32 Long-term: Financial swaps Other assets 3 (3 ) — 27 (3 ) 24 Total $ 2,576 $ (2,171 ) $ 405 $ 3,017 $ (2,171 ) $ 846 December 31, 2018 Current: Financial swaps Other current assets $ 4,639 $ (984 ) (1) $ 3,655 $ 938 $ (938 ) $ — Financial swaps Other current liabilities — — — 806 — 806 Forward contracts Other current liabilities — — — 104 — 104 Long-term: Financial swaps Other liabilities — — — 64 — 64 Total $ 4,639 $ (984 ) $ 3,655 $ 1,912 $ (938 ) $ 974 (1) Current asset derivative amounts offset include $45 thousand of collateral payable at December 31, 2018 . The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at December 31, 2019 and 2018 (in thousands of units): December 31, Commodity Units 2019 2018 Electricity purchases MWh 91 52 Electricity sales MWh 138 39 Natural gas purchases MMBtu 14,053 7,514 Natural gas sales MMBtu 78 446 Credit Risk At December 31, 2019 , 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 WSPP, Inc. agreements, physical gas contracts are usually under North American Energy Standards Board contracts, and financial transactions are usually under International Swaps and Derivatives Association, Inc. contracts. These contracts contain adequate assurance clauses requiring collateralization if a counterparty has debt that is downgraded below investment grade by at least one rating agency. Credit-Contingent Features Certain of Idaho Power's derivative instruments contain provisions that require Idaho Power's unsecured debt to maintain an investment grade credit rating from Moody's Investors Service and Standard & Poor's Ratings Services. If Idaho Power's unsecured debt were to fall below investment grade, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position at December 31, 2019 , was $3.0 million . Idaho Power posted $1.4 million cash collateral related to this amount. If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2019 , Idaho Power would have been required to pay or post collateral to its counterparties up to an additional $6.7 million to cover open liability positions as well as completed transactions that have not yet been paid. |
FAIR VALUE MEASUREMENTS_
FAIR VALUE MEASUREMENTS: | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access. • Level 2: Financial assets and liabilities whose values are based on the following: a) quoted prices for similar assets or liabilities in active markets; b) quoted prices for identical or similar assets or liabilities in non-active markets; c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. IDACORP and Idaho Power Level 2 inputs for derivative instruments are based on quoted market prices adjusted for location using corroborated, observable market data. • Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. An item recorded at fair value is reclassified among levels when changes in the nature of valuation inputs cause the item to no longer meet the criteria for the level in which it was previously categorized. There were no transfers between levels or material changes in valuation techniques or inputs during the years ended December 31, 2019 and 2018 . The following table presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018 (in thousands of dollars): December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds and commercial paper IDACORP (1) $ 64,173 $ — $ — $ 64,173 $ 97,833 $ — $ — $ 97,833 Idaho Power 26,510 — — 26,510 79,228 — — 79,228 Derivatives 392 13 — 405 3,655 — — 3,655 Equity securities 42,738 — — 42,738 36,488 — — 36,488 Liabilities: Derivatives $ 814 $ 32 $ — $ 846 $ 870 $ 104 $ — $ 974 (1) Holding company only. Does not include amounts held by Idaho Power. Idaho Power’s derivatives are contracts entered into as part of its management of loads and resources. Electricity derivatives are valued on the Intercontinental Exchange with quoted prices in an active market. Natural gas and diesel derivatives are valued using New York Mercantile Exchange and Intercontinental Exchange pricing, adjusted for location basis, which are also quoted under NYMEX and ICE pricing. Equity securities consist of employee-directed investments related to an executive deferred compensation plan and actively traded money market and exchange traded funds related to the SMSP. The investments are measured using quoted prices in active markets and are held in a Rabbi trust. The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, as of December 31, 2019 and 2018 , using available market information and appropriate valuation methodologies (in thousands). December 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (thousands of dollars) IDACORP Assets: Notes receivable (1) $ 3,804 $ 3,804 $ 3,804 $ 3,804 Liabilities: Long-term debt (including current portion) (1) 1,836,659 2,083,931 1,834,788 1,942,773 Idaho Power Liabilities: Long-term debt (including current portion) (1) $ 1,836,659 $ 2,083,931 $ 1,834,788 $ 1,942,773 (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 17 - "Fair Value Measurements." Notes receivable are related to Ida-West and are valued based on unobservable inputs, including discounted cash flows, which are partially based on forecasted hydropower conditions. Long-term debt is not traded on an exchange and is valued using quoted rates for similar debt in active markets. Carrying values for cash and cash equivalents, deposits, customer and other receivables, notes payable, accounts payable, interest accrued, and taxes accrued approximate fair value. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the generation, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated joint venture. IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the “All Other” category in the table below. This category is comprised of IFS’s investments in affordable housing developments and historic rehabilitation projects, Ida-West’s joint venture investments in small hydropower generation projects, and IDACORP’s holding company expenses. The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands): Utility Operations All Other Eliminations Consolidated Total 2019 Revenues $ 1,342,940 $ 3,443 $ — $ 1,346,383 Operating income 297,652 674 — 298,326 Other income, net 20,362 1 — 20,363 Interest income 10,968 3,052 (769 ) 13,251 Equity-method income 10,285 2,085 — 12,370 Interest expense 86,412 832 (769 ) 86,475 Income before income taxes 252,854 4,981 — 257,835 Income tax expense (benefit) 28,417 (3,910 ) — 24,507 Income attributable to IDACORP, Inc. 224,437 8,417 — 232,854 Total assets 6,494,159 220,620 (73,578 ) 6,641,201 Expenditures for long-lived assets 278,707 (2 ) — 278,705 Utility Operations All Other Eliminations Consolidated Total 2018 Revenues $ 1,366,582 $ 4,170 $ — $ 1,370,752 Operating income 295,256 1,666 — 296,922 Other income, net 11,646 (1 ) — 11,645 Interest income 8,923 1,573 (655 ) 9,841 Equity-method income 10,712 1,737 — 12,449 Interest expense 85,891 712 (655 ) 85,948 Income before income taxes 240,646 4,263 — 244,909 Income tax expense (benefit) 18,312 (926 ) — 17,386 Income attributable to IDACORP, Inc. 222,334 4,467 — 226,801 Total assets 6,254,400 163,540 (35,186 ) 6,382,754 Expenditures for long-lived assets 277,823 30 — 277,853 2017 Revenues $ 1,344,893 $ 4,593 $ — $ 1,349,486 Operating income 313,602 1,943 — 315,545 Other income, net 12,356 191 — 12,547 Interest income 6,044 295 (211 ) 6,128 Equity-method income 9,267 2,107 — 11,374 Interest expense 83,660 297 (211 ) 83,746 Income before income taxes 257,609 4,239 — 261,848 Income tax expense (benefit) 51,262 (2,602 ) — 48,660 Income attributable to IDACORP, Inc. 206,347 6,072 — 212,419 Total assets 5,995,435 143,696 (93,726 ) 6,045,405 Expenditures for long-lived assets 285,471 17 — 285,488 |
OTHER INCOME AND EXPENSE
OTHER INCOME AND EXPENSE | 12 Months Ended |
Dec. 31, 2019 | |
OTHER INCOME AND EXPENSE [Abstract] | |
Other Income and Other Expense Disclosure | OTHER INCOME AND EXPENSE The following table presents the components of IDACORP’s other income (expense), net and Idaho Power's other income (expense), net (in thousands of dollars): IDACORP 2019 2018 2017 Interest and dividend income, net $ 8,181 $ 5,605 $ 3,872 Carrying charges on regulatory assets 5,494 4,075 2,310 Pension and postretirement non-service costs (1) (10,976 ) (15,781 ) (11,194 ) Income from life insurance investments 4,104 2,779 2,090 Other (expense) income (301 ) 455 813 Total other income (expense), net $ 6,502 $ (2,867 ) $ (2,109 ) Idaho Power Interest and dividend income, net $ 5,898 $ 4,688 $ 3,787 Carrying charges on regulatory assets 5,494 4,075 2,310 Pension and postretirement non-service costs (1) (10,976 ) (15,781 ) (11,194 ) Income from life insurance investments 4,104 2,779 2,090 Other expense (2,254 ) (1,612 ) (1,749 ) Total other income (expense), net $ 2,266 $ (5,851 ) $ (4,756 ) (1) The 2018 pension and postretirement non-service costs includes $4.2 million of expense for a temporary deviation from the cost-sharing provisions of the substantive postretirement plan as described in Note 12 - "Benefit Plans." |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Changes in Accumulated Other Comprehensive Income [Text Block] | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME Comprehensive income includes net income and amounts related to the SMSP. The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the years ended December 31, 2019 , 2018 , and 2017 (in thousands of dollars). Items in parentheses indicate reductions to AOCI. Year Ended December 31, 2019 2018 2017 Defined benefit pension items Balance at beginning of period $ (22,844 ) $ (30,964 ) $ (20,882 ) Other comprehensive income before reclassifications (15,392 ) 5,234 (7,872 ) Amounts reclassified out of AOCI to net income 1,952 2,886 1,882 Net current-period other comprehensive income (13,440 ) 8,120 (5,990 ) Cumulative effect of change in accounting principle (1) — — (4,092 ) Balance at end of period $ (36,284 ) $ (22,844 ) $ (30,964 ) (1) The cumulative effect of change in accounting principle relates to the 2017 adoption of ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220). The table below presents the effects on net income of amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the years ended December 31, 2019 , 2018 , and 2017 (in thousands of dollars). Items in parentheses indicate increases to net income. Amount Reclassified from AOCI Year Ended December 31, 2019 2018 2017 Amortization of defined benefit pension items (1) Prior service cost $ 96 $ 98 $ 127 Net loss 2,533 3,788 2,963 Total before tax 2,629 3,886 3,090 Tax benefit (2) (677 ) (1,000 ) (1,208 ) Net of tax 1,952 2,886 1,882 Total reclassification for the period $ 1,952 $ 2,886 $ 1,882 (1) Amortization of these items is included in IDACORP's consolidated income statements in other operating expenses and in Idaho Power's consolidated income statements in other expense, net. (2) The tax benefit is included in income tax expense in the consolidated income statements of both IDACORP and Idaho Power. |
RELATED PARTY TRANSACTIONS_
RELATED PARTY TRANSACTIONS: | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS IDACORP: Idaho Power performs corporate functions such as financial, legal, and management services for IDACORP and its subsidiaries. Idaho Power charges IDACORP for the costs of these services based on service agreements and other specifically identified costs. For these services, Idaho Power billed IDACORP $0.8 million in 2019 and $0.7 million in both 2018 and 2017 . At December 31, 2019 and 2018 , Idaho Power had a $1.9 million payable to IDACORP, which was included in its accounts payable to affiliates balance on its consolidated balance sheets. In 2019 , Idaho Power paid IDACORP certain estimated income taxes that had been accrued at December 31, 2018 . Ida-West: Idaho Power purchases all of the power generated by four of Ida-West’s hydropower projects located in Idaho. Idaho Power paid Ida-West $8.6 million in 2019 , $9.7 million in 2018 , and $9.8 million in 2017 for that power. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Parent - Footnotes | 12 Months Ended |
Dec. 31, 2019 | |
IDACORP | |
Significant Accounting Policies | |
Basis of Accounting | BASIS OF PRESENTATION Pursuant to rules and regulations of the U.S. Securities and Exchange Commission, the unconsolidated condensed financial statements of IDACORP, Inc. do not reflect all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States of America. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and related notes included in the 2019 Form 10-K, Part II, Item 8. Accounting for Subsidiaries: IDACORP has accounted for the earnings of its subsidiaries under the equity method of accounting in these unconsolidated condensed financial statements. Included in net cash provided by operating activities in the condensed statements of cash flows are dividends that IDACORP subsidiaries paid to IDACORP of $133 million , $124 million , and $116 million in 2019 , 2018 , and 2017 , respectively. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Organization, Consolidation, Presentation, and Significant Accounting Policies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies | |
Nature of Business | Nature of Business IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sales, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the Federal Energy Regulatory Commission (FERC). Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint venturer in Bridger Coal Company (BCC), which mines and supplies coal to the Jim Bridger generating plant (Jim Bridger plant) owned in part by Idaho Power. IDACORP’s other notable wholly-owned subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate investments, and Ida-West Energy Company (Ida-West), an operator of small hydropower generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA). |
Principles of Consolidation | Principles of Consolidation IDACORP’s and Idaho Power’s consolidated financial statements include the assets, liabilities, revenues and expenses of each company and its wholly-owned subsidiaries listed above, as well as any variable interest entities (VIEs) for which the respective company is the primary beneficiary. Investments in VIEs for which the companies are not the primary beneficiaries, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method of accounting. IDACORP also consolidates one variable interest entity (VIE), Marysville Hydro Partners (Marysville), which is a joint venture owned 50 percent by Ida-West and 50 percent by Environmental Energy Company (EEC). At December 31, 2019 , Marysville had approximately $18 million of assets, primarily a hydropower plant, and approximately $6 million of intercompany long-term debt, which is eliminated in consolidation. EEC has borrowed amounts from Ida-West to fund a portion of its required capital contributions to Marysville. The loans are payable from EEC’s share of distributions from Marysville and are secured by the stock of EEC and EEC’s interest in Marysville. Ida-West is identified as the primary beneficiary because the combination of its ownership interest in the joint venture with the intercompany note and the EEC note result in Ida-West's ability to control the activities of the joint venture. Creditors of Marysville have no recourse to the general credit of IDACORP and there are no other arrangements that could require IDACORP to provide financial support to Marysville or expose IDACORP to losses. The BCC joint venture is also a VIE, but because the power to direct the activities that most significantly impact the economic performance of BCC is shared with the joint venture partner, Idaho Power is not the primary beneficiary. The carrying value of Idaho Power's investment in BCC was $40.7 million at December 31, 2019 , and Idaho Power's maximum exposure to loss is the carrying value, any additional future contributions to BCC, and a $58.3 million guarantee for mine reclamation costs, which is discussed further in Note 10 - "Commitments." IFS's affordable housing limited partnership and other real estate investments are also VIEs for which IDACORP is not the primary beneficiary. IFS's limited partnership interests range from 4 to 99 percent and were acquired between 1996 and 2019. As a limited partner, IFS does not control these entities and they are not consolidated. IFS’s maximum exposure to loss in these developments is limited to its net carrying value, which was $3.7 million at December 31, 2019 . Ida-West's other investments in PURPA facilities, Idaho Power's investment in BCC, and IFS's investments are accounted for under the equity method of accounting (see Note 15 - "Investments"). Except for amounts related to sales of electricity by Ida-West's PURPA projects to Idaho Power, all intercompany transactions and balances have been eliminated in consolidation. The accompanying consolidated financial statements include Idaho Power's proportionate share of utility plant and related operations resulting from its interests in jointly-owned plants (see Note 13 - "Property, Plant and Equipment and Jointly-Owned Projects"). |
Regulation of Utility Operations | Regulation of Utility Operations As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition. Idaho Power meets the requirements under accounting principles generally accepted in the United States of America to prepare its financial statements applying the specialized rules to account for the effects of cost-based rate regulation. IDACORP’s and Idaho Power’s financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. Accounting for the economics of rate regulation impacts multiple financial statement line items and disclosures, such as property, plant, and equipment; regulatory assets and liabilities; operating revenues; operation and maintenance expense; depreciation expense; and income tax expense. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense. The effects of applying these regulatory accounting principles to Idaho Power’s operations are discussed in more detail in Note 3 - "Regulatory Matters." |
Management Estimates | Management Estimates Management makes estimates and assumptions when preparing financial statements in conformity with generally accepted accounting principles. These estimates and assumptions include those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management’s control. Accordingly, actual results could differ from those estimates. |
System of Accounts | System of Accounts The accounting records of Idaho Power conform to the Uniform System of Accounts prescribed by the FERC and adopted by the public utility commissions of Idaho, Oregon, and Wyoming. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on-hand and highly liquid temporary investments that mature within 90 days of the date of acquisition. |
Receivables and Allowance for Uncollectibe Accounts | Receivables and Allowance for Uncollectible Accounts Customer receivables are recorded at the invoiced amounts and do not bear interest. A late payment fee of one percent per month may be assessed on account balances after 30 days. An allowance is recorded for potential uncollectible accounts. The allowance is reviewed periodically and adjusted based upon a combination of historical write-off experience, aging of accounts receivable, and an analysis of specific customer accounts. Adjustments are charged to income. Customer accounts receivable balances that remain outstanding after reasonable collection efforts are written off. Other receivables, primarily notes receivable from business transactions, are also reviewed for impairment periodically, based upon transaction-specific facts. When it is probable that IDACORP or Idaho Power will be unable to collect all amounts due according to the contractual terms of the agreement, an allowance is established for the estimated uncollectible portion of the receivable and charged to income. There were no impaired receivables without related allowances at December 31, 2019 and 2018 . Once a receivable is determined to be impaired, any further interest income recognized is fully reserved. |
Derivative Financial Instruments | Derivative Financial Instruments Financial instruments such as commodity futures, forwards, options, and swaps are used to manage exposure to commodity price risk in the electricity and natural gas markets. All derivative instruments are recognized as either assets or liabilities at fair value on the balance sheet unless they are designated as normal purchases and normal sales. With the exception of forward contracts for the purchase of natural gas for use at Idaho Power's natural gas generation facilities and a nominal number of power transactions, Idaho Power’s physical forward contracts are designated as normal purchases and normal sales. Because of Idaho Power’s regulatory accounting mechanisms, Idaho Power records the changes in fair value of derivative instruments related to power supply as regulatory assets or liabilities. |
Revenues | Revenues On January 1, 2018, IDACORP and Idaho Power adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) Retail Revenues: Idaho Power’s retail revenues primarily relate to the sale of electricity to customers based on regulated tariff-based prices. Idaho Power recognizes retail revenues in amounts for which it has the right to invoice the customer in the period when energy is delivered or services are provided to customers. The total energy price generally has a fixed component related to having service available and a usage-based component related to the demand, delivery, and consumption of energy. The revenues recognized reflect the consideration Idaho Power expects to be entitled to in exchange for energy and services. Retail customers are classified as residential, commercial, industrial, or irrigation. Approximately 95 percent of Idaho Power's retail revenue originates from customers located in Idaho, with the remainder originating from customers located in Oregon. Idaho Power’s retail customer rates are based on Idaho Power’s cost of service and are determined through general rate case proceedings, settlement stipulations, and other filings with the IPUC and OPUC. Changes in rates and changes in customer demand are typically the primary causes of fluctuations in retail revenue from period to period. The primary influences on changes in customer demand for electricity are weather, economic conditions (including growth in the number of Idaho Power customers), and energy efficiency. Idaho Power's utility revenues are not earned evenly during the year. Retail revenues are billed monthly based on meter readings taken throughout the month. Payments for amounts billed are generally due from the customer within 15 days of billing. Idaho Power accrues estimated unbilled revenues for energy or related services delivered to customers but not yet billed at period-end based on actual meter readings at period-end and estimated rates. Credit losses recorded on receivables arising from Idaho Power’s contracts with customers were $2.6 million , $3.6 million , and $4.7 million for 2019 , 2018 , and 2017 , respectively. Residential Customers : Idaho Power’s energy sales to residential customers typically peak during the winter heating season and summer cooling season. Extreme temperatures increase sales to residential customers who use electricity for cooling and heating, compared with normal temperatures. Idaho Power's rate structure provides for higher rates during the summer when overall system loads are at their highest, and includes tiers such that rates increase as a customer's consumption level increases. These seasonal and tiered rate structures contribute to the seasonal fluctuations in revenues and earnings. Economic and demographic conditions can also affect residential customer demand; strong job growth and population growth in Idaho Power’s service area have led to increasing customer growth rates in recent years. Residential demand is also impacted by energy efficiency initiatives. Idaho Power’s FCA mechanism mitigates some of the fluctuations caused by weather and energy efficiency initiatives. Commercial Customers : Most businesses are included in Idaho Power's commercial customer class, as well as small industrial companies, and public street and highway lighting accounts. Idaho Power’s commercial customers are less influenced by weather conditions than residential customers, although weather does affect commercial customer energy use. Economic conditions, including manufacturing activity levels, and energy efficiency initiatives also affect energy use of commercial customers. Industrial Customers : Industrial customers consist of large industrial companies, including special contract customers. Energy use of industrial customers is primarily driven by economic conditions, with weather having little impact on this customer class. Irrigation Customers : Irrigation customers use electricity to operate irrigation pumps, primarily during the agricultural growing season. The amount and timing of precipitation as well as temperature levels can affect the timing and amounts of sales to irrigation customers, with increased precipitation generally resulting in decreased sales. Provision for Sharing : Idaho Power's sharing mechanism is associated with the October 2014 Idaho Earnings Support and Sharing Settlement Stipulation that provides for the sharing with customers of a portion of Idaho-jurisdiction earnings exceeding a 10.0 percent Idaho ROE. Based on full-year 2019 Idaho ROE, Idaho Power recorded no provision against current revenues for sharing of earnings with customers for 2019. Idaho Power recorded $5.0 million of sharing of earnings with customers during 2018 and no provision was recorded during 2017 . The October 2014 Idaho Earnings Support and Sharing Settlement Stipulation is described further in Note 3 - "Regulatory Matters." Wholesale Energy Sales: As a public utility under the Federal Power Act (FPA), Idaho Power has the authority to charge market-based rates for wholesale energy sales under its FERC tariff. Idaho Power’s wholesale electricity sales are primarily to utilities and power marketers and are predominantly short-term and consist of a single performance obligation satisfied as energy is transferred to the counterparty. Idaho Power's wholesale energy sales depend largely on the availability of generation resources in excess of the amount necessary to serve customer loads as well as adequate market power prices at the time when those resources are available. A reduction in either factor may lead to lower wholesale energy sales. Transmission Wheeling-Related Revenues: As a public utility under the FPA, Idaho Power has the authority to provide cost-based wholesale and retail access transmission services under its OATT. Services under the OATT are offered on a nondiscriminatory basis such that all potential customers have an equal opportunity to access the transmission system. Idaho Power’s transmission revenue is primarily related to third parties reserving capacity on Idaho Power’s transmission system to transmit electricity through Idaho Power’s service area. The reservations are predominantly short-term but may be part of a long-term capacity contract, short-term contract, or on-demand when available. Transmission wheeling-related revenues consist of a single performance obligation satisfied as capacity on Idaho Power’s transmission system is provided to the third party. Transmission wheeling-related revenues are affected by changes in Idaho Power’s OATT rate and customer demand. Demand for transmission services can be affected by regional market factors, such as loads and generation of utilities in Idaho Power’s region. Energy Efficiency Program Revenues: Idaho Power collects most of its energy efficiency program costs through an energy efficiency rider on customer bills. The rider collections are deferred until expenditures are incurred. Energy efficiency program expenditures funded through the rider are reported as an operating expense with an equal amount recorded in revenues, resulting in no net impact on earnings. Energy efficiency program revenues are recognized in the period when the related costs of the energy efficiency program are incurred by Idaho Power. The cumulative variance between expenditures and amounts collected through the rider is recorded as a regulatory asset or liability. A liability balance indicates that Idaho Power has collected more than it has spent, and an asset balance indicates that Idaho Power has spent more than it has collected. At December 31, 2019 , Idaho Power's energy efficiency rider balances were a $0.3 million regulatory asset in the Idaho jurisdiction and a $1.2 million regulatory asset in the Oregon jurisdiction. Alternative Revenue Programs and Derivative Revenues While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of the FCA mechanism, which may increase or decrease tariff-based rates billed to customers. The FCA mechanism is described in detail in Note 3 - "Regulatory Matters." The FCA mechanism revenues include only the initial recognition of FCA revenues when the regulator-specified conditions for recognition have been met. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that had been initially recorded in prior periods when regulator-specified conditions were met. When those amounts are included in the price of utility service and billed to customers, such amounts are recorded as recovery of the associated regulatory asset or liability and not as revenues. |
Property, Plant and Equipment and Depreciation | Property, Plant and Equipment and Depreciation The cost of utility plant in service represents the original cost of contracted services, direct labor and material, allowance for funds used during construction (AFUDC), and indirect charges for engineering, supervision, and similar overhead items. Repair and maintenance costs associated with planned major maintenance are expensed as the costs are incurred, as are maintenance and repairs of property and replacements and renewals of items determined to be less than units of property. For utility property replaced or renewed, the original cost plus removal cost less salvage is charged to accumulated provision for depreciation, while the cost of related replacements and renewals is added to property, plant and equipment. All utility plant in service is depreciated using the straight-line method at rates approved by regulatory authorities. Annual depreciation provisions as a percent of average depreciable utility plant in service approximated 2.9 percent in 2019 , 2.8 percent in 2018 , and 2.9 percent in 2017 . During the period of construction, costs expected to be included in the final value of the constructed asset, and depreciated once the asset is complete and placed in service, are classified as construction work in progress on the consolidated balance sheets. If the project becomes probable of being abandoned, such costs are expensed in the period such determination is made. Idaho Power may seek recovery of such costs in customer rates, although there can be no guarantee such recovery would be granted. Long-lived assets are periodically reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted expected future cash flows from an asset is less than the carrying value of the asset, impairment is recognized in the financial statements. There were no material impairments of long-lived assets in 2019 , 2018 , or 2017 . |
Allowance for Funds Used During Construction | Allowance for Funds Used During Construction AFUDC represents the cost of financing construction projects with borrowed funds and equity funds. With one exception, for the Hells Canyon Complex (HCC) relicensing project, cash is not realized currently from such allowance; it is realized under the ratemaking process over the service life of the related property through increased revenues resulting from a higher rate base and higher depreciation expense. The component of AFUDC attributable to borrowed funds is included as a reduction to total interest expense. Idaho Power’s weighted-average monthly AFUDC rate was 7.6 percent for 2019 , 2018 and 2017 . |
Income Taxes | Income Taxes IDACORP and Idaho Power account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method (commonly referred to as normalized accounting), deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In general, deferred income tax expense or benefit for a reporting period is recognized as the change in deferred tax assets and liabilities from the beginning to the end of the period. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date unless Idaho Power's primary regulator, the Idaho Public Utilities Commission (IPUC), orders direct deferral of the effect of the change in tax rates over a longer period of time. Consistent with orders and directives of the IPUC, unless contrary to applicable income tax guidance, Idaho Power does not record deferred income taxes for certain income tax temporary differences and instead recognizes the tax impact currently (commonly referred to as flow-through accounting) for rate making and financial reporting. Therefore, Idaho Power's effective income tax rate is impacted as these differences arise and reverse. Idaho Power recognizes such adjustments as regulatory assets or liabilities if it is probable that such amounts will be recovered from or returned to customers in future rates. IDACORP and Idaho Power use judgment, estimation, and historical data in developing the provision for income taxes and the reporting of tax-related assets and liabilities, including development of current year tax depreciation, capitalized repair costs, capitalized overheads, and other items. Income taxes can be impacted by changes in tax laws and regulations, interpretations by taxing authorities, changes to accounting guidance, and actions by federal or state public utility regulators. Actual income taxes could vary from estimated amounts and may result in favorable or unfavorable impacts to net income, cash flows, and tax-related assets and liabilities. In compliance with the federal income tax requirements for the use of accelerated tax depreciation, Idaho Power records deferred income taxes related to its plant assets for the difference between income tax depreciation and book depreciation used for financial statement purposes. Deferred income taxes are recorded for other temporary differences unless accounted for using flow-through. Investment tax credits earned on regulated assets are deferred and amortized to income over the estimated service lives of the related properties. Income taxes are discussed in more detail in Note 2 - "Income Taxes." |
Other Accounting Policies | Other Accounting Policies Debt discount, expense, and premium are deferred and amortized over the terms of the respective debt issues. Losses on reacquired debt and associated costs are amortized over the life of the associated replacement debt, as allowed under regulatory accounting. |
New and Recently Adopted Accounting Pronouncements | In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), intended to improve financial reporting on leasing transactions. The ASU requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for most leases. In addition, the ASU revises the definition of a lease in regards to when an arrangement conveys the right to control the use of the identified asset under the arrangement. IDACORP and Idaho Power adopted ASU 2016-02 on January 1, 2019. The adoption did not have a material impact on their respective financial statements. Neither IDACORP nor Idaho Power has material agreements that meet the definition of a lease under ASU 2016-02. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , to provide financial statement users with more information about expected credit losses on financial instruments. The ASU revises the incurred loss impairment methodology to reflect current expected credit losses and requires consideration of a broader range of information to estimate credit losses. The new standard is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. IDACORP and Idaho Power are finalizing the assessment of the financial impacts of adoption, but do not believe that the adoption of ASU 2016-13 will have a material impact on their respective financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , to provide guidance on implementation costs incurred in a cloud computing arrangement that is a service contract. ASU 2018-15 aligns the recognition of such implementation costs with the accounting for costs incurred to implement an internal-use software solution. However, the balance sheet line item for presentation of capitalized implementation costs for a cloud arrangement that is a service contract should be the same as that for the prepayment of fees related to the same arrangement, while capitalized implementation costs for internal-use software solutions are often included in property, plant, and equipment as an intangible asset. The new standard is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. IDACORP and Idaho Power are finalizing the assessment of the financial impacts of adoption, but do not believe the adoption of ASU 2018-15 will not have a material impact on their respective financial statements. |
Uncertain Tax Positions | Uncertain Tax Positions IDACORP and Idaho Power believe that they have no material income tax uncertainties for 2019 and prior tax years. Both companies recognize interest accrued related to unrecognized tax benefits as interest expense and penalties as other expense. IDACORP and Idaho Power are subject to examination by their major tax jurisdictions - U.S. federal and the State of Idaho. The open tax years for examination are 2019 for federal and 2016-2019 for Idaho. In May 2009, IDACORP formally entered the U.S. Internal Revenue Service (IRS) Compliance Assurance Process (CAP) program for its 2009 tax year and has remained in the CAP program for all subsequent years. The CAP program provides for IRS examination and issue resolution throughout the current year with the objective of return filings containing no contested items. In 2019 , t he IRS completed its examination of IDACORP's 2018 tax year with no unresolved income tax issues. |
Share-based compensation, stock awards policy | Restricted Stock awards have three-year vesting periods and entitle the recipients to dividends or dividend equivalents, as applicable, and voting rights, except that holders of restricted stock units do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition and subject to forfeiture under certain circumstances. The fair value of these awards is based on the closing market price of common stock on the grant date and is charged to compensation expense over the vesting period, reduced for any forfeitures during the vesting period. Performance-Based Shares awards have three-year vesting periods and entitle the recipients to voting rights, except that holders of performance-based units do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition, subject to forfeiture under certain circumstances, and subject to the attainment of specific performance conditions over the three-year vesting period. The performance conditions are two equally-weighted metrics, cumulative earnings per share (CEPS) and total shareholder return (TSR) relative to a peer group. Depending on the level of attainment of the performance conditions and the year issued, the final number of shares awarded can range from zero to 200 percent of the target award. Dividends or dividend equivalents, as applicable, are accrued during the vesting period and paid out based on the final number of shares awarded. The grant-date fair value of the CEPS portion is based on the closing market value at the date of grant, reduced by the loss in time-value of the estimated future dividend payments. The fair value of this portion of the awards is charged to compensation expense over the requisite service period based on the estimated achievement of performance targets, reduced for any forfeitures during the vesting period. The grant-date fair value of the TSR portion is estimated using the market value at the date of grant and a statistical model that incorporates the probability of meeting performance targets based on historical returns relative to the peer group. The fair value of this portion of the awards is charged to compensation expense over the requisite service period, provided the requisite service period is rendered, regardless of the level of TSR metric attained. |
Guarantees | IDACORP and Idaho Power enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of December 31, 2019 , management believes the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective consolidated balance sheets with respect to these indemnification obligations. |
Contingencies | IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, some of which involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power's operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred, although there is no assurance that such recovery would be granted. |
Asset Retirement Obligations | The guidance relating to accounting for AROs requires that legal obligations associated with the retirement of property, plant, and equipment be recognized as a liability at fair value when incurred and when a reasonable estimate of the fair value of the liability can be made. Under the guidance, when a liability is initially recorded, the entity increases the carrying amount of the related long-lived asset to reflect the future retirement cost. Over time, the liability is accreted to its estimated settlement value and paid, and the capitalized cost is depreciated over the useful life of the related asset. If, at the end of the asset’s life, the recorded liability differs from the actual obligations paid, a gain or loss would be recognized. As a rate-regulated entity, Idaho Power records regulatory assets or liabilities instead of accretion, depreciation, and gains or losses, as approved by the IPUC. The regulatory assets recorded under this order do not earn a return on investment. Accretion, depreciation, and gains or losses related to the Boardman generating facility are exempted from such regulatory treatment as Idaho Power is now collecting amounts related to the decommissioning of Boardman in rates. Idaho Power’s recorded AROs relate to the reclamation and removal costs at its jointly-owned coal-fired generation facilities. Idaho Power also has additional AROs associated with its transmission system, hydropower facilities, natural gas-fired generation facilities, and jointly owned coal-fired generation facilities; however, due to the indeterminate removal date, the fair value of the associated liabilities currently cannot be estimated and no amounts are recognized in the consolidated financial statements. |
Equity Method Investments | Equity Method Investments Idaho Power, through its subsidiary IERCo, is a 33 percent owner of BCC. Ida-West, through separate subsidiaries, owns 50 percent |
Available-for-sale Securities | Investments in Equity Securities |
Investments in Affordable Housing | Investments in Affordable Housing IFS invests primarily in affordable housing developments, which provide a return principally by reducing federal and state income taxes through tax credits and accelerated tax depreciation benefits. IFS has focused on a diversified approach to its investment strategy in order to limit both geographic and operational risk, with most of IFS’s investments having been made through syndicated funds. IDACORP accounts for its equity-method investments in qualified affordable housing projects using the proportional amortization method and recognizes the net investment performance in the consolidated statements of income as a component of income tax expense. |
Derivatives not designated as hedges | Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop. |
Reporting of derivative activity | Settlement gains and losses on electricity swap contracts are recorded on the income statement in revenues from contracts with customers or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other operations and maintenance expense. |
Fair value of financial instruments | IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access. • Level 2: Financial assets and liabilities whose values are based on the following: a) quoted prices for similar assets or liabilities in active markets; b) quoted prices for identical or similar assets or liabilities in non-active markets; c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. IDACORP and Idaho Power Level 2 inputs for derivative instruments are based on quoted market prices adjusted for location using corroborated, observable market data. • Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. An item recorded at fair value is reclassified among levels when changes in the nature of valuation inputs cause the item to no longer meet the criteria for the level in which it was previously categorized. There were no transfers between levels or material changes in valuation techniques or inputs during the years ended December 31, 2019 and 2018 . |
Segment reporting | IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the generation, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated joint venture. IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the “All Other” category in the table below. This category is comprised of IFS’s investments in affordable housing developments and historic rehabilitation projects, Ida-West’s joint venture investments in small hydropower generation projects, and IDACORP’s holding company expenses. |
Pension Plan | |
Significant Accounting Policies | |
Fair value of financial instruments | Fair Value Measurement of Level 2 Plan assets and Plan assets measured at NAV: Level 2 Bonds : These investments represent U.S. government, agency bonds, and corporate bonds. The U.S. government and agency bonds, as well as the corporate bonds, are not traded on an exchange and are valued utilizing market prices for similar assets or liabilities in active markets. Level 2 Postretirement Asset: This asset represents an investment in a life insurance contract and is recorded at fair value, which is the cash surrender value, less any unpaid expenses. The cash surrender value of this insurance contract is contractually equal to the insurance contract's proportionate share of the market value of an associated investment account held by the insurer. The investments held by the insurer's investment account are all instruments traded on exchanges with readily determinable market prices. Commingled Funds : These funds, made up of the international and emerging markets equity securities and commodities fund measured at NAV, are not publicly traded, and therefore no publicly quoted market price is readily available. The values of the commingled funds are presented at estimated fair value, which is determined based on the unit value of the fund. The values of these investments are calculated by the custodian for the fund company on a monthly or more frequent basis, and are based on market prices of the assets held by each of the commingled funds divided by the number of fund shares outstanding for the respective fund. The investments in commingled funds have redemption limitations that permit monthly redemption following notice requirements of 5 to 7 days. Real Estate : Real estate holdings represent investments in open-end and closed-end commingled real estate funds. As the property interests held in these real estate funds are not frequently traded, establishing the market value of the property interests held by the fund, and the resulting unit value of fund shareholders, is based on unobservable inputs including property appraisals by the fund companies, property appraisals by independent appraisal firms, analysis of the replacement cost of the property, discounted cash flows generated by property rents and changes in property values, and comparisons with sale prices of similar properties in similar markets. These real estate funds also furnish annual audited financial statements that are also used to further validate the information provided. Redemptions on the open-end funds are generally available on a quarterly basis, with 10 to 35 days written notice, depending on the individual fund. If the fund has sufficient liquidity, the redemption will be processed at the fund NAV or the fund’s estimate of fair value at the end of the quarter. If the fund does not have sufficient liquidity to honor the full redemption, the remainder will be set for redemption the following quarter on a pro-rata basis with other redemption requests. This same process will repeat until the redemption request has been completed. To protect other fund holders, real estate funds have no duty to liquidate or encumber funds to meet redemption requests. The closed-end funds are formed for a stated life of 7 to 9 years. The fund can be further extended with the approval of the limited partners. There are generally no redemption rights associated with these funds. The limited partner must hold the fund for the life of the fund or find a third-party buyer. Private Market Investments : Private market investments represent two categories: fund of hedge funds and venture capital funds. These funds are valued by the fund companies based on the estimated fair values of the underlying fund holdings divided by the fund shares outstanding or multiplied by the ownership percentages of the holder. Some hedge fund strategies utilize securities with readily available market prices, while others utilize less liquid investment vehicles that are valued based on unobservable inputs including cost, operating results, recent funding activity, or comparisons with similar investment vehicles. Redemptions are available on a quarterly basis with 70 days written notice. Redemptions will be processed at the quarterly NAV or fair value within 60 days following quarter end. In the event of a full redemption, a reserve amount of 5% to 10% of the redemption amount may be held in reserve until the audited financial statements of the fund are published. This allows the fund to adjust the redemption so that other fund holders are not adversely impacted. Venture capital fund investments are valued by the fund companies based on estimated fair value of the underlying fund holdings divided by the fund shares outstanding. Some venture capital investments have progressed to the point that they have readily available exchange-based market valuations. Early stage venture investments are valued based on unobservable inputs including cost, operating results, discounted cash flows, the price of recent funding events, or pending offers from other viable entities. These private market investments furnish annual audited financial statements that are also used to further validate the information provided. These funds are formed for a stated life of 10 to 15 years. The general partner can extend the fund life for 2 or 3 one-year periods. The fund can be further extended with the approval of the limited partners. There are generally no redemption rights associated with these funds. The limited partner must hold the fund for the life of the fund or find a third-party buyer. |
IDACORP | |
Significant Accounting Policies | |
Principles of Consolidation | Accounting for Subsidiaries: |
REVENUES_ (Policies)
REVENUES: (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Revenues [Abstract] | |
Revenue Recognition, Policy | Revenues On January 1, 2018, IDACORP and Idaho Power adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) Retail Revenues: Idaho Power’s retail revenues primarily relate to the sale of electricity to customers based on regulated tariff-based prices. Idaho Power recognizes retail revenues in amounts for which it has the right to invoice the customer in the period when energy is delivered or services are provided to customers. The total energy price generally has a fixed component related to having service available and a usage-based component related to the demand, delivery, and consumption of energy. The revenues recognized reflect the consideration Idaho Power expects to be entitled to in exchange for energy and services. Retail customers are classified as residential, commercial, industrial, or irrigation. Approximately 95 percent of Idaho Power's retail revenue originates from customers located in Idaho, with the remainder originating from customers located in Oregon. Idaho Power’s retail customer rates are based on Idaho Power’s cost of service and are determined through general rate case proceedings, settlement stipulations, and other filings with the IPUC and OPUC. Changes in rates and changes in customer demand are typically the primary causes of fluctuations in retail revenue from period to period. The primary influences on changes in customer demand for electricity are weather, economic conditions (including growth in the number of Idaho Power customers), and energy efficiency. Idaho Power's utility revenues are not earned evenly during the year. Retail revenues are billed monthly based on meter readings taken throughout the month. Payments for amounts billed are generally due from the customer within 15 days of billing. Idaho Power accrues estimated unbilled revenues for energy or related services delivered to customers but not yet billed at period-end based on actual meter readings at period-end and estimated rates. Credit losses recorded on receivables arising from Idaho Power’s contracts with customers were $2.6 million , $3.6 million , and $4.7 million for 2019 , 2018 , and 2017 , respectively. Residential Customers : Idaho Power’s energy sales to residential customers typically peak during the winter heating season and summer cooling season. Extreme temperatures increase sales to residential customers who use electricity for cooling and heating, compared with normal temperatures. Idaho Power's rate structure provides for higher rates during the summer when overall system loads are at their highest, and includes tiers such that rates increase as a customer's consumption level increases. These seasonal and tiered rate structures contribute to the seasonal fluctuations in revenues and earnings. Economic and demographic conditions can also affect residential customer demand; strong job growth and population growth in Idaho Power’s service area have led to increasing customer growth rates in recent years. Residential demand is also impacted by energy efficiency initiatives. Idaho Power’s FCA mechanism mitigates some of the fluctuations caused by weather and energy efficiency initiatives. Commercial Customers : Most businesses are included in Idaho Power's commercial customer class, as well as small industrial companies, and public street and highway lighting accounts. Idaho Power’s commercial customers are less influenced by weather conditions than residential customers, although weather does affect commercial customer energy use. Economic conditions, including manufacturing activity levels, and energy efficiency initiatives also affect energy use of commercial customers. Industrial Customers : Industrial customers consist of large industrial companies, including special contract customers. Energy use of industrial customers is primarily driven by economic conditions, with weather having little impact on this customer class. Irrigation Customers : Irrigation customers use electricity to operate irrigation pumps, primarily during the agricultural growing season. The amount and timing of precipitation as well as temperature levels can affect the timing and amounts of sales to irrigation customers, with increased precipitation generally resulting in decreased sales. Provision for Sharing : Idaho Power's sharing mechanism is associated with the October 2014 Idaho Earnings Support and Sharing Settlement Stipulation that provides for the sharing with customers of a portion of Idaho-jurisdiction earnings exceeding a 10.0 percent Idaho ROE. Based on full-year 2019 Idaho ROE, Idaho Power recorded no provision against current revenues for sharing of earnings with customers for 2019. Idaho Power recorded $5.0 million of sharing of earnings with customers during 2018 and no provision was recorded during 2017 . The October 2014 Idaho Earnings Support and Sharing Settlement Stipulation is described further in Note 3 - "Regulatory Matters." Wholesale Energy Sales: As a public utility under the Federal Power Act (FPA), Idaho Power has the authority to charge market-based rates for wholesale energy sales under its FERC tariff. Idaho Power’s wholesale electricity sales are primarily to utilities and power marketers and are predominantly short-term and consist of a single performance obligation satisfied as energy is transferred to the counterparty. Idaho Power's wholesale energy sales depend largely on the availability of generation resources in excess of the amount necessary to serve customer loads as well as adequate market power prices at the time when those resources are available. A reduction in either factor may lead to lower wholesale energy sales. Transmission Wheeling-Related Revenues: As a public utility under the FPA, Idaho Power has the authority to provide cost-based wholesale and retail access transmission services under its OATT. Services under the OATT are offered on a nondiscriminatory basis such that all potential customers have an equal opportunity to access the transmission system. Idaho Power’s transmission revenue is primarily related to third parties reserving capacity on Idaho Power’s transmission system to transmit electricity through Idaho Power’s service area. The reservations are predominantly short-term but may be part of a long-term capacity contract, short-term contract, or on-demand when available. Transmission wheeling-related revenues consist of a single performance obligation satisfied as capacity on Idaho Power’s transmission system is provided to the third party. Transmission wheeling-related revenues are affected by changes in Idaho Power’s OATT rate and customer demand. Demand for transmission services can be affected by regional market factors, such as loads and generation of utilities in Idaho Power’s region. Energy Efficiency Program Revenues: Idaho Power collects most of its energy efficiency program costs through an energy efficiency rider on customer bills. The rider collections are deferred until expenditures are incurred. Energy efficiency program expenditures funded through the rider are reported as an operating expense with an equal amount recorded in revenues, resulting in no net impact on earnings. Energy efficiency program revenues are recognized in the period when the related costs of the energy efficiency program are incurred by Idaho Power. The cumulative variance between expenditures and amounts collected through the rider is recorded as a regulatory asset or liability. A liability balance indicates that Idaho Power has collected more than it has spent, and an asset balance indicates that Idaho Power has spent more than it has collected. At December 31, 2019 , Idaho Power's energy efficiency rider balances were a $0.3 million regulatory asset in the Idaho jurisdiction and a $1.2 million regulatory asset in the Oregon jurisdiction. Alternative Revenue Programs and Derivative Revenues While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of the FCA mechanism, which may increase or decrease tariff-based rates billed to customers. The FCA mechanism is described in detail in Note 3 - "Regulatory Matters." The FCA mechanism revenues include only the initial recognition of FCA revenues when the regulator-specified conditions for recognition have been met. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that had been initially recorded in prior periods when regulator-specified conditions were met. When those amounts are included in the price of utility service and billed to customers, such amounts are recorded as recovery of the associated regulatory asset or liability and not as revenues. |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Parent - Footnotes Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation IDACORP’s and Idaho Power’s consolidated financial statements include the assets, liabilities, revenues and expenses of each company and its wholly-owned subsidiaries listed above, as well as any variable interest entities (VIEs) for which the respective company is the primary beneficiary. Investments in VIEs for which the companies are not the primary beneficiaries, but have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method of accounting. IDACORP also consolidates one variable interest entity (VIE), Marysville Hydro Partners (Marysville), which is a joint venture owned 50 percent by Ida-West and 50 percent by Environmental Energy Company (EEC). At December 31, 2019 , Marysville had approximately $18 million of assets, primarily a hydropower plant, and approximately $6 million of intercompany long-term debt, which is eliminated in consolidation. EEC has borrowed amounts from Ida-West to fund a portion of its required capital contributions to Marysville. The loans are payable from EEC’s share of distributions from Marysville and are secured by the stock of EEC and EEC’s interest in Marysville. Ida-West is identified as the primary beneficiary because the combination of its ownership interest in the joint venture with the intercompany note and the EEC note result in Ida-West's ability to control the activities of the joint venture. Creditors of Marysville have no recourse to the general credit of IDACORP and there are no other arrangements that could require IDACORP to provide financial support to Marysville or expose IDACORP to losses. The BCC joint venture is also a VIE, but because the power to direct the activities that most significantly impact the economic performance of BCC is shared with the joint venture partner, Idaho Power is not the primary beneficiary. The carrying value of Idaho Power's investment in BCC was $40.7 million at December 31, 2019 , and Idaho Power's maximum exposure to loss is the carrying value, any additional future contributions to BCC, and a $58.3 million guarantee for mine reclamation costs, which is discussed further in Note 10 - "Commitments." IFS's affordable housing limited partnership and other real estate investments are also VIEs for which IDACORP is not the primary beneficiary. IFS's limited partnership interests range from 4 to 99 percent and were acquired between 1996 and 2019. As a limited partner, IFS does not control these entities and they are not consolidated. IFS’s maximum exposure to loss in these developments is limited to its net carrying value, which was $3.7 million at December 31, 2019 . Ida-West's other investments in PURPA facilities, Idaho Power's investment in BCC, and IFS's investments are accounted for under the equity method of accounting (see Note 15 - "Investments"). Except for amounts related to sales of electricity by Ida-West's PURPA projects to Idaho Power, all intercompany transactions and balances have been eliminated in consolidation. The accompanying consolidated financial statements include Idaho Power's proportionate share of utility plant and related operations resulting from its interests in jointly-owned plants (see Note 13 - "Property, Plant and Equipment and Jointly-Owned Projects"). |
IDACORP | |
Significant Accounting Policies | |
Basis of Presentation and Significant Accounting Policies | Pursuant to rules and regulations of the U.S. Securities and Exchange Commission, the unconsolidated condensed financial statements of IDACORP, Inc. do not reflect all of the information and notes normally included with financial statements prepared in accordance with accounting principles generally accepted in the United States of America. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and related notes included in the 2019 Form 10-K, Part II, Item 8. |
Principles of Consolidation | Accounting for Subsidiaries: |
INCOME TAXES_ Income Taxes Leve
INCOME TAXES: Income Taxes Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between the statutory federal income tax rate and the effective tax rate is as follows: IDACORP Idaho Power 2019 2018 2017 2019 2018 2017 (thousands of dollars) Federal income tax expense at statutory rate $ 54,046 $ 51,279 $ 91,378 $ 53,099 $ 50,536 $ 90,163 Change in taxes resulting from: AFUDC (7,941 ) (7,246 ) (10,318 ) (7,941 ) (7,246 ) (10,318 ) Capitalized interest 976 928 1,513 976 928 1,513 Investment tax credits (6,252 ) (2,929 ) (3,081 ) (6,252 ) (2,929 ) (3,081 ) Removal costs (3,139 ) (3,471 ) (6,280 ) (3,139 ) (3,471 ) (6,280 ) Capitalized overhead costs (7,140 ) (6,720 ) (11,200 ) (7,140 ) (6,720 ) (11,200 ) Capitalized repair costs (18,480 ) (17,850 ) (28,700 ) (18,480 ) (17,850 ) (28,700 ) Bond redemption costs — (1,029 ) — — (1,029 ) — Remeasurement of deferred taxes — (5,411 ) 1,690 — (5,664 ) 1,970 State income taxes, net of federal benefit 8,627 8,512 8,153 8,401 8,532 8,108 Depreciation 14,641 13,110 18,953 14,641 13,110 18,953 Excess deferred income tax reversal (6,181 ) (7,289 ) — (6,181 ) (7,289 ) — Income tax return adjustments 745 (5,076 ) (3,710 ) 993 (4,968 ) (3,601 ) Affordable housing tax credits (2,874 ) (2,560 ) (2,559 ) — — — Affordable housing investment distributions (3,232 ) (267 ) (1,124 ) — — — Affordable housing investment amortization 1,825 1,519 1,271 — — — Other, net (1,114 ) 1,886 (7,326 ) (560 ) 2,372 (6,265 ) Total income tax expense $ 24,507 $ 17,386 $ 48,660 $ 28,417 $ 18,312 $ 51,262 Effective tax rate 9.5% 7.1% 18.6% 11.2% 7.6% 19.9% |
Schedule of Components of Income Tax Expense | The items comprising income tax expense are as follows: IDACORP Idaho Power 2019 2018 2017 2019 2018 2017 (thousands of dollars) Income taxes current: Federal $ 8,830 $ 5,390 $ 11,726 $ 25,338 $ 24,919 $ 51,575 State 4,865 3,328 5,418 (4,392 ) (2,049 ) 10,562 Total 13,695 8,718 17,144 20,946 22,870 62,137 Income taxes deferred: Federal 9,486 1,649 24,018 (4,599 ) (15,388 ) (13,002 ) State 1,159 30 (154 ) 10,054 5,425 (5,298 ) Total 10,645 1,679 23,864 5,455 (9,963 ) (18,300 ) Investment tax credits: Deferred 8,268 8,334 10,506 8,268 8,334 10,506 Restored (6,252 ) (2,929 ) (3,081 ) (6,252 ) (2,929 ) (3,081 ) Total 2,016 5,405 7,425 2,016 5,405 7,425 Affordable housing investments (1,849 ) 1,584 227 — — — Total income tax expense $ 24,507 $ 17,386 $ 48,660 $ 28,417 $ 18,312 $ 51,262 |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax liability are as follows: IDACORP Idaho Power 2019 2018 2019 2018 (thousands of dollars) Deferred tax assets: Regulatory liabilities $ 96,599 $ 98,042 $ 96,599 $ 98,042 Deferred compensation 21,946 21,871 21,946 21,826 Deferred revenue 39,039 35,137 39,039 35,137 Tax credits 76,125 100,041 24,489 44,532 Partnership investments 7,911 4,200 4,912 1,086 Retirement benefits 114,124 91,867 114,124 91,867 Other 11,347 9,299 11,107 9,121 Total 367,091 360,457 312,216 301,611 Deferred tax liabilities: Property, plant and equipment 286,583 294,471 286,583 294,471 Regulatory assets 646,886 614,144 646,886 614,144 Partnership investments 3,565 3,875 — — Retirement benefits 132,764 108,440 132,764 108,440 Other 43,524 39,405 40,385 37,795 Total 1,113,322 1,060,335 1,106,618 1,054,850 Net deferred tax liabilities $ 746,231 $ 699,878 $ 794,402 $ 753,239 |
REGULATORY MATTERS_ Regulatory
REGULATORY MATTERS: Regulatory Matters Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Assets and Liabilities, Other Disclosures [Abstract] | |
Schedule of Regulatory Assets and Liabilities | The following table presents a summary of Idaho Power’s regulatory assets and liabilities (in thousands of dollars): As of December 31, 2019 Remaining Earning a Return (1) Not Earning a Return Total as of December 31, Description 2019 2018 Regulatory Assets: Income taxes (2) $ — $ 646,886 $ 646,886 $ 614,144 Unfunded postretirement benefits (3) — 347,935 347,935 278,674 Pension expense deferrals (4) 150,350 22,287 172,637 147,836 Energy efficiency program costs (5) 1,465 — 1,465 1,398 Fixed cost adjustment (6) 2020-2021 35,208 18,808 54,016 42,503 North Valmy plant settlements (6) 2020-2028 107,525 — 107,525 77,512 Asset retirement obligations (7) — 18,835 18,835 17,655 Long-term service agreement 2020-2043 15,412 10,178 25,590 26,748 Other 2020-2055 2,804 5,366 8,170 7,704 Total $ 312,764 $ 1,070,295 $ 1,383,059 $ 1,214,174 Regulatory Liabilities: Income taxes (8) $ — $ 96,599 $ 96,599 $ 98,042 Depreciation-related excess deferred income taxes (9) 183,881 — 183,881 190,062 Removal costs (7) — 185,685 185,685 183,798 Investment tax credits — 94,806 94,806 92,790 Deferred revenue-AFUDC (10) 109,921 41,747 151,668 135,146 Energy efficiency program costs (5) — — — 5,259 Power supply costs (6) 2020-2021 46,022 2,470 48,492 42,322 Settlement agreement sharing mechanism (6) — — — 5,025 Tax reform accrual for future amortization (11) — 9,139 9,139 — Other 6,636 5,279 11,915 12,433 Total $ 346,460 $ 435,725 $ 782,185 $ 764,877 (1) Earning a return includes either interest or a return on the investment as a component of rate base at the allowed rate of return. (2) Represents flow-through income tax accounting differences which have a corresponding deferred tax liability disclosed in Note 2 - "Income Taxes." (3) Represents the unfunded obligation of Idaho Power’s pension and postretirement benefit plans, which are discussed in Note 12 - "Benefit Plans." (4) Idaho Power records a regulatory asset for the difference between net periodic pension cost and pension cost considered for rate-making purposes relating to Idaho Power's defined benefit pension plan. In its Idaho jurisdiction, Idaho Power’s inclusion of pension costs for the establishment of retail rates is based upon contributions made to the pension plan. This regulatory asset account represents the difference between cumulative cash contributions and amounts collected in rates. Deferred costs are amortized into expense as the amounts are provided for in Idaho retail revenues. (5) The energy efficiency asset includes the Oregon jurisdiction balance at December 31, 2019 and 2018. The Idaho jurisdiction balance was an asset at December 31, 2019, and a liability at December 31, 2018. (6) This item is discussed in more detail in this Note 3 - "Regulatory Matters." (7) Asset retirement obligations and removal costs are discussed in Note 14 - "Asset Retirement Obligations (ARO)." (8) Represents the tax gross-up related to the depreciation-related excess deferred income taxes and investment tax credits included in this table and has a corresponding deferred tax asset disclosed in Note 2 - "Income Taxes." (9) In 2017, income tax reform reduced deferred income tax assets and liabilities. For depreciation-related timing differences under the normalized tax accounting method, this reduction will flow back to customers under the statutorily prescribed average rate assumption method. (10) Idaho Power is collecting revenue in the Idaho jurisdiction for AFUDC on HCC relicensing costs but is deferring revenue recognition of the amounts collected until the license is issued and the asset is placed in service under the new license. (11) Represents amount accrued under the May 2018 Idaho Tax Reform Settlement Stipulation (described below) for the future amortization of existing or future unspecified regulatory deferrals that would otherwise be a future liability recoverable from Idaho customers. |
Schedule of Power Cost Adjustment Changes | The table below summarizes the three most recent Idaho-jurisdiction PCA rate adjustments, all of which also include non-PCA-related rate adjustments as ordered by the IPUC: Effective Date $ Change (millions) Notes June 1, 2019 $ (50.1 ) The $50.1 million decrease includes a $5.0 million credit to customers for sharing of 2018 earnings under the IPUC order approving the extension, with modifications, of the terms of the December 2011 Idaho settlement stipulation for the period from 2015 through 2019 (October 2014 Idaho Earnings Support and Sharing Settlement Stipulation) and a $2.7 million credit for income tax reform benefits related to Idaho Power's OATT rate under a May 2018 Idaho tax reform settlement stipulation as described below in this Note 3 - Regulatory Matters. June 1, 2018 $ (30.4 ) The $30.4 million total decrease in PCA rates includes a $7.8 million one-time benefit for income tax benefits accrued from January 1 to May 31, 2018, and the income taxes related to Idaho Power's open access transmission tariff (OATT) rate as described below in this Note 3 - Regulatory Matters. June 1, 2017 $ 10.6 The net increase in PCA rates included an offsetting $13.0 million reduction for the refund of previously collected Idaho energy efficiency rider funds. |
Schedule of Fixed Cost Rate Adjustments | The following table summarizes FCA amounts approved for collection in the prior three FCA years: FCA Year Period Rates in Effect Annual Amount 2018 June 1, 2019-May 31, 2020 $34.8 2017 June 1, 2018-May 31, 2019 $15.6 2016 June 1, 2017-May 31, 2018 $35.0 |
Schedule of Open Access Transmission Rates | Idaho Power's OATT rates submitted to the FERC in Idaho Power's four most recent annual OATT Final Informational Filings were as follows: Applicable Period OATT Rate (per kW-year) October 1, 2019 to September 30, 2020 $ 27.32 October 1, 2018 to September 30, 2019 $ 31.25 October 1, 2017 to September 30, 2018 $ 34.90 October 1, 2016 to September 30, 2017 $ 25.52 |
REVENUES_ Electric utility oper
REVENUES: Electric utility operating revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Electric utility operating revenues [Line Items] | |
Electric utility operating revenues | The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power (in thousands): Year Ended December 31, 2019 2018 2017 Electric utility operating revenues: Revenue from contracts with customers $ 1,285,286 $ 1,312,112 $ 1,320,004 Alternative revenue programs and derivative revenues 57,654 54,470 24,889 Total electric utility operating revenues $ 1,342,940 $ 1,366,582 $ 1,344,893 |
REVENUES_ Disaggregation of Rev
REVENUES: Disaggregation of Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Revenues from contracts with customers are primarily related to Idaho Power’s regulated tariff-based sales of energy or related services. Generally, tariff-based sales do not involve a written contract, but are classified as revenues from contracts with customers under ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . Idaho Power assesses revenues on a contract-by-contract basis to determine the nature, amount, timing, and uncertainty, if any, of revenues being recognized. The following table presents revenues from contracts with customers disaggregated by revenue source (in thousands): Year Ended December 31, 2019 2018 2017 Revenues from contracts with customers: Retail revenues: Residential (includes $35,587, $34,625 and $17,320, respectively, related to the FCA (1) ) $ 526,966 $ 530,527 $ 552,333 Commercial (includes $1,336, $1,299, and $876, respectively, related to the FCA (1) ) 295,203 310,299 319,195 Industrial 181,372 190,130 195,124 Irrigation 135,850 158,001 150,030 Provision for sharing — (5,025 ) — Deferred revenue related to HCC relicensing AFUDC (2) (8,780 ) (8,780 ) (10,706 ) Total retail revenues 1,130,611 1,175,152 1,205,976 Less: FCA mechanism revenues (1) (36,923 ) (35,924 ) (18,196 ) Wholesale energy sales 71,198 52,845 24,790 Transmission wheeling-related revenues 53,828 59,094 43,970 Energy efficiency program revenues 40,128 35,703 39,241 Other revenues from contracts with customers 26,444 25,242 24,223 Total revenues from contracts with customers $ 1,285,286 $ 1,312,112 $ 1,320,004 (1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers. (2) The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service. Prior to the May 2018 Idaho Tax Reform Settlement Stipulation described in Note 3 - "Regulatory Matters," Idaho Power was collecting $10.7 million annually. |
REVENUES_ Alternative Revenue P
REVENUES: Alternative Revenue Program and Other Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Alternative Revenue Program and Other Revenues [Line Items] | |
Alternative revenue programs and other revenues | The table below presents the FCA mechanism revenues and derivative revenues (in thousands): Year Ended December 31, 2019 2018 2017 Alternative revenue programs and derivative revenues: FCA mechanism revenues $ 36,923 $ 35,924 $ 18,196 Derivative revenues 20,731 18,546 6,693 Total alternative revenue programs and derivative revenues $ 57,654 $ 54,470 $ 24,889 |
LONG-TERM DEBT_ Long-term Debt
LONG-TERM DEBT: Long-term Debt Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments | The following table summarizes IDACORP's and Idaho Power's long-term debt at December 31 (in thousands of dollars): 2019 2018 First mortgage bonds: 3.40% Series due 2020 $ 100,000 $ 100,000 2.95% Series due 2022 75,000 75,000 2.50% Series due 2023 75,000 75,000 6.00% Series due 2032 100,000 100,000 5.50% Series due 2033 70,000 70,000 5.50% Series due 2034 50,000 50,000 5.875% Series due 2034 55,000 55,000 5.30% Series due 2035 60,000 60,000 6.30% Series due 2037 140,000 140,000 6.25% Series due 2037 100,000 100,000 4.85% Series due 2040 100,000 100,000 4.30% Series due 2042 75,000 75,000 4.00% Series due 2043 75,000 75,000 3.65% Series due 2045 250,000 250,000 4.05% Series due 2046 120,000 120,000 4.20% Series due 2048 220,000 220,000 Total first mortgage bonds 1,665,000 1,665,000 Pollution control revenue bonds: 1.45% Series due 2024 (1) 49,800 49,800 1.70% Series due 2026 (1) 116,300 116,300 Variable Rate Series 2000 due 2027 4,360 4,360 Total pollution control revenue bonds 170,460 170,460 American Falls bond guarantee 19,885 19,885 Unamortized issuance costs and discounts (18,686 ) (20,557 ) Total IDACORP and Idaho Power outstanding debt (2) 1,836,659 1,834,788 Current maturities of long-term debt (100,000 ) — Total long-term debt $ 1,736,659 $ 1,834,788 (1) Humboldt County and Sweetwater County Pollution Control Revenue Bonds are secured by the first mortgage, bringing the total first mortgage bonds outstanding at December 31, 2019 , to $1.831 billion . These two bonds were purchased and remarketed in August of 2019. See "Long-Term Debt Issuances, Maturities, and Redemptions" below. (2) At December 31, 2019 and 2018 , the overall effective cost rate of Idaho Power's outstanding debt was 4.50 percent and 4.83 percent , respectively. |
Schedule of Maturities of Long-term Debt | At December 31, 2019 , the maturities for the aggregate amount of IDACORP and Idaho Power long-term debt outstanding were as follows (in thousands of dollars): 2020 2021 2022 2023 2024 Thereafter $ 100,000 $ — $ 75,000 $ 75,000 $ 49,800 $ 1,555,545 |
NOTES PAYABLE_ Notes Payable Le
NOTES PAYABLE: Notes Payable Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Shedule of short term debt [Abstract] | |
Schedule of Short-term Debt | IDACORP’s and Idaho Power's short-term borrowings were zero at December 31, 2019 , and December 31, 2018 . |
COMMON STOCK_ Common Stock Leve
COMMON STOCK: Common Stock Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Class of Stock Disclosures [Abstract] | |
Schedule of Stock by Class | The following table summarizes IDACORP common stock transactions during the last three years and shares reserved at December 31, 2019 : Shares issued Shares reserved 2019 2018 2017 December 31, 2019 Balance at beginning of year 50,420,017 50,420,017 50,420,017 Continuous equity program (inactive) — — — 3,000,000 Dividend reinvestment and stock purchase plan — — — 2,576,723 Employee savings plan — — — 3,567,954 Long-term incentive and compensation plan (1) — — — 1,356,729 Balance at end of year 50,420,017 50,420,017 50,420,017 |
SHARE-BASED COMPENSATION Shar_2
SHARE-BASED COMPENSATION Share-based Compensation Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of restricted stock and performance-based shares award activity | A summary of Restricted Stock and Performance-Based Shares award activity is presented below. Idaho Power share amounts represent the portion of IDACORP amounts related to Idaho Power employees: IDACORP Idaho Power Number of Weighted-Average Number of Weighted-Average Nonvested shares/units at January 1, 2019 206,035 $ 81.31 204,859 $ 81.31 Shares/units granted 98,868 92.58 98,362 92.59 Shares/units forfeited (4,640 ) 94.57 (4,640 ) 94.57 Shares/units vested (97,353 ) 71.95 (96,761 ) 71.95 Nonvested shares/units at December 31, 2019 202,910 $ 90.99 201,820 $ 90.99 |
Compensation cost recognized in income | Compensation Expense: The following table shows the compensation cost recognized in income and the tax benefits resulting from the LTICP, as well as the amounts allocated to Idaho Power for those costs associated with Idaho Power’s employees (in thousands of dollars): IDACORP Idaho Power 2019 2018 2017 2019 2018 2017 Compensation cost $ 8,788 $ 9,362 $ 7,384 $ 8,639 $ 9,276 $ 7,304 Income tax benefit (1) 2,262 2,410 2,887 2,224 2,388 2,856 |
EARNINGS PER SHARE_ Earnings Pe
EARNINGS PER SHARE: Earnings Per Share Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Schedule of Earnings Per Share, Diluted | The following table presents the computation of IDACORP’s basic and diluted earnings per share for the years ended December 31, 2019 , 2018 , and 2017 (in thousands, except for per share amounts): Year Ended December 31, 2019 2018 2017 Numerator: Net income attributable to IDACORP, Inc. $ 232,854 $ 226,801 $ 212,419 Denominator: Weighted-average common shares outstanding - basic 50,502 50,432 50,361 Effect of dilutive securities 35 78 63 Weighted-average common shares outstanding - diluted 50,537 50,510 50,424 Basic earnings per share $ 4.61 $ 4.50 $ 4.22 Diluted earnings per share $ 4.61 $ 4.49 $ 4.21 |
COMMITMENTS_ Commitments Level
COMMITMENTS: Commitments Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Long-term Contracts for Purchase of Electric Power | At December 31, 2019 , Idaho Power had the following long-term commitments relating to purchases of energy, capacity, transmission rights, and fuel (in thousands of dollars): 2020 2021 2022 2023 2024 Thereafter Cogeneration and power production $ 241,835 $ 248,481 $ 251,964 $ 262,735 $ 266,061 $ 2,739,123 Fuel 55,693 36,069 8,389 8,379 8,371 75,074 |
Long-term Purchase Commitment | Idaho Power also has the following long-term commitments (in thousands of dollars): 2020 2021 2022 2023 2024 Thereafter Joint-operating agreement payments (1) $ 2,678 $ 2,678 $ 2,678 $ 2,678 $ 2,678 $ 13,391 Easements and other payments 269 1,124 1,072 1,062 1,055 16,408 Maintenance and service agreements (1) 47,547 13,797 16,468 7,143 7,354 55,768 FERC and other industry-related fees (1) 14,178 13,874 13,056 13,056 13,056 65,278 (1) Approximately $27 million , $48 million , and $131 million of the obligations included in joint-operating agreement payments, maintenance and service agreements, and FERC and other industry-related fees, respectively, have contracts that do not specify terms related to expiration. As these contracts are presumed to continue indefinitely, ten years of information, estimated based on current contract terms, has been included in the table for presentation purposes. |
BENEFIT PLANS_ Benefit Plans Le
BENEFIT PLANS: Benefit Plans Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plan Disclosure | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the years ended December 31, 2019 , 2018 , and 2017 (in thousands of dollars). Items in parentheses indicate reductions to AOCI. Year Ended December 31, 2019 2018 2017 Defined benefit pension items Balance at beginning of period $ (22,844 ) $ (30,964 ) $ (20,882 ) Other comprehensive income before reclassifications (15,392 ) 5,234 (7,872 ) Amounts reclassified out of AOCI to net income 1,952 2,886 1,882 Net current-period other comprehensive income (13,440 ) 8,120 (5,990 ) Cumulative effect of change in accounting principle (1) — — (4,092 ) Balance at end of period $ (36,284 ) $ (22,844 ) $ (30,964 ) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018 (in thousands of dollars): December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds and commercial paper IDACORP (1) $ 64,173 $ — $ — $ 64,173 $ 97,833 $ — $ — $ 97,833 Idaho Power 26,510 — — 26,510 79,228 — — 79,228 Derivatives 392 13 — 405 3,655 — — 3,655 Equity securities 42,738 — — 42,738 36,488 — — 36,488 Liabilities: Derivatives $ 814 $ 32 $ — $ 846 $ 870 $ 104 $ — $ 974 (1) Holding company only. Does not include amounts held by Idaho Power. |
Benefit Obligations [Member] | |
Defined Benefit Plan Disclosure | |
Schedule of Assumptions Used | The following table sets forth the weighted-average assumptions used at the end of each year to determine benefit obligations for all Idaho Power-sponsored pension and postretirement benefits plans: Pension Plan SMSP Postretirement Benefits 2019 2018 2019 2018 2019 2018 Discount rate 3.60 % 4.55 % 3.65 % 4.60 % 3.60 % 4.60 % Rate of compensation increase (1) 4.37 % 4.25 % 4.75 % 4.75 % — — Medical trend rate — — — — 6.7 % 6.3 % Dental trend rate — — — — 4.0 % 4.0 % Measurement date 12/31/2019 12/31/2018 12/31/2019 12/31/2018 12/31/2019 12/31/2018 (1) The 2019 rate of compensation increase assumption for the pension plan includes an inflation component of 2.40% plus a 1.97% composite merit increase component that is based on employees' years of service. Merit salary increases are assumed to be 8.0% for employees in their first year of service and scale down to 0.6% for employees in their fortieth year of service and beyond. |
Net Periodic Benefit Cost [Member] | |
Defined Benefit Plan Disclosure | |
Schedule of Assumptions Used | The following table sets forth the weighted-average assumptions used to determine net periodic benefit cost for all Idaho Power-sponsored pension and postretirement benefit plans: Pension Plan SMSP Postretirement Benefits 2019 2018 2017 2019 2018 2017 2019 2018 2017 Discount rate 4.55 % 3.95 % 4.45 % 4.60 % 3.95 % 4.45 % 4.60 % 3.95 % 4.45 % Expected long-term rate of return on assets 7.50 % 7.50 % 7.50 % — — — 6.75 % 6.75 % 6.75 % Rate of compensation increase 4.37 % 4.25 % 4.17 % 4.75 % 4.75 % 4.75 % — — % — % Medical trend rate — — — — — — 6.7 % 6.3 % 6.8 % Dental trend rate — — — — — — 4.0 % 4.0 % 4.0 % |
Pension Plan | |
Defined Benefit Plan Disclosure | |
Schedule of Defined Benefit Plans Disclosures | The following table summarizes the changes in benefit obligations and plan assets of these plans (in thousands of dollars): Pension Plan SMSP 2019 2018 2019 2018 Change in projected benefit obligation: Benefit obligation at January 1 $ 951,857 $ 999,344 $ 102,318 $ 110,303 Service cost 34,061 37,836 (181 ) (316 ) Interest cost 42,312 38,833 4,575 4,248 Actuarial loss (gain) 147,784 (84,758 ) 17,888 (7,050 ) Plan amendment — — 2,839 — Benefits paid (41,262 ) (39,398 ) (4,996 ) (4,867 ) Projected benefit obligation at December 31 1,134,752 951,857 122,443 102,318 Change in plan assets: Fair value at January 1 650,604 697,683 — — Actual return (loss) on plan assets 113,777 (47,681 ) — — Employer contributions 40,000 40,000 — — Benefits paid (41,262 ) (39,398 ) — — Fair value at December 31 763,119 650,604 — — Funded status at end of year $ (371,633 ) $ (301,253 ) $ (122,443 ) $ (102,318 ) Amounts recognized in the statement of financial position consist of: Other current liabilities $ — $ — $ (5,911 ) $ (5,158 ) Noncurrent liabilities (371,633 ) (301,253 ) (116,532 ) (97,160 ) Net amount recognized $ (371,633 ) $ (301,253 ) $ (122,443 ) $ (102,318 ) Amounts recognized in accumulated other comprehensive income consist of: Net loss $ 347,785 $ 278,720 $ 45,851 $ 30,496 Prior service cost 56 62 3,143 399 Subtotal 347,841 278,782 48,994 30,895 Less amount recorded as regulatory asset (1) (347,841 ) (278,782 ) — — Net amount recognized in accumulated other comprehensive income $ — $ — $ 48,994 $ 30,895 Accumulated benefit obligation $ 958,586 $ 814,549 $ 109,966 $ 94,630 |
Schedule of Costs of Retirement Plans | The following table shows the components of net periodic benefit cost for these plans (in thousands of dollars). For purposes of calculating the expected return on plan assets, the market-related value of assets is equal to the fair value of the assets. Pension Plan SMSP 2019 2018 2017 2019 2018 2017 Service cost $ 34,061 $ 37,836 $ 33,742 $ (181 ) $ (316 ) $ 759 Interest cost 42,312 38,833 38,957 4,575 4,248 4,315 Expected return on assets (48,623 ) (52,302 ) (45,138 ) — — — Amortization of net loss 13,564 13,558 13,190 2,533 3,788 2,963 Amortization of prior service cost 6 6 28 96 98 127 Net periodic pension cost 41,320 37,931 40,779 7,023 7,818 8,164 Regulatory deferral of net periodic benefit cost (1) (39,379 ) (36,153 ) (38,699 ) — — — Previously deferred pension cost recognized (1) 17,154 17,154 17,154 — — — Net periodic benefit cost recognized for financial reporting (1)(2) $ 19,095 $ 18,932 $ 19,234 $ 7,023 $ 7,818 $ 8,164 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. (2) Of total net periodic benefit cost recognized for financial reporting $15.1 million , $15.2 million , and $16.2 million respectively, was recognized in "Other operations and maintenance" and $11.0 million , and $11.6 million , and $11.2 million respectively, was recognized in "Other expense, net" on the consolidated statements of income of the companies for the twelve months ended December 31, 2019 , 2018 , and 2017 . |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table shows the components of other comprehensive (loss) income for the plans (in thousands of dollars): Pension Plan SMSP 2019 2018 2017 2019 2018 2017 Actuarial (loss) gain during the year $ (82,631 ) $ (15,226 ) $ (26,608 ) $ (17,888 ) $ 7,049 $ (10,635 ) Plan amendment service cost — — — (2,839 ) — — Reclassification adjustments for: Amortization of net loss 13,564 13,558 13,190 2,533 3,788 2,963 Amortization of prior service cost 6 6 28 96 98 127 Adjustment for deferred tax effects 17,776 428 1,744 4,658 (2,815 ) 1,555 Adjustment due to the effects of regulation 51,285 1,234 11,646 — — — Other comprehensive (loss) income recognized related to pension benefit plans $ — $ — $ — $ (13,440 ) $ 8,120 $ (5,990 ) |
Schedule of Expected Benefit Payments | The following table summarizes the expected future benefit payments of these plans (in thousands of dollars): 2020 2021 2022 2023 2024 2025-2029 Pension Plan $ 40,727 $ 42,674 $ 44,576 $ 46,670 $ 48,694 $ 273,700 SMSP 6,010 6,186 6,281 6,700 6,724 33,304 |
Schedule of Allocation of Plan Assets | Pension Asset Allocation Policy: The target allocation and actual allocations at December 31, 2019 , for the pension asset portfolio by asset class is set forth below: Asset Class Target Allocation Actual Allocation December 31, 2019 Debt securities 24 % 23 % Equity securities 56 % 59 % Real estate 7 % 6 % Other plan assets 13 % 12 % Total 100 % 100 % |
Postretirement Benefits | |
Defined Benefit Plan Disclosure | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table shows the components of other comprehensive income for the plan (in thousands of dollars): 2019 2018 2017 Actuarial loss during the year $ (249 ) $ (1,109 ) $ (2,964 ) Prior service cost arising during the year — — (212 ) Reclassification adjustments for: Immediate recognition of loss from temporary deviation (1) — 4,216 — Reclassification adjustments for amortization of prior service cost 48 47 47 Adjustment for deferred tax effects 52 270 807 Adjustment due to the effects of regulation 149 (3,424 ) 2,322 Other comprehensive income related to postretirement benefit plans $ — $ — $ — (1) In 2018, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other expense, net" on the consolidated statements of income of the companies. |
Schedule of Changes in Projected Benefit Obligations | The following table summarizes the changes in benefit obligation and plan assets (in thousands of dollars): 2019 2018 Change in accumulated benefit obligation: Benefit obligation at January 1 $ 66,453 $ 70,051 Service cost 853 1,051 Interest cost 2,989 2,643 Actuarial loss (gain) 5,298 (2,688 ) Benefits paid (1) (4,564 ) (4,604 ) Plan amendments — Benefit obligation at December 31 71,029 66,453 Change in plan assets: Fair value of plan assets at January 1 33,391 38,294 Actual return (loss) on plan assets 7,269 (1,330 ) Employer contributions (1) 3,529 1,031 Benefits paid (1) (4,564 ) (4,604 ) Fair value of plan assets at December 31 39,625 33,391 Funded status at end of year (included in noncurrent liabilities) $ (31,404 ) $ (33,062 ) (1) Contributions and benefits paid are each net of $3.3 million and $3.1 million of plan participant contributions for 2019 and 2018 , respectively. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income consist of the following (in thousands of dollars): 2019 2018 Net loss $ (81 ) $ (330 ) Prior service cost 174 222 Subtotal 93 (108 ) Less amount recognized in regulatory assets (93 ) 108 Net amount recognized in accumulated other comprehensive income $ — $ — |
Schedule of Net Benefit Costs | The net periodic postretirement benefit cost was as follows (in thousands of dollars): 2019 2018 2017 Service cost $ 853 $ 1,051 $ 973 Interest cost 2,989 2,643 2,783 Expected return on plan assets (2,220 ) (2,467 ) (2,307 ) Immediate recognition of loss from temporary deviation (1) — 4,216 — Amortization of prior service cost 48 47 47 Net periodic postretirement benefit cost $ 1,670 $ 5,490 $ 1,496 (1) In 2018, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other expense, net" on the consolidated statements of income of the companies. |
Schedule of Expected Benefit Payments | The following table summarizes the expected future benefit payments of the postretirement benefit plan (in thousands of dollars): 2020 2021 2022 2023 2024 2025-2028 Expected benefit payments $ 5,552 $ 4,932 $ 4,750 $ 4,532 $ 4,289 $ 19,133 |
Other Pension Plan [Member] | |
Defined Benefit Plan Disclosure | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the fair value of the plans' investments by asset category (in thousands of dollars). Level 1 Level 2 Level 3 Total Assets at December 31, 2019 Cash and cash equivalents $ 10,878 $ — $ — $ 10,878 Short-term bonds 21,628 — — 21,628 Intermediate bonds 22,369 134,931 — 157,300 Long-term bonds — — — — Equity Securities: Large-Cap 92,852 — — 92,852 Equity Securities: Mid-Cap 81,663 — — 81,663 Equity Securities: Small-Cap 67,075 — — 67,075 Equity Securities: Micro-Cap 31,469 — — 31,469 Equity Securities: International 13,817 — — 13,817 Equity Securities: Emerging Markets 8,245 — — 8,245 Plan assets measured at NAV (not subject to hierarchy disclosure) Commingled Fund: Equity Securities: Global and International 114,975 Commingled Fund: Equity Securities: Emerging Markets 40,059 Commingled Fund: Commodities fund 34,793 Real estate 47,570 Private market investments 40,795 Total $ 349,996 $ 134,931 $ — $ 763,119 Postretirement plan assets (1) $ 641 $ 38,984 $ — $ 39,625 Level 1 Level 2 Level 3 Total Assets at December 31, 2018 Cash and cash equivalents $ 9,717 $ — $ — $ 9,717 Short-term bonds 20,644 — — 20,644 Intermediate bonds 20,595 87,646 — 108,241 Long-term bonds — 40,857 — 40,857 Equity Securities: Large-Cap 71,176 — — 71,176 Equity Securities: Mid-Cap 71,419 — — 71,419 Equity Securities: Small-Cap 53,401 — — 53,401 Equity Securities: Micro-Cap 30,387 — — 30,387 Equity Securities: International 7,104 — — 7,104 Equity Securities: Emerging Markets 6,519 — — 6,519 Plan assets measured at NAV (not subject to hierarchy disclosure) Commingled Fund: Equity Securities: International 95,653 Commingled Fund: Equity Securities: Emerging Markets 29,757 Commingled Fund: Commodities fund 30,842 Real estate 39,846 Private market investments 35,041 Total $ 290,962 $ 128,503 $ — $ 650,604 Postretirement plan assets (1) $ 758 $ 32,633 $ — $ 33,391 (1) The postretirement benefits assets are primarily life insurance contracts. |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT AND JOINTLY-OWNED PROJECTS: Property, Plant and Equipment Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Public Utility, Property, Plant and Equipment | |
Schedule of Public Utility Property, Plant, and Equipment | The following table presents the major classifications of Idaho Power’s utility plant in service, annual depreciation provisions as a percent of average depreciable balance, and accumulated provision for depreciation for the years ended December 31, 2019 and 2018 (in thousands of dollars): 2019 2018 Balance Avg Rate Balance Avg Rate Production $ 2,535,938 3.19 % $ 2,654,201 3.10 % Transmission 1,220,703 1.89 % 1,201,092 1.89 % Distribution 1,882,136 2.25 % 1,792,284 2.24 % General and Other 474,790 6.17 % 456,279 6.40 % Total in service 6,113,567 2.87 % 6,103,856 2.84 % Accumulated provision for depreciation (2,155,783 ) (2,210,781 ) In service - net $ 3,957,784 $ 3,893,075 |
Schedule of Jointly Owned Utility Plants | Idaho Power's ownership interest in three jointly-owned generating facilities is included in the table above. Under the joint operating agreements for these facilities, each participating utility is responsible for financing its share of construction, operating, and leasing costs. Idaho Power's proportionate share of operating expenses for each facility is included in the Consolidated Statements of Income. These jointly-owned facilities, including balance sheet amounts and the extent of Idaho Power’s participation, were as follows at December 31, 2019 (in thousands of dollars): Name of Plant Location Utility Plant in Service Construction Work in Progress Accumulated Provision for Depreciation Ownership % MW (1)(2) Jim Bridger units 1-4 Rock Springs, WY $ 745,096 $ 4,622 $ 353,254 33 771 Boardman Boardman, OR 82,501 12 78,411 10 64 North Valmy unit 2 (2) Winnemucca, NV 252,921 217 166,419 50 145 (1) Idaho Power’s share of nameplate capacity. (2) Idaho Power ended its participation in coal-fired operations at unit 1 of the North Valmy plant on December 31, 2019. |
ASSET RETIREMENT OBLIGATIONS As
ASSET RETIREMENT OBLIGATIONS Asset Retirement Obligations Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The following table presents the changes in the carrying amount of AROs (in thousands of dollars): 2019 2018 Balance at beginning of year $ 26,792 $ 26,415 Accretion expense 1,115 1,055 Revisions in estimated cash flows 365 (751 ) Liability incurred — 129 Liability settled (81 ) (56 ) Balance at end of year $ 28,191 $ 26,792 |
INVESTMENTS_ Investments Level
INVESTMENTS: Investments Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | The table below summarizes IDACORP’s and Idaho Power’s investments as of December 31 (in thousands of dollars): 2019 2018 Idaho Power investments: Bridger Coal Company (equity method investment) $ 40,713 $ 49,878 Exchange traded short-term bond funds and cash equivalents 42,648 36,471 Executive deferred compensation plan investments 90 17 Total Idaho Power investments 83,451 86,366 Investments in affordable housing (IDACORP Financial Services) 3,665 3,446 Ida-West joint ventures (equity method investments) 11,102 11,366 Total IDACORP investments $ 98,218 $ 101,178 |
Schedule of Equity in Earnings (Losses) of Equity Method Investments | The table below presents IDACORP’s and Idaho Power’s earnings of unconsolidated equity-method investments (in thousands of dollars): 2019 2018 2017 Bridger Coal Company (Idaho Power) $ 10,285 $ 10,712 $ 9,267 Ida-West joint ventures 2,085 1,737 2,107 Total $ 12,370 $ 12,449 $ 11,374 |
Schedule of Realized Gain (Loss) | The following table summarizes sales of equity securities (in thousands of dollars): 2019 2018 2017 Proceeds from sales $ 5,080 $ 5,007 $ 4,989 Gross realized gains from sales — — — |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Financial Instruments Level 3 (Tables) | 12 Months Ended | |
Dec. 31, 2019 | ||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below presents the gains and losses on derivatives not designated as hedging instruments for the years ended December 31, 2019 , 2018 , and 2017 (in thousands of dollars): Location of Realized Gain/(Loss) on Derivatives Recognized in Income Gain/(Loss) on Derivatives Recognized in Income (1) 2019 2018 2017 Financial swaps Operating revenues $ 904 $ 1,316 $ 902 Financial swaps Purchased power (2,183 ) 7,828 166 Financial swaps Fuel expense 13,811 22,563 701 Financial swaps Other operations and maintenance — 118 (84 ) Forward contracts Operating revenues 285 41 55 Forward contracts Purchased power (270 ) (54 ) (69 ) Forward contracts Fuel expense 565 (186 ) 4 (1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at December 31, 2019 and 2018 (in thousands of dollars): Asset Derivatives Liability Derivatives Balance Sheet Location Gross Fair Value Amounts Offset Net Assets Gross Fair Value Amounts Offset Net Liabilities December 31, 2019 Current: Financial swaps Other current assets $ 2,426 $ (2,034 ) $ 392 $ 2,034 $ (2,034 ) $ — Financial swaps Other current liabilities 134 (134 ) — 924 (134 ) 790 Forward contracts Other current assets 13 — 13 — — — Forward contracts Other current liabilities — — — 32 — 32 Long-term: Financial swaps Other assets 3 (3 ) — 27 (3 ) 24 Total $ 2,576 $ (2,171 ) $ 405 $ 3,017 $ (2,171 ) $ 846 December 31, 2018 Current: Financial swaps Other current assets $ 4,639 $ (984 ) (1) $ 3,655 $ 938 $ (938 ) $ — Financial swaps Other current liabilities — — — 806 — 806 Forward contracts Other current liabilities — — — 104 — 104 Long-term: Financial swaps Other liabilities — — — 64 — 64 Total $ 4,639 $ (984 ) $ 3,655 $ 1,912 $ (938 ) $ 974 (1) Current asset derivative amounts offset include $45 thousand of collateral payable at December 31, 2018 . | [1] |
Schedule of Derivative Instruments | The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at December 31, 2019 and 2018 (in thousands of units): December 31, Commodity Units 2019 2018 Electricity purchases MWh 91 52 Electricity sales MWh 138 39 Natural gas purchases MMBtu 14,053 7,514 Natural gas sales MMBtu 78 446 | |
[1] | Current asset derivative amounts offset include $45 thousand of collateral payable at December 31, 2018 . |
FAIR VALUE MEASUREMENTS_ Fair V
FAIR VALUE MEASUREMENTS: Fair Value Measurements Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair value measurements [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018 (in thousands of dollars): December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds and commercial paper IDACORP (1) $ 64,173 $ — $ — $ 64,173 $ 97,833 $ — $ — $ 97,833 Idaho Power 26,510 — — 26,510 79,228 — — 79,228 Derivatives 392 13 — 405 3,655 — — 3,655 Equity securities 42,738 — — 42,738 36,488 — — 36,488 Liabilities: Derivatives $ 814 $ 32 $ — $ 846 $ 870 $ 104 $ — $ 974 (1) Holding company only. Does not include amounts held by Idaho Power. |
Fair Value, by Balance Sheet Grouping | The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, as of December 31, 2019 and 2018 , using available market information and appropriate valuation methodologies (in thousands). December 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (thousands of dollars) IDACORP Assets: Notes receivable (1) $ 3,804 $ 3,804 $ 3,804 $ 3,804 Liabilities: Long-term debt (including current portion) (1) 1,836,659 2,083,931 1,834,788 1,942,773 Idaho Power Liabilities: Long-term debt (including current portion) (1) $ 1,836,659 $ 2,083,931 $ 1,834,788 $ 1,942,773 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands): Utility Operations All Other Eliminations Consolidated Total 2019 Revenues $ 1,342,940 $ 3,443 $ — $ 1,346,383 Operating income 297,652 674 — 298,326 Other income, net 20,362 1 — 20,363 Interest income 10,968 3,052 (769 ) 13,251 Equity-method income 10,285 2,085 — 12,370 Interest expense 86,412 832 (769 ) 86,475 Income before income taxes 252,854 4,981 — 257,835 Income tax expense (benefit) 28,417 (3,910 ) — 24,507 Income attributable to IDACORP, Inc. 224,437 8,417 — 232,854 Total assets 6,494,159 220,620 (73,578 ) 6,641,201 Expenditures for long-lived assets 278,707 (2 ) — 278,705 Utility Operations All Other Eliminations Consolidated Total 2018 Revenues $ 1,366,582 $ 4,170 $ — $ 1,370,752 Operating income 295,256 1,666 — 296,922 Other income, net 11,646 (1 ) — 11,645 Interest income 8,923 1,573 (655 ) 9,841 Equity-method income 10,712 1,737 — 12,449 Interest expense 85,891 712 (655 ) 85,948 Income before income taxes 240,646 4,263 — 244,909 Income tax expense (benefit) 18,312 (926 ) — 17,386 Income attributable to IDACORP, Inc. 222,334 4,467 — 226,801 Total assets 6,254,400 163,540 (35,186 ) 6,382,754 Expenditures for long-lived assets 277,823 30 — 277,853 2017 Revenues $ 1,344,893 $ 4,593 $ — $ 1,349,486 Operating income 313,602 1,943 — 315,545 Other income, net 12,356 191 — 12,547 Interest income 6,044 295 (211 ) 6,128 Equity-method income 9,267 2,107 — 11,374 Interest expense 83,660 297 (211 ) 83,746 Income before income taxes 257,609 4,239 — 261,848 Income tax expense (benefit) 51,262 (2,602 ) — 48,660 Income attributable to IDACORP, Inc. 206,347 6,072 — 212,419 Total assets 5,995,435 143,696 (93,726 ) 6,045,405 Expenditures for long-lived assets 285,471 17 — 285,488 |
OTHER INCOME AND EXPENSE Other
OTHER INCOME AND EXPENSE Other Income and Expense Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of other nonoperating income (expense) [Line Items] | |
Schedule of Other Nonoperating Income, by Component [Table Text Block] | The following table presents the components of IDACORP’s other income (expense), net and Idaho Power's other income (expense), net (in thousands of dollars): IDACORP 2019 2018 2017 Interest and dividend income, net $ 8,181 $ 5,605 $ 3,872 Carrying charges on regulatory assets 5,494 4,075 2,310 Pension and postretirement non-service costs (1) (10,976 ) (15,781 ) (11,194 ) Income from life insurance investments 4,104 2,779 2,090 Other (expense) income (301 ) 455 813 Total other income (expense), net $ 6,502 $ (2,867 ) $ (2,109 ) Idaho Power Interest and dividend income, net $ 5,898 $ 4,688 $ 3,787 Carrying charges on regulatory assets 5,494 4,075 2,310 Pension and postretirement non-service costs (1) (10,976 ) (15,781 ) (11,194 ) Income from life insurance investments 4,104 2,779 2,090 Other expense (2,254 ) (1,612 ) (1,749 ) Total other income (expense), net $ 2,266 $ (5,851 ) $ (4,756 ) (1) The 2018 pension and postretirement non-service costs includes $4.2 million of expense for a temporary deviation from the cost-sharing provisions of the substantive postretirement plan as described in Note 12 - "Benefit Plans." |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the years ended December 31, 2019 , 2018 , and 2017 (in thousands of dollars). Items in parentheses indicate reductions to AOCI. Year Ended December 31, 2019 2018 2017 Defined benefit pension items Balance at beginning of period $ (22,844 ) $ (30,964 ) $ (20,882 ) Other comprehensive income before reclassifications (15,392 ) 5,234 (7,872 ) Amounts reclassified out of AOCI to net income 1,952 2,886 1,882 Net current-period other comprehensive income (13,440 ) 8,120 (5,990 ) Cumulative effect of change in accounting principle (1) — — (4,092 ) Balance at end of period $ (36,284 ) $ (22,844 ) $ (30,964 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The table below presents the effects on net income of amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the years ended December 31, 2019 , 2018 , and 2017 (in thousands of dollars). Items in parentheses indicate increases to net income. Amount Reclassified from AOCI Year Ended December 31, 2019 2018 2017 Amortization of defined benefit pension items (1) Prior service cost $ 96 $ 98 $ 127 Net loss 2,533 3,788 2,963 Total before tax 2,629 3,886 3,090 Tax benefit (2) (677 ) (1,000 ) (1,208 ) Net of tax 1,952 2,886 1,882 Total reclassification for the period $ 1,952 $ 2,886 $ 1,882 (1) Amortization of these items is included in IDACORP's consolidated income statements in other operating expenses and in Idaho Power's consolidated income statements in other expense, net. (2) The tax benefit is included in income tax expense in the consolidated income statements of both IDACORP and Idaho Power. |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of Parent - Income Statement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
IDACORP | |
Condensed Income Statements, Captions [Line Items] | |
Condensed Income Statement | CONDENSED STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2019 2018 2017 (thousands of dollars) Income: Equity in income of subsidiaries $ 231,534 $ 226,567 $ 211,974 Investment income 2,214 865 26 Total income 233,748 227,432 212,000 Expenses: Operating expenses 816 668 708 Interest expense 831 713 294 Other expenses 30 — 30 Total expenses 1,677 1,381 1,032 Income Before Income Taxes 232,071 226,051 210,968 Income Tax Benefit (783 ) (750 ) (1,451 ) Net Income Attributable to IDACORP, Inc. 232,854 226,801 212,419 Other comprehensive (loss) income (13,440 ) 8,120 (5,990 ) Comprehensive Income Attributable to IDACORP, Inc. $ 219,414 $ 234,921 $ 206,429 The accompanying note is an integral part of these statements. |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information of Parent - Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
IDACORP | |
Condensed Cash Flow Statements, Captions [Line Items] | |
Condensed Cash Flow Statement | IDACORP, INC. CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2019 2018 2017 (thousands of dollars) Operating Activities: Net cash provided by operating activities $ 112,745 $ 197,185 $ 113,849 Investing Activities: Net cash provided by investing activities — — — Financing Activities: Dividends on common stock (129,682 ) (121,421 ) (113,127 ) Decrease in short-term borrowings — — — Change in intercompany notes payable 37,588 (2,867 ) 17,097 Other (4,410 ) (3,614 ) (3,321 ) Net cash used in financing activities (96,504 ) (127,902 ) (99,351 ) Net increase in cash and cash equivalents 16,241 69,283 14,498 Cash and cash equivalents at beginning of year 98,900 29,617 15,119 Cash and cash equivalents at end of year $ 115,141 $ 98,900 $ 29,617 The accompanying note is an integral part of these statements. |
Schedule I - Condensed Financ_5
Schedule I - Condensed Financial Information of Parent - Balance Sheet (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
IDACORP | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Condensed Balance Sheet | IDACORP, INC. CONDENSED BALANCE SHEETS December 31, 2019 2018 Assets (thousands of dollars) Current Assets: Cash and cash equivalents $ 115,141 $ 98,900 Receivables 2,125 2,046 Other 98 98 Total current assets 117,364 101,044 Investment in subsidiaries 2,379,680 2,294,464 Other Assets: Deferred income taxes 45,864 17,593 Other 429 277 Total other assets 46,293 17,870 Total assets $ 2,543,337 $ 2,413,378 Liabilities and Shareholders’ Equity Current Liabilities: Taxes accrued $ 5,622 $ 8,354 Other 996 899 Total current liabilities 6,618 9,253 Other Liabilities: Intercompany notes payable 71,285 32,929 Other 806 836 Total other liabilities 72,091 33,765 IDACORP, Inc. Shareholders’ Equity 2,464,628 2,370,360 Total Liabilities and Shareholders' Equity $ 2,543,337 $ 2,413,378 The accompanying note is an integral part of these statements. |
Schedule II - Consolidated Valu
Schedule II - Consolidated Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | IDACORP, INC. AND IDAHO POWER COMPANY SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2019 , 2018 , and 2017 Additions Charged Balance at Charged (Credited) Balance at Beginning to to Other End Classification of Year Income Accounts Deductions (1) of Year (thousands of dollars) 2019: Reserve for uncollectible accounts $ 1,989 $ 2,381 $ 227 $ 2,853 $ 1,744 Injuries and damages 1,877 390 — 519 1,748 2018: Reserve for uncollectible accounts $ 2,193 $ 3,363 $ 392 $ 3,959 $ 1,989 Injuries and damages 1,469 855 — 447 1,877 2017: Reserve for uncollectible accounts $ 1,132 $ 5,753 $ 324 $ 5,016 $ 2,193 Injuries and damages 1,792 687 — 1,010 1,469 (1) Represents deductions from the reserves for purposes for which the reserves were created. In the case of uncollectible accounts, and notes reserves, includes reversals of amounts previously reserved. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Summary of Significant Accounting Policies Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies | |||
Payments for (Proceeds from) Other Investing Activities | $ (1,587) | $ (4,472) | $ (5,340) |
Other assets, noncurrent | 61,028 | 62,882 | |
Utility plant in service - net | $ 3,957,784 | $ 3,893,075 | |
Maturity period of short-term investments | 90 days | 90 days | 90 days |
Late Payment Fee Customer Billings | 1.00% | ||
Period of Time After Which Unpaid Accounts Are Deemed Late | 30 days | 30 days | 30 days |
Impairment of Receivables | $ 0 | $ 0 | $ 0 |
Average depreciation rate | 2.87% | 2.84% | 2.90% |
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | $ 0 |
Public Utilities, Allowance for Funds Used During Construction, Rate | 7.60% | 7.60% | 7.60% |
Other Nonoperating Income (Expense) | $ 6,502 | $ (2,867) | $ (2,109) |
Marysville Hydro Partners | |||
Significant Accounting Policies | |||
Variable Interest Entity Ownership Percentage of Partner | 50.00% | ||
Utility plant in service - net | $ 18,000 | ||
Variable interest entity consolidated intercompany long term debt | $ 6,000 | ||
Ida-West Energy | |||
Significant Accounting Policies | |||
Jointly Owned Utility Plant, Proportionate Ownership Share | 50.00% | ||
Bridger Coal Company | |||
Significant Accounting Policies | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | $ 40,700 | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 175,000 | ||
Idaho Power Company | |||
Significant Accounting Policies | |||
Payments for (Proceeds from) Other Investing Activities | (4,117) | (4,320) | (5,176) |
Other assets, noncurrent | 56,330 | 58,284 | |
Utility plant in service - net | 3,957,784 | 3,893,075 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 58,300 | ||
Other Nonoperating Income (Expense) | $ 2,266 | $ (5,851) | $ (4,756) |
IDACORP Financial Services Limited Partnership Interests | |||
Significant Accounting Policies | |||
Variable interest entities ownership percentage minimum | 4.00% | ||
Variable interest entities ownership percentage maximum | 99.00% | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net | $ 3,700 |
INCOME TAXES_ Income Tax Expens
INCOME TAXES: Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation | |||
Federal income tax expense at statutory rate | $ 54,046 | $ 51,279 | $ 91,378 |
AFUDC | (7,941) | (7,246) | (10,318) |
Capitalized interest | 976 | 928 | 1,513 |
Investment tax credits | (6,252) | (2,929) | (3,081) |
Removal costs | (3,139) | (3,471) | (6,280) |
Capitalized overhead costs | (7,140) | (6,720) | (11,200) |
Capitalized repair costs | (18,480) | (17,850) | (28,700) |
Bond redemption costs | 0 | (1,029) | 0 |
Remeasurement of deferred taxes | 0 | (5,411) | 1,690 |
State income taxes, net of federal benefit | 8,627 | 8,512 | 8,153 |
Depreciation | 14,641 | 13,110 | 18,953 |
Excess deferred income tax reversal | (6,181) | (7,289) | 0 |
Income tax return adjustments | 745 | (5,076) | (3,710) |
Affordable housing tax credits | (2,874) | (2,560) | (2,559) |
Affordable housing investment distributions | (3,232) | (267) | (1,124) |
Affordable housing investment amortization | 1,825 | 1,519 | 1,271 |
Other, net | (1,114) | 1,886 | (7,326) |
Total income tax expense | $ 24,507 | $ 17,386 | $ 48,660 |
Effective tax rate | 9.50% | 7.10% | 18.60% |
Idaho Power Company | |||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation | |||
Federal income tax expense at statutory rate | $ 53,099 | $ 50,536 | $ 90,163 |
AFUDC | (7,941) | (7,246) | (10,318) |
Capitalized interest | 976 | 928 | 1,513 |
Investment tax credits | (6,252) | (2,929) | (3,081) |
Removal costs | (3,139) | (3,471) | (6,280) |
Capitalized overhead costs | (7,140) | (6,720) | (11,200) |
Capitalized repair costs | (18,480) | (17,850) | (28,700) |
Bond redemption costs | 0 | (1,029) | 0 |
Remeasurement of deferred taxes | 0 | (5,664) | 1,970 |
State income taxes, net of federal benefit | 8,401 | 8,532 | 8,108 |
Depreciation | 14,641 | 13,110 | 18,953 |
Excess deferred income tax reversal | (6,181) | (7,289) | 0 |
Income tax return adjustments | 993 | (4,968) | (3,601) |
Affordable housing tax credits | 0 | 0 | 0 |
Affordable housing investment distributions | 0 | 0 | 0 |
Affordable housing investment amortization | 0 | 0 | 0 |
Other, net | (560) | 2,372 | (6,265) |
Total income tax expense | $ 28,417 | $ 18,312 | $ 51,262 |
Effective tax rate | 11.20% | 7.60% | 19.90% |
INCOME TAXES_ Components of Inc
INCOME TAXES: Components of Income Tax Expense (Benefit), Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income taxes current: | |||
Federal | $ 8,830 | $ 5,390 | $ 11,726 |
State | 4,865 | 3,328 | 5,418 |
Total | 13,695 | 8,718 | 17,144 |
Income taxes deferred: | |||
Federal | 9,486 | 1,649 | 24,018 |
State | 1,159 | 30 | (154) |
Total | 10,645 | 1,679 | 23,864 |
Investment tax credits: | |||
Deferred | 8,268 | 8,334 | 10,506 |
Restored | (6,252) | (2,929) | (3,081) |
Total | 2,016 | 5,405 | 7,425 |
Affordable housing investments | (1,849) | 1,584 | 227 |
Total income tax expense | 24,507 | 17,386 | 48,660 |
Idaho Power Company | |||
Income taxes current: | |||
Federal | 25,338 | 24,919 | 51,575 |
State | (4,392) | (2,049) | 10,562 |
Total | 20,946 | 22,870 | 62,137 |
Income taxes deferred: | |||
Federal | (4,599) | (15,388) | (13,002) |
State | 10,054 | 5,425 | (5,298) |
Total | 5,455 | (9,963) | (18,300) |
Investment tax credits: | |||
Deferred | 8,268 | 8,334 | 10,506 |
Restored | (6,252) | (2,929) | (3,081) |
Total | 2,016 | 5,405 | 7,425 |
Affordable housing investments | 0 | 0 | 0 |
Total income tax expense | $ 28,417 | $ 18,312 | $ 51,262 |
INCOME TAXES_ Components of Def
INCOME TAXES: Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Regulatory liabilities | $ 96,599 | $ 98,042 |
Deferred compensation | 21,946 | 21,871 |
Deferred revenue | 39,039 | 35,137 |
Tax credits | 76,125 | 100,041 |
Partnership investments | 7,911 | 4,200 |
Retirement benefits | 114,124 | 91,867 |
Other | 11,347 | 9,299 |
Total | 367,091 | 360,457 |
Deferred tax liabilities: | ||
Property, plant and equipment | 286,583 | 294,471 |
Regulatory assets | 646,886 | 614,144 |
Partnership investments | 3,565 | 3,875 |
Retirement benefits | 132,764 | 108,440 |
Other | 43,524 | 39,405 |
Total | 1,113,322 | 1,060,335 |
Net deferred tax liabilities | 746,231 | 699,878 |
Idaho Power Company | ||
Deferred tax assets: | ||
Regulatory liabilities | 96,599 | 98,042 |
Deferred compensation | 21,946 | 21,826 |
Deferred revenue | 39,039 | 35,137 |
Tax credits | 24,489 | 44,532 |
Partnership investments | 4,912 | 1,086 |
Retirement benefits | 114,124 | 91,867 |
Other | 11,107 | 9,121 |
Total | 312,216 | 301,611 |
Deferred tax liabilities: | ||
Property, plant and equipment | 286,583 | 294,471 |
Regulatory assets | 646,886 | 614,144 |
Partnership investments | 0 | 0 |
Retirement benefits | 132,764 | 108,440 |
Other | 40,385 | 37,795 |
Total | 1,106,618 | 1,054,850 |
Net deferred tax liabilities | $ 794,402 | $ 753,239 |
INCOME TAXES_ Income Taxes Narr
INCOME TAXES: Income Taxes Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Income Tax Disclosures | |||
Unrecognized Tax Benefits | $ 0 | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | 0.21 | 0.21 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Change in net deferred tax liabilities | $ 672 | ||
Idaho Power Company | |||
Income Tax Disclosures | |||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | 0.21 | 0.21 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Change in net deferred tax liabilities | $ 672 | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 7.40% | 7.40% | 6.925% |
IDACORP | General Business Tax Credit Carryforward | |||
Income Tax Disclosures | |||
Additional ADITC amortization available for use | $ 36.7 | ||
IDACORP | Investment Tax Credit Carryforward | |||
Income Tax Disclosures | |||
Additional ADITC amortization available for use | $ 39.4 |
REGULATORY MATTERS_ Regulator_2
REGULATORY MATTERS: Regulatory Assets and Liabilities Table (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | $ 1,383,059 | $ 1,214,174 | |
Regulatory Liabilities | 782,185 | 764,877 | |
Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [1] | 312,764 | |
Regulatory Liabilities | [1] | 346,460 | |
Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | 1,070,295 | ||
Regulatory Liabilities | 435,725 | ||
Income taxes | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [2] | 96,599 | 98,042 |
Income taxes | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [1],[2] | 0 | |
Income taxes | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [2] | 96,599 | |
Depreciation-related excess deferred income taxes | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [3] | 183,881 | 190,062 |
Depreciation-related excess deferred income taxes | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [1],[3] | 183,881 | |
Depreciation-related excess deferred income taxes | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [3] | 0 | |
Removal costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [4] | 185,685 | 183,798 |
Removal costs | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [1],[4] | 0 | |
Removal costs | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [4] | 185,685 | |
Investment tax credits | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | 94,806 | 92,790 | |
Investment tax credits | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [1] | 0 | |
Investment tax credits | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | 94,806 | ||
Deferred revenue-AFUDC | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [5] | 151,668 | 135,146 |
Deferred revenue-AFUDC | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [1],[5] | 109,921 | |
Deferred revenue-AFUDC | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [5] | 41,747 | |
Energy efficiency regulatory liability | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [6] | 0 | 5,259 |
Energy efficiency regulatory liability | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [1],[6] | 0 | |
Energy efficiency regulatory liability | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [6] | 0 | |
Power supply costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [7] | 48,492 | 42,322 |
Power supply costs | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [1],[7] | 46,022 | |
Power supply costs | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [7] | 2,470 | |
Settlement agreement sharing mechanism | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [7] | 0 | 5,025 |
Settlement agreement sharing mechanism | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [1],[7] | 0 | |
Settlement agreement sharing mechanism | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [7] | 0 | |
Other regulatory assets (liabilities) | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | 11,915 | 12,433 | |
Other regulatory assets (liabilities) | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [1] | 6,636 | |
Other regulatory assets (liabilities) | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | 5,279 | ||
Tax reform accrual for future amortization [Member] | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [8] | 9,139 | 0 |
Tax reform accrual for future amortization [Member] | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [1],[8] | 0 | |
Tax reform accrual for future amortization [Member] | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Liabilities | [8] | 9,139 | |
Income taxes | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [9] | 646,886 | 614,144 |
Income taxes | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [1],[9] | 0 | |
Income taxes | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [9] | 646,886 | |
Unfunded postretirement benefits | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [10] | 347,935 | 278,674 |
Unfunded postretirement benefits | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [1],[10] | 0 | |
Unfunded postretirement benefits | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [10] | 347,935 | |
Pension expense deferrals | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [11] | 172,637 | 147,836 |
Pension expense deferrals | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [1],[11] | 150,350 | |
Pension expense deferrals | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [11] | 22,287 | |
Energy efficiency regulatory asset | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [6] | 1,465 | 1,398 |
Energy efficiency regulatory asset | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [1],[6] | 1,465 | |
Energy efficiency regulatory asset | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [6] | 0 | |
Fixed cost adjustment | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [7] | 54,016 | 42,503 |
Fixed cost adjustment | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [1],[7] | 35,208 | |
Fixed cost adjustment | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [7] | 18,808 | |
Valmy Plant settlements | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [7] | 107,525 | 77,512 |
Valmy Plant settlements | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [1],[7] | 107,525 | |
Valmy Plant settlements | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [7] | 0 | |
Asset retirement obligation | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [4] | 18,835 | 17,655 |
Asset retirement obligation | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [1],[4] | 0 | |
Asset retirement obligation | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [4] | 18,835 | |
Long-term service agreement | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | 25,590 | 26,748 | |
Long-term service agreement | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [1] | 15,412 | |
Long-term service agreement | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | 10,178 | ||
Other regulatory assets (liabilities) | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | 8,170 | $ 7,704 | |
Other regulatory assets (liabilities) | Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | [1] | 2,804 | |
Other regulatory assets (liabilities) | Not Earning a Return | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | $ 5,366 | ||
[1] | Earning a return includes either interest or a return on the investment as a component of rate base at the allowed rate of return. | ||
[2] | Represents the tax gross-up related to the depreciation-related excess deferred income taxes and investment tax credits included in this table and has a corresponding deferred tax asset disclosed in Note 2 - "Income Taxes." | ||
[3] | In 2017, income tax reform reduced deferred income tax assets and liabilities. For depreciation-related timing differences under the normalized tax accounting method, this reduction will flow back to customers under the statutorily prescribed average rate assumption method. | ||
[4] | Asset retirement obligations and removal costs are discussed in Note 14 - "Asset Retirement Obligations (ARO)." | ||
[5] | Idaho Power is collecting revenue in the Idaho jurisdiction for AFUDC on HCC relicensing costs but is deferring revenue recognition of the amounts collected until the license is issued and the asset is placed in service under the new license. | ||
[6] | The energy efficiency asset includes the Oregon jurisdiction balance at December 31, 2019 and 2018. The Idaho jurisdiction balance was an asset at December 31, 2019, and a liability at December 31, 2018. | ||
[7] | This item is discussed in more detail in this Note 3 - "Regulatory Matters." | ||
[8] | Represents amount accrued under the May 2018 Idaho Tax Reform Settlement Stipulation (described below) for the future amortization of existing or future unspecified regulatory deferrals that would otherwise be a future liability recoverable from Idaho customers. | ||
[9] | Represents flow-through income tax accounting differences which have a corresponding deferred tax liability disclosed in Note 2 - "Income Taxes." | ||
[10] | Represents the unfunded obligation of Idaho Power’s pension and postretirement benefit plans, which are discussed in Note 12 - "Benefit Plans." | ||
[11] | Idaho Power records a regulatory asset for the difference between net periodic pension cost and pension cost considered for rate-making purposes relating to Idaho Power's defined benefit pension plan. In its Idaho jurisdiction, Idaho Power’s inclusion of pension costs for the establishment of retail rates is based upon contributions made to the pension plan. This regulatory asset account represents the difference between cumulative cash contributions and amounts collected in rates. Deferred costs are amortized into expense as the amounts are provided for in Idaho retail revenues. |
REGULATORY MATTERS_ Idaho Juris
REGULATORY MATTERS: Idaho Jurisdiction Power Cost Adjustment Mechanism (Details) - USD ($) | Jun. 01, 2019 | Jun. 01, 2018 | Jun. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018 |
Idaho Power Cost Adjustment Mechanism [Line Items] | |||||
Regulatory Liabilities | $ 782,185,000 | $ 764,877,000 | |||
Idaho Power Cost Adjustment | |||||
Idaho Power Cost Adjustment Mechanism [Line Items] | |||||
Percentage to be Shared with Customers | 95.00% | ||||
Percentage to be Shared with Entity | 5.00% | ||||
Approved Rate Increase (Decrease), Amount | $ (50,100,000) | $ (30,400,000) | $ 10,600,000 | ||
Regulatory Liabilities | $ 7,800,000 | $ 13,000,000 | |||
May 2018 Tax Reform Settlement Stipulation | Idaho Power Cost Adjustment | |||||
Idaho Power Cost Adjustment Mechanism [Line Items] | |||||
Regulatory Liabilities | 2,700,000 | ||||
October 2014 Idaho Settlement Stipulation | Idaho Power Cost Adjustment | |||||
Idaho Power Cost Adjustment Mechanism [Line Items] | |||||
Regulatory Liabilities | $ 5,025,000 |
REGULATORY MATTERS_ Idaho Base
REGULATORY MATTERS: Idaho Base Rate Changes (Details) - USD ($) $ in Thousands | Jun. 01, 2019 | Jun. 01, 2017 | Jul. 01, 2012 | Jan. 01, 2012 | Dec. 31, 2019 | Dec. 31, 2018 |
Idaho Base Rate Changes [Line Items] | ||||||
Regulatory Liabilities | $ 782,185 | $ 764,877 | ||||
2011 Idaho General Rate Case Settlement | ||||||
Idaho Base Rate Changes [Line Items] | ||||||
Authorized Rate of Return in Rate Case | 7.86% | |||||
Total Retail Rate Base | $ 2,360,000 | |||||
Approved Rate Increase (Decrease), Percentage | 4.07% | |||||
Approved Rate Increase (Decrease), Amount | $ 34,000 | |||||
IDAHO | Base rate adjustment request for potential Valmy closure [Member] [Member] | ||||||
Idaho Base Rate Changes [Line Items] | ||||||
Approved Rate Increase (Decrease), Amount | $ 1,200 | $ 13,300 | ||||
IDAHO | 2011 Idaho General Rate Case Settlement | ||||||
Idaho Base Rate Changes [Line Items] | ||||||
Approved Rate Increase (Decrease), Amount | $ 58,100 | |||||
Increase (Decrease) In Rate Base | $ 335,900 |
REGULATORY MATTERS_ October 201
REGULATORY MATTERS: October 2014 Idaho Settlement Stipulation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 | Oct. 31, 2014 | |
October 2014 Idaho Settlement Stipulation [Line Items] | |||||
Regulatory Liabilities | $ 782,185 | $ 764,877 | |||
October 2014 Idaho Settlement Stipulation | |||||
October 2014 Idaho Settlement Stipulation [Line Items] | |||||
Authorized Return on Equity in Rate Case, Minimum | 9.50% | ||||
Authorized Return on Equity in Rate Case, Mid-point | 10.00% | ||||
Investment Tax Credits, Maximum, in Rate Case | 45,000 | $ 45,000 | |||
Settlement agreement sharing mechanism | |||||
October 2014 Idaho Settlement Stipulation [Line Items] | |||||
Regulatory Liabilities | [1] | $ 0 | $ 5,025 | ||
IDAHO | October 2014 Idaho Settlement Stipulation | |||||
October 2014 Idaho Settlement Stipulation [Line Items] | |||||
Authorized Return on Equity in Rate Case, Minimum | 9.50% | ||||
Authorized Return on Equity in Rate Case, Mid-point | 10.00% | ||||
Authorized Return on Equity in Rate Case, Maximum | 10.50% | ||||
Investment Tax Credits Maximum In One Year In Rate Case | $ 25,000 | ||||
Investment Tax Credits, Maximum, in Rate Case | $ 45,000 | ||||
Percentage to be Shared with Customers | 75.00% | ||||
Percentage to be Shared with Entity | 25.00% | ||||
Percent To Be Shared With Customers, Power Cost Adjustment | 50.00% | ||||
Percent To Be Shared With Customers, Pension Balancing | 25.00% | ||||
Percentage of target ROE, minimum | 95.00% | ||||
Percentage of target ROE, maximum | 105.00% | ||||
IDAHO | May 2018 Tax Reform Settlement Stipulation | |||||
October 2014 Idaho Settlement Stipulation [Line Items] | |||||
Authorized Return on Equity in Rate Case, Minimum | 9.40% | ||||
Authorized Return on Equity in Rate Case, Mid-point | 10.00% | ||||
Authorized Return on Equity in Rate Case, Maximum | 10.50% | ||||
Investment Tax Credits Maximum In One Year In Rate Case | $ 25,000 | ||||
Investment Tax Credits, Maximum, in Rate Case | $ 45,000 | ||||
Percentage to be Shared with Customers | 80.00% | ||||
Percentage to be Shared with Entity | 20.00% | ||||
Percent To Be Shared With Customers, Power Cost Adjustment | 55.00% | ||||
Percent To Be Shared With Customers, Pension Balancing | 25.00% | ||||
Percentage of target ROE, minimum | 95.00% | ||||
Percentage of target ROE, maximum | 105.00% | ||||
[1] | This item is discussed in more detail in this Note 3 - "Regulatory Matters." |
REGULATORY MATTERS_ Idaho Fixed
REGULATORY MATTERS: Idaho Fixed Cost Adjustment (Details) - USD ($) $ in Millions | Jun. 01, 2019 | Jun. 01, 2018 | Jun. 01, 2017 |
Idaho Fixed Cost Adjustment [Line Items] | |||
Annual fixed cost adjustment mechanism deferral | $ 34.8 | $ 15.6 | $ 35 |
Idaho fixed cost adjustment mechanism | |||
Idaho Fixed Cost Adjustment [Line Items] | |||
Percentage cap on the FCA adjustment | 3.00% |
REGULATORY MATTERS_ Regulator_3
REGULATORY MATTERS: Regulatory Requests (Details) - USD ($) $ in Thousands | Jun. 01, 2020 | Jun. 01, 2019 | Jul. 01, 2017 | Jun. 01, 2017 | May 31, 2020 | May 31, 2019 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Public Utilities, General Disclosures [Line Items] | ||||||||||
Regulatory Liabilities | $ 782,185 | $ 764,877 | ||||||||
May 2018 Tax Reform Settlement Stipulation | IDAHO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Amortization of Regulatory Asset | $ 7,400 | |||||||||
Idaho and Oregon Rate Adjustment Request for Potential Valmy Closure | IDAHO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Approved Rate Increase (Decrease), Amount | $ 1,200 | $ 13,300 | ||||||||
Idaho and Oregon Rate Adjustment Request for Potential Valmy Closure | OREGON | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Approved Rate Increase (Decrease), Amount | $ 1,100 | |||||||||
Idaho Power Company | IDAHO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Asset Impairment Charges | $ 5,000 | |||||||||
Energy efficiency regulatory liability | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Regulatory Liabilities | [1] | $ 0 | $ 5,259 | |||||||
Post-2016 relicensing costs | Idaho Power Company | IDAHO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Asset Impairment Charges | 700 | |||||||||
Pre-2016 relicensing costs | Idaho Power Company | IDAHO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Asset Impairment Charges | 4,300 | |||||||||
Non-recurring | May 2018 Tax Reform Settlement Stipulation | IDAHO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Approved Rate Increase (Decrease), Amount | (7,800) | |||||||||
Non-recurring | Subsequent Event [Member] | May 2018 Tax Reform Settlement Stipulation | IDAHO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Approved Rate Increase (Decrease), Amount | $ (2,700) | |||||||||
Annual recurring | May 2018 Tax Reform Settlement Stipulation | IDAHO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Approved Rate Increase (Decrease), Amount | (18,700) | |||||||||
Annual recurring | May 2018 Tax Reform Settlement Stipulation | OREGON | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Approved Rate Increase (Decrease), Amount | $ (1,500) | |||||||||
Annual recurring | Subsequent Event [Member] | May 2018 Tax Reform Settlement Stipulation | OREGON | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Approved Rate Increase (Decrease), Amount | $ (1,500) | |||||||||
Maintenance and service agreements | Idaho Power Company | IDAHO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Asset Impairment Charges | 2,500 | |||||||||
Allowance for equity funds used during construction | Idaho Power Company | IDAHO | ||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||
Asset Impairment Charges | $ 2,500 | |||||||||
[1] | The energy efficiency asset includes the Oregon jurisdiction balance at December 31, 2019 and 2018. The Idaho jurisdiction balance was an asset at December 31, 2019, and a liability at December 31, 2018. |
REGULATORY MATTERS_ Oregon Base
REGULATORY MATTERS: Oregon Base Rate Changes (Details) - USD ($) $ in Millions | Jun. 01, 2020 | Jan. 01, 2020 | Jul. 01, 2017 | Oct. 01, 2012 | Mar. 01, 2012 | May 31, 2019 |
Oregon Base Rate Changes | ||||||
Oregon Base Rate Changes [Line Items] | ||||||
Approved Rate Increase (Decrease), Amount | $ 1.8 | |||||
Approved Return on Equity, Percentage | 9.90% | |||||
Authorized Rate of Return in Rate Case | 7.757% | |||||
OREGON | Base rate adjustment request for potential Valmy closure [Member] [Member] | ||||||
Oregon Base Rate Changes [Line Items] | ||||||
Approved Rate Increase (Decrease), Amount | $ 1.1 | |||||
OREGON | Oregon Base Rate Changes | ||||||
Oregon Base Rate Changes [Line Items] | ||||||
Approved Rate Increase (Decrease), Amount | $ 3 | |||||
Annual recurring | OREGON | Valmy Plant | ||||||
Oregon Base Rate Changes [Line Items] | ||||||
Approved Rate Increase (Decrease), Amount | $ 3.2 | $ 2.5 | ||||
Annual recurring | OREGON | May 2018 Tax Reform Settlement Stipulation | ||||||
Oregon Base Rate Changes [Line Items] | ||||||
Approved Rate Increase (Decrease), Amount | $ (1.5) | |||||
Subsequent Event [Member] | Annual recurring | OREGON | May 2018 Tax Reform Settlement Stipulation | ||||||
Oregon Base Rate Changes [Line Items] | ||||||
Approved Rate Increase (Decrease), Amount | $ (1.5) |
REGULATORY MATTERS_ Open Access
REGULATORY MATTERS: Open Access Transmission Tariff Rates (Details) - Federal Open Access Transmission Tariff Rates - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 |
Open Access Transmission Tariff Rates [Line Items] | ||||
Open Access Transmission Tariff Rate | $ 27.32 | $ 31.25 | $ 34.90 | $ 25.52 |
Net Annual Transmission Revenue Requirement | $ 107,000,000 |
REVENUES_ Electric utility op_2
REVENUES: Electric utility operating revenues (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | |||
Revenue from contracts with customers | $ 1,285,286,000 | $ 1,312,112,000 | $ 1,320,004,000 | |
Alternative revenue programs and other revenues | 57,654,000 | 54,470,000 | 24,889,000 | |
Electric utility revenues | $ 1,342,940,000 | $ 1,366,582,000 | $ 1,344,893,000 |
REVENUES_ Disaggregation of R_2
REVENUES: Disaggregation of Revenue (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2018 | Jun. 01, 2017 | ||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | $ 1,285,286,000 | $ 1,312,112,000 | $ 1,320,004,000 | |||
Contract with Customer, Asset, Credit Loss Expense (Reversal) | 2,600,000 | 3,600,000 | 4,700,000 | |||
Regulatory Liabilities | 782,185,000 | 764,877,000 | ||||
Regulatory Assets | 1,383,059,000 | 1,214,174,000 | ||||
Retail revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 1,130,611,000 | 1,175,152,000 | 1,205,976,000 | |||
Idaho fixed cost adjustment mechanism | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | [1] | (36,923,000) | (35,924,000) | (18,196,000) | ||
Wholesale energy sales | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 71,198,000 | 52,845,000 | 24,790,000 | |||
Transmission services (wheeling) | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 53,828,000 | 59,094,000 | 43,970,000 | |||
Energy efficiency program revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 40,128,000 | 35,703,000 | 39,241,000 | |||
Other revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 26,444,000 | 25,242,000 | 24,223,000 | |||
Residential Retail Revenue | Retail revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 526,966,000 | 530,527,000 | 552,333,000 | |||
Residential Retail Revenue | Idaho fixed cost adjustment mechanism | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 35,587,000 | 34,624,000 | 17,320,000 | |||
Commercial Retail Revenue | Retail revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 295,203,000 | 310,299,000 | 319,195,000 | |||
Commercial Retail Revenue | Idaho fixed cost adjustment mechanism | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 1,336,000 | 1,299,000 | 876,000 | |||
Industrial Retail Revenue | Retail revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 181,372,000 | 190,130,000 | 195,124,000 | |||
Irrigation Retail Revenue | Retail revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 135,850,000 | 158,001,000 | 150,030,000 | |||
Settlement agreement sharing mechanism | Retail revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 0 | (5,025,000) | 0 | |||
Deferred revenue-AFUDC | Retail revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | [2] | (8,780,000) | (8,780,000) | $ (10,706,000) | ||
IPUC authorized AFUDC Collection HCC Relicensing - Gross | Idaho Power Company | Hells Canyon Complex | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Regulatory Liabilities | 8,800,000 | $ 10,700,000 | $ 10,700,000 | |||
Energy efficiency regulatory liability | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Regulatory Liabilities | [3] | 0 | 5,259,000 | |||
Energy efficiency regulatory asset | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Regulatory Assets | [3] | 1,465,000 | $ 1,398,000 | |||
IDAHO | Energy efficiency regulatory asset | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Regulatory Assets | 300,000 | |||||
OREGON | Energy efficiency regulatory asset | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Regulatory Assets | $ 1,200,000 | |||||
[1] | The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers. | |||||
[2] | he IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service. Prior to the May 2018 Idaho Tax Reform Settlement Stipulation described in Note 3 - "Regulatory Matters," Idaho Power was collecting $10.7 million annually. | |||||
[3] | The energy efficiency asset includes the Oregon jurisdiction balance at December 31, 2019 and 2018. The Idaho jurisdiction balance was an asset at December 31, 2019, and a liability at December 31, 2018. |
REVENUES_ Alternative Revenue_2
REVENUES: Alternative Revenue Program and Other Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Alternative Revenue Program and Other Revenues [Line Items] | |||
Alternative revenue programs and other revenues | $ 57,654 | $ 54,470 | $ 24,889 |
Idaho fixed cost adjustment mechanism | |||
Alternative Revenue Program and Other Revenues [Line Items] | |||
Alternative revenue programs and other revenues | 36,923 | 35,924 | 18,196 |
Derivative revenues | |||
Alternative Revenue Program and Other Revenues [Line Items] | |||
Alternative revenue programs and other revenues | $ 20,731 | $ 18,546 | $ 6,693 |
LONG-TERM DEBT_ Long-term Deb_2
LONG-TERM DEBT: Long-term Debt Level 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | |||||
Total first mortgage bonds | $ 1,665,000 | $ 1,665,000 | |||
Pollution control revenue bonds Variable Rate Series 2000 due 2027 | 4,360 | 4,360 | |||
Total pollution control revenue bonds | 170,460 | 170,460 | |||
American Falls bond guarantee | 19,885 | 19,885 | |||
Unamortized issuance costs and discounts | (18,686) | (20,557) | |||
Total outstanding debt | [1] | 1,836,659 | 1,834,788 | ||
Current maturities of long-term debt | (100,000) | 0 | |||
Long-Term Debt | 1,736,659 | 1,834,788 | |||
Idaho Power Company | |||||
Debt Instrument [Line Items] | |||||
Long-Term Debt | $ 1,736,659 | $ 1,834,788 | |||
Effective cost of outstanding debt | 4.50% | 4.83% | |||
First mortgage bonds 3.40 Series due 2020 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 100,000 | $ 100,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | 3.40% | |||
First Mortgage Bonds 2.95 Series Due 2022 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 75,000 | $ 75,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | 2.95% | |||
First Mortgage Bonds 2.50 Series due 2023 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 75,000 | $ 75,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | 2.50% | |||
First mortgage bonds 6.00 Series due 2032 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 100,000 | $ 100,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | |||
First mortgage bonds 5.50 Series due 2033 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 70,000 | $ 70,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | |||
First mortgage bonds 5.50 Series due 2034 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 50,000 | $ 50,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | |||
First mortgage bonds 5.875 Series due 2034 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 55,000 | $ 55,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | |||
First mortgage bonds 5.30 Series due 2035 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 60,000 | $ 60,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | 5.30% | |||
First mortgage bonds 6.30 Series due 2037 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 140,000 | $ 140,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | 6.30% | |||
First mortgage bonds 6.25 Series due 2037 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 100,000 | $ 100,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | |||
First mortgage bonds 4.85 Series due 2040 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 100,000 | $ 100,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | 4.85% | |||
First Mortgage Bonds 4.30 Series Due 2042 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 75,000 | $ 75,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | 4.30% | |||
First Mortgage Bonds 4.00 Series due 2043 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 75,000 | $ 75,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | |||
First mortgage bonds 3.65% Series due 2045 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 250,000 | $ 250,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | 3.65% | |||
First mortgage bonds 4.05 Series due 2046 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 120,000 | $ 120,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.05% | 4.05% | |||
First Mortgage Bonds 4.20 K Series due 2048 | |||||
Debt Instrument [Line Items] | |||||
First mortgage bonds | $ 220,000 | $ 220,000 | $ 220,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | 4.20% | 4.20% | ||
Pollution Control Bonds 1.45 due 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 1.45% | 5.15% | ||
Pollution control revenue bonds 5.15 Series due 2024 | [2] | $ 49,800 | $ 49,800 | ||
Pollution Control Bonds 1.45 due 2024 | Idaho Power Company | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | ||||
Pollution Control Bond 1.70 due 2026 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 1.70% | 5.25% | ||
Pollution control revenue bonds 5.25 Series due 2026 | [2] | $ 116,300 | $ 116,300 | ||
Pollution Control Bond 1.70 due 2026 | Idaho Power Company | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||
Secured debt including Humboldt County and Sweetwater County pollution control revenue bonds | |||||
Debt Instrument [Line Items] | |||||
Total first mortgage bonds | $ 1,831,000 | ||||
[1] | At December 31, 2019 and 2018 , the overall effective cost rate of Idaho Power's outstanding debt was 4.50 percent and 4.83 percent , respectively. | ||||
[2] | Humboldt County and Sweetwater County Pollution Control Revenue Bonds are secured by the first mortgage, bringing the total first mortgage bonds outstanding at December 31, 2019 , to $1.831 billion . These two bonds were purchased and remarketed in August of 2019. See "Long-Term Debt Issuances, Maturities, and Redemptions" below. |
LONG-TERM DEBT_ Maturities of L
LONG-TERM DEBT: Maturities of Long-term Debt Level 4 (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 100,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 75,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 75,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 49,800 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 1,555,545 |
LONG-TERM DEBT_ Long-term deb_3
LONG-TERM DEBT: Long-term debt narrative Level 4 (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Mar. 31, 2018 | May 19, 2016 | ||
Debt Instrument [Line Items] | ||||||||
Make-Whole Premium | $ 0 | $ 4,607 | $ 0 | |||||
Repayments of Debt | 166,100 | 130,000 | 1,064 | |||||
First Mortgage Bonds 4.20 K Series due 2048 | ||||||||
Debt Instrument [Line Items] | ||||||||
First mortgage bonds | $ 220,000 | $ 220,000 | $ 220,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | 4.20% | 4.20% | |||||
First mortgage bonds 4.20% Series due 2046 | ||||||||
Debt Instrument [Line Items] | ||||||||
First mortgage bonds | $ 120,000 | $ 120,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.05% | 4.05% | ||||||
Pollution Control Bonds 5.15 due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 1.45% | 5.15% | |||||
Pollution Control Bond 5.25 due 2026 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 1.70% | 5.25% | |||||
Idaho Power Company | ||||||||
Debt Instrument [Line Items] | ||||||||
Make-Whole Premium | $ 0 | $ 4,607 | 0 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.50% | 4.83% | ||||||
Repayments of Debt | $ 166,100 | $ 130,000 | $ 1,064 | |||||
Principal amount of debt securities and first mortgage bonds authorized | $ 500,000 | |||||||
Extension Period of State Regulatory Authorization to Issue Debt | 2 years | |||||||
Debt instrument interest rate limit | 7.00% | |||||||
Indenture, Unused Borrowing Capacity, Amount | $ 1,900,000 | |||||||
Percent of Operating Revenues Required to be Spent or Appropriated | 15.00% | |||||||
Time Period Expenditures or Appropriations can be Made Up | 5 years | |||||||
Bonds issuable maximum amount ending | $ 2,500,000 | $ 2,000,000 | ||||||
Earnings test does not apply to refunding bonds that mature in less than this period of time | 2 years | |||||||
Indenture, Unused Borrowing Capacity available | $ 669,000 | |||||||
Idaho Power Company | First mortgage bonds 4.50 Series due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||||
Repayments of Debt | $ 130,000 | |||||||
Idaho Power Company | Pollution Control Bonds 5.15 due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | |||||||
Repayments of Debt | $ 49,800 | |||||||
Idaho Power Company | Humboldt County Pollution Control Revenue Bonds [Domain] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.45% | |||||||
Idaho Power Company | Pollution Control Bond 5.25 due 2026 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||||||
Repayments of Debt | $ 116,300 | |||||||
Idaho Power Company | Sweetwater County Pollution Control Revenue Bond due 2026 1.7 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.70% | |||||||
[1] | Humboldt County and Sweetwater County Pollution Control Revenue Bonds are secured by the first mortgage, bringing the total first mortgage bonds outstanding at December 31, 2019 , to $1.831 billion . These two bonds were purchased and remarketed in August of 2019. See "Long-Term Debt Issuances, Maturities, and Redemptions" below. |
NOTES PAYABLE_ Notes Payable _2
NOTES PAYABLE: Notes Payable Level 4 (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 06, 2024yr | |
Credit facility: | ||
Extension Period of Credit Agreements | 1 year | |
Prime Rate | ||
Credit facility: | ||
Debt Instrument, Description of Variable Rate Basis | prime rate | |
Federal Funds Rate | ||
Credit facility: | ||
Debt Instrument, Description of Variable Rate Basis | federal funds rate | |
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
LIBOR Rate | ||
Credit facility: | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR Market Index rate | |
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
LIBOR rate floor | 0.00% | |
IDACORP | ||
Credit facility: | ||
Credit facility | $ 100,000,000 | |
Swingline Loan, Maximum Principal Outstanding | 10,000,000 | |
Letter of Credit, Maximum Borrowing Capacity | 50,000,000 | |
Line of Credit Facility, Right to Increase Borrowing Capacity | 150,000,000 | |
Amount outstanding on credit facility | 0 | |
Idaho Power Company | ||
Credit facility: | ||
Credit facility | 300,000,000 | |
Swingline Loan, Maximum Principal Outstanding | 30,000,000 | |
Letter of Credit, Maximum Borrowing Capacity | 50,000,000 | |
Line of Credit Facility, Right to Increase Borrowing Capacity | 450,000,000 | |
Amount outstanding on credit facility | 0 | |
Regulatory authority to incur short-term indebtedness | $ 450,000,000 | |
Subsequent Event [Member] | ||
Credit facility: | ||
Number of extensions of credit agreement | yr | 2 |
COMMON STOCK_ Common Stock, Num
COMMON STOCK: Common Stock, Number of Shares, Par Value and Other Disclosures (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
Common Stock, Shares, Issued | 50,420,017 | 50,420,017 | 50,420,017 |
Shares issued during the year | 0 | ||
Common Stock, Shares, Issued | 50,420,017 | 50,420,017 | 50,420,017 |
Continuous equity program (inactive) | |||
Class of Stock [Line Items] | |||
Shares issued during the year | 0 | 0 | 0 |
Shares reserved for future issuance | 3,000,000 | ||
Dividend reinvestment and stock purchase plan | |||
Class of Stock [Line Items] | |||
Shares issued during the year | 0 | 0 | 0 |
Shares reserved for future issuance | 2,576,723 | ||
Employee savings plan | |||
Class of Stock [Line Items] | |||
Shares issued during the year | 0 | 0 | 0 |
Shares reserved for future issuance | 3,567,954 | ||
Long-term incentive and compensation plan | |||
Class of Stock [Line Items] | |||
Shares issued during the year | 0 | 0 | 0 |
Shares reserved for future issuance | 1,356,729 |
COMMON STOCK_ Common Stock Narr
COMMON STOCK: Common Stock Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | |
Class of Stock [Line Items] | |||
Shares granted (in shares) | 70,419 | 75,761 | 72,397 |
Shares awarded to directors | 9,594 | 12,950 | 12,050 |
Shares issued during the year | 0 | ||
IDACORP | |||
Class of Stock [Line Items] | |||
Maximum leverage ratio requirement | 0.65 | ||
Leverage ratio | 0.43 | ||
Amount dividends were limited to based on covenant restrictions | $ | $ 1,500,000 | ||
Idaho Power Company | |||
Class of Stock [Line Items] | |||
Capital contribution from parent | $ | $ 0 | $ 0 | $ 0 |
Maximum leverage ratio requirement | 0.65 | 0.65 | 0.65 |
Leverage ratio | 0.45 | ||
Amount dividends were limited to based on covenant restrictions | $ | $ 1,300,000 | ||
Percentage of capital threshold below which Idaho Power will not pay dividends to IDACORP | 0.35 | ||
Equity Capital Ratio | 0.55 | ||
Shares of preferred stock outstanding | 0 |
SHARE-BASED COMPENSATION Schedu
SHARE-BASED COMPENSATION Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Shares granted (in shares) | 70,419 | 75,761 | 72,397 |
Restricted stock plan | IDACORP | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested shares, beginning (in shares) | 206,035 | ||
Shares granted (in shares) | 98,868 | ||
Shares forfeited (in shares) | (4,640) | ||
Shares vested (in shares) | (97,353) | ||
Nonvested shares, ending (in shares) | 202,910 | 206,035 | |
Nonvested shares, period start - weighted average grant-date fair value (in dollars per share) | $ 81.31 | ||
Shares granted - weighted average grant-date fair value (in dollars per share) | 92.58 | ||
Shares forfeited - weighted average grant-date fair value (in dollars per share) | 94.57 | ||
Shares vested - weighted average grant-date fair value (in dollars per share) | 71.95 | ||
Nonvested shares, period end - weighted average grant-date fair value (in dollars per share) | $ 90.99 | $ 81.31 | |
Restricted stock plan | Idaho Power Company | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested shares, beginning (in shares) | 204,859 | ||
Shares granted (in shares) | 98,362 | ||
Shares forfeited (in shares) | (4,640) | ||
Shares vested (in shares) | (96,761) | ||
Nonvested shares, ending (in shares) | 201,820 | 204,859 | |
Nonvested shares, period start - weighted average grant-date fair value (in dollars per share) | $ 81.31 | ||
Shares granted - weighted average grant-date fair value (in dollars per share) | 92.59 | ||
Shares forfeited - weighted average grant-date fair value (in dollars per share) | 94.57 | ||
Shares vested - weighted average grant-date fair value (in dollars per share) | 71.95 | ||
Nonvested shares, period end - weighted average grant-date fair value (in dollars per share) | $ 90.99 | $ 81.31 |
SHARE-BASED COMPENSATION Sche_2
SHARE-BASED COMPENSATION Schedule of Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation cost | $ 8,788 | $ 9,362 | $ 7,384 |
IDACORP | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation cost | 8,788 | 9,362 | 7,384 |
Income tax benefit | 2,262 | 2,410 | 2,887 |
Idaho Power Company | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation cost | 8,639 | 9,276 | 7,304 |
Income tax benefit | $ 2,224 | $ 2,388 | $ 2,856 |
SHARE-BASED COMPENSATION Shar_3
SHARE-BASED COMPENSATION Share-based Compensation Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Percent of target award, minimum | 0.00% | ||
Shares awarded to directors | 9,594 | 12,950 | 12,050 |
Equity compensation costs capitalized | $ 0 | ||
Restricted stock plan | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period of restricted stock awards | 3 years | ||
Percent of target award, minimum | 0.00% | 0.00% | 0.00% |
Percent of target award, maximum | 200.00% | 200.00% | 200.00% |
Total fair value of shares vested (in shares) | $ 9,400 | $ 8,300 | $ 7,500 |
Period over which unrecognized compensation cost will be recognized (in years) | 1 year 8 months 14 days 14 hours 24 minutes | ||
Restricted stock plan | Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Shares awarded to directors | 9,594 | ||
Shares granted - weighted average grant-date fair value (in dollars per share) | $ 98.41 | ||
Deferred shares (in shares) | 3,198 | ||
Restricted stock plan | IDACORP | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Unrecognized compensation cost | $ 7,900 | ||
Shares granted - weighted average grant-date fair value (in dollars per share) | $ 92.58 | ||
Restricted stock plan | Idaho Power Company | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Unrecognized compensation cost | $ 7,800 | ||
Shares granted - weighted average grant-date fair value (in dollars per share) | $ 92.59 | ||
Share-based Payment Arrangement [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Maximum shares outstanding (in shares) | 613,394 | ||
Vesting period of performance-based awards | 3 years |
EARNINGS PER SHARE_ Earnings _2
EARNINGS PER SHARE: Earnings Per Share Level 4 (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||
Net income attributable to IDACORP, Inc. | $ 232,854 | $ 226,801 | $ 212,419 |
Denominator: | |||
Weighted Average Common Shares Outstanding - Basic (in shares) | 50,502 | 50,432 | 50,361 |
Effect of Dilutive Securities (in shares) | 35 | 78 | 63 |
Weighted Average Common Shares Outstanding - Diluted (in shares) | 50,537 | 50,510 | 50,424 |
Earnings Attributable to IDACORP, Inc. - Basic (in dollars per share) | $ 4.61 | $ 4.50 | $ 4.22 |
Earnings Attributable to IDACORP, Inc. - Diluted (in dollars per share) | $ 4.61 | $ 4.49 | $ 4.21 |
COMMITMENTS_ Commitments Leve_2
COMMITMENTS: Commitments Level 4 (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)MWh | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2022MWh | |
Bridger Coal Company | ||||
Long-term Purchase Commitment | ||||
IERCo guarantee of BCC reclamation obligation | $ 175,000 | |||
Distributions from Reclamation Trust Fund | 0 | |||
Guarantor Obligations Total Reclamation Trust Fund | $ 139,500 | |||
Idaho Power Company | ||||
Long-term Purchase Commitment | ||||
Range of contract length, mimimum | 1 year | |||
Range of contract length, maximum | 35 years | |||
Utilities Operating Expense, Purchased Power under Long-term Contracts | $ 187,000 | $ 190,000 | $ 170,000 | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 33.00% | |||
IERCo guarantee of BCC reclamation obligation | $ 58,300 | |||
Idaho Power Company | Joint-operating agreement payment [Member] | ||||
Long-term Purchase Commitment | ||||
Purchase Obligation Estimated Due Current | 2,678 | |||
Purchase Obligation Estimated Future Payments Due In Two Years | 2,678 | |||
Purchase Obligation Estimated Future Payments Due In Three Years | 2,678 | |||
Purchase Obligation Estimated Future Payments Due In Four Years | 2,678 | |||
Purchase Obligation Estimated Future Payments Due In Five Years | 2,678 | |||
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter | 13,391 | |||
Idaho Power Company | Easements and Other payments [Member] | ||||
Long-term Purchase Commitment | ||||
Purchase Obligation Estimated Due Current | 269 | |||
Purchase Obligation Estimated Future Payments Due In Two Years | 1,124 | |||
Purchase Obligation Estimated Future Payments Due In Three Years | 1,072 | |||
Purchase Obligation Estimated Future Payments Due In Four Years | 1,062 | |||
Purchase Obligation Estimated Future Payments Due In Five Years | 1,055 | |||
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter | 16,408 | |||
Idaho Power Company | Other operations and maintenance | ||||
Long-term Purchase Commitment | ||||
Purchase Obligation Estimated Due Current | 47,547 | |||
Purchase Obligation Estimated Future Payments Due In Two Years | 13,797 | |||
Purchase Obligation Estimated Future Payments Due In Three Years | 16,468 | |||
Purchase Obligation Estimated Future Payments Due In Four Years | 7,143 | |||
Purchase Obligation Estimated Future Payments Due In Five Years | 7,354 | |||
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter | 55,768 | |||
Idaho Power Company | FERC and other industry-related fees | ||||
Long-term Purchase Commitment | ||||
Purchase Obligation Estimated Due Current | 14,178 | |||
Purchase Obligation Estimated Future Payments Due In Two Years | 13,874 | |||
Purchase Obligation Estimated Future Payments Due In Three Years | 13,056 | |||
Purchase Obligation Estimated Future Payments Due In Four Years | 13,056 | |||
Purchase Obligation Estimated Future Payments Due In Five Years | 13,056 | |||
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter | $ 65,278 | |||
Idaho Power Company | CSPP on-line [Member] | ||||
Long-term Purchase Commitment | ||||
Nameplate Capacity (in MW) | MWh | 1,136 | |||
Idaho Power Company | Cogeneration and power production | ||||
Long-term Purchase Commitment | ||||
Purchase Obligation Estimated Due Current | $ 241,835 | |||
Purchase Obligation Estimated Future Payments Due In Two Years | 248,481 | |||
Purchase Obligation Estimated Future Payments Due In Three Years | 251,964 | |||
Purchase Obligation Estimated Future Payments Due In Four Years | 262,735 | |||
Purchase Obligation Estimated Future Payments Due In Five Years | 266,061 | |||
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter | 2,739,123 | |||
Idaho Power Company | Fuel purchase commitments | ||||
Long-term Purchase Commitment | ||||
Purchase Obligation Estimated Due Current | 55,693 | |||
Purchase Obligation Estimated Future Payments Due In Two Years | 36,069 | |||
Purchase Obligation Estimated Future Payments Due In Three Years | 8,389 | |||
Purchase Obligation Estimated Future Payments Due In Four Years | 8,379 | |||
Purchase Obligation Estimated Future Payments Due In Five Years | 8,371 | |||
Purchase Obligation Estimated Future Payments Due In Six Years And Thereafter | 75,074 | |||
Forecast [Member] | Capacity [Member] | Idaho Power Company | CSPP not on-line [Member] | ||||
Long-term Purchase Commitment | ||||
Nameplate Capacity (in MW) | MWh | 11 | |||
Contracts with no expiration [Member] | Idaho Power Company | Joint-operating agreement payment [Member] | ||||
Long-term Purchase Commitment | ||||
Purchase Obligation | 27,000 | |||
Contracts with no expiration [Member] | Idaho Power Company | Other operations and maintenance | ||||
Long-term Purchase Commitment | ||||
Purchase Obligation | 48,000 | |||
Contracts with no expiration [Member] | Idaho Power Company | FERC and other industry-related fees | ||||
Long-term Purchase Commitment | ||||
Purchase Obligation | $ 131,000 |
BENEFIT PLANS_ Schedule Defined
BENEFIT PLANS: Schedule Defined Benefit Plans Disclosures (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Noncurrent liabilities | $ (519,570,000) | $ (431,475,000) | ||
Less amount recorded as regulatory assets | 1,383,059,000 | 1,214,174,000 | ||
Pension Plan | ||||
Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at January 1 | 951,857,000 | 999,344,000 | ||
Service cost | 34,061,000 | 37,836,000 | $ 33,742,000 | |
Interest cost | 42,312,000 | 38,833,000 | 38,957,000 | |
Actuarial (gain) loss | 147,784,000 | (84,758,000) | ||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | ||
Benefits Paid | 41,262,000 | 39,398,000 | ||
Projected benefit obligation at December 31 | 1,134,752,000 | 951,857,000 | 999,344,000 | |
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value at January 1 | 650,604,000 | 697,683,000 | ||
Actual return (loss) on plan assets | 113,777,000 | (47,681,000) | ||
Employer contributions | 40,000,000 | 40,000,000 | ||
Benefits Paid | (41,262,000) | (39,398,000) | ||
Fair value at December 31 | 763,119,000 | 650,604,000 | 697,683,000 | |
Funded status at end of year | (371,633,000) | (301,253,000) | ||
Other current liabilities | 0 | 0 | ||
Noncurrent liabilities | (371,633,000) | (301,253,000) | ||
Net amount recognized | (371,633,000) | (301,253,000) | ||
Net loss | 347,785,000 | 278,720,000 | ||
Prior service cost | 56,000 | 62,000 | ||
Subtotal | 347,841,000 | 278,782,000 | ||
Less amount recorded as regulatory assets | [1] | 347,841,000 | 278,782,000 | |
Net amount recognized in accumulated other comprehensive income | 0 | 0 | ||
Accumulated benefit obligation | 958,586,000 | 814,549,000 | ||
Senior Management Security Plan | ||||
Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at January 1 | 102,318,000 | 110,303,000 | ||
Service cost | (181,000) | (316,000) | 759,000 | |
Interest cost | 4,575,000 | 4,248,000 | 4,315,000 | |
Actuarial (gain) loss | 17,888,000 | (7,050,000) | ||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 2,839,000 | 0 | ||
Benefits Paid | 4,996,000 | 4,867,000 | ||
Projected benefit obligation at December 31 | 122,443,000 | 102,318,000 | 110,303,000 | |
Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value at January 1 | 0 | 0 | ||
Actual return (loss) on plan assets | 0 | 0 | ||
Employer contributions | 0 | 0 | ||
Benefits Paid | 0 | 0 | ||
Fair value at December 31 | 0 | 0 | $ 0 | |
Funded status at end of year | (122,443,000) | (102,318,000) | ||
Other current liabilities | (5,911,000) | (5,158,000) | ||
Noncurrent liabilities | (116,532,000) | (97,160,000) | ||
Net amount recognized | (122,443,000) | (102,318,000) | ||
Net loss | 45,851,000 | 30,496,000 | ||
Prior service cost | 3,143,000 | 399,000 | ||
Subtotal | 48,994,000 | 30,895,000 | ||
Less amount recorded as regulatory assets | 0 | 0 | ||
Net amount recognized in accumulated other comprehensive income | 48,994,000 | 30,895,000 | ||
Accumulated benefit obligation | $ 109,966,000 | $ 94,630,000 | ||
[1] | Changes in the funded status of the pension plan that would be recorded in accumulated other comprehensive income for an unregulated entity are recorded as a regulatory asset for Idaho Power as Idaho Power believes it is probable that an amount equal to the regulatory asset will be collected through the setting of future rates. |
BENEFIT PLANS_ Defined Benefit
BENEFIT PLANS: Defined Benefit Plan, Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Defined Benefit Plan Disclosure | |||||
Net periodic benefit cost | $ 10,976 | $ 15,781 | [1] | $ 11,194 | |
Pension Plan | |||||
Defined Benefit Plan Disclosure | |||||
Service cost | 34,061 | 37,836 | 33,742 | ||
Interest cost | 42,312 | 38,833 | 38,957 | ||
Expected return on plan assets | 48,623 | 52,302 | 45,138 | ||
Amortization of net loss | (13,564) | (13,558) | (13,190) | ||
Amortization of prior service cost | 6 | 6 | 28 | ||
Net periodic benefit cost | 41,320 | 37,931 | 40,779 | ||
Regulatory deferral of net periodic benfit cost | [2] | 39,379 | 36,153 | 38,699 | |
Previously deferred pension cost recognized | [2] | 17,154 | 17,154 | 17,154 | |
Net periodic benefit cost recognized for financial reporting | [2],[3] | 19,095 | 18,932 | 19,234 | |
Pension and SMSP | |||||
Defined Benefit Plan Disclosure | |||||
NetServiceCostDefinedBenefitPlan | 15,100 | 15,200 | 16,200 | ||
otherexpensedefinedbenefitplanbenefitcost | 11,000 | 11,600 | 11,200 | ||
Senior Management Security Plan | |||||
Defined Benefit Plan Disclosure | |||||
Service cost | (181) | (316) | 759 | ||
Interest cost | 4,575 | 4,248 | 4,315 | ||
Expected return on plan assets | 0 | 0 | 0 | ||
Amortization of net loss | (2,533) | (3,788) | (2,963) | ||
Amortization of prior service cost | 96 | 98 | 127 | ||
Net periodic benefit cost | 7,023 | 7,818 | 8,164 | ||
Regulatory deferral of net periodic benfit cost | 0 | 0 | 0 | ||
Net periodic benefit cost recognized for financial reporting | [3] | $ 7,023 | $ 7,818 | $ 8,164 | |
[1] | The 2018 pension and postretirement non-service costs includes $4.2 million of expense for a temporary deviation from the cost-sharing provisions of the substantive postretirement plan as described in Note 12 - "Benefit Plans." | ||||
[2] | Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. | ||||
[3] | Of total net periodic benefit cost recognized for financial reporting $15.1 million , $15.2 million , and $16.2 million respectively, was recognized in "Other operations and maintenance" and $11.0 million , and $11.6 million , and $11.2 million respectively, was recognized in "Other expense, net" on the consolidated statements of income of the companies for the twelve months ended December 31, 2019 , 2018 , and 2017 . |
BENEFIT PLANS_ Schedule of Amou
BENEFIT PLANS: Schedule of Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Reclassification adjustments for: | ||||
Unfunded pension liability adjustment, net of tax | $ 13,440 | $ (8,120) | $ 5,990 | |
Pension Plan | ||||
Defined Benefit Plan Disclosure | ||||
Actuarial (loss) gain during the year | (82,631) | (15,226) | (26,608) | |
Plan amendment service cost | 0 | 0 | 0 | |
Reclassification adjustments for: | ||||
Amortization of net loss | 13,564 | 13,558 | 13,190 | |
Amortization of prior service cost | 6 | 6 | 28 | |
Adjustment for deferred tax effects | 17,776 | 428 | 1,744 | |
Adjustment due to the effects of regulation | 51,285 | 1,234 | 11,646 | |
Unfunded pension liability adjustment, net of tax | 0 | 0 | 0 | |
Senior Management Security Plan | ||||
Defined Benefit Plan Disclosure | ||||
Actuarial (loss) gain during the year | (17,888) | 7,049 | (10,635) | |
Plan amendment service cost | (2,839) | 0 | 0 | |
Reclassification adjustments for: | ||||
Amortization of net loss | 2,533 | 3,788 | 2,963 | |
Amortization of prior service cost | 96 | 98 | 127 | |
Adjustment for deferred tax effects | 4,658 | (2,815) | 1,555 | |
Adjustment due to the effects of regulation | 0 | 0 | 0 | |
Unfunded pension liability adjustment, net of tax | (13,440) | 8,120 | (5,990) | |
Postretirement Benefits | ||||
Defined Benefit Plan Disclosure | ||||
Actuarial (loss) gain during the year | (249) | (1,109) | (2,964) | |
Plan amendment service cost | 0 | 0 | (212) | |
Reclassification adjustments for: | ||||
Immediate Recognition of loss from temporary deviation | 0 | 4,216 | [1],[2] | 0 |
Amortization of prior service cost | 48 | 47 | 47 | |
Adjustment for deferred tax effects | 52 | 270 | 807 | |
Adjustment due to the effects of regulation | 149 | (3,424) | 2,322 | |
Unfunded pension liability adjustment, net of tax | $ 0 | $ 0 | $ 0 | |
[1] | In 2018, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other expense, net" on the consolidated statements of income of the companies. | |||
[2] | In 2018, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other expense, net" on the consolidated statements of income of the companies. |
BENEFIT PLANS_ Defined Benefi_2
BENEFIT PLANS: Defined Benefit Plan, Estimated Future Benefit Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Plan | ||
Defined Benefit Plan Disclosure | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $ 40,727 | |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 42,674 | |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 44,576 | |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 46,670 | |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 48,694 | |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 273,700 | |
Senior Management Security Plan | ||
Defined Benefit Plan Disclosure | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 6,010 | |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 6,186 | |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 6,281 | |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 6,700 | |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 6,724 | |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | $ 33,304 | |
Forecast [Member] | Pension Plan | ||
Defined Benefit Plan Disclosure | ||
Defined Benefit Plan, Minimum Funding Requirement for Next Fiscal Year | $ 14,000 |
BENEFIT PLANS_ Schedule of Defi
BENEFIT PLANS: Schedule of Defined Benefit Plan Disclosures, Other Postretirment Benefit Plans (Details) - Postretirement Benefits - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Change in Benefit Obligation [Roll Forward] | ||||||
Benefit obligation at January 1 | $ 66,453 | $ 70,051 | ||||
Service cost | 853 | 1,051 | $ 973 | |||
Interest cost | 2,989 | 2,643 | 2,783 | |||
Actuarial loss (gain) | 5,298 | (2,688) | ||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | [1] | (4,564) | (4,604) | |||
Defined Benefit Plan, Accumulated Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | |||||
Projected benefit obligation at December 31 | 71,029 | 66,453 | 70,051 | |||
Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair value at January 1 | 33,391 | [2] | 38,294 | |||
Actual return (loss) on plan assets | 7,269 | (1,330) | ||||
Employer contributions | [1] | (3,529) | (1,031) | |||
Benefits Paid | [1] | (4,564) | (4,604) | |||
Fair value at December 31 | 39,625 | [2] | 33,391 | [2] | $ 38,294 | |
Funded status at end of year | (31,404) | (33,062) | ||||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | $ 3,300 | $ 3,100 | ||||
[1] | Contributions and benefits paid are each net of $3.3 million and $3.1 million of plan participant contributions for 2019 and 2018 , respectively. | |||||
[2] | The postretirement benefits assets are primarily life insurance contracts. |
BENEFIT PLANS_ Amounts recogniz
BENEFIT PLANS: Amounts recognized in accumulated other comprehensive income, other postretirement plan (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure | ||
Regulatory Assets | $ 1,383,059 | $ 1,214,174 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure | ||
Net (loss) gain | (81) | (330) |
Prior service cost | 174 | 222 |
Subtotal | 93 | (108) |
Regulatory Assets | (93) | (108) |
Net amount recognized in accumulated other comprehensive income | $ 0 | $ 0 |
BENEFIT PLANS_ Defined Benefi_3
BENEFIT PLANS: Defined Benefit Plan, Net Periodic Benefit Cost, Other Postretirement Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Net periodic benefit cost | $ 10,976 | $ 15,781 | [1] | $ 11,194 |
Postretirement Benefits | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Service cost | 853 | 1,051 | 973 | |
Interest cost | 2,989 | 2,643 | 2,783 | |
Expected return on plan assets | (2,220) | (2,467) | (2,307) | |
Immediate Recognition of loss from temporary deviation | 0 | 4,216 | [2],[3] | 0 |
Amortization of prior service cost | 48 | 47 | 47 | |
Net periodic benefit cost | $ 1,670 | $ 5,490 | $ 1,496 | |
[1] | The 2018 pension and postretirement non-service costs includes $4.2 million of expense for a temporary deviation from the cost-sharing provisions of the substantive postretirement plan as described in Note 12 - "Benefit Plans." | |||
[2] | In 2018, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other expense, net" on the consolidated statements of income of the companies. | |||
[3] | In 2018, a loss associated with a temporary deviation from the cost-sharing provisions of the substantive plan was recognized in "Other expense, net" on the consolidated statements of income of the companies. |
BENEFIT PLANS_ Expected future
BENEFIT PLANS: Expected future benefit payments and prescription drug benefits (Details) - Postretirement Benefits $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $ 5,552 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 4,932 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 4,750 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 4,532 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 4,289 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | $ 19,133 |
BENEFIT PLANS_ Defined Benefi_4
BENEFIT PLANS: Defined Benefit Plan, Assumptions Used in Calculations, Benefit Obligations (Details) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Pension Plan | ||||
Defined Benefit Plan Disclosure | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.50% | 7.50% | 7.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.60% | 4.55% | ||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | [1] | 4.37% | 4.25% | |
Defined Benefit Plan, Plan Assets, Accounting Policy Election, Measurement Date | Dec. 31, 2019 | Dec. 31, 2018 | ||
Senior Management Security Plan | ||||
Defined Benefit Plan Disclosure | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 0.00% | 0.00% | 0.00% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.65% | 4.60% | ||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | [1] | 4.75% | 4.75% | |
Defined Benefit Plan, Plan Assets, Accounting Policy Election, Measurement Date | Dec. 31, 2019 | Dec. 31, 2018 | ||
Postretirement Benefits | ||||
Defined Benefit Plan Disclosure | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.75% | 6.75% | 6.75% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.60% | 4.60% | ||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | [1] | 0.00% | 0.00% | |
Postretirement Benefit, Medical Trend Rate | 6.70% | 6.30% | 6.80% | |
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 4.00% | 4.00% | ||
Defined Benefit Plan, Plan Assets, Accounting Policy Election, Measurement Date | Dec. 31, 2019 | Dec. 31, 2018 | ||
Inflation rate | Pension Plan | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 2.40% | |||
Composite merit increase | Pension Plan | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 1.97% | |||
Merit salary increase first year of service | Pension Plan | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 8.00% | |||
Merit salary increase fortieth year of service and beyond | Pension Plan | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.60% | |||
[1] | The 2019 rate of compensation increase assumption for the pension plan includes an inflation component of 2.40% plus a 1.97% composite merit increase component that is based on employees' years of service. Merit salary increases are assumed to be 8.0% for employees in their first year of service and scale down to 0.6% for employees in their fortieth year of service and beyond. |
BENEFIT PLANS_ Defined Benefi_5
BENEFIT PLANS: Defined Benefit Plan, Assumptions Used in Calculations, Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.55% | 3.95% | 4.45% |
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% | 7.50% | 7.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.37% | 4.25% | 4.17% |
Senior Management Security Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.60% | 3.95% | 4.45% |
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 0.00% | 0.00% | 0.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.75% | 4.75% | 4.75% |
Postretirement Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.60% | 3.95% | 4.45% |
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.75% | 6.75% | 6.75% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 0.00% | 0.00% | 0.00% |
Postretirement Benefit, Medical Trend Rate | 6.70% | 6.30% | 6.80% |
Postretirement Benefit, Dental Trend Rate | 4.00% | 4.00% | 4.00% |
BENEFIT PLANS_ Defined Benefi_6
BENEFIT PLANS: Defined Benefit Plan, Information about Plan Assets, Allocation Percentages (Details) - Pension Plan | Dec. 31, 2019 |
Defined Benefit Plan Disclosure | |
Target Allocation Percentage of Assets | 100.00% |
Actual Plan Asset Allocations | 100.00% |
Debt Securities | |
Defined Benefit Plan Disclosure | |
Target Allocation Percentage of Assets | 24.00% |
Actual Plan Asset Allocations | 23.00% |
Equity Securities | |
Defined Benefit Plan Disclosure | |
Target Allocation Percentage of Assets | 56.00% |
Actual Plan Asset Allocations | 59.00% |
Real Estate | |
Defined Benefit Plan Disclosure | |
Target Allocation Percentage of Assets | 7.00% |
Actual Plan Asset Allocations | 6.00% |
Other plan assets | |
Defined Benefit Plan Disclosure | |
Target Allocation Percentage of Assets | 13.00% |
Actual Plan Asset Allocations | 12.00% |
BENEFIT PLANS_ Information abou
BENEFIT PLANS: Information about Plan Assets, Fair Value of Plan Assets by Measurement (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Pension Plan | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | $ 763,119 | $ 650,604 | $ 697,683 | |||
Pension Plan | Cash and Cash Equivalents | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 10,878 | 9,717 | ||||
Pension Plan | Short-term bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 21,628 | 20,644 | ||||
Pension Plan | Intermediate Bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 157,300 | 108,241 | ||||
Pension Plan | Long-term bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 40,857 | ||||
Pension Plan | Equity Securities: Large Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 92,852 | 71,176 | ||||
Pension Plan | Equity Securities: Mid Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 81,663 | 71,419 | ||||
Pension Plan | Equity Securities: Small Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 67,075 | 53,401 | ||||
Pension Plan | Equity Securities: Micro-Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 31,469 | 30,387 | ||||
Pension Plan | Equity Securities: International | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 13,817 | 7,104 | ||||
Pension Plan | Defined Benefit Plan, Equity Securities, Non-US [Member] | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 8,245 | 6,519 | ||||
Pension Plan | Equity Securities: Emerging Markets | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 40,059 | 29,757 | ||||
Pension Plan | Comingled Fund: Commodities Investment | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 34,793 | 30,842 | ||||
Pension Plan | Real Estate | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 47,570 | 39,846 | ||||
Pension Plan | Private market investments | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 40,795 | 35,041 | ||||
Postretirement Benefits | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 39,625 | [1] | 33,391 | [1] | $ 38,294 | |
Fair Value, Inputs, Level 1 | Pension Plan | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 349,996 | 290,962 | ||||
Fair Value, Inputs, Level 1 | Pension Plan | Cash and Cash Equivalents | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 10,878 | 9,717 | ||||
Fair Value, Inputs, Level 1 | Pension Plan | Short-term bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 21,628 | 20,644 | ||||
Fair Value, Inputs, Level 1 | Pension Plan | Intermediate Bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 22,369 | 20,595 | ||||
Fair Value, Inputs, Level 1 | Pension Plan | Long-term bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 1 | Pension Plan | Equity Securities: Large Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 92,852 | 71,176 | ||||
Fair Value, Inputs, Level 1 | Pension Plan | Equity Securities: Mid Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 81,663 | 71,419 | ||||
Fair Value, Inputs, Level 1 | Pension Plan | Equity Securities: Small Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 67,075 | 53,401 | ||||
Fair Value, Inputs, Level 1 | Pension Plan | Equity Securities: Micro-Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 31,469 | 30,387 | ||||
Fair Value, Inputs, Level 1 | Pension Plan | Equity Securities: International | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 13,817 | 7,104 | ||||
Fair Value, Inputs, Level 1 | Pension Plan | Defined Benefit Plan, Equity Securities, Non-US [Member] | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 8,245 | 6,519 | ||||
Fair Value, Inputs, Level 1 | Postretirement Benefits | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | [1] | 641 | 758 | |||
Fair Value, Inputs, Level 2 | Pension Plan | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 134,931 | 128,503 | ||||
Fair Value, Inputs, Level 2 | Pension Plan | Cash and Cash Equivalents | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 2 | Pension Plan | Short-term bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 2 | Pension Plan | Intermediate Bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 134,931 | 87,646 | ||||
Fair Value, Inputs, Level 2 | Pension Plan | Long-term bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 40,857 | ||||
Fair Value, Inputs, Level 2 | Pension Plan | Equity Securities: Large Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 2 | Pension Plan | Equity Securities: Mid Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 2 | Pension Plan | Equity Securities: Small Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 2 | Pension Plan | Equity Securities: Micro-Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 2 | Pension Plan | Equity Securities: International | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 2 | Pension Plan | Defined Benefit Plan, Equity Securities, Non-US [Member] | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 2 | Postretirement Benefits | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | [1] | 38,984 | 32,633 | |||
Fair Value, Inputs, Level 3 | Pension Plan | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 3 | Pension Plan | Cash and Cash Equivalents | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 3 | Pension Plan | Short-term bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 3 | Pension Plan | Intermediate Bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 3 | Pension Plan | Long-term bonds | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 3 | Pension Plan | Equity Securities: Large Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 3 | Pension Plan | Equity Securities: Mid Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 3 | Pension Plan | Equity Securities: Small Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 3 | Pension Plan | Equity Securities: Micro-Cap | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 3 | Pension Plan | Equity Securities: International | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 3 | Pension Plan | Defined Benefit Plan, Equity Securities, Non-US [Member] | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | 0 | 0 | ||||
Fair Value, Inputs, Level 3 | Postretirement Benefits | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | [1] | 0 | 0 | |||
Fair Value Measured at Net Asset Value Per Share [Member] | Pension Plan | Equity Securities: International | ||||||
Defined Benefit Plan Disclosure | ||||||
Fair value of plan assets | $ 114,975 | $ 95,653 | ||||
[1] | The postretirement benefits assets are primarily life insurance contracts. |
BENEFIT PLANS_ Benefit Plans Na
BENEFIT PLANS: Benefit Plans Narrative (Details) - USD ($) | 11 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2091 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Defined Benefit Plan, Net Periodic Benefit Cost | |||||||||
Net periodic benefit cost | $ 10,976,000 | $ 15,781,000 | [1] | $ 11,194,000 | |||||
Period over which bond allocations are to cover benefit payments | 5 years | ||||||||
Period over which current rate-of-return is lower than historical | 20 years | ||||||||
Fair Value, All Levels Transfers, Amount | $ 0 | 0 | |||||||
Defined Contribution Plan, Matching Contributions | 7,700,000 | 7,700,000 | 7,400,000 | ||||||
Pension Plan | |||||||||
Defined Benefit Plan Disclosure | |||||||||
Fair value of plan assets | 763,119,000 | 650,604,000 | 697,683,000 | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost | |||||||||
Net periodic benefit cost | 41,320,000 | 37,931,000 | 40,779,000 | ||||||
Amortization of net loss | (13,564,000) | (13,558,000) | (13,190,000) | ||||||
Amortization of prior service cost | $ 6,000 | $ 6,000 | $ 28,000 | ||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.55% | 3.95% | 4.45% | ||||||
Senior Management Security Plan | |||||||||
Defined Benefit Plan Disclosure | |||||||||
Fair value of plan assets | $ 0 | $ 0 | $ 0 | ||||||
Executive Deferred Compensation Plan Assets | 97,600,000 | 92,500,000 | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost | |||||||||
Net periodic benefit cost | 7,023,000 | 7,818,000 | 8,164,000 | ||||||
Amortization of net loss | (2,533,000) | (3,788,000) | (2,963,000) | ||||||
Amortization of prior service cost | $ 96,000 | $ 98,000 | $ 127,000 | ||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.60% | 3.95% | 4.45% | ||||||
Postretirement Benefits | |||||||||
Defined Benefit Plan Disclosure | |||||||||
Fair value of plan assets | $ 39,625,000 | [2] | $ 33,391,000 | [2] | $ 38,294,000 | ||||
Postretirement Benefit, Medical Trend Rate | 6.70% | 6.30% | 6.80% | ||||||
Postretirement Benefit, Dental Trend Rate | 4.00% | 4.00% | 4.00% | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost | |||||||||
Net periodic benefit cost | $ 1,670,000 | $ 5,490,000 | $ 1,496,000 | ||||||
Amortization of prior service cost | $ 48,000 | $ 47,000 | $ 47,000 | ||||||
Health Care Cost Trend Rate Assumed for Next Fiscal Year | 4.00% | 4.00% | |||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.60% | 3.95% | 4.45% | ||||||
Post-employment Benefits [Member] | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost | |||||||||
Post employment Benefits Liability | $ 2,000,000 | $ 2,000,000 | |||||||
Forecast [Member] | Pension Plan | |||||||||
Defined Benefit Plan, Net Periodic Benefit Cost | |||||||||
Defined Benefit Plan, Minimum Funding Requirement for Next Fiscal Year | $ 14,000,000 | ||||||||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 40,000,000 | ||||||||
Forecast [Member] | Postretirement Benefits | |||||||||
Defined Benefit Plan Disclosure | |||||||||
Postretirement Benefit, Dental Trend Rate | 4.00% | ||||||||
Defined Benefit Plan, Net Periodic Benefit Cost | |||||||||
Health Care Cost Trend Rate Assumed For Year Two | 5.90% | ||||||||
Health Care Cost Trend Rate Assumed for Year Three | 5.20% | ||||||||
Health Care Cost Trend Rate Assumed for Year Four | 3.90% | 5.10% | |||||||
[1] | The 2018 pension and postretirement non-service costs includes $4.2 million of expense for a temporary deviation from the cost-sharing provisions of the substantive postretirement plan as described in Note 12 - "Benefit Plans." | ||||||||
[2] | The postretirement benefits assets are primarily life insurance contracts. |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT AND JOINTLY-OWNED PROJECTS: Property, Plant and Equipmnt Level 4 (Details) | 12 Months Ended | |||||
Dec. 31, 2019USD ($)MWh | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 31, 2018USD ($) | Jun. 01, 2017USD ($) | ||
Public Utility, Property, Plant and Equipment | ||||||
Production | $ 2,535,938,000 | $ 2,654,201,000 | ||||
Transmission | 1,220,703,000 | 1,201,092,000 | ||||
Distribution | 1,882,136,000 | 1,792,284,000 | ||||
General and Other | 474,790,000 | 456,279,000 | ||||
Utility plant in service | 6,113,567,000 | 6,103,856,000 | ||||
Accumulated provision for depreciation | (2,155,783,000) | (2,210,781,000) | ||||
Utility plant in service - net | $ 3,957,784,000 | $ 3,893,075,000 | ||||
Average depreciation rate | 2.87% | 2.84% | 2.90% | |||
Idaho Energy Resources Co. Coal purchases from Bridger Coal Company | $ 156,872,000 | $ 133,198,000 | $ 145,829,000 | |||
Regulatory Liabilities | 782,185,000 | 764,877,000 | ||||
Construction work in progress | $ 552,499,000 | $ 480,259,000 | ||||
Jim Bridger Plant | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Jointly Owned Utility Plant, Name | Jim Bridger units 1-4 | |||||
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service | $ 745,096,000 | |||||
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | 4,622,000 | |||||
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation | $ 353,254,000 | |||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 33.00% | |||||
Nameplate Capacity (in MW) | MWh | [1] | 771 | ||||
Boardman Plant | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Jointly Owned Utility Plant, Name | Boardman | |||||
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service | $ 82,501,000 | |||||
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | 12,000 | |||||
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation | $ 78,411,000 | |||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 10.00% | |||||
Nameplate Capacity (in MW) | MWh | [1] | 64 | ||||
Valmy Plant | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Jointly Owned Utility Plant, Name | North Valmy unit 2 | |||||
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service | $ 252,921,000 | |||||
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | 217,000 | |||||
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation | $ 166,419,000 | |||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 50.00% | |||||
Nameplate Capacity (in MW) | MWh | [1] | 145 | ||||
Production | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Average depreciation rate | 3.19% | 3.10% | ||||
Transmission | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Average depreciation rate | 1.89% | 1.89% | ||||
Distribution | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Average depreciation rate | 2.25% | 2.24% | ||||
General and Other | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Average depreciation rate | 6.17% | 6.40% | ||||
Bridger Coal Company | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Idaho Energy Resources Co. Coal purchases from Bridger Coal Company | $ 73,600,000 | $ 81,800,000 | 86,400,000 | |||
Idaho Power Company | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Utility plant in service | 6,113,567,000 | 6,103,856,000 | ||||
Accumulated provision for depreciation | (2,155,783,000) | (2,210,781,000) | ||||
Utility plant in service - net | 3,957,784,000 | 3,893,075,000 | ||||
Idaho Energy Resources Co. Coal purchases from Bridger Coal Company | 156,872,000 | 133,198,000 | 145,829,000 | |||
Construction work in progress | $ 552,499,000 | 480,259,000 | ||||
Ida-West Energy | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 50.00% | |||||
Marysville Hydro Partners | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Utility plant in service - net | $ 18,000,000 | |||||
Ida-West | Idaho Power Company | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Power purchased from Ida-West | 8,600,000 | 9,700,000 | $ 9,800,000 | |||
Hells Canyon Complex | Idaho Power Company | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Construction work in progress | 326,000,000 | |||||
Hydroelectric plan net book value [Member] | Marysville Hydro Partners | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Utility plant in service - net | 14,700,000 | 15,200,000 | ||||
IPUC authorized AFUDC Collection HCC Relicensing - Gross | Hells Canyon Complex | Idaho Power Company | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Regulatory Liabilities | 8,800,000 | $ 10,700,000 | $ 10,700,000 | |||
IPUC authorized AFUDC Collection HCC Relicensing - Net | Hells Canyon Complex | Idaho Power Company | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Regulatory Liabilities | 6,500,000 | |||||
Deferred revenue-AFUDC | ||||||
Public Utility, Property, Plant and Equipment | ||||||
Regulatory Liabilities | [2] | $ 151,668,000 | $ 135,146,000 | |||
[1] | Idaho Power’s share of nameplate capacity. | |||||
[2] | Idaho Power is collecting revenue in the Idaho jurisdiction for AFUDC on HCC relicensing costs but is deferring revenue recognition of the amounts collected until the license is issued and the asset is placed in service under the new license. |
ASSET RETIREMENT OBLIGATIONS _2
ASSET RETIREMENT OBLIGATIONS Asset Retirement Obligations Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligation, Roll Forward Analysis | ||
Balance at beginning of year | $ 26,792 | $ 26,415 |
Accretion Expense | 1,115 | 1,055 |
Revisions in estimated cash flows | 365 | (751) |
Liabilities Incurred | 0 | 129 |
Liabilities settled | 81 | 56 |
Balance at end of year | $ 28,191 | $ 26,792 |
INVESTMENTS_ Investments Leve_2
INVESTMENTS: Investments Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of investments in debt and equity securities | |||
Equity method investment | $ 11,102 | $ 11,366 | |
Investments in affordable housing | 3,665 | 3,446 | |
Total investments | 98,218 | 101,178 | |
Earnings of unconsolidated equity-method investments | 12,370 | 12,449 | $ 11,374 |
Idaho Power Company | |||
Summary of investments in debt and equity securities | |||
Equity method investment | 40,713 | 49,878 | |
Exchange traded short-term bond funds and cash equivalents | 42,648 | 36,471 | |
Executive Deferred Compensation Plan Assets | 90 | 17 | |
Total investments | $ 83,451 | 86,366 | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 33.00% | ||
Earnings of unconsolidated equity-method investments | $ 10,285 | 10,712 | 9,267 |
Proceeds from sales | 5,080 | 5,007 | 4,989 |
Gross realized gains from sales | 0 | 0 | 0 |
Bridger Coal Company | |||
Summary of investments in debt and equity securities | |||
Earnings of unconsolidated equity-method investments | $ 10,285 | 10,712 | 9,267 |
Ida-West Energy | |||
Summary of investments in debt and equity securities | |||
Jointly Owned Utility Plant, Proportionate Ownership Share | 50.00% | ||
Earnings of unconsolidated equity-method investments | $ 2,085 | $ 1,737 | $ 2,107 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Financial Swaps | Operating revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain on Derivative | [1] | $ 904 | $ 1,316 | $ 902 |
Financial Swaps | Purchased power | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain on Derivative | [1] | 7,828 | 166 | |
Derivative, Loss on Derivative | [1] | (2,183) | ||
Financial Swaps | Fuel Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain on Derivative | [1] | 13,811 | 22,563 | 701 |
Financial Swaps | Other operations and maintenance | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain on Derivative | [1] | 0 | 118 | |
Derivative, Loss on Derivative | [1] | (84) | ||
Forward contracts | Operating revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain on Derivative | [1] | 285 | 41 | 55 |
Forward contracts | Purchased power | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Loss on Derivative | [1] | (270) | (54) | (69) |
Forward contracts | Fuel Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain on Derivative | [1] | $ 565 | $ 4 | |
Derivative, Loss on Derivative | [1] | $ (186) | ||
[1] | Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Financial Instruments Level 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | $ 2,576 | $ 4,639 |
Derivative Asset, Fair Value, Gross Liability | (2,171) | (984) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 405 | 3,655 |
Derivative Liability, Fair Value, Gross Liability | 3,017 | 1,912 |
Derivative Liability, Fair Value, Gross Asset | (2,171) | (938) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 846 | 974 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 45 | |
Derivatives in a net liability position | 3,000 | |
Collateral Already Posted, Aggregate Fair Value | 1,400 | |
Additional Collateral, Aggregate Fair Value | 6,700 | |
Other current assets | Financial Swaps | ||
Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 2,426 | 4,639 |
Derivative Asset, Fair Value, Gross Liability | (2,034) | (984) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 392 | 3,655 |
Derivative Liability, Fair Value, Gross Liability | 2,034 | 938 |
Derivative Liability, Fair Value, Gross Asset | (2,034) | (938) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Other current assets | Forward contracts | ||
Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 13 | |
Derivative Asset, Fair Value, Gross Liability | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 13 | |
Other current liabilities | Financial Swaps | ||
Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 134 | 0 |
Derivative Asset, Fair Value, Gross Liability | (134) | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 924 | 806 |
Derivative Liability, Fair Value, Gross Asset | (134) | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 790 | 806 |
Other current liabilities | Forward contracts | ||
Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Derivative Asset, Fair Value, Gross Liability | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | |
Derivative Liability, Fair Value, Gross Liability | 32 | 104 |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 32 | 104 |
Other liabilities | Financial Swaps | ||
Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Derivative Asset, Fair Value, Gross Liability | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | |
Derivative Liability, Fair Value, Gross Liability | 64 | |
Derivative Liability, Fair Value, Gross Asset | 0 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 64 | |
Other assets | Financial Swaps | ||
Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 3 | |
Derivative Asset, Fair Value, Gross Liability | (3) | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | |
Derivative Liability, Fair Value, Gross Liability | 27 | |
Derivative Liability, Fair Value, Gross Asset | (3) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 24 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS: Derivative Instruments, Notional Amounts (Details) (Details) MWh in Thousands, MMBTU in Thousands | Dec. 31, 2019MMBTUMWh | Dec. 31, 2018MMBTUMWh |
Electricity (MWh) | Long | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount | MWh | 91 | 52 |
Electricity (MWh) | Short | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount | MWh | 138 | 39 |
Natural Gas (MMBTU) | Long | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount | MMBTU | 14,053 | 7,514 |
Natural Gas (MMBTU) | Short | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount | MMBTU | 78 | 446 |
FAIR VALUE MEASUREMENTS_ Fair_2
FAIR VALUE MEASUREMENTS: Fair Value Measurements Level 4 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, All Levels Transfers, Amount | $ 0 | $ 0 | |
Money market funds | [1] | 64,173,000 | 97,833,000 |
Asset derivatives | 405,000 | 3,655,000 | |
Equity Securities, FV-NI | 42,738,000 | 36,488,000 | |
Liability derivatives | 846,000 | 974,000 | |
Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 64,173,000 | 97,833,000 |
Asset derivatives | 392,000 | 3,655,000 | |
Equity Securities, FV-NI | 42,738,000 | 36,488,000 | |
Liability derivatives | 814,000 | 870,000 | |
Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 0 | 0 |
Asset derivatives | 13,000 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Liability derivatives | 32,000 | 104,000 | |
Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 0 | 0 |
Asset derivatives | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Liability derivatives | 0 | 0 | |
Idaho Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 26,510,000 | 79,228,000 | |
Idaho Power Company | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 26,510,000 | 79,228,000 | |
Idaho Power Company | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 0 | 0 | |
Idaho Power Company | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | $ 0 | $ 0 | |
[1] | Holding company only. Does not include amounts held by Idaho Power. |
FAIR VALUE MEASUREMENTS_ Fair_3
FAIR VALUE MEASUREMENTS: Fair Value Carrying Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes receivable | [1] | $ 3,804 | $ 3,804 |
Long-term debt | [1] | 1,836,659 | 1,834,788 |
Carrying Amount | Idaho Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | 1,836,659 | 1,834,788 |
Estimated Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes receivable | [1] | 3,804 | 3,804 |
Long-term debt | [1] | 2,083,931 | 1,942,773 |
Estimated Fair Value | Idaho Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | $ 2,083,931 | $ 1,942,773 |
[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 17 - "Fair Value Measurements." |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,346,383 | $ 1,370,752 | $ 1,349,486 |
Electric utility revenues | 1,342,940 | 1,366,582 | 1,344,893 |
Operating income | 298,326 | 296,922 | 315,545 |
Other income | 20,363 | 11,645 | 12,547 |
Interest income | 13,251 | 9,841 | 6,128 |
Earnings of unconsolidated equity-method investments | 12,370 | 12,449 | 11,374 |
Interest expense | 86,475 | 85,948 | 83,746 |
Income before income taxes | 257,835 | 244,909 | 261,848 |
Income tax expense (benefit) | 24,507 | 17,386 | 48,660 |
Income attributable to IDACORP, Inc. | 233,328 | 227,523 | 213,188 |
Income attributable to IDACORP, Inc. | 232,854 | 226,801 | 212,419 |
Total assets | 6,641,201 | 6,382,754 | 6,045,405 |
Expenditures for long-lived assets | 278,705 | 277,853 | 285,488 |
Idaho Power Company | |||
Segment Reporting Information [Line Items] | |||
Electric utility revenues | 1,342,940 | 1,366,582 | 1,344,893 |
Operating income | 297,652 | 295,256 | 313,602 |
Other income | 20,362 | 11,646 | 12,356 |
Interest income | 10,968 | 8,923 | 6,044 |
Earnings of unconsolidated equity-method investments | 10,285 | 10,712 | 9,267 |
Interest expense | 86,412 | 85,891 | 83,660 |
Income before income taxes | 252,854 | 240,646 | 257,609 |
Income tax expense (benefit) | 28,417 | 18,312 | 51,262 |
Income attributable to IDACORP, Inc. | 224,437 | 222,334 | 206,347 |
Total assets | 6,494,159 | 6,254,400 | 5,995,435 |
Expenditures for long-lived assets | $ 278,707 | $ 277,823 | $ 285,471 |
IERCo's ownership percentage in Bridger Coal Company | 33.00% | 33.00% | 33.00% |
All Other | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 3,443 | $ 4,170 | $ 4,593 |
Operating income | 674 | 1,666 | 1,943 |
Other income | 1 | (1) | 191 |
Interest income | 3,052 | 1,573 | 295 |
Earnings of unconsolidated equity-method investments | 2,085 | 1,737 | 2,107 |
Interest expense | 832 | 712 | 297 |
Income before income taxes | 4,981 | 4,263 | 4,239 |
Income tax expense (benefit) | (3,910) | (926) | (2,602) |
Income attributable to IDACORP, Inc. | 8,417 | 4,467 | 6,072 |
Total assets | 220,620 | 163,540 | 143,696 |
Expenditures for long-lived assets | (2) | 30 | 17 |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 |
Other income | 0 | 0 | 0 |
Interest income | (769) | (655) | (211) |
Earnings of unconsolidated equity-method investments | 0 | 0 | 0 |
Interest expense | (769) | (655) | (211) |
Income before income taxes | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 |
Income attributable to IDACORP, Inc. | 0 | 0 | 0 |
Total assets | (73,578) | (35,186) | (93,726) |
Expenditures for long-lived assets | $ 0 | $ 0 | $ 0 |
OTHER INCOME AND EXPENSE Othe_2
OTHER INCOME AND EXPENSE Other Income and Expense Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Schedule of other nonoperating income (expense) [Line Items] | ||||
Interest and dividend income, net | $ 8,181 | $ 5,605 | $ 3,872 | |
Carrying charges on regulatory assets | 5,494 | 4,075 | 2,310 | |
Net periodic benefit cost | 10,976 | 15,781 | [1] | 11,194 |
Income from life insurance investments | 4,104 | 2,779 | 2,090 | |
Other Expense | (301) | |||
Other Income | 455 | 813 | ||
Other (expense) income, net | 6,502 | (2,867) | (2,109) | |
Idaho Power Company | ||||
Schedule of other nonoperating income (expense) [Line Items] | ||||
Interest and dividend income, net | 5,898 | 4,688 | 3,787 | |
Carrying charges on regulatory assets | 5,494 | 4,075 | 2,310 | |
Net periodic benefit cost | 10,976 | 15,781 | [1] | 11,194 |
Income from life insurance investments | 4,104 | 2,779 | 2,090 | |
Other Expense | (2,254) | (1,612) | (1,749) | |
Other (expense) income, net | $ 2,266 | $ (5,851) | $ (4,756) | |
[1] | The 2018 pension and postretirement non-service costs includes $4.2 million of expense for a temporary deviation from the cost-sharing provisions of the substantive postretirement plan as described in Note 12 - "Benefit Plans." |
CHANGES IN ACCUMULATED OTHER _3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
AOCI - Beginning Balance | $ (22,844) | $ (30,964) | $ (20,882) | |
Reclassifications | 1,952 | 2,886 | 1,882 | |
AOCI - Ending Balance | (36,284) | (22,844) | (30,964) | |
Accumulated Defined Benefit Pension Items | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
AOCI - Beginning Balance | (22,844) | (30,964) | (20,882) | |
Other comprehensive income before reclassifications | (15,392) | 5,234 | (7,872) | |
Reclassifications | 1,952 | 2,886 | 1,882 | |
Other Comprehensive Income (Loss) | (13,440) | 8,120 | (5,990) | |
Cumulative effect of change in accounting principle | [1] | 0 | 0 | (4,092) |
AOCI - Ending Balance | $ (36,284) | $ (22,844) | $ (30,964) | |
[1] | The cumulative effect of change in accounting principle relates to the 2017 adoption of ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220). |
CHANGES IN ACCUMULATED OTHER _4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Reclassifications out of Accumulated Other Comprehensive Income before Tax [Abstract] | ||||
Reclassifications | $ 1,952 | $ 2,886 | $ 1,882 | |
Accumulated Defined Benefit Pension Items | ||||
Reclassifications out of Accumulated Other Comprehensive Income before Tax [Abstract] | ||||
Amortization of prior service cost | [1] | 96 | 98 | 127 |
Amortization of net loss | [1] | 2,533 | 3,788 | 2,963 |
Total reclassifications, before tax - pension and postretirement benefits | [1] | 2,629 | 3,886 | 3,090 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | [2] | (677) | (1,000) | (1,208) |
Total reclassification, net of tax - pension and postretirement benefits | 1,952 | 2,886 | 1,882 | |
Reclassifications | $ 1,952 | $ 2,886 | $ 1,882 | |
[1] | Amortization of these items is included in IDACORP's consolidated income statements in other operating expenses and in Idaho Power's consolidated income statements in other expense, net. | |||
[2] | The tax benefit is included in income tax expense in the consolidated income statements of both IDACORP and Idaho Power |
RELATED PARTY TRANSACTIONS_ Rel
RELATED PARTY TRANSACTIONS: Related Party Transactions Level 4 (Details) - Idaho Power Company - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
IDACORP | |||
Related Party Transaction | |||
Services billed to IDACORP | $ 800,000 | $ 700,000 | $ 700,000 |
Idaho Power | |||
Related Party Transaction | |||
Payable from Idaho Power to IDACORP | 1,900,000 | 1,900,000 | 1,900,000 |
Ida-West | |||
Related Party Transaction | |||
Power purchased from Ida-West | $ 8,600,000 | $ 9,700,000 | $ 9,800,000 |
Schedule I - Condensed Financ_6
Schedule I - Condensed Financial Information of Parent - Income Statement Schedule I Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income: | |||
Equity in income of subsidiaries | $ 12,370 | $ 12,449 | $ 11,374 |
Operating Income | 298,326 | 296,922 | 315,545 |
Expenses: | |||
Operating expenses | 1,048,057 | 1,073,830 | 1,033,941 |
Interest expense | 86,475 | 85,948 | 83,746 |
Other expenses | (6,502) | 2,867 | 2,109 |
Income Before Income Taxes | 257,835 | 244,909 | 261,848 |
Income Tax Expense | 24,507 | 17,386 | 48,660 |
Net Income Attributable to IDACORP, Inc. | 232,854 | 226,801 | 212,419 |
Comprehensive Income Attributable to IDACORP, Inc. | 219,414 | 234,921 | 206,429 |
IDACORP | |||
Income: | |||
Equity in income of subsidiaries | 231,534 | 226,567 | 211,974 |
Investment income | 2,214 | 865 | 26 |
Operating Income | 233,748 | 227,432 | 212,000 |
Expenses: | |||
Operating expenses | 816 | 668 | 708 |
Interest expense | 831 | 713 | 294 |
Other expenses | 30 | 0 | 30 |
Total expenses | 1,677 | 1,381 | 1,032 |
Income Before Income Taxes | 232,071 | 226,051 | 210,968 |
Income Tax Expense | (783) | (750) | (1,451) |
Net Income Attributable to IDACORP, Inc. | 232,854 | 226,801 | 212,419 |
Other comprehensive (loss) income | (13,440) | 8,120 | (5,990) |
Comprehensive Income Attributable to IDACORP, Inc. | $ 219,414 | $ 234,921 | $ 206,429 |
Schedule I - Condensed Financ_7
Schedule I - Condensed Financial Information of Parent - Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities: | |||
Net cash provided by operating activities | $ 366,625 | $ 491,626 | $ 435,161 |
Investing Activities: | |||
Net cash provided by (used in) investing activities | (280,492) | (258,177) | (280,441) |
Financing Activities: | |||
Dividends on common stock | (129,677) | (121,421) | (113,127) |
Net change in short-term borrowings | 0 | 0 | (21,800) |
Other | (2,534) | (2,964) | (348) |
Net cash used in financing activities | (136,371) | (42,606) | (139,551) |
Net (decrease) increase in cash and cash equivalents | (50,238) | 190,843 | 15,169 |
Cash and cash equivalents at beginning of the year | 267,492 | 76,649 | 61,480 |
Cash and cash equivalents at end of the year | 217,254 | 267,492 | 76,649 |
IDACORP | |||
Operating Activities: | |||
Net cash provided by operating activities | 112,745 | 197,185 | 113,849 |
Investing Activities: | |||
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Financing Activities: | |||
Dividends on common stock | (129,682) | (121,421) | (113,127) |
Net change in short-term borrowings | 0 | 0 | 0 |
Change in intercompany notes payable | 37,588 | (2,867) | 17,097 |
Other | (4,410) | (3,614) | (3,321) |
Net cash used in financing activities | (96,504) | (127,902) | (99,351) |
Net (decrease) increase in cash and cash equivalents | 16,241 | 69,283 | 14,498 |
Cash and cash equivalents at beginning of the year | 98,900 | 29,617 | 15,119 |
Cash and cash equivalents at end of the year | $ 115,141 | $ 98,900 | $ 29,617 |
Schedule I - Condensed Financ_8
Schedule I - Condensed Financial Information of Parent - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||||
Cash and cash equivalents | $ 217,254 | $ 267,492 | $ 76,649 | $ 61,480 |
Income taxes receivable | 3,106 | 4,356 | ||
Other | 405 | 3,655 | ||
Total current assets | 565,146 | 597,640 | ||
Other Assets: | ||||
Other | 61,028 | 62,882 | ||
Total | 6,641,201 | 6,382,754 | 6,045,405 | |
Current Liabilities: | ||||
Accounts payable | 110,745 | 110,824 | ||
Other | 16,625 | 11,096 | ||
Total current liabilities | 374,859 | 258,592 | ||
Other Liabilities: | ||||
Other | 45,131 | 43,216 | ||
Total other liabilities | 2,059,130 | 1,913,563 | ||
IDACORP, Inc. Shareholders’ Equity | 2,464,628 | 2,370,360 | 2,251,385 | |
Total | 6,641,201 | 6,382,754 | ||
IDACORP | ||||
Current Assets: | ||||
Cash and cash equivalents | 115,141 | 98,900 | $ 29,617 | $ 15,119 |
Receivables | 2,125 | 2,046 | ||
Other | 98 | 98 | ||
Total current assets | 117,364 | 101,044 | ||
Investment in subsidiaries | 2,379,680 | 2,294,464 | ||
Other Assets: | ||||
Deferred income taxes | 45,864 | 17,593 | ||
Other | 429 | 277 | ||
Total other assets | 46,293 | 17,870 | ||
Total | 2,543,337 | 2,413,378 | ||
Current Liabilities: | ||||
Taxes accrued | 5,622 | 8,354 | ||
Other | 996 | 899 | ||
Total current liabilities | 6,618 | 9,253 | ||
Other Liabilities: | ||||
Intercompany notes payable | 71,285 | 32,929 | ||
Other | 806 | 836 | ||
Total other liabilities | 72,091 | 33,765 | ||
IDACORP, Inc. Shareholders’ Equity | 2,464,628 | 2,370,360 | ||
Total | $ 2,543,337 | $ 2,413,378 |
Schedule I - Condensed Financ_9
Schedule I - Condensed Financial Information of Parent - Footnotes Schedule I Level 4 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
IDACORP | |||
Significant Accounting Policies | |||
Proceeds from Dividends Received | $ 133,000,000 | $ 124,000,000 | $ 116,000,000 |
Schedule II - Consolidated Va_2
Schedule II - Consolidated Valuation and Qualifying Accounts Schedule II - Consolidated Valuation and Qualifying Accounts Level 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Reserve for uncollectibe accounts | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Beginning Balance | $ 1,989 | $ 2,193 | $ 1,132 | |
Valuation Allowances and Reserves, Charged to Income | 2,381 | 3,363 | 5,753 | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | 227 | 392 | 324 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [1] | 2,853 | 3,959 | 5,016 |
Valuation Allowances and Reserves, Ending Balance | 1,744 | 1,989 | 2,193 | |
Injuries and damages | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Beginning Balance | 1,877 | 1,469 | 1,792 | |
Valuation Allowances and Reserves, Charged to Income | 390 | 855 | 687 | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | 0 | 0 | 0 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [1] | 519 | 447 | 1,010 |
Valuation Allowances and Reserves, Ending Balance | 1,748 | 1,877 | 1,469 | |
Idaho Power Company | Reserve for uncollectibe accounts | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Beginning Balance | 1,989 | 2,193 | 1,132 | |
Valuation Allowances and Reserves, Charged to Income | 2,381 | 3,363 | 5,753 | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | 227 | 392 | 324 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [1] | 2,853 | 3,959 | 5,016 |
Valuation Allowances and Reserves, Ending Balance | 1,744 | 1,989 | 2,193 | |
Idaho Power Company | Injuries and damages | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Valuation Allowances and Reserves, Beginning Balance | 1,877 | 1,469 | 1,792 | |
Valuation Allowances and Reserves, Charged to Income | 390 | 855 | 687 | |
Valuation Allowances and Reserves, Charged (Credited) to Other Accounts | 0 | 0 | 0 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [1] | 519 | 447 | 1,010 |
Valuation Allowances and Reserves, Ending Balance | $ 1,748 | $ 1,877 | $ 1,469 | |
[1] | Represents deductions from the reserves for purposes for which the reserves were created. In the case of uncollectible accounts, and notes reserves, includes reversals of amounts previously reserved. |