Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 27, 2023 | |
Document Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-14465 | |
Entity Registrant Name | IDACORP, Inc. | |
Entity Tax Identification Number | 82-0505802 | |
Entity Address, Address Line One | 1221 W. Idaho Street | |
Entity Address, City or Town | Boise, | |
Entity Address, State or Province | ID | |
Entity Address, Postal Zip Code | 83702-5627 | |
City Area Code | (208) | |
Local Phone Number | 388-2200 | |
Entity Current Reporting Status | Yes | |
Entity Incorporation, State or Country Code | ID | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | IDA | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 50,615,237 | |
Entity Central Index Key | 0001057877 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Information, Former Legal or Registered Name | None | |
Idaho Power Company [Member] | ||
Document Information | ||
Entity File Number | 1-3198 | |
Entity Registrant Name | Idaho Power Company | |
Entity Tax Identification Number | 82-0130980 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,150,812 | |
Entity Central Index Key | 0000049648 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income Statement - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Revenues: | ||||
Electric utility revenues | $ 509,635 | $ 517,101 | $ 1,351,700 | $ 1,218,690 |
Other | 1,271 | 911 | 2,703 | 2,333 |
Total operating revenues | 510,906 | 518,012 | 1,354,403 | 1,221,023 |
Operating Expenses: | ||||
Purchased power | 142,851 | 192,884 | 405,404 | 370,035 |
Fuel expense | 71,723 | 63,631 | 191,917 | 143,750 |
Power cost adjustment | 5,899 | (30,806) | 4,191 | (31,631) |
Other operations and maintenance | 95,824 | 100,679 | 284,988 | 293,322 |
Energy efficiency programs | 10,498 | 8,292 | 22,265 | 21,490 |
Depreciation | 50,832 | 45,951 | 143,331 | 125,238 |
Other electric utility operating expenses | 6,297 | 8,780 | 23,169 | 26,544 |
Total electric utility operating expenses | 383,924 | 389,411 | 1,075,265 | 948,748 |
Other | 694 | 377 | 2,453 | 1,877 |
Total operating expenses | 384,618 | 389,788 | 1,077,718 | 950,625 |
Operating Income | 126,288 | 128,224 | 276,685 | 270,398 |
Nonoperating (Income) Expense: | ||||
Allowance for equity funds used during construction | (11,044) | (9,461) | (32,125) | (27,872) |
Earnings of unconsolidated equity-method investments | (4,195) | (4,098) | (9,387) | (8,694) |
Interest on long-term debt | 29,361 | 22,093 | 82,908 | 64,536 |
Other interest | 5,572 | 4,188 | 14,935 | 11,864 |
Allowance for borrowed funds used during construction | (4,903) | (3,534) | (14,291) | (10,399) |
Other income, net | (7,924) | (3,042) | (24,890) | (6,206) |
Total nonoperating expense, net | 6,867 | 6,146 | 17,150 | 23,229 |
Income Before Income Taxes | 119,421 | 122,078 | 259,535 | 247,169 |
Income Tax Expense | 13,774 | 15,450 | 29,000 | 29,768 |
Net Income | 105,647 | 106,628 | 230,535 | 217,401 |
Income attributable to noncontrolling interests | (383) | (248) | (599) | (473) |
Net Income Attributable to IDACORP, Inc. | $ 105,264 | $ 106,380 | $ 229,936 | $ 216,928 |
Weighted-average common shares outstanding - basic (in shares) | 50,726 | 50,668 | 50,713 | 50,656 |
Weighted-average common shares outstanding - diluted (in shares) | 50,805 | 50,722 | 50,762 | 50,689 |
Earnings Per Share of Common Stock: | ||||
Earnings attributable to IDACORP, Inc. - basic (in dollars per share) | $ 2.08 | $ 2.10 | $ 4.53 | $ 4.28 |
Earnings attributable to IDACORP, Inc. - diluted (in dollars per share) | $ 2.07 | $ 2.10 | $ 4.53 | $ 4.28 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 105,647 | $ 106,628 | $ 230,535 | $ 217,401 |
Other Comprehensive Income: | ||||
Unfunded pension liability adjustment, net of tax of $51, $290, $153, and $870, respectively | 146 | 837 | 439 | 2,511 |
Total Comprehensive Income | 105,793 | 107,465 | 230,974 | 219,912 |
Income attributable to noncontrolling interests | (383) | (248) | (599) | (473) |
Comprehensive Income Attributable to IDACORP, Inc. | $ 105,410 | $ 107,217 | $ 230,375 | $ 219,439 |
Consolidated Balance Sheets Sta
Consolidated Balance Sheets Statement - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 445,489 | $ 177,577 |
Receivables: | ||
Customer | 135,021 | 114,173 |
Other | 36,151 | 51,179 |
Income taxes receivable | 0 | 13,734 |
Accrued unbilled revenues | 81,533 | 84,862 |
Materials and supplies (at average cost) | 131,616 | 92,461 |
Fuel stock (at average cost) | 20,950 | 14,762 |
Prepayments | 23,078 | 24,517 |
Current regulatory assets | 163,818 | 80,049 |
Other | 496 | 40,339 |
Total current assets | 1,038,152 | 693,653 |
Investments | 157,513 | 121,352 |
Property, Plant and Equipment: | ||
Utility plant in service | 7,148,293 | 6,828,467 |
Accumulated provision for depreciation | (2,575,485) | (2,465,279) |
Utility plant in service - net | 4,572,808 | 4,363,188 |
Construction work in progress | 955,276 | 785,706 |
Utility plant held for future use | 9,491 | 7,130 |
Other property, net of accumulated depreciation | 16,357 | 16,946 |
Property, plant and equipment - net | 5,553,932 | 5,172,970 |
Other Assets: | ||
Company-owned life insurance | 79,861 | 73,944 |
Regulatory assets | 1,398,652 | 1,421,912 |
Other | 65,424 | 59,427 |
Total other assets | 1,543,937 | 1,555,283 |
Total assets | 8,293,534 | 7,543,258 |
Current Liabilities: | ||
Accounts payable | 227,348 | 292,719 |
Noncontrolling interests | 7,975 | 7,376 |
Taxes accrued | 36,005 | 8,565 |
Interest accrued | 21,733 | 24,060 |
Accrued compensation | 54,028 | 59,265 |
Current regulatory liabilities | 8,620 | 63,957 |
Advances from customers | 103,860 | 72,222 |
Other | 37,336 | 27,777 |
Total current liabilities | 488,930 | 548,565 |
Other Liabilities: | ||
Deferred Income Tax | 878,945 | 873,916 |
Regulatory liabilities | 815,075 | 796,644 |
Pension and other postretirement benefits | 204,604 | 238,037 |
Other | 150,966 | 77,336 |
Total other liabilities | 2,049,590 | 1,985,933 |
Long-Term Debt | 2,826,150 | 2,194,145 |
Commitments and Contingencies | ||
Equity: | ||
Common stock | 886,243 | 882,189 |
Retained earnings | 2,047,129 | 1,937,972 |
Accumulated other comprehensive loss | (12,483) | (12,922) |
Total IDACORP, Inc. shareholders’ equity | 2,920,889 | 2,807,239 |
Total equity | 2,928,864 | 2,814,615 |
Total | $ 8,293,534 | $ 7,543,258 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities: | ||
Net income | $ 230,535 | $ 217,401 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 146,645 | 127,335 |
Deferred income taxes and investment tax credits | 300 | (16,850) |
Changes in regulatory assets and liabilities | 1,585 | (1,361) |
Pension and postretirement benefit plan expense | 20,390 | 21,744 |
Contributions to pension and postretirement benefit plans | (54,388) | (43,143) |
Earnings of unconsolidated equity-method investments | (9,387) | (8,694) |
Distributions from equity-method investments | 1,250 | 7,963 |
Allowance for equity funds used during construction | (32,125) | (27,872) |
Other non-cash adjustments to net income, net | 6,115 | 9,064 |
Change in: | ||
Accounts receivable | (10,691) | (58,113) |
Prepayments | (2,669) | 3,356 |
Materials, supplies, and fuel stock | (45,343) | 3,662 |
Accounts and wages payable | (116,417) | 19,507 |
Taxes accrued/receivable | 41,174 | 26,128 |
Other assets and liabilities | (14,943) | (11,152) |
Net cash provided by operating activities | 162,031 | 268,975 |
Investing Activities: | ||
Additions to property, plant and equipment | (427,211) | (305,271) |
Payments received from transmission project joint funding partners | 14,920 | 10,979 |
Investments in affordable housing and other real estate tax credits projects | (2,742) | (10,183) |
Distributions from equity-method investments, return of investment | 0 | 11,287 |
Purchases of equity securities | (3,283) | (28,888) |
Purchases of held-to-maturity securities | (868) | (31,017) |
Proceeds from the sale of equity securities | 6,252 | 56,728 |
Purchases of short-term investments | 0 | (25,000) |
Maturities of short-term investments | 0 | 25,000 |
Other | 1,051 | 5,982 |
Net cash used in investing activities | (411,881) | (290,383) |
Financing Activities: | ||
Issuance of long-term debt | 872,000 | 150,000 |
Discount on issuance of long-term debt | (7,006) | 0 |
Retirement of long-term debt | 225,000 | 0 |
Dividends on common stock | (120,578) | (114,308) |
Tax withholdings on net settlements of share-based awards | 3,274 | 3,111 |
Other | 1,620 | (187) |
Net cash provided by financing activities | 517,762 | 32,394 |
Net increase in cash and cash equivalents | 267,912 | 10,986 |
Cash and cash equivalents at beginning of the period | 177,577 | 215,243 |
Cash and cash equivalents at end of the period | 445,489 | 226,229 |
Supplemental Disclosure of Cash Flow Information: | ||
Income taxes | 1,900 | 38,220 |
Interest (net of amount capitalized) | 82,614 | 68,057 |
Non-cash investing activities: | ||
Additions to property, plant and equipment in accounts payable | $ 127,076 | $ 65,374 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning balance at Dec. 31, 2021 | $ 874,896 | $ 1,833,580 | $ (40,040) | $ 6,798 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Share-based compensation expense | 7,883 | ||||
Tax withholdings on net settlements of share-based awards | (3,111) | ||||
Other | 92 | ||||
Retained Earnings | |||||
Net Income Attributable to IDACORP, Inc. | $ 216,928 | 216,928 | |||
Common stock dividends | (114,441) | ||||
Accumulated Other Comprehensive (Loss) Income | |||||
Unfunded pension liability adjustment (net of tax) | 2,511 | 2,511 | |||
Noncontrolling Interest [Abstract] | |||||
Net income attributable to noncontrolling interests | 473 | 473 | |||
Ending balance at Sep. 30, 2022 | 879,760 | 1,936,067 | (37,529) | 7,271 | |
Beginning balance at Jun. 30, 2022 | 877,362 | 1,867,811 | (38,366) | 7,023 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Share-based compensation expense | 2,519 | ||||
Tax withholdings on net settlements of share-based awards | (153) | ||||
Other | 32 | ||||
Retained Earnings | |||||
Net Income Attributable to IDACORP, Inc. | 106,380 | 106,380 | |||
Common stock dividends | (38,124) | ||||
Accumulated Other Comprehensive (Loss) Income | |||||
Unfunded pension liability adjustment (net of tax) | 837 | 837 | |||
Noncontrolling Interest [Abstract] | |||||
Net income attributable to noncontrolling interests | 248 | (248) | |||
Ending balance at Sep. 30, 2022 | 879,760 | 1,936,067 | (37,529) | 7,271 | |
Accumulated Other Comprehensive (Loss) Income | |||||
Total IDACORP, Inc. shareholders’ equity | 2,785,569 | 2,778,298 | |||
Total IDACORP, Inc. shareholders’ equity | 2,807,239 | ||||
Beginning balance at Dec. 31, 2022 | 2,814,615 | 882,189 | 1,937,972 | (12,922) | 7,376 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Share-based compensation expense | 7,224 | ||||
Tax withholdings on net settlements of share-based awards | (3,274) | ||||
Other | 104 | ||||
Retained Earnings | |||||
Net Income Attributable to IDACORP, Inc. | 229,936 | 229,936 | |||
Common stock dividends | (120,779) | ||||
Accumulated Other Comprehensive (Loss) Income | |||||
Unfunded pension liability adjustment (net of tax) | 439 | 439 | |||
Noncontrolling Interest [Abstract] | |||||
Net income attributable to noncontrolling interests | 599 | 599 | |||
Ending balance at Sep. 30, 2023 | 2,928,864 | 886,243 | 2,047,129 | (12,483) | 7,975 |
Beginning balance at Jun. 30, 2023 | 884,309 | 1,982,083 | (12,629) | 7,592 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Share-based compensation expense | 1,920 | ||||
Tax withholdings on net settlements of share-based awards | (19) | ||||
Other | 33 | ||||
Retained Earnings | |||||
Net Income Attributable to IDACORP, Inc. | 105,264 | 105,264 | |||
Common stock dividends | (40,218) | ||||
Accumulated Other Comprehensive (Loss) Income | |||||
Unfunded pension liability adjustment (net of tax) | 146 | 146 | |||
Noncontrolling Interest [Abstract] | |||||
Net income attributable to noncontrolling interests | 383 | (383) | |||
Ending balance at Sep. 30, 2023 | 2,928,864 | $ 886,243 | 2,047,129 | (12,483) | $ 7,975 |
Accumulated Other Comprehensive (Loss) Income | |||||
Total IDACORP, Inc. shareholders’ equity | $ 2,920,889 | $ 2,928,864 | $ 2,920,889 |
Idaho Power Company Consolidate
Idaho Power Company Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Regulated Operating Revenue | ||||
Electric utility revenues | $ 509,635 | $ 517,101 | $ 1,351,700 | $ 1,218,690 |
Operating Expenses [Abstract] | ||||
Purchased power | 142,851 | 192,884 | 405,404 | 370,035 |
Fuel expense | 71,723 | 63,631 | 191,917 | 143,750 |
Power cost adjustment | 5,899 | (30,806) | 4,191 | (31,631) |
Other operations and maintenance | 95,824 | 100,679 | 284,988 | 293,322 |
Energy efficiency programs | 10,498 | 8,292 | 22,265 | 21,490 |
Depreciation | 50,832 | 45,951 | 143,331 | 125,238 |
Other electric utility operating expenses | 6,297 | 8,780 | 23,169 | 26,544 |
Total electric utility operating expenses | 383,924 | 389,411 | 1,075,265 | 948,748 |
Operating Income | 126,288 | 128,224 | 276,685 | 270,398 |
Nonoperating (Income) Expense: | ||||
Allowance for equity funds used during construction | (11,044) | (9,461) | (32,125) | (27,872) |
Earnings of unconsolidated equity-method investments | (4,195) | (4,098) | (9,387) | (8,694) |
Interest on long-term debt | 29,361 | 22,093 | 82,908 | 64,536 |
Other interest | 5,572 | 4,188 | 14,935 | 11,864 |
Allowance for borrowed funds used during construction | (4,903) | (3,534) | (14,291) | (10,399) |
Other income, net | (7,924) | (3,042) | (24,890) | (6,206) |
Total nonoperating expense, net | 6,867 | 6,146 | 17,150 | 23,229 |
Income Before Income Taxes | 119,421 | 122,078 | 259,535 | 247,169 |
Income Tax Expense | 13,774 | 15,450 | 29,000 | 29,768 |
Net Income | 105,647 | 106,628 | 230,535 | 217,401 |
Idaho Power Company [Member] | ||||
Regulated Operating Revenue | ||||
Electric utility revenues | 509,635 | 517,101 | 1,351,700 | 1,218,690 |
Operating Expenses [Abstract] | ||||
Purchased power | 142,851 | 192,884 | 405,404 | 370,035 |
Fuel expense | 71,723 | 63,631 | 191,917 | 143,750 |
Power cost adjustment | 5,899 | (30,806) | 4,191 | (31,631) |
Other operations and maintenance | 95,824 | 100,679 | 284,988 | 293,322 |
Energy efficiency programs | 10,498 | 8,292 | 22,265 | 21,490 |
Depreciation | 50,832 | 45,951 | 143,331 | 125,238 |
Other electric utility operating expenses | 6,297 | 8,780 | 23,169 | 26,544 |
Total electric utility operating expenses | 383,924 | 389,411 | 1,075,265 | 948,748 |
Operating Income | 125,711 | 127,690 | 276,435 | 269,942 |
Nonoperating (Income) Expense: | ||||
Allowance for equity funds used during construction | (11,044) | (9,461) | (32,125) | (27,872) |
Earnings of unconsolidated equity-method investments | (3,007) | (3,048) | (7,402) | (7,313) |
Interest on long-term debt | 29,361 | 22,093 | 82,908 | 64,536 |
Other interest | 5,491 | 3,948 | 14,693 | 11,613 |
Allowance for borrowed funds used during construction | (4,903) | (3,534) | (14,291) | (10,399) |
Other income, net | (7,588) | (2,245) | (23,434) | (5,222) |
Total nonoperating expense, net | 8,310 | 7,753 | 20,349 | 25,343 |
Income Before Income Taxes | 117,401 | 119,937 | 256,086 | 244,599 |
Income Tax Expense | 14,379 | 15,405 | 30,274 | 31,418 |
Net Income | $ 103,022 | $ 104,532 | $ 225,812 | $ 213,181 |
Idaho Power Company Consolida_2
Idaho Power Company Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 105,647 | $ 106,628 | $ 230,535 | $ 217,401 |
Other Comprehensive Income: | ||||
Unfunded pension liability adjustment, net of tax of $51, $290, $153, and $870, respectively | 146 | 837 | 439 | 2,511 |
Total Comprehensive Income | 105,793 | 107,465 | 230,974 | 219,912 |
Idaho Power Company [Member] | ||||
Net income | 103,022 | 104,532 | 225,812 | 213,181 |
Other Comprehensive Income: | ||||
Unfunded pension liability adjustment, net of tax of $51, $290, $153, and $870, respectively | 146 | 837 | 439 | 2,511 |
Total Comprehensive Income | $ 103,168 | $ 105,369 | $ 226,251 | $ 215,692 |
Idaho Power Company Consolida_3
Idaho Power Company Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 445,489 | $ 177,577 |
Receivables [Abstract] | ||
Customer | 135,021 | 114,173 |
Other | 36,151 | 51,179 |
Income taxes receivable | 0 | 13,734 |
Accrued unbilled revenues | 81,533 | 84,862 |
Materials and supplies (at average cost) | 131,616 | 92,461 |
Fuel stock (at average cost) | 20,950 | 14,762 |
Prepayments | 23,078 | 24,517 |
Current regulatory assets | 163,818 | 80,049 |
Other | 496 | 40,339 |
Total current assets | 1,038,152 | 693,653 |
Investments | 157,513 | 121,352 |
Property, Plant and Equipment [Abstract] | ||
Utility plant in service | 7,148,293 | 6,828,467 |
Public Utilities, Property, Plant and Equipment, Accumulated Depreciation | (2,575,485) | (2,465,279) |
Utility plant in service - net | 4,572,808 | 4,363,188 |
Construction work in progress | 955,276 | 785,706 |
Utility plant held for future use | 9,491 | 7,130 |
Other property, net of accumulated depreciation | 16,357 | 16,946 |
Property, plant and equipment - net | 5,553,932 | 5,172,970 |
Other Assets: | ||
Company-owned life insurance | 79,861 | 73,944 |
Regulatory assets | 1,398,652 | 1,421,912 |
Other | 65,424 | 59,427 |
Total other assets | 1,543,937 | 1,555,283 |
Total assets | 8,293,534 | 7,543,258 |
Current Liabilities: | ||
Accounts payable | 227,348 | 292,719 |
Taxes accrued | 36,005 | 8,565 |
Interest accrued | 21,733 | 24,060 |
Accrued compensation | 54,028 | 59,265 |
Current regulatory liabilities | 8,620 | 63,957 |
Advances from customers | 103,860 | 72,222 |
Other | 37,336 | 27,777 |
Total current liabilities | 488,930 | 548,565 |
Other Liabilities [Abstract] | ||
Deferred Income Tax | 878,945 | 873,916 |
Regulatory liabilities | 815,075 | 796,644 |
Pension and other postretirement benefits | 204,604 | 238,037 |
Other | 150,966 | 77,336 |
Total other liabilities | 2,049,590 | 1,985,933 |
Long-Term Debt | 2,826,150 | 2,194,145 |
Commitments and Contingencies | ||
Equity [Abstract] | ||
Common stock | 886,243 | 882,189 |
Retained earnings | 2,047,129 | 1,937,972 |
Accumulated other comprehensive loss | (12,483) | (12,922) |
Total equity | 2,928,864 | 2,814,615 |
Total | 8,293,534 | 7,543,258 |
Idaho Power Company [Member] | ||
Current Assets: | ||
Cash and cash equivalents | 404,881 | 108,933 |
Receivables [Abstract] | ||
Customer | 135,021 | 114,173 |
Other | 35,887 | 50,754 |
Income taxes receivable | 0 | 13,108 |
Accrued unbilled revenues | 81,533 | 84,862 |
Materials and supplies (at average cost) | 131,616 | 92,461 |
Fuel stock (at average cost) | 20,950 | 14,762 |
Prepayments | 22,965 | 24,396 |
Current regulatory assets | 163,818 | 80,049 |
Other | 496 | 40,339 |
Total current assets | 997,167 | 623,837 |
Investments | 82,232 | 78,791 |
Property, Plant and Equipment [Abstract] | ||
Utility plant in service | 7,148,293 | 6,828,467 |
Public Utilities, Property, Plant and Equipment, Accumulated Depreciation | (2,575,485) | (2,465,279) |
Utility plant in service - net | 4,572,808 | 4,363,188 |
Construction work in progress | 955,276 | 785,706 |
Utility plant held for future use | 9,491 | 7,130 |
Other property, net of accumulated depreciation | 4,313 | 4,558 |
Property, plant and equipment - net | 5,541,888 | 5,160,582 |
Other Assets: | ||
Company-owned life insurance | 79,861 | 73,944 |
Regulatory assets | 1,398,652 | 1,421,912 |
Other | 53,201 | 52,038 |
Total other assets | 1,531,714 | 1,547,894 |
Total assets | 8,153,001 | 7,411,104 |
Current Liabilities: | ||
Accounts payable | 226,516 | 292,616 |
Taxes accrued | 66,940 | 9,101 |
Interest accrued | 21,733 | 24,060 |
Accrued compensation | 53,808 | 58,959 |
Current regulatory liabilities | 8,620 | 63,957 |
Advances from customers | 103,860 | 72,222 |
Other | 30,273 | 26,199 |
Total current liabilities | 528,049 | 603,452 |
Other Liabilities [Abstract] | ||
Deferred Income Tax | 878,234 | 870,692 |
Regulatory liabilities | 815,075 | 796,644 |
Pension and other postretirement benefits | 204,604 | 238,037 |
Other | 123,771 | 76,471 |
Total other liabilities | 2,021,684 | 1,981,844 |
Long-Term Debt | 2,826,150 | 2,194,145 |
Commitments and Contingencies | ||
Equity [Abstract] | ||
Common stock | 97,877 | 97,877 |
Premium on capital stock | 712,258 | 712,258 |
Capital stock issuance costs | (2,097) | (2,097) |
Retained earnings | 1,981,563 | 1,836,547 |
Accumulated other comprehensive loss | (12,483) | (12,922) |
Total equity | 2,777,118 | 2,631,663 |
Total | 8,153,001 | 7,411,104 |
Idaho Power Company [Member] | Related Party | ||
Current Liabilities: | ||
Accounts Payable, Other | $ 16,299 | $ 56,338 |
Idaho Power Company Consolida_4
Idaho Power Company Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 230,535 | $ 217,401 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 146,645 | 127,335 |
Deferred income taxes and investment tax credits | 300 | (16,850) |
Changes in regulatory assets and liabilities | 1,585 | (1,361) |
Pension and postretirement benefit plan expense | 20,390 | 21,744 |
Contributions to pension and postretirement benefit plans | (54,388) | (43,143) |
Earnings of unconsolidated equity-method investments | (9,387) | (8,694) |
Distributions from equity-method investments | 1,250 | 7,963 |
Allowance for equity funds used during construction | (32,125) | (27,872) |
Other non-cash adjustments to net income, net | 6,115 | 9,064 |
Change in: | ||
Accounts receivable and unbilled revenues | (10,691) | (58,113) |
Prepayments | (2,669) | 3,356 |
Materials, supplies, and fuel stock | (45,343) | 3,662 |
Accounts and wages payable | (116,417) | 19,507 |
Taxes accrued/receivable | 41,174 | 26,128 |
Other assets and liabilities | (14,943) | (11,152) |
Net cash provided by operating activities | 162,031 | 268,975 |
Investing Activities: | ||
Additions to property, plant and equipment | (427,211) | (305,271) |
Payments received from transmission project joint funding partners | 14,920 | 10,979 |
Distributions from equity-method investments, return of investment | 0 | 11,287 |
Purchases of equity securities | (3,283) | (28,888) |
Purchases of held-to-maturity securities | (868) | (31,017) |
Proceeds from the sale of equity securities | 6,252 | 56,728 |
Other | 1,051 | 5,982 |
Net cash used in investing activities | (411,881) | (290,383) |
Financing Activities: | ||
Issuance of long-term debt | 872,000 | 150,000 |
Discount on issuance of long-term debt | (7,006) | 0 |
Retirement of long-term debt | 225,000 | 0 |
Dividends on common stock | (120,578) | (114,308) |
Other | 1,620 | (187) |
Net cash provided by financing activities | 517,762 | 32,394 |
Net increase in cash and cash equivalents | 267,912 | 10,986 |
Cash and cash equivalents at beginning of the period | 177,577 | 215,243 |
Cash and cash equivalents at end of the period | 445,489 | 226,229 |
Supplemental Disclosure of Cash Flow Information: | ||
Income taxes | 1,900 | 38,220 |
Interest (net of amount capitalized) | 82,614 | 68,057 |
Non-cash investing activities: | ||
Additions to property, plant and equipment in accounts payable | 127,076 | 65,374 |
Idaho Power Company [Member] | ||
Net income | 225,812 | 213,181 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 146,203 | 126,887 |
Deferred income taxes and investment tax credits | (1,828) | (18,571) |
Changes in regulatory assets and liabilities | 1,585 | (1,361) |
Pension and postretirement benefit plan expense | 20,373 | 21,726 |
Contributions to pension and postretirement benefit plans | (54,371) | (43,126) |
Earnings of unconsolidated equity-method investments | (7,402) | (7,313) |
Distributions from equity-method investments | 550 | 7,313 |
Allowance for equity funds used during construction | (32,125) | (27,872) |
Other non-cash adjustments to net income, net | (1,056) | 1,169 |
Change in: | ||
Accounts receivable and unbilled revenues | (11,107) | (57,492) |
Prepayments | (2,677) | 3,353 |
Materials, supplies, and fuel stock | (45,343) | 3,662 |
Accounts and wages payable | (156,644) | 63,341 |
Taxes accrued/receivable | 70,947 | 20,381 |
Other assets and liabilities | (14,844) | (11,191) |
Net cash provided by operating activities | 138,073 | 294,087 |
Investing Activities: | ||
Additions to property, plant and equipment | (427,191) | (305,117) |
Payments received from transmission project joint funding partners | 14,920 | 10,979 |
Distributions from equity-method investments, return of investment | 0 | 11,287 |
Purchases of equity securities | (2,281) | (28,063) |
Purchases of held-to-maturity securities | (868) | (31,017) |
Proceeds from the sale of equity securities | 6,252 | 56,728 |
Other | 5,996 | 7,407 |
Net cash used in investing activities | (403,172) | (277,796) |
Financing Activities: | ||
Issuance of long-term debt | 872,000 | 150,000 |
Discount on issuance of long-term debt | (7,006) | 0 |
Retirement of long-term debt | 225,000 | 0 |
Dividends on common stock | (80,698) | (114,400) |
Other | 1,751 | (138) |
Net cash provided by financing activities | 561,047 | 35,462 |
Net increase in cash and cash equivalents | 295,948 | 51,753 |
Cash and cash equivalents at beginning of the period | 108,933 | 60,075 |
Cash and cash equivalents at end of the period | 404,881 | 111,828 |
Supplemental Disclosure of Cash Flow Information: | ||
Income taxes | 15,333 | 2,532 |
Interest (net of amount capitalized) | 82,372 | 67,806 |
Non-cash investing activities: | ||
Additions to property, plant and equipment in accounts payable | $ 127,076 | $ 65,374 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Unfunded pension liability adjustment, tax | $ 51 | $ 290 | $ 153 | $ 870 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 4,135 | $ 5,034 |
Allowance for Doubtful Other Receivables, Current | $ 587 | $ 512 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Shares, Issued | 50,615,000 | 50,562,000 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividends, per share (in dollar per share) | $ 0.79 | $ 0.75 | $ 2.37 | $ 2.25 |
Idaho Power Company Statement o
Idaho Power Company Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Unfunded pension liability adjustment, tax | $ (51) | $ (290) | $ (153) | $ (870) |
Idaho Power Company [Member] | ||||
Unfunded pension liability adjustment, tax | $ (51) | $ (290) | $ (153) | $ (870) |
Idaho Power company Consolida_5
Idaho Power company Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 4,135 | $ 5,034 |
Allowance for Doubtful Other Receivables, Current | $ 587 | $ 512 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Shares, Issued | 50,615,000 | 50,562,000 |
Idaho Power Company [Member] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 4,135 | $ 5,034 |
Allowance for Doubtful Other Receivables, Current | $ 587 | $ 512 |
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 | 39,151,000 | 39,151,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This Quarterly Report on Form 10-Q is a combined report of IDACORP and Idaho Power. Therefore, these Notes to the Condensed Consolidated Financial Statements apply to both IDACORP and Idaho Power. However, Idaho Power makes no representation as to the information relating to IDACORP’s other operations. Nature of Business IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the FERC. Idaho Power is the parent of IERCo, a joint venturer in BCC, which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power. IDACORP’s other notable wholly-owned subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small hydropower generation projects that satisfy the requirements of the PURPA. Regulation of Utility Operations As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition. IDACORP's and Idaho Power's financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense. The effects of applying these regulatory accounting principles to Idaho Power's operations are discussed in more detail in Note 3 - "Regulatory Matters." Financial Statements In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's condensed consolidated balance sheets as of September 30, 2023, condensed consolidated statements of income for the three months and nine months ended September 30, 2023 and 2022, and condensed consolidated cash flows for the nine months ended September 30, 2023 and 2022. These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or note disclosures concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in the 2022 Annual Report. The statements of income for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective balance sheets and statements of income during the period in which such change occurred. Management Estimates Management makes estimates and assumptions when preparing financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). These estimates and assumptions include, among others, those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates. New and Recently Adopted Accounting Pronouncements There have been no recently issued accounting pronouncements that have had or are expected to have a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements. |
INCOME TAXES_
INCOME TAXES: | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount. The following table provides a summary of income tax expense for the nine months ended September 30, 2023 and 2022 (in thousands): IDACORP Idaho Power 2023 2022 2023 2022 Income tax at statutory rates (federal and state) $ 66,650 $ 63,500 $ 65,916 $ 62,960 Additional ADITC amortization (7,500) — (7,500) — Excess deferred income tax reversal (8,013) (8,554) (8,013) (8,554) Income tax return adjustments (8,227) (2,692) (7,732) (2,827) Other (1) (13,910) (22,486) (12,397) (20,161) Income tax expense $ 29,000 $ 29,768 $ 30,274 $ 31,418 Effective tax rate 11.2 % 12.1 % 11.8 % 12.8 % |
REGULATORY MATTERS_
REGULATORY MATTERS: | 9 Months Ended |
Sep. 30, 2023 | |
Public Utilities, Rate Matters [Abstract] | |
Regulatory Matters | REGULATORY MATTERS Included below is a summary of Idaho Power's most recent general rate cases and base rate changes, as well as other recent or pending notable regulatory matters and proceedings. Idaho and Oregon General Rate Cases Idaho Power's current base rates result from the IPUC and OPUC orders described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2022 Annual Report. On June 1, 2023, Idaho Power filed a general rate case with the IPUC. The filing was based on a 2023 test year and requested approximately $111 million in additional Idaho jurisdiction annual revenues, which is net of a corresponding proposed PCA decrease of $173.4 million and a reduction to annual energy efficiency rider collection of $3.5 million. As filed, this request would have resulted in an 8.61 percent overall average net rate increase for Idaho Power's Idaho customers. The filing requested, among other items, a 10.4 percent authorized rate of return on equity and an approximate $3.9 billion Idaho retail rate base. The $3.9 billion of rate base excludes rate base associated with Idaho Power's jointly-owned coal facilities, the costs of which are recovered under separate rate mechanisms. In its application, Idaho Power proposed a capitalization structure of 49 percent long-term debt and 51 percent common stock equity. Idaho Power included an average cost of debt of 4.895 percent, and an overall cost of capital of 7.702 percent. On October 27, 2023, Idaho Power, the Staff of the IPUC, and intervening parties publicly filed a settlement stipulation (2023 General Rate Case Settlement Stipulation) with the IPUC related to the Idaho general rate case filing. If the IPUC approves the 2023 General Rate Case Settlement Stipulation, it will authorize Idaho Power's filed general rate case, with the modifications contained in the 2023 General Rate Case Settlement Stipulation. As modified by the proposed 2023 General Rate Case Settlement Stipulation, Idaho Power’s general rate case filing contains the following significant terms, among other items: • Idaho Power would implement revised tariff schedules designed to increase annual Idaho-jurisdictional retail revenue by $54.7 million, or 4.25 percent, effective January 1, 2024. The $54.7 million of additional annual revenue is net of a PCA rate decrease of $168.3 million (moving that amount from collection via the PCA and into base rates) and a reduction to annual energy efficiency rider collection of $3.5 million. • A 9.6 percent return on equity and a 7.247 percent authorized rate of return based on a non-specified cost of debt and capital structure, applied to an Idaho-jurisdictional rate base of approximately $3.8 billion. • Modifications to the Idaho-jurisdiction PCA including establishment of a new level of base net power supply expense of $484.9 million, which includes the transfer of $168.3 million from current PCA rates to base rates; • Modifications to the energy efficiency rider to support the transfer of $3.5 million of energy efficiency labor-related cost collection from the annual energy efficiency rider into base rates, warranting a decrease in the energy efficiency rider rate from 3.1 percent to 2.35 percent; • Modifications to the FCA mechanism to support Idaho Power's proposed rate designs and to reflect updated fixed costs; • Continued deferral of incremental vegetation management and insurance costs, as measured from 2022 actual costs, through the earlier of Idaho Power’s next Idaho general rate case or 2025; • An annual $18 million increase in collection of Idaho Power’s regulatory asset associated with its defined benefit pension plan contributions; • Modifications to Idaho Power’s ADITC and revenue sharing mechanism (1) to include an additional amount of investment tax credits equal to the incremental investment tax credits generated from Idaho Power’s investment in 2023 battery storage projects; (2) to remove the existing $25 million annual cap on the amount of accelerated amortization of ADITCs; (3) to establish a minimum specified Idaho ROE of 9.12 percent for additional amortization of ADITCs; (4) to establish a 9.6 percent Idaho ROE as the threshold for revenue sharing of Idaho-jurisdiction earnings between Idaho Power and Idaho customers; and (5) to implement all revenue sharing through the PCA rather than a portion offsetting customer-funded pension obligations; • Agreement that Idaho Power’s share of capital expenditures at jointly-owned coal-fired plants through year-end 2022 was prudently incurred; • Deferral and amortization of annual differences between certain periodic maintenance costs at Idaho Power's natural gas-fired power plants; and • Modifications to the residential price modernization plan proposed by Idaho Power in its initial filing, as well as other modifications to Idaho Power’s proposed rate design. The 2023 General Rate Case Settlement Stipulation further provides for future workshops and discussions among the parties on time-of-use rates and other unresolved topics and further review of Idaho Power plant investments by IPUC Staff to be completed by December 1, 2023. To the extent IPUC Staff identifies potential prudence concerns, those prudence concerns would be addressed in Idaho Power's next general rate case. The parties to the 2023 General Rate Case Settlement Stipulation have requested that the IPUC issue an order approving the agreed-upon rates effective January 1, 2024. The 2023 General Rate Case Settlement Stipulation does not preclude Idaho Power from filing another general rate case in Idaho at any time in the future. If the IPUC were to deny the 2023 General Rate Case Settlement Stipulation or materially change its terms, no party would be bound by the terms of the stipulation. As of the date of this report, the IPUC's determination in this matter is pending. Idaho ADITC and Revenue Sharing Mechanism A May 2018 Idaho settlement stipulation related to tax reform (May 2018 Idaho Tax Reform Settlement Stipulation) is described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2022 Annual Report and includes provisions for the accelerated amortization of ADITC to help achieve a minimum 9.4 percent Idaho ROE. In addition, under the May 2018 Idaho Tax Reform Settlement Stipulation, the Idaho ROE at which Idaho Power would begin amortizing additional ADITC would revert back to 95 percent of the authorized return on equity in the next general rate case. The settlement stipulation also provides for the potential sharing between Idaho Power and Idaho customers of Idaho-jurisdictional earnings in excess of a 10.0 percent Idaho ROE, which would adjust to the authorized return on equity in the next general rate case currently pending before the IPUC. Based on its estimate of full-year 2023 Idaho ROE, in the three and nine months ended September 30, 2023, Idaho Power recorded zero and $7.5 million, respectively, for additional ADITC amortization under the May 2018 Idaho Tax Reform Settlement Stipulation. The additional ADITC amortization was recorded in income tax expense on Idaho Power's condensed consolidated statements of income. Accordingly, at September 30, 2023, $37.5 million of additional ADITC remains available for future use. Idaho Power recorded no additional ADITC amortization or provision against revenues for sharing of earnings with customers during 2022. If approved by the IPUC, the 2023 General Rate Case Settlement Stipulation would modify the Idaho ADITC and revenue sharing mechanism as noted above. Power Cost Adjustment Mechanisms In both its Idaho and Oregon jurisdictions, Idaho Power's power cost adjustment mechanisms address the volatility of power supply costs and provide for annual adjustments to the rates charged to its retail customers. The power cost adjustment mechanisms compare Idaho Power's actual net power supply costs (primarily fuel and purchased power less wholesale energy sales) against net power supply costs being recovered in Idaho Power's retail rates. Under the power cost adjustment mechanisms, certain differences between actual net power supply costs incurred by Idaho Power and costs being recovered in retail rates are recorded as a deferred charge or credit on the balance sheet for future recovery or refund. The power supply costs deferred primarily result from changes in contracted power purchase prices and volumes, changes in wholesale market prices and transaction volumes, fuel prices, and the levels of Idaho Power's own generation. In May 2023 , the IPUC issued an order approving recovery of an incremental $200.2 million of Idaho-jurisdiction PCA revenues, which included an increase in the forecasted power supply cost component and the deferral balance component. The IPUC directed Idaho Power to spread recovery of the $190.2 million deferral balance component of the PCA over a two-year period from June 1, 2023, to May 31, 2025, resulting in a total PCA increase of $105.1 million, effective for the PCA collection period from June 1, 2023, to May 31, 2024. The order defers collection of $95.1 million of deferred PCA costs to the subsequent annual PCA collection period from June 1, 2024, to May 31, 2025 . The net increase in PCA revenues reflects higher market energy and natural gas prices, combined with lower-than-expected hydropower generation and limited coal supply in the prior April 2022 to March 2023 PCA period. The net increase also reflects an expectation of continued elevated market energy and natural gas prices in the April 2023 to March 2024 forecast period under the PCA. If approved by the IPUC, the 2023 General Rate Case Settlement Stipulation would modify the PCA mechanism as noted above. In May 2023, the OPUC issued an order approving Idaho Power's annual power cost update settlement, for a $7.7 million increase in Oregon-jurisdiction rates effective June 1, 2023. Idaho Fixed Cost Adjustment Mechanism The Idaho-jurisdiction 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 kWh charge and linking it instead to a set amount per customer. Under Idaho Power's current rate design, Idaho Power recovers a portion of fixed costs through the variable kWh charge, which may result in over-collection or under-collection of fixed costs. To return over-collection to customers or to collect under-collection from customers, the FCA mechanism allows Idaho Power to accrue, or defer, the difference between the authorized fixed-cost recovery amount per customer and the actual fixed costs per customer recovered by Idaho Power during the year. The IPUC has discretion to cap the annual increase in the FCA recovery at 3 percent of base revenue, with any excess deferred for collection in a subsequent year. In May 2023, the IPUC issued an order approving a $10.1 million decrease in recovery from the FCA from $35.2 million to $25.1 million for the 2022 FCA deferral, with new rates effective for the period from June 1, 2023, to May 31, 2024. Beginning with the 2024 FCA deferral, if approved by the IPUC, t he 2023 General Rate Case Settlement Stipulation would update the authorized fixed-cost recovery amount per customer and would modify parts of the FCA mechanism to support Idaho Power's proposed rate designs, as noted above. Jim Bridger Power Plant Rate Base Adjustment and Recovery In June 2022, the IPUC issued an order approving, with modifications, Idaho Power’s amended application requesting authorization to (1) accelerate depreciation for the Jim Bridger plant to allow the coal-related plant assets to be fully depreciated and recovered by December 31, 2030, (2) establish a balancing account to track the incremental costs, benefits, and required regulatory accounting associated with ceasing participation in coal-fired operations at the Jim Bridger plant, and (3) increase customer rates related to the associated incremental annual levelized revenue requirement (Bridger Order). The Bridger Order allows for regulatory accounting entries and establishes balancing accounts (recorded as regulatory assets or liabilities on Idaho Power’s and IDACORP’s consolidated balance sheets) to track differences between amounts recovered in rates and actual incremental costs and benefits associated with Idaho Power’s cessation of coal-fired operations at the Jim Bridger plant. The incremental costs and benefits include the revenue requirement associated with the incremental Jim Bridger plant coal-related investments made from 2012 through the end of 2020, forecasted coal-related investments, and near-term decommissioning costs, offset by other O&M cost savings. The Bridger Order deemed all coal-related investments at the Jim Bridger plant from 2012 through 2020 to be prudent for recovery. In the Bridger Order, the IPUC reduced Idaho Power's requested rate increase from 2.1 percent in its amended filing to 1.5 percent, a reduction from a requested $27.1 million to $18.8 million annually. The Bridger Order provides that any uncollected amount resulting from the reduction in the rate increase will be recorded in the balancing account for future recovery with no carrying charge. Uncollected amounts tracked in this balancing account were included for recovery in the 2023 General Rate Case Settlement Stipulation. Idaho Power anticipates making future filings with the IPUC that may result in periodic adjustments to rates to true up variances between revenue collections and actual revenue requirement amounts. The Bridger Order allows Idaho Power to earn a return on and recover through 2030 the net book value of coal-related assets at the Jim Bridger plant as of December 31, 2020, as well as forecasted coal-related investments. Wildfire Mitigation Cost Recovery In June 2021, the IPUC authorized Idaho Power to defer for future amortization incremental O&M and depreciation expense for certain capital investments necessary to implement Idaho Power's WMP. The IPUC also authorized Idaho Power to record these deferred expenses as a regulatory asset until Idaho Power can request amortization of the deferred costs in a future IPUC proceeding, at which time the IPUC will have the opportunity to review actual costs and determine the amount of prudently incurred costs that Idaho Power can recover through retail rates. In its 2021 application with the IPUC, Idaho Power projected spending approximately $47 million in incremental wildfire mitigation-related O&M and roughly $35 million in wildfire mitigation system-hardening incremental capital expenditures over a five-year period. The IPUC authorized a deferral period of five years, or until rates go into effect from Idaho Power's next general rate case, whichever is first. As of September 30, 2023, Idaho Power's deferral of Idaho-jurisdiction costs related to the WMP was $45.4 million. |
REVENUES_
REVENUES: | 3 Months Ended |
Sep. 30, 2023 | |
Revenues [Abstract] | |
REVENUES: | REVENUES The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three months and nine months ended September 30, 2023 and 2022 (in thousands): Three months ended Nine months ended 2023 2022 2023 2022 Revenue from contracts with customers $ 496,632 $ 515,395 $ 1,267,527 $ 1,179,059 Alternative revenue programs and other revenues 13,003 1,706 84,173 39,631 Total electric utility operating revenues $ 509,635 $ 517,101 $ 1,351,700 $ 1,218,690 Revenues from Contracts with Customers The following table presents revenues from contracts with customers disaggregated by revenue source for the three months and nine months ended September 30, 2023 and 2022 (in thousands): Three months ended Nine months ended 2023 2022 2023 2022 Retail revenues: Residential (includes $5,583, $(1,447), $20,170, and $14,104, respectively, related to the FCA) (1) $ 181,736 $ 176,514 $ 505,158 $ 470,402 Commercial (includes $328, $142, $900, and $730, respectively, related to the FCA) (1) 107,971 101,794 283,478 259,620 Industrial 67,522 60,306 181,312 161,353 Irrigation 104,645 105,365 168,358 164,065 Deferred revenue related to HCC relicensing AFUDC (2) (2,815) (2,815) (6,861) (6,861) Total retail revenues 459,059 441,164 1,131,445 1,048,579 Less: FCA mechanism revenues (1) (5,911) 1,305 (21,070) (14,834) Wholesale energy sales 5,065 34,501 50,461 44,516 Transmission wheeling-related revenues 20,090 22,882 61,701 57,670 Energy efficiency program revenues 10,498 8,292 22,265 21,490 Other revenues from contracts with customers 7,831 7,251 22,725 21,638 Total revenues from contracts with customers $ 496,632 $ 515,395 $ 1,267,527 $ 1,179,059 (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. Alternative Revenue Programs and Other Revenues While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of an additional regulatory mechanism, the Idaho FCA mechanism, which may increase or decrease tariff-based customer rates. The Idaho FCA mechanism is described in Note 3 - "Regulatory Matters." The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service and billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues. Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the condensed consolidated statements of income. For more information on settled electricity swaps, see Note 11 - "Derivative Financial Instruments." The table below presents the FCA mechanism revenues and other revenues for the three months and nine months ended September 30, 2023 and 2022 (in thousands): Three months ended Nine months ended 2023 2022 2023 2022 FCA mechanism revenues $ 5,911 $ (1,305) $ 21,070 $ 14,834 Derivative revenues 7,092 3,011 63,103 24,797 Total alternative revenue programs and other revenues $ 13,003 $ 1,706 $ 84,173 $ 39,631 Receivables and Allowance for Uncollectible Accounts The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the nine months ended September 30, 2023 and 2022 (in thousands): Nine months ended 2023 2022 Balance at beginning of period $ 5,034 $ 4,499 Additions to the allowance 2,040 1,785 Write-offs, net of recoveries (2,939) (1,631) Balance at end of period $ 4,135 $ 4,653 Allowance for uncollectible accounts as a percentage of customer receivables 3.0 % 3.5 % |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-Term Debt Issuances and Redemptions On March 8, 2023, Idaho Power issued $60 million in aggregate principal amount of 5.06% first mortgage bonds, secured medium-term notes, Series N, maturing on March 8, 2043; and $62 million in aggregate principal amount of 5.20% first mortgage bonds, secured medium-term notes, Series N, maturing on March 8, 2053. Idaho Power also issues secured medium term notes from time to time under a shelf registration statement with the SEC, as described in Note 5 - "Long-Term Debt" to the consolidated financial statements included in the 2022 Annual Report. On March 14, 2023, under the shelf registration statement with the SEC, Idaho Power issued $400 million in aggregate principal amount of 5.50% first mortgage bonds, secured medium-term notes, Series M, maturing on March 15, 2053. On April 1, 2023, Idaho Power repaid $75 million in aggregate principal amount of maturing 2.50% first mortgage bonds due 2023, Series I. On September 11, 2023, under the shelf registration statement with the SEC, Idaho Power issued $350 million in aggregate principal amount of 5.80% first mortgage bonds, secured medium-term notes, Series M, maturing on April 1, 2054. On March 4, 2022, Idaho Power entered into a floating rate term loan credit agreement (Term Loan Facility) for the issuance of up to an aggregate principal amount of $150 million due 2024, bearing interest at floating rates based on the Secured Overnight Financing Rate, as described in Note 5 - "Long-Term Debt" to the consolidated financial statements included in the 2022 Annual Report. On March 31 and May 17, 2023, Idaho Power repaid $100 million and $50 million of the Term Loan Facility, respectively. As of September 30, 2023, there was no remaining outstanding principal balance of the Term Loan Facility. |
COMMON STOCK_
COMMON STOCK: | 9 Months Ended |
Sep. 30, 2023 | |
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract] | |
Common Stock | COMMON STOCK IDACORP Common Stock During the nine months ended September 30, 2023, IDACORP granted 75,295 restricted stock unit awards to employees and issued 53,345 shares of common stock using original issuances of shares pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan, including 13,842 shares of common stock issued to members of the board of directors. As directed by IDACORP, plan administrators of the IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan and Idaho Power Company Employee Savings Plan used market purchases of IDACORP common stock to acquire shares of IDACORP common stock for the plans. Restrictions on Dividends Idaho Power’s ability to pay dividends on its common stock held by IDACORP and IDACORP’s ability to pay dividends on its common stock are limited to the extent payment of such dividends would violate the covenants in their respective Credit Facilities or Idaho Power’s Revised Code of Conduct. A covenant under IDACORP’s credit facility and Idaho Power’s credit facility requires IDACORP and Idaho Power to maintain leverage ratios of consolidated indebtedness to consolidated total capitalization, as defined therein, of no more than 65 percent at the end of each fiscal quarter. At September 30, 2023, the leverage ratios for IDACORP and Idaho Power were 49 percent and 50 percent, respectively. Based on these restrictions, IDACORP’s and Idaho Power’s dividends were limited to $1.4 billion and $1.3 billion, respectively, at September 30, 2023. 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 September 30, 2023, 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 September 30, 2023, Idaho Power's common equity capital was 50 percent of its total adjusted capital. Further, Idaho Power must obtain approval from the OPUC before it can directly or indirectly loan funds or issue notes or give credit on its books to IDACORP. Idaho Power’s articles of incorporation contain restrictions on the payment of dividends on its common stock if preferred stock dividends are in arrears. As of the date of this report, Idaho Power has no preferred stock outstanding. In addition to contractual restrictions on the amount and payment of dividends, the Federal Power Act prohibits the payment of dividends from "capital accounts." The term "capital account" is undefined in the Federal Power Act or its regulations, but Idaho Power does not believe the restriction would limit Idaho Power's ability to pay dividends out of current year earnings or retained earnings. |
EARNINGS PER SHARE_
EARNINGS PER SHARE: | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The table below presents the computation of IDACORP’s basic and diluted earnings per share for the three months and nine months ended September 30, 2023 and 2022 (in thousands, except for per share amounts). Three months ended Nine months ended 2023 2022 2023 2022 Numerator: Net income attributable to IDACORP, Inc. $ 105,264 $ 106,380 $ 229,936 $ 216,928 Denominator: Weighted-average common shares outstanding - basic 50,726 50,668 50,713 50,656 Effect of dilutive securities 79 54 49 33 Weighted-average common shares outstanding - diluted 50,805 50,722 50,762 50,689 Basic earnings per share $ 2.08 $ 2.10 $ 4.53 $ 4.28 Diluted earnings per share $ 2.07 $ 2.10 $ 4.53 $ 4.28 |
COMMITMENTS_
COMMITMENTS: | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
COMMITMENTS | COMMITMENTS Purchase Obligations During the nine months ended September 30, 2023, Idaho Power entered into: • an agreement in April 2023 to utilize the storage capacity of a 150 MW battery storage facility, which increased Idaho Power's contractual purchase obligations by approximately $430.9 million over the 20-year term of the contract. The facility is scheduled to be online in June 2025; • an agreement in May 2023 to replace an expiring PURPA-qualifying hydropower facility power purchase agreement, which increased Idaho Power's contractual purchase obligations by approximately $29.1 million over the 20-year term of the contract; • an agreement in June 2023 to utilize up to one billion cubic feet of natural gas storage capacity, starting in April 2025, which increased Idaho Power's contractual purchase obligations by approximately $24.4 million over the 10-year term of the contract; • an agreement in June 2023 to acquire and own 36 MW of battery storage assets, which increased Idaho Power's contractual purchase obligations by approximately $52.6 million over the 1-year term of the contract. The batteries are scheduled to be online in the spring of 2024. During the nine months ended September 30, 2023, Idaho Power made payments of $11.1 million related to this obligation; and • an agreement in July 2023 to meet certain environmental mitigation requirements in the State of Oregon for the Boardman-to-Hemingway transmission line proje ct, which increased Idaho Power's contractual obligations by $16.9 million over the approximate 1-year term of the contract. During the nine months ended September 30, 2023, Idaho Power made payments of $3 million related to this obligation. In July 2023, IFS committed to invest $35 million in an affordable housing tax credit project over an 18-year term. During the nine months ended September 30, 2023, IFS made $5.7 million in capital contributions toward this commitment. In October 2023, Idaho Power entered into two new contracts to acquire and own 82 MW of battery storage assets, which collectively increase Idaho Power's contractual purchase obligations by approximately $87.1 million over the approximate 2-year terms of the contracts. Except as disclosed in this Note 8, during the nine months ended September 30, 2023, IDACORP's and Idaho Power's contractual obligations, outside the ordinary course of business, did not change materially from the amounts disclosed in the notes to the consolidated financial statements in the 2022 Annual Report. Acquisition of Additional Interest in Boardman-To-Hemingway Transmission Project In March 2023, Idaho Power executed a purchase, sale, and security agreement with the BPA to transfer BPA's 24 percent interest in the Boardman-to-Hemingway transmission line project to Idaho Power, bringing Idaho Power's interest in the project to 45 percent. Pursuant to the agreement, Idaho Power has a commitment to provide long-term transmission service to BPA. The agreement also required BPA to make a $10 million security payment to Idaho Power. On Idaho Power's condensed consolidated balance sheet, the agreement increased construction work in progress by $31.4 million for the acquired permitting interest, cash and cash equivalents by $10.0 million for the additional security payment, and other non-current liabilities by $41.4 million for Idaho Power's obligation to pay for the permitting interest and to return the security deposit to BPA. Payments to BPA for the permitting interest are expected to be made over a 15-year period beginning 10 years after energization of the transmission line project, while the security deposit is due to be returned to BPA upon energization. Guarantees Idaho Power guarantees its portion of reclamation activities and obligations at BCC, of which IERCo owns a one-third interest. This guarantee, which is renewed annually with the Wyoming Department of Environmental Quality, was $47.3 million at September 30, 2023, representing IERCo's one-third share of BCC's total reclamation obligation of $141.9 million. BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs. At September 30, 2023, the value of BCC's reclamation trust fund was $227.1 million. During the nine months ended September 30, 2023, the reclamation trust fund made $3.8 million of distributions for reclamation activity costs associated with the BCC surface mine. BCC periodically assesses the adequacy of the reclamation trust fund and its estimate of future reclamation costs. To ensure that the reclamation trust fund maintains adequate reserves, BCC has the ability to, and does, add a per-ton surcharge to coal sales, all of which are made to the Jim Bridger plant. Because of the existence of the fund and the ability to apply a per-ton surcharge, the estimated fair value of this guarantee is minimal. IDACORP and Idaho Power enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of September 30, 2023, management believe the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective condensed consolidated balance sheets with respect to these indemnification obligations. |
CONTINGENCIES_
CONTINGENCIES: | 9 Months Ended |
Sep. 30, 2023 | |
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 Idaho Power’s provision of electric service and the operation of its generation, transmission, and distribution facilities. Some of those claims relate to electrical contacts, service quality, property damage, and wildfires. In recent years, utilities in the western United States have been subject to significant liability for personal injury, loss of life, property damage, trespass, and economic losses, and in some cases, punitive damages and criminal charges, associated with wildfires that originated from utility property, most commonly transmission and distribution lines. Idaho Power has also 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 condensed 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: | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits, Description [Abstract] | |
Benefit Plans | BENEFIT PLANSIdaho Power has a noncontributory defined benefit pension plan (pension plan) and two nonqualified defined benefit plans for certain senior management employees, the SMSP. Idaho Power also has a nonqualified defined benefit pension plan for directors that was frozen in 2002. Remaining vested benefits from that plan are included with the SMSP in the disclosures below. The benefits under the pension plan are based on years of service and the employee’s final average earnings. Idaho Power also maintains a defined benefit postretirement benefit plan (consisting of health care and death benefits) that covers all employees who were enrolled in the active-employee group plan at the time of retirement as well as their spouses and qualifying dependents. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended September 30, 2023 and 2022 (in thousands). Pension Plan SMSP Postretirement Total 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ 6,549 $ 13,006 $ 153 $ 296 $ 165 $ 267 $ 6,867 $ 13,569 Interest cost 13,149 9,918 1,331 974 745 528 15,225 11,420 Expected return on plan assets (15,303) (18,087) — — (412) (587) (15,715) (18,674) Amortization of prior service cost 2 1 54 70 416 (1) 472 70 Amortization of net loss — 3,068 143 1,057 (310) (7) (167) 4,118 Net periodic benefit cost 4,397 7,906 1,681 2,397 604 200 6,682 10,503 Regulatory deferral of net periodic benefit cost (1) (4,223) (7,549) — — — — (4,223) (7,549) Previously deferred pension costs recognized (1) 4,288 4,288 — — — — 4,288 4,288 Net periodic benefit cost recognized for financial reporting (1)(2) $ 4,462 $ 4,645 $ 1,681 $ 2,397 $ 604 $ 200 $ 6,747 $ 7,242 (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, $5.1 million and $4.9 million, respectively, were recognized in "Other operations and maintenance" and $1.7 million and $2.3 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended September 30, 2023 and 2022. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the nine months ended September 30, 2023 and 2022 (in thousands). Pension Plan SMSP Postretirement Total 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ 22,705 $ 39,019 $ 459 $ 889 $ 494 $ 803 $ 23,658 $ 40,711 Interest cost 38,458 29,753 3,992 2,923 2,235 1,584 44,685 34,260 Expected return on plan assets (46,171) (54,261) — — (1,238) (1,763) (47,409) (56,024) Amortization of prior service cost 5 5 164 209 1,249 (4) 1,418 210 Amortization of net loss — 9,205 428 3,172 (928) (23) (500) 12,354 Net periodic benefit cost 14,997 23,721 5,043 7,193 1,812 597 21,852 31,511 Regulatory deferral of net periodic benefit cost (1) (14,344) (22,650) — — — — (14,344) (22,650) Previously deferred pension costs recognized (1) 12,865 12,865 — — — — 12,865 12,865 Net periodic benefit cost recognized for financial reporting (1)(2) $ 13,518 $ 13,936 $ 5,043 $ 7,193 $ 1,812 $ 597 $ 20,373 $ 21,726 (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, $15.5 million and $14.8 million, respectively, were recognized in "Other operations and maintenance" and $4.9 million and $6.9 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the nine months ended September 30, 2023 and 2022. Idaho Power has no minimum contribution requirement to its defined benefit pension plan in 2023, and during the nine months ended September 30, 2023, Idaho Power contributed $48 million in a continued effort to balance the regulatory collection of these expenditures with the amount and timing of contributions, as well as to mitigate the cost of being in an underfunded position. The primary impact of pension contributions is on the timing of cash flows, as the timing of cost recovery lags behind contributions. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS: | 9 Months Ended |
Sep. 30, 2023 | |
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 securing energy resources for future periods or economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). These types of transactions are excluded from the offsetting presented in the derivative fair value and offsetting table that follows. The table below presents the gains and losses on derivatives not designated as hedging instruments for the three months and nine months ended September 30, 2023 and 2022 (in thousands of dollars): Gain/(Loss) on Derivatives Recognized in Income (1) Location of Realized Gain/(Loss) on Derivatives Recognized in Income Three months ended Nine months ended 2023 2022 2023 2022 Financial swaps Operating revenues $ 253 $ (3,763) $ 4,216 $ (4,758) Financial swaps Purchased power (8,541) 3,038 (8,647) 1,957 Financial swaps Fuel expense (7,932) 24,178 4,182 28,629 Forward contracts Operating revenues — 502 1,710 713 Forward contracts Purchased power (1,454) (2,430) (3,504) (2,640) Forward contracts Fuel expense (202) (207) (641) (269) (1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. Settlement gains and losses on electricity swap contracts are recorded on the income statement in operating revenues or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other O&M expense. See Note 12 - "Fair Value Measurements" for additional information concerning the determination of fair value for Idaho Power’s assets and liabilities from price risk management activities. Credit Risk At September 30, 2023, 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 typically 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 S&P Global Ratings. If Idaho Power's unsecured debt were to fall below investment grade, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position at September 30, 2023, was $25.0 million. Idaho Power posted $29.1 million of cash collateral related to its derivative instruments. If the credit-risk-related contingent features underlying these agreements were triggered on September 30, 2023, Idaho Power would have been required to pay or post collateral to its counterparties up to an additional $5.4 million to cover open liability positions as well as completed transactions that have not yet been paid. Derivative Instrument Summary The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at September 30, 2023, and December 31, 2022 (in thousands of dollars): Asset Derivatives Liability Derivatives Balance Sheet Location Gross Fair Value Amounts Offset Net Assets Gross Fair Value Amounts Offset Net Liabilities September 30, 2023 Current: Financial swaps Other current assets $ 811 $ (315) $ 496 $ 315 $ (315) $ — Financial swaps Other current liabilities 2,668 (2,668) — 22,108 (21,778) (1) 330 Forward contracts Other current liabilities — — — 1,808 — 1,808 Long-term: Financial swaps Other assets 141 (90) 51 90 (90) — Financial swaps Other liabilities 522 (522) — 632 (632) (2) — Total $ 4,142 $ (3,595) $ 547 $ 24,953 $ (22,815) $ 2,138 December 31, 2022 Current: Financial swaps Other current assets $ 72,548 $ (32,609) (3) $ 39,939 $ 13,982 $ (13,982) $ — Financial swaps Other current liabilities 132 (132) — 1,577 (132) 1,445 Forward contracts Other current assets 400 — 400 — — — Forward contracts Other current liabilities — — — 2,071 — 2,071 Long-term: Financial swaps Other assets 622 (43) 579 43 (43) — Financial swaps Other liabilities 644 (644) — 2,136 (644) 1,492 Forward contracts Other liabilities — — — 1,780 — 1,780 Total $ 74,346 $ (33,428) $ 40,918 $ 21,589 $ (14,801) $ 6,788 (1) Current liability derivative amounts offset include $19.1 million of collateral receivable at September 30, 2023. (2) Long-term liability derivative amounts offset include $110 thousand of collateral receivable at September 30, 2023. (3) Current asset derivative amounts offset include $18.6 million of collateral payable at December 31, 2022. The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at September 30, 2023 and 2022 (in thousands of units): September 30, Commodity Units 2023 2022 Electricity purchases MWh 434 344 Electricity sales MWh — 72 Natural gas purchases MMBtu 27,283 14,958 |
FAIR VALUE MEASUREMENTS_
FAIR VALUE MEASUREMENTS: | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access. • Level 2: Financial assets and liabilities whose values are based on the following: a) quoted prices for similar assets or liabilities in active markets; b) quoted prices for identical or similar assets or liabilities in non-active markets; c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. IDACORP and Idaho Power Level 2 inputs for derivative instruments are based on quoted market prices adjusted for location using corroborated, observable market data or using quoted price which may be in non-active markets. • 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. There were no transfers between levels or material changes in valuation techniques or inputs during the nine months ended September 30, 2023. Certain instruments have been valued using NAV as a practical expedient. The NAV is generally not published and publicly available, nor are these instruments traded on an exchange. Instruments valued using NAV as a practical expedient are included in the fair value disclosures below; however, in accordance with GAAP are not classified within the fair value hierarchy levels. 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 September 30, 2023, and December 31, 2022 (in thousands of dollars). September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds and commercial paper IDACORP (1) $ 16,846 $ — $ — $ 16,846 $ 16,505 $ — $ — $ 16,505 Idaho Power 360,343 — — 360,343 34,468 — — 34,468 Derivatives 547 — — 547 40,518 400 — 40,918 Equity securities 30,157 — — 30,157 34,129 — — 34,129 IDACORP assets measured at NAV (not subject to hierarchy disclosure) (1) — — — 3,852 — — — 2,796 Liabilities: Derivatives $ 330 $ 1,808 $ — $ 2,138 $ 2,937 $ 3,851 $ — $ 6,788 (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 swap derivatives are valued on the Intercontinental Exchange (ICE) with quoted prices in an active market. Electricity forward contract derivatives are valued using a blend of two electricity exchanges, adjusted for location basis, as specified in the forward contract. Natural gas and diesel derivatives are valued using New York Mercantile Exchange (NYMEX) and ICE pricing, adjusted for location basis, which are also quoted under NYMEX and ICE pricing. Equity securities at Idaho Power 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 September 30, 2023, and December 31, 2022, using available market information and appropriate valuation methodologies (in thousands of dollars). September 30, 2023 December 31, 2022 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value IDACORP Assets: Notes receivable (1) $ 3,871 $ 3,871 $ 3,871 $ 3,871 Held-to-maturity securities (1)(2) 31,035 26,024 30,475 25,452 Liabilities: Long-term debt (including current portion) (1) 2,826,150 2,434,357 2,194,145 1,953,470 Idaho Power Assets: Held-to-maturity securities (1)(2) $ 31,035 $ 26,024 $ 30,475 $ 25,452 Liabilities: Long-term debt (including current portion) (1) 2,826,150 2,434,357 2,194,145 1,953,470 (1) Notes receivable are categorized as Level 3 and held-to-maturity securities and long-term debt are categorized as Level 2 of the fair value hierarchy, as defined earlier in this Note 12 - "Fair Value Measurements." (2) All held-to-maturity securities are carried at amortized cost and were in a gross unrealized holding loss position totaling $5.0 million as of both September 30, 2023, and December 31, 2022. Substantially all of these debt securities mature between 2027 and 2037. Based on ongoing credit evaluations of these holdings, Idaho Power does not expect payment defaults or delinquencies and had not recorded an allowance for credit losses for these securities as of September 30, 2023 and 2022. Notes receivable are related to Ida-West and are valued based on unobservable inputs, including forecasted cash flows, which are partially based on expected hydropower conditions. Held-to-maturity securities are held in a rabbi trust and are generally valued using quoted prices which may be in non-active markets. Long-term debt is not traded on an exchange and is valued using quoted rates for similar debt in active markets. Carrying values for cash and cash equivalents, deposits, customer and other receivables, notes payable, accounts payable, interest accrued, and taxes accrued approximate fair value. |
SEGMENT INFORMATION_
SEGMENT INFORMATION: | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the generation, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated joint venture. IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the "All Other" category in the table below. This category is comprised of IFS’s investments in affordable housing and other real estate tax credit 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 All Eliminations Consolidated Three months ended September 30, 2023: Revenues $ 509,635 $ 1,271 $ — $ 510,906 Net income attributable to IDACORP, Inc. 103,022 2,242 — 105,264 Total assets as of September 30, 2023 8,153,001 213,833 (73,300) 8,293,534 Three months ended September 30, 2022: Revenues $ 517,101 $ 911 $ — $ 518,012 Net income attributable to IDACORP, Inc. 104,532 1,848 — 106,380 Nine months ended September 30, 2023: Revenues $ 1,351,700 $ 2,703 $ — $ 1,354,403 Net income attributable to IDACORP, Inc. 225,812 4,124 — 229,936 Nine months ended September 30, 2022: Revenues $ 1,218,690 $ 2,333 $ — $ 1,221,023 Net income attributable to IDACORP, Inc. 213,181 3,747 — 216,928 |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | |
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME The table below presents changes in components of AOCI, net of tax, during the three months and nine months ended September 30, 2023 and 2022 (in thousands). Items in parentheses indicate charges to AOCI. Defined Benefit Pension Items Defined Benefit Pension Items Three months ended Nine months ended 2023 2022 2023 2022 Balance at beginning of period $ (12,629) $ (38,366) $ (12,922) $ (40,040) Amounts reclassified out of AOCI 146 837 439 2,511 Balance at end of period $ (12,483) $ (37,529) $ (12,483) $ (37,529) The table below presents amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the three months and nine months ended September 30, 2023 and 2022 (in thousands). Items in parentheses indicate increases to net income. Amount Reclassified from AOCI Details About AOCI Three months ended Nine months ended 2023 2022 2023 2022 Amortization of defined benefit pension items (1) Prior service cost $ 54 $ 70 $ 164 $ 209 Net loss 143 1,057 428 3,172 Total before tax 197 1,127 592 3,381 Tax benefit (2) (51) (290) (153) (870) Total reclassification for the period, net of tax $ 146 $ 837 $ 439 $ 2,511 (1) Amortization of these items is included in IDACORP's condensed consolidated income statements in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net. (2) The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power. |
CHANGES IN IDAHO POWER RETAINED
CHANGES IN IDAHO POWER RETAINED EARNINGS (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Changes in Idaho Power Retained Earnings [Abstract] | |
CHANGES IN IDAHO POWER RETAINED EARNINGS | CHANGES IN IDAHO POWER RETAINED EARNINGS The table below presents changes in Idaho Power retained earnings during the three months and nine months ended September 30, 2023 and 2022 (in thousands). Three months ended Nine months ended 2023 2022 2023 2022 Balance at beginning of period $ 1,918,759 $ 1,728,635 $ 1,836,547 $ 1,696,304 Net income 103,022 104,532 225,812 213,181 Dividends to parent (40,218) (38,124) (80,796) (114,442) Balance at end of period $ 1,981,563 $ 1,795,043 $ 1,981,563 $ 1,795,043 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income Attributable to IDACORP, Inc. | $ 105,264 | $ 106,380 | $ 229,936 | $ 216,928 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Organization, Consolidation, Presentation, and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Business | IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the FERC. Idaho Power is the parent of IERCo, a joint venturer in BCC, which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power. |
Regulation of Utility Operations | As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition.IDACORP's and Idaho Power's financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense. |
Financial Statements | In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's condensed consolidated balance sheets as of September 30, 2023, condensed consolidated statements of income for the three months and nine months ended September 30, 2023 and 2022, and condensed consolidated cash flows for the nine months ended September 30, 2023 and 2022. These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or note disclosures concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in the 2022 Annual Report. The statements of income for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective balance sheets and statements of income during the period in which such change occurred. |
Management Estimates | Management makes estimates and assumptions when preparing financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). These estimates and assumptions include, among others, those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates. |
New and Recently Adopted Accounting Pronouncements | There have been no recently issued accounting pronouncements that have had or are expected to have a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements. |
Income Tax | In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount. |
Revenue Recognition | The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service and billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues. Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the condensed consolidated statements of income. |
Fair Value of Financial Instruments | IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access. • Level 2: Financial assets and liabilities whose values are based on the following: a) quoted prices for similar assets or liabilities in active markets; b) quoted prices for identical or similar assets or liabilities in non-active markets; c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. IDACORP and Idaho Power Level 2 inputs for derivative instruments are based on quoted market prices adjusted for location using corroborated, observable market data or using quoted price which may be in non-active markets. • 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. |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop. |
Derivatives, Reporting of Derivative Activity | Settlement gains and losses on electricity swap contracts are recorded on the income statement in operating revenues or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other O&M expense. |
Segment Reporting | IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the generation, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated joint venture. IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the "All Other" category in the table below. This category is comprised of IFS’s investments in affordable housing and other real estate tax credit projects, Ida-West’s joint venture investments in small hydropower generation projects, and IDACORP’s holding company expenses. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy | Receivables and Allowance for Uncollectible Accounts The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the nine months ended September 30, 2023 and 2022 (in thousands): Nine months ended 2023 2022 Balance at beginning of period $ 5,034 $ 4,499 Additions to the allowance 2,040 1,785 Write-offs, net of recoveries (2,939) (1,631) Balance at end of period $ 4,135 $ 4,653 Allowance for uncollectible accounts as a percentage of customer receivables 3.0 % 3.5 % |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 September 30, 2023, and December 31, 2022 (in thousands of dollars): Asset Derivatives Liability Derivatives Balance Sheet Location Gross Fair Value Amounts Offset Net Assets Gross Fair Value Amounts Offset Net Liabilities September 30, 2023 Current: Financial swaps Other current assets $ 811 $ (315) $ 496 $ 315 $ (315) $ — Financial swaps Other current liabilities 2,668 (2,668) — 22,108 (21,778) (1) 330 Forward contracts Other current liabilities — — — 1,808 — 1,808 Long-term: Financial swaps Other assets 141 (90) 51 90 (90) — Financial swaps Other liabilities 522 (522) — 632 (632) (2) — Total $ 4,142 $ (3,595) $ 547 $ 24,953 $ (22,815) $ 2,138 December 31, 2022 Current: Financial swaps Other current assets $ 72,548 $ (32,609) (3) $ 39,939 $ 13,982 $ (13,982) $ — Financial swaps Other current liabilities 132 (132) — 1,577 (132) 1,445 Forward contracts Other current assets 400 — 400 — — — Forward contracts Other current liabilities — — — 2,071 — 2,071 Long-term: Financial swaps Other assets 622 (43) 579 43 (43) — Financial swaps Other liabilities 644 (644) — 2,136 (644) 1,492 Forward contracts Other liabilities — — — 1,780 — 1,780 Total $ 74,346 $ (33,428) $ 40,918 $ 21,589 $ (14,801) $ 6,788 (1) Current liability derivative amounts offset include $19.1 million of collateral receivable at September 30, 2023. (2) Long-term liability derivative amounts offset include $110 thousand of collateral receivable at September 30, 2023. |
INCOME TAXES_ Level 3 (Tables)
INCOME TAXES: Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The following table provides a summary of income tax expense for the nine months ended September 30, 2023 and 2022 (in thousands): IDACORP Idaho Power 2023 2022 2023 2022 Income tax at statutory rates (federal and state) $ 66,650 $ 63,500 $ 65,916 $ 62,960 Additional ADITC amortization (7,500) — (7,500) — Excess deferred income tax reversal (8,013) (8,554) (8,013) (8,554) Income tax return adjustments (8,227) (2,692) (7,732) (2,827) Other (1) (13,910) (22,486) (12,397) (20,161) Income tax expense $ 29,000 $ 29,768 $ 30,274 $ 31,418 Effective tax rate 11.2 % 12.1 % 11.8 % 12.8 % |
REVENUES_ Electric utility oper
REVENUES: Electric utility operating revenues (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenues [Abstract] | |
Electric utility operating revenues [Table Text Block] | The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three months and nine months ended September 30, 2023 and 2022 (in thousands): Three months ended Nine months ended 2023 2022 2023 2022 Revenue from contracts with customers $ 496,632 $ 515,395 $ 1,267,527 $ 1,179,059 Alternative revenue programs and other revenues 13,003 1,706 84,173 39,631 Total electric utility operating revenues $ 509,635 $ 517,101 $ 1,351,700 $ 1,218,690 |
Disaggregation of Revenue [Table Text Block] | The following table presents revenues from contracts with customers disaggregated by revenue source for the three months and nine months ended September 30, 2023 and 2022 (in thousands): Three months ended Nine months ended 2023 2022 2023 2022 Retail revenues: Residential (includes $5,583, $(1,447), $20,170, and $14,104, respectively, related to the FCA) (1) $ 181,736 $ 176,514 $ 505,158 $ 470,402 Commercial (includes $328, $142, $900, and $730, respectively, related to the FCA) (1) 107,971 101,794 283,478 259,620 Industrial 67,522 60,306 181,312 161,353 Irrigation 104,645 105,365 168,358 164,065 Deferred revenue related to HCC relicensing AFUDC (2) (2,815) (2,815) (6,861) (6,861) Total retail revenues 459,059 441,164 1,131,445 1,048,579 Less: FCA mechanism revenues (1) (5,911) 1,305 (21,070) (14,834) Wholesale energy sales 5,065 34,501 50,461 44,516 Transmission wheeling-related revenues 20,090 22,882 61,701 57,670 Energy efficiency program revenues 10,498 8,292 22,265 21,490 Other revenues from contracts with customers 7,831 7,251 22,725 21,638 Total revenues from contracts with customers $ 496,632 $ 515,395 $ 1,267,527 $ 1,179,059 (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. |
Alternative revenue programs and other revenues [Table Text Block] | The table below presents the FCA mechanism revenues and other revenues for the three months and nine months ended September 30, 2023 and 2022 (in thousands): Three months ended Nine months ended 2023 2022 2023 2022 FCA mechanism revenues $ 5,911 $ (1,305) $ 21,070 $ 14,834 Derivative revenues 7,092 3,011 63,103 24,797 Total alternative revenue programs and other revenues $ 13,003 $ 1,706 $ 84,173 $ 39,631 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the nine months ended September 30, 2023 and 2022 (in thousands): Nine months ended 2023 2022 Balance at beginning of period $ 5,034 $ 4,499 Additions to the allowance 2,040 1,785 Write-offs, net of recoveries (2,939) (1,631) Balance at end of period $ 4,135 $ 4,653 Allowance for uncollectible accounts as a percentage of customer receivables 3.0 % 3.5 % |
EARNINGS PER SHARE_ Level 3 (Ta
EARNINGS PER SHARE: Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method | The table below presents the computation of IDACORP’s basic and diluted earnings per share for the three months and nine months ended September 30, 2023 and 2022 (in thousands, except for per share amounts). Three months ended Nine months ended 2023 2022 2023 2022 Numerator: Net income attributable to IDACORP, Inc. $ 105,264 $ 106,380 $ 229,936 $ 216,928 Denominator: Weighted-average common shares outstanding - basic 50,726 50,668 50,713 50,656 Effect of dilutive securities 79 54 49 33 Weighted-average common shares outstanding - diluted 50,805 50,722 50,762 50,689 Basic earnings per share $ 2.08 $ 2.10 $ 4.53 $ 4.28 Diluted earnings per share $ 2.07 $ 2.10 $ 4.53 $ 4.28 |
BENEFIT PLANS_ Level 3 (Tables)
BENEFIT PLANS: Level 3 (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended September 30, 2023 and 2022 (in thousands). Pension Plan SMSP Postretirement Total 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ 6,549 $ 13,006 $ 153 $ 296 $ 165 $ 267 $ 6,867 $ 13,569 Interest cost 13,149 9,918 1,331 974 745 528 15,225 11,420 Expected return on plan assets (15,303) (18,087) — — (412) (587) (15,715) (18,674) Amortization of prior service cost 2 1 54 70 416 (1) 472 70 Amortization of net loss — 3,068 143 1,057 (310) (7) (167) 4,118 Net periodic benefit cost 4,397 7,906 1,681 2,397 604 200 6,682 10,503 Regulatory deferral of net periodic benefit cost (1) (4,223) (7,549) — — — — (4,223) (7,549) Previously deferred pension costs recognized (1) 4,288 4,288 — — — — 4,288 4,288 Net periodic benefit cost recognized for financial reporting (1)(2) $ 4,462 $ 4,645 $ 1,681 $ 2,397 $ 604 $ 200 $ 6,747 $ 7,242 (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, $5.1 million and $4.9 million, respectively, were recognized in "Other operations and maintenance" and $1.7 million and $2.3 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended September 30, 2023 and 2022. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the nine months ended September 30, 2023 and 2022 (in thousands). Pension Plan SMSP Postretirement Total 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ 22,705 $ 39,019 $ 459 $ 889 $ 494 $ 803 $ 23,658 $ 40,711 Interest cost 38,458 29,753 3,992 2,923 2,235 1,584 44,685 34,260 Expected return on plan assets (46,171) (54,261) — — (1,238) (1,763) (47,409) (56,024) Amortization of prior service cost 5 5 164 209 1,249 (4) 1,418 210 Amortization of net loss — 9,205 428 3,172 (928) (23) (500) 12,354 Net periodic benefit cost 14,997 23,721 5,043 7,193 1,812 597 21,852 31,511 Regulatory deferral of net periodic benefit cost (1) (14,344) (22,650) — — — — (14,344) (22,650) Previously deferred pension costs recognized (1) 12,865 12,865 — — — — 12,865 12,865 Net periodic benefit cost recognized for financial reporting (1)(2) $ 13,518 $ 13,936 $ 5,043 $ 7,193 $ 1,812 $ 597 $ 20,373 $ 21,726 (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, $15.5 million and $14.8 million, respectively, were recognized in "Other operations and maintenance" and $4.9 million and $6.9 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the nine months ended September 30, 2023 and 2022. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS: Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below presents the gains and losses on derivatives not designated as hedging instruments for the three months and nine months ended September 30, 2023 and 2022 (in thousands of dollars): Gain/(Loss) on Derivatives Recognized in Income (1) Location of Realized Gain/(Loss) on Derivatives Recognized in Income Three months ended Nine months ended 2023 2022 2023 2022 Financial swaps Operating revenues $ 253 $ (3,763) $ 4,216 $ (4,758) Financial swaps Purchased power (8,541) 3,038 (8,647) 1,957 Financial swaps Fuel expense (7,932) 24,178 4,182 28,629 Forward contracts Operating revenues — 502 1,710 713 Forward contracts Purchased power (1,454) (2,430) (3,504) (2,640) Forward contracts Fuel expense (202) (207) (641) (269) (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 September 30, 2023, and December 31, 2022 (in thousands of dollars): Asset Derivatives Liability Derivatives Balance Sheet Location Gross Fair Value Amounts Offset Net Assets Gross Fair Value Amounts Offset Net Liabilities September 30, 2023 Current: Financial swaps Other current assets $ 811 $ (315) $ 496 $ 315 $ (315) $ — Financial swaps Other current liabilities 2,668 (2,668) — 22,108 (21,778) (1) 330 Forward contracts Other current liabilities — — — 1,808 — 1,808 Long-term: Financial swaps Other assets 141 (90) 51 90 (90) — Financial swaps Other liabilities 522 (522) — 632 (632) (2) — Total $ 4,142 $ (3,595) $ 547 $ 24,953 $ (22,815) $ 2,138 December 31, 2022 Current: Financial swaps Other current assets $ 72,548 $ (32,609) (3) $ 39,939 $ 13,982 $ (13,982) $ — Financial swaps Other current liabilities 132 (132) — 1,577 (132) 1,445 Forward contracts Other current assets 400 — 400 — — — Forward contracts Other current liabilities — — — 2,071 — 2,071 Long-term: Financial swaps Other assets 622 (43) 579 43 (43) — Financial swaps Other liabilities 644 (644) — 2,136 (644) 1,492 Forward contracts Other liabilities — — — 1,780 — 1,780 Total $ 74,346 $ (33,428) $ 40,918 $ 21,589 $ (14,801) $ 6,788 (1) Current liability derivative amounts offset include $19.1 million of collateral receivable at September 30, 2023. (2) Long-term liability derivative amounts offset include $110 thousand of collateral receivable at September 30, 2023. |
Schedule of Derivative Instruments | The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at September 30, 2023 and 2022 (in thousands of units): September 30, Commodity Units 2023 2022 Electricity purchases MWh 434 344 Electricity sales MWh — 72 Natural gas purchases MMBtu 27,283 14,958 |
FAIR VALUE MEASUREMENTS_ Level
FAIR VALUE MEASUREMENTS: Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 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 September 30, 2023, and December 31, 2022 (in thousands of dollars). September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds and commercial paper IDACORP (1) $ 16,846 $ — $ — $ 16,846 $ 16,505 $ — $ — $ 16,505 Idaho Power 360,343 — — 360,343 34,468 — — 34,468 Derivatives 547 — — 547 40,518 400 — 40,918 Equity securities 30,157 — — 30,157 34,129 — — 34,129 IDACORP assets measured at NAV (not subject to hierarchy disclosure) (1) — — — 3,852 — — — 2,796 Liabilities: Derivatives $ 330 $ 1,808 $ — $ 2,138 $ 2,937 $ 3,851 $ — $ 6,788 (1) Holding company only. Does not include amounts held by Idaho Power. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, as of September 30, 2023, and December 31, 2022, using available market information and appropriate valuation methodologies (in thousands of dollars). September 30, 2023 December 31, 2022 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value IDACORP Assets: Notes receivable (1) $ 3,871 $ 3,871 $ 3,871 $ 3,871 Held-to-maturity securities (1)(2) 31,035 26,024 30,475 25,452 Liabilities: Long-term debt (including current portion) (1) 2,826,150 2,434,357 2,194,145 1,953,470 Idaho Power Assets: Held-to-maturity securities (1)(2) $ 31,035 $ 26,024 $ 30,475 $ 25,452 Liabilities: Long-term debt (including current portion) (1) 2,826,150 2,434,357 2,194,145 1,953,470 (1) Notes receivable are categorized as Level 3 and held-to-maturity securities and long-term debt are categorized as Level 2 of the fair value hierarchy, as defined earlier in this Note 12 - "Fair Value Measurements." (2) All held-to-maturity securities are carried at amortized cost and were in a gross unrealized holding loss position totaling $5.0 million as of both September 30, 2023, and December 31, 2022. Substantially all of these debt securities mature between 2027 and 2037. Based on ongoing credit evaluations of these holdings, Idaho Power does not expect payment defaults or delinquencies and had not recorded an allowance for credit losses for these securities as of September 30, 2023 and 2022. |
SEGMENT INFORMATION_ Level 3 (T
SEGMENT INFORMATION: Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands). Utility All Eliminations Consolidated Three months ended September 30, 2023: Revenues $ 509,635 $ 1,271 $ — $ 510,906 Net income attributable to IDACORP, Inc. 103,022 2,242 — 105,264 Total assets as of September 30, 2023 8,153,001 213,833 (73,300) 8,293,534 Three months ended September 30, 2022: Revenues $ 517,101 $ 911 $ — $ 518,012 Net income attributable to IDACORP, Inc. 104,532 1,848 — 106,380 Nine months ended September 30, 2023: Revenues $ 1,351,700 $ 2,703 $ — $ 1,354,403 Net income attributable to IDACORP, Inc. 225,812 4,124 — 229,936 Nine months ended September 30, 2022: Revenues $ 1,218,690 $ 2,333 $ — $ 1,221,023 Net income attributable to IDACORP, Inc. 213,181 3,747 — 216,928 |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The table below presents changes in components of AOCI, net of tax, during the three months and nine months ended September 30, 2023 and 2022 (in thousands). Items in parentheses indicate charges to AOCI. Defined Benefit Pension Items Defined Benefit Pension Items Three months ended Nine months ended 2023 2022 2023 2022 Balance at beginning of period $ (12,629) $ (38,366) $ (12,922) $ (40,040) Amounts reclassified out of AOCI 146 837 439 2,511 Balance at end of period $ (12,483) $ (37,529) $ (12,483) $ (37,529) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The table below presents amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the three months and nine months ended September 30, 2023 and 2022 (in thousands). Items in parentheses indicate increases to net income. Amount Reclassified from AOCI Details About AOCI Three months ended Nine months ended 2023 2022 2023 2022 Amortization of defined benefit pension items (1) Prior service cost $ 54 $ 70 $ 164 $ 209 Net loss 143 1,057 428 3,172 Total before tax 197 1,127 592 3,381 Tax benefit (2) (51) (290) (153) (870) Total reclassification for the period, net of tax $ 146 $ 837 $ 439 $ 2,511 (1) Amortization of these items is included in IDACORP's condensed consolidated income statements in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net. (2) The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power. |
CHANGES IN IDAHO POWER RETAIN_2
CHANGES IN IDAHO POWER RETAINED EARNINGS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Changes in Idaho Power Retained Earnings [Abstract] | |
Changes in Idaho Power Retained Earnings Table | Three months ended Nine months ended 2023 2022 2023 2022 Balance at beginning of period $ 1,918,759 $ 1,728,635 $ 1,836,547 $ 1,696,304 Net income 103,022 104,532 225,812 213,181 Dividends to parent (40,218) (38,124) (80,796) (114,442) Balance at end of period $ 1,981,563 $ 1,795,043 $ 1,981,563 $ 1,795,043 |
INCOME TAXES_ Level 4 (Details)
INCOME TAXES: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Income Tax Expense [Line Items] | |||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 66,650 | $ 63,500 | |||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (7,500) | 0 | |||
Excess deferred income tax reversal | (8,013) | (8,554) | |||
Income tax return adjustments | (8,227) | (2,692) | |||
Other | [1] | (13,910) | (22,486) | ||
Income Tax Expense | $ 13,774 | $ 15,450 | $ 29,000 | $ 29,768 | |
Effective tax rate | 11.20% | 12.10% | |||
Idaho Power Company [Member] | |||||
Income Tax Expense [Line Items] | |||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 65,916 | $ 62,960 | |||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (7,500) | 0 | |||
Excess deferred income tax reversal | (8,013) | (8,554) | |||
Income tax return adjustments | (7,732) | (2,827) | |||
Other | [1] | (12,397) | (20,161) | ||
Income Tax Expense | $ 14,379 | $ 15,405 | $ 30,274 | $ 31,418 | |
Effective tax rate | 11.80% | 12.80% | |||
[1]"Other" is primarily comprised of the net tax effect of Idaho Power's regulatory flow-through tax adjustments. |
REGULATORY MATTERS_ Level 4 (De
REGULATORY MATTERS: Level 4 (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | ||||||||||
Jun. 01, 2022 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | May 31, 2025 | Dec. 31, 2024 | May 31, 2024 | May 31, 2025 | Jan. 01, 2024 | Jun. 01, 2023 | Jan. 01, 2023 | Sep. 30, 2021 | Jun. 01, 2020 | May 31, 2018 | |
Settlement Stipulation - Investment Tax Credits and Idaho Sharing Mechanism | ||||||||||||||
Regulatory Matters | ||||||||||||||
Additional accumulated deferred investment tax credits (ADITC) amortization | $ 0 | $ 7,500,000 | $ 0 | |||||||||||
May 2018 Tax Reform Settlement Stipulation | ||||||||||||||
Regulatory Matters | ||||||||||||||
Investment Tax Credits, Maximum, in Rate Case | 37,500,000 | 37,500,000 | ||||||||||||
Idaho fixed cost adjustment mechanism | ||||||||||||||
Regulatory Matters | ||||||||||||||
Percentage cap on the FCA adjustment | 3% | |||||||||||||
Idaho Jurisdiction Fixed Cost Adjustment | ||||||||||||||
Regulatory Matters | ||||||||||||||
Annual fixed cost adjustment mechanism deferral | $ 35,200,000 | $ 25,100,000 | ||||||||||||
Oregon jurisdiction | ||||||||||||||
Regulatory Matters | ||||||||||||||
Annual Power Cost Update | 7,700,000 | |||||||||||||
Subsequent Event | Idaho Power Cost Adjustment | ||||||||||||||
Regulatory Matters | ||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 95,100,000 | $ 105,100,000 | $ 200,200,000 | |||||||||||
Subsequent Event | Idaho Jurisdiction Fixed Cost Adjustment | ||||||||||||||
Regulatory Matters | ||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 10,100,000 | |||||||||||||
PublicUtilitiesRequestedRateremove cap of ADITC | $ (25,000,000) | |||||||||||||
Subsequent Event | Idaho PCA includes power supply and deferral balance. | ||||||||||||||
Regulatory Matters | ||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 190,200,000 | |||||||||||||
Subsequent Event | 2023 Rate Case | Idaho Power Company [Member] | ||||||||||||||
Regulatory Matters | ||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 3,500,000 | |||||||||||||
Subsequent Event | 2023 Rate Case | Idaho Power Company [Member] | ||||||||||||||
Regulatory Matters | ||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 18,000,000 | |||||||||||||
IDAHO | May 2018 Tax Reform Settlement Stipulation | ||||||||||||||
Regulatory Matters | ||||||||||||||
Target authorized return on equity | 10% | |||||||||||||
Minimum authorized return on equity | 9.40% | |||||||||||||
IDAHO | Idaho Power Company [Member] | Jointly Owned coal facilities excluded in request | ||||||||||||||
Regulatory Matters | ||||||||||||||
Requested Rate Base | $ 3,900,000,000 | |||||||||||||
IDAHO | 2023 Rate Case | ||||||||||||||
Regulatory Matters | ||||||||||||||
Authorized Energy Efficiency Rider Rate | 3.10% | |||||||||||||
IDAHO | Jim Bridger Plant | ||||||||||||||
Regulatory Matters | ||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 1.50% | |||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 18,800,000 | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 2.10% | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 27,100,000 | |||||||||||||
IDAHO | Wildfire mitigation plan costs | ||||||||||||||
Regulatory Matters | ||||||||||||||
Regulatory Assets | $ 45,400,000 | $ 45,400,000 | ||||||||||||
IDAHO | Wildfire mitigation plan costs | Plant in service | ||||||||||||||
Regulatory Matters | ||||||||||||||
Requested deferral of costs | $ 35,000,000 | |||||||||||||
IDAHO | Wildfire mitigation plan costs | Other Operating and Maintenance Expenses | ||||||||||||||
Regulatory Matters | ||||||||||||||
Requested deferral of costs | $ 47,000,000 | |||||||||||||
IDAHO | Subsequent Event | Idaho Power Company [Member] | ||||||||||||||
Regulatory Matters | ||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 111,000,000 | |||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.40% | |||||||||||||
Public Utilities, Requested Debt Capital Structure, Percentage | 49% | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 8.61% | |||||||||||||
Requested average cost of debt | 4.895% | |||||||||||||
Requested overall cost of capital | 7.702% | |||||||||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 51% | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 4.25% | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ (54,700,000) | |||||||||||||
IDAHO | Subsequent Event | Idaho Power Company [Member] | PCA adjustment to request | ||||||||||||||
Regulatory Matters | ||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | (173,400,000) | |||||||||||||
IDAHO | Subsequent Event | Idaho Power Company [Member] | Energy Rider adjustment to request | ||||||||||||||
Regulatory Matters | ||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | (3,500,000) | |||||||||||||
IDAHO | Subsequent Event | Idaho PCA includes power supply and deferral balance. | ||||||||||||||
Regulatory Matters | ||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ (484,900,000) | |||||||||||||
IDAHO | Subsequent Event | 2023 Rate Case | ||||||||||||||
Regulatory Matters | ||||||||||||||
Target authorized return on equity | 9.60% | |||||||||||||
Minimum authorized return on equity | 9.12% | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 9.60% | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ (168,300,000) | |||||||||||||
Authorized Energy Efficiency Rider Rate | 2.35% | |||||||||||||
IDAHO | Subsequent Event | 2023 Rate Case | Cost of Capital and Capital Structure | ||||||||||||||
Regulatory Matters | ||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 7.247% | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ (3,800,000,000) |
REVENUES_ Electric utility op_2
REVENUES: Electric utility operating revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues [Abstract] | ||||
Revenue from contracts with customers | $ 496,632 | $ 515,395 | $ 1,267,527 | $ 1,179,059 |
Alternative revenue programs and other revenues | 13,003 | 1,706 | 84,173 | 39,631 |
Electric utility revenues | $ 509,635 | $ 517,101 | $ 1,351,700 | $ 1,218,690 |
REVENUES_ (Details)
REVENUES: (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | $ 496,632 | $ 515,395 | $ 1,267,527 | $ 1,179,059 | |
Alternative revenue programs and other revenues | 13,003 | 1,706 | 84,173 | 39,631 | |
Retail revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 459,059 | 441,164 | 1,131,445 | 1,048,579 | |
Idaho fixed cost adjustment mechanism | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | [1] | (5,911) | 1,305 | (21,070) | (14,834) |
Alternative revenue programs and other revenues | 5,911 | (1,305) | 21,070 | 14,834 | |
Wholesale energy sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 5,065 | 34,501 | 50,461 | 44,516 | |
Transmission Service Agreement | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 20,090 | 22,882 | 61,701 | 57,670 | |
Energy efficiency program revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 10,498 | 8,292 | 22,265 | 21,490 | |
Other revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 7,831 | 7,251 | 22,725 | 21,638 | |
Derivative revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Alternative revenue programs and other revenues | 7,092 | 3,011 | 63,103 | 24,797 | |
Residential Retail Revenue | Retail revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | [1] | 181,736 | 176,514 | 505,158 | 470,402 |
Residential Retail Revenue | Idaho fixed cost adjustment mechanism | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 5,583 | (1,447) | 20,170 | 14,104 | |
Commercial Retail Revenue | Retail revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | [1] | 107,971 | 101,794 | 283,478 | 259,620 |
Commercial Retail Revenue | Idaho fixed cost adjustment mechanism | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 328 | 142 | 900 | 730 | |
Industrial Retail Revenue | Retail revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 67,522 | 60,306 | 181,312 | 161,353 | |
Irrigation Retail Revenue | Retail revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 104,645 | 105,365 | 168,358 | 164,065 | |
Deferred revenue-AFUDC | Retail revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | [2] | (2,815) | (2,815) | (6,861) | (6,861) |
IPUC authorized AFUDC Collection HCC Relicensing - Gross | Idaho Power Company [Member] | Hells Canyon Complex | |||||
Disaggregation of Revenue [Line Items] | |||||
Regulatory liabilities | $ (8,800) | $ (8,800) | $ (8,800) | $ (8,800) | |
[1]The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers.[2]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 $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service. |
REVENUES_ Receivables and Allow
REVENUES: Receivables and Allowance for Uncollectible Accounts (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 5,034 | $ 4,499 |
Additions to the allowance | 2,040 | 1,785 |
Write-offs, net of recoveries | (2,939) | (1,631) |
Balance at end of period | $ 4,135 | $ 4,653 |
Allowance for uncollectible accounts as a percentage of customer receivables | 3% | 3.50% |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | Sep. 11, 2023 | Apr. 01, 2023 | Mar. 14, 2023 | Mar. 08, 2023 | Sep. 30, 2022 | |
First Mortgage Bonds 2.50 Series due 2023 [Domain] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | |||||||
Debt Instrument, Repurchased Face Amount | $ 75,000 | |||||||
First Mortgage Bonds 5.80 Series due 2054 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | |||||||
Secured Long-term Debt, Noncurrent | $ 350,000 | |||||||
Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Lines of Credit | $ 50,000 | $ 100,000 | ||||||
Private Placement | First Mortgage Bonds 5.06 Series Due 2043 [Domain] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.06% | |||||||
Secured Long-term Debt, Noncurrent | $ 60,000 | |||||||
Private Placement | First Mortgage Bonds 5.20 Series Due 2053 [Domain] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |||||||
Secured Long-term Debt, Noncurrent | $ 62,000 | |||||||
First Mortgage | First mortgage bonds 5.50 Series due 2053 [Domain] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||
Secured Long-term Debt, Noncurrent | $ 400,000 | |||||||
Unsecured Debt | Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Line of Credit, Noncurrent | $ 150,000 | |||||||
Line of Credit, Current | $ 0 |
COMMON STOCK_ Level 4 (Details)
COMMON STOCK: Level 4 (Details) $ in Billions | 9 Months Ended |
Sep. 30, 2023 USD ($) shares | |
Idaho Power Company [Member] | |
Shareholders' equity | |
Ratio of Indebtedness to Net Capital | 0.50 |
Dividend Distribution Restriction Amount | $ | $ 1.3 |
Dividend Distribution Restriction Threshold | 0.35 |
Ratio of total Capital to total capital and long-term debt | 0.50 |
Preferred Stock, Shares Outstanding | 0 |
IDACORP | |
Shareholders' equity | |
Restricted Stock Unit Awards to Employees | 75,295 |
Stock Issued During Period, Shares, New Issues | 53,345 |
Maximum leverage ratio requirement | 0.65 |
Ratio of Indebtedness to Net Capital | 0.49 |
Dividend Distribution Restriction Amount | $ | $ 1.4 |
IDACORP | Directors | |
Shareholders' equity | |
Stock Issued During Period, Shares, New Issues | 13,842 |
EARNINGS PER SHARE_ Level 4 (De
EARNINGS PER SHARE: Level 4 (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||
Net Income Attributable to IDACORP, Inc. | $ 105,264 | $ 106,380 | $ 229,936 | $ 216,928 |
Denominator: | ||||
Weighted-average common shares outstanding - basic | 50,726 | 50,668 | 50,713 | 50,656 |
Effect of dilutive securities | 79 | 54 | 49 | 33 |
Weighted-average common shares outstanding - diluted | 50,805 | 50,722 | 50,762 | 50,689 |
Earnings attributable to IDACORP, Inc. - basic (in dollars per share) | $ 2.08 | $ 2.10 | $ 4.53 | $ 4.28 |
Earnings attributable to IDACORP, Inc. - diluted (in dollars per share) | $ 2.07 | $ 2.10 | $ 4.53 | $ 4.28 |
COMMITMENTS_ Level 4 (Details)
COMMITMENTS: Level 4 (Details) $ in Thousands | 1 Months Ended | 9 Months Ended |
Oct. 31, 2023 USD ($) MWh | Sep. 30, 2023 USD ($) MWh Bcfe | |
Idaho Power Company [Member] | ||
Guarantor Obligations | ||
IERCo guarantee of BCC reclamation obligation | $ 47,300 | |
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||
Long-term Purchase Commitment, Period | 1 year | |
Increase of Long-term Purchase Obligations, PURPA | $ 16,900 | |
Unrecorded Unconditional Purchase Obligation, Purchases | $ 3,000 | |
Idaho Power Company [Member] | Natural Gas Storage Purchase Commitment | ||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||
Long-term Purchase Commitment, Period | 10 years | |
Increase of Long-term Purchase Obligations, PURPA | $ 24,400 | |
Natural Gas Storage Capacity | Bcfe | 1 | |
Idaho Power Company [Member] | Jointly Owned Electricity Transmission and Distribution System | ||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||
Cash and Cash Equivalents, Security Deposit | $ 10,000 | |
Other Noncurrent Liabilities, Security Deposit and Permitting Interest | 41,400 | |
Construction in Progress, Permitting Interest Acquired | $ 31,400 | |
Interest in Boardman-to-Hemmingway acquired from Bonneville Power Administration | 24% | |
Interest in Boardman-to-Hemmingway transmission project | 45% | |
BPA permitting interest, time period | 15 years | |
Security Deposit Received, B2H Transmission Project | $ 10,000 | |
BPA security deposit to begin after years of energization | 10 years | |
Idaho Power Company [Member] | Contracts To Acquire And Own Battery Storage Assets Commitment | ||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||
Long-term Purchase Commitment, Period | 1 year | |
Nameplate Capacity | MWh | 36 | |
Increase of Long-term Purchase Obligations, PURPA | $ 52,600 | |
Payments to Acquire Productive Assets | $ 11,100 | |
Idaho Power Company [Member] | Contracts To Acquire And Own Battery Storage Assets Commitment | Subsequent Event | ||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||
Long-term Purchase Commitment, Period | 2 years | |
Nameplate Capacity | MWh | 82 | |
Increase of Long-term Purchase Obligations, PURPA | $ 87,100 | |
Idaho Power Company [Member] | Contracts To Purchase Battery Storage Capacity Commitment | ||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||
Long-term Purchase Commitment, Period | 20 years | |
Nameplate Capacity | MWh | 150 | |
Increase of Long-term Purchase Obligations, PURPA | $ 430,900 | |
Idaho Power Company [Member] | Cogeneration And Power Production Purchase Commitment Member | ||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||
Long-term Purchase Commitment, Period | 20 years | |
Increase of Long-term Purchase Obligations, PURPA | $ 29,100 | |
Bridger Coal Company | ||
Guarantor Obligations | ||
IERCo guarantee of BCC reclamation obligation | 141,900 | |
Guarantor Obligations Total Reclamation Trust Fund | 227,100 | |
Distribution from Reclamation Trust Fund | $ 3,800 | |
IDACORP Financial Services, Inc. | ||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||
Long-term Purchase Commitment, Period | 18 years | |
Increase of Long-term Purchase Obligations, PURPA | $ 35,000 | |
Payments to Acquire Long-Term Investments | $ 5,700 |
BENEFIT PLANS_ Level 4 (Details
BENEFIT PLANS: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Defined Benefit Plan Disclosure | |||||
Service cost | $ 6,867 | $ 13,569 | $ 23,658 | $ 40,711 | |
Interest cost | 15,225 | 11,420 | 44,685 | 34,260 | |
Expected return on plan assets | (15,715) | (18,674) | (47,409) | (56,024) | |
Amortization of prior service cost | 472 | 70 | 1,418 | 210 | |
Amortization of net loss | (167) | 4,118 | (500) | 12,354 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 6,682 | 10,503 | 21,852 | 31,511 | |
Regulatory deferral of net periodic benefit cost | [1] | (4,223) | (7,549) | (14,344) | (22,650) |
IPUC Authorized recovered pension cost | [1] | 4,288 | 4,288 | 12,865 | 12,865 |
Net periodic benefit cost recognized for financial reporting | [1],[2] | 6,747 | 7,242 | 20,373 | 21,726 |
Net Periodic Benefit cost recognize in Other operations and maintenance | 5,100 | 4,900 | 15,500 | 14,800 | |
Net Periodic Benefit cost recognized in other expense, net | 1,700 | 2,300 | 4,900 | 6,900 | |
Pension Plan | |||||
Defined Benefit Plan Disclosure | |||||
Service cost | 6,549 | 13,006 | 22,705 | 39,019 | |
Interest cost | 13,149 | 9,918 | 38,458 | 29,753 | |
Expected return on plan assets | (15,303) | (18,087) | (46,171) | (54,261) | |
Amortization of prior service cost | 2 | 1 | 5 | 5 | |
Amortization of net loss | 0 | 3,068 | 0 | 9,205 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 4,397 | 7,906 | 14,997 | 23,721 | |
Regulatory deferral of net periodic benefit cost | [1] | (4,223) | (7,549) | (14,344) | (22,650) |
IPUC Authorized recovered pension cost | [1] | 4,288 | 4,288 | 12,865 | 12,865 |
Net periodic benefit cost recognized for financial reporting | [1],[2] | 4,462 | 4,645 | 13,518 | 13,936 |
Pension Plan | Idaho Power Company [Member] | |||||
Defined Benefit Plan Disclosure | |||||
Defined Benefit Plan, Contributions by Employer | 48,000 | ||||
Senior Management Security Plan | |||||
Defined Benefit Plan Disclosure | |||||
Service cost | 153 | 296 | 459 | 889 | |
Interest cost | 1,331 | 974 | 3,992 | 2,923 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization of prior service cost | 54 | 70 | 164 | 209 | |
Amortization of net loss | 143 | 1,057 | 428 | 3,172 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1,681 | 2,397 | 5,043 | 7,193 | |
Net periodic benefit cost recognized for financial reporting | 1,681 | 2,397 | 5,043 | 7,193 | |
Postretirement Benefits Plan | |||||
Defined Benefit Plan Disclosure | |||||
Service cost | 165 | 267 | 494 | 803 | |
Interest cost | 745 | 528 | 2,235 | 1,584 | |
Expected return on plan assets | (412) | (587) | (1,238) | (1,763) | |
Amortization of prior service cost | 416 | (1) | 1,249 | (4) | |
Amortization of net loss | (310) | (7) | (928) | (23) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 604 | 200 | 1,812 | 597 | |
Net periodic benefit cost recognized for financial reporting | $ 604 | $ 200 | $ 1,812 | $ 597 | |
[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, $5.1 million and $4.9 million, respectively, were recognized in "Other operations and maintenance" and $1.7 million and $2.3 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended September 30, 2023 and 2022. |
Derivative Instruments Gains (L
Derivative Instruments Gains (Loss) on Derivatives Recognized in Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Financial Swaps | Operating revenues | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | [1] | $ 253 | $ (3,763) | $ 4,216 | $ (4,758) |
Financial Swaps | Purchased power | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | [1] | (8,541) | 3,038 | (8,647) | 1,957 |
Financial Swaps | Operating Expense | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | [1] | (7,932) | 24,178 | 4,182 | 28,629 |
Forward contracts | Operating revenues | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | [1] | 0 | 502 | 1,710 | 713 |
Forward contracts | Purchased power | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | [1] | (1,454) | (2,430) | (3,504) | (2,640) |
Forward contracts | Operating Expense | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | [1] | $ (202) | $ (207) | $ (641) | $ (269) |
[1]Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. |
Derivative Instruments Fair Val
Derivative Instruments Fair Value and Offsets Table (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $ 4,142 | $ 74,346 | ||
Derivative Asset, Fair Value, Gross Liability | (3,595) | (33,428) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 547 | 40,918 | ||
Derivative Liability, Fair Value, Gross Liability | 24,953 | 21,589 | ||
Derivative Liability, Fair Value, Gross Asset | (22,815) | (14,801) | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 2,138 | 6,788 | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 18,600 | |||
Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset | 19,100 | |||
Other Noncurrent Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset | 110 | |||
Financial Swaps | Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 811 | 72,548 | ||
Derivative Asset, Fair Value, Gross Liability | (315) | (32,609) | [1] | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 496 | 39,939 | ||
Derivative Liability, Fair Value, Gross Liability | 315 | 13,982 | ||
Derivative Liability, Fair Value, Gross Asset | (315) | (13,982) | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Financial Swaps | Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 2,668 | 132 | ||
Derivative Asset, Fair Value, Gross Liability | (2,668) | (132) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 22,108 | 1,577 | ||
Derivative Liability, Fair Value, Gross Asset | (21,778) | [2] | (132) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 330 | 1,445 | ||
Financial Swaps | Other Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 141 | 622 | ||
Derivative Asset, Fair Value, Gross Liability | (90) | (43) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 51 | 579 | ||
Derivative Liability, Fair Value, Gross Liability | 90 | 43 | ||
Derivative Liability, Fair Value, Gross Asset | (90) | (43) | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Financial Swaps | Other Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 522 | 644 | ||
Derivative Asset, Fair Value, Gross Liability | (522) | (644) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 632 | 2,136 | ||
Derivative Liability, Fair Value, Gross Asset | (632) | [3] | (644) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 1,492 | ||
Forward contracts | Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 400 | |||
Derivative Asset, Fair Value, Gross Liability | 0 | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 400 | |||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Derivative Liability, Fair Value, Gross Asset | 0 | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | |||
Forward contracts | Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 1,808 | 2,071 | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 1,808 | 2,071 | ||
Forward contracts | Other Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
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 | 1,780 | |||
Derivative Liability, Fair Value, Gross Asset | 0 | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 1,780 | |||
[1]Current asset derivative amounts offset include $18.6 million of collateral payable at December 31, 2022[2]Current liability derivative amounts offset include $19.1 million of collateral receivable at September 30, 2023.[3]Long-term liability derivative amounts offset include $110 thousand of collateral receivable at September 30, 2023. |
Derivative Commodities and Disc
Derivative Commodities and Disclosures (Details) MWh in Thousands, MMBTU in Thousands | Sep. 30, 2023 MWh MMBTU | Sep. 30, 2022 MMBTU MWh |
Electricity (MWh) | Long | ||
Derivative | ||
Derivative, Number of Instruments Held | 434 | 344 |
Electricity (MWh) | Short | ||
Derivative | ||
Derivative, Number of Instruments Held | 0 | 72 |
Natural Gas (MMBTU) | Long | ||
Derivative | ||
Derivative, Number of Instruments Held | MMBTU | 27,283 | 14,958 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS: - Narrative (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives in a net liability position | $ 25 |
Collateral Already Posted, Aggregate Fair Value | 29.1 |
Additional Collateral, Aggregate Fair Value | $ 5.4 |
FAIR VALUE MEASUREMENTS_ Leve_2
FAIR VALUE MEASUREMENTS: Level 4 (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | $ 16,846 | $ 16,505 |
Derivative Assets | 547 | 40,918 | |
Equity Securities, FV-NI | 30,157 | 34,129 | |
Derivative Liabilities | 2,138 | 6,788 | |
Corporate Fixed-Income And Asset-Backed Debt Securities | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 5,000 | 5,000 | |
Idaho Power Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 360,343 | 34,468 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 16,846 | 16,505 |
Derivative Assets | 547 | 40,518 | |
Equity Securities, FV-NI | 30,157 | 34,129 | |
Assets, Fair Value Disclosure | [1] | 0 | 0 |
Derivative Liabilities | 330 | 2,937 | |
Fair Value, Inputs, Level 1 [Member] | Idaho Power Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 360,343 | 34,468 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 0 | 0 |
Derivative Assets | 0 | 400 | |
Equity Securities, FV-NI | 0 | 0 | |
Assets, Fair Value Disclosure | [1] | 0 | 0 |
Derivative Liabilities | 1,808 | 3,851 | |
Fair Value, Inputs, Level 2 [Member] | Idaho Power Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 0 | 0 |
Derivative Assets | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Assets, Fair Value Disclosure | [1] | 0 | 0 |
Derivative Liabilities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Idaho Power Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 0 | 0 | |
Fair Value Measured at Net Asset Value Per Share | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | [1] | $ 3,852 | $ 2,796 |
[1]Holding company only. Does not include amounts held by Idaho Power. |
FAIR VALUE MEASUREMENTS_ Fair V
FAIR VALUE MEASUREMENTS: Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Receivable | [1] | $ 3,871 | $ 3,871 |
Held-to-maturity securities | [1],[2] | 31,035 | 30,475 |
Long-term debt | [1] | 2,826,150 | 2,194,145 |
Carrying Amount | Idaho Power Company [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held-to-maturity securities | [1],[2] | 31,035 | 30,475 |
Long-term debt | [1] | 2,826,150 | 2,194,145 |
Estimated Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Receivable | [1] | 3,871 | 3,871 |
Held-to-maturity securities | [1],[2] | 26,024 | 25,452 |
Long-term debt | [1] | 2,434,357 | 1,953,470 |
Estimated Fair Value | Idaho Power Company [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held-to-maturity securities | [1],[2] | 26,024 | 25,452 |
Long-term debt | [1] | $ 2,434,357 | $ 1,953,470 |
[1](1) Notes receivable are categorized as Level 3 and held-to-maturity securities and long-term debt are categorized as Level 2 of the fair value hierarchy, as defined earlier in this Note 12 - "Fair Value Measurements."[2](2) All held-to-maturity securities are carried at amortized cost and were in a gross unrealized holding loss position totaling $5.0 million as of both September 30, 2023, and December 31, 2022. Substantially all of these debt securities mature between 2027 and 2037. Based on ongoing credit evaluations of these holdings, Idaho Power does not expect payment defaults or delinquencies and had not recorded an allowance for credit losses for these securities as of September 30, 2023 and 2022. |
SEGMENT INFORMATION_ Level 4 (D
SEGMENT INFORMATION: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information | |||||
Total operating revenues | $ 510,906 | $ 518,012 | $ 1,354,403 | $ 1,221,023 | |
Net Income Attributable to IDACORP, Inc. | 105,264 | 106,380 | 229,936 | 216,928 | |
Total assets | 8,293,534 | 8,293,534 | $ 7,543,258 | ||
Eliminations | |||||
Segment Reporting Information | |||||
Total operating revenues | 0 | 0 | 0 | 0 | |
Net Income Attributable to IDACORP, Inc. | 0 | 0 | 0 | 0 | |
Total assets | (73,300) | (73,300) | |||
Utility Operations | |||||
Segment Reporting Information | |||||
Net Income Attributable to IDACORP, Inc. | 225,812 | 213,181 | |||
Utility Operations | Operating Segments | |||||
Segment Reporting Information | |||||
Total operating revenues | 509,635 | 517,101 | 1,351,700 | 1,218,690 | |
Net Income Attributable to IDACORP, Inc. | 103,022 | 104,532 | |||
Total assets | 8,153,001 | 8,153,001 | |||
All Other | Operating Segments | |||||
Segment Reporting Information | |||||
Total operating revenues | 1,271 | 911 | 2,703 | 2,333 | |
Net Income Attributable to IDACORP, Inc. | 2,242 | $ 1,848 | 4,124 | $ 3,747 | |
Total assets | $ 213,833 | $ 213,833 |
CHANGES IN ACCUMULATED OTHER _3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
AOCI - Beginning Balance | $ (12,922) | ||||
AOCI - Ending Balance | $ (12,483) | (12,483) | |||
Senior Management Security Plan | |||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
Reclassifications | 146 | $ 837 | 439 | $ 2,511 | |
Reclassification out of Accumulated Other Comprehensive Income | |||||
Amortization of prior service cost | [1] | 54 | 70 | 164 | 209 |
Amortization of net loss | [1] | 143 | 1,057 | 428 | 3,172 |
Total reclassification, before tax - pension and postretirement benefits | 197 | 1,127 | 592 | 3,381 | |
Tax benefit | [2] | (51) | (290) | (153) | (870) |
Reclassifications | 146 | 837 | 439 | 2,511 | |
Accumulated Defined Benefit Pension Items | |||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
AOCI - Beginning Balance | (12,629) | (38,366) | (12,922) | (40,040) | |
Reclassifications | 146 | 837 | 439 | 2,511 | |
AOCI - Ending Balance | (12,483) | (37,529) | (12,483) | (37,529) | |
Reclassification out of Accumulated Other Comprehensive Income | |||||
Reclassifications | $ 146 | $ 837 | $ 439 | $ 2,511 | |
[1]Amortization of these items is included in IDACORP's condensed consolidated income statements in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net.[2]The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power. |
CHANGES IN IDAHO POWER RETAIN_3
CHANGES IN IDAHO POWER RETAINED EARNINGS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Retained Earnings Roll Forward [Roll Forward] | ||||
Balance at beginning of period | $ 1,937,972 | |||
Net Income Attributable to IDACORP, Inc. | $ 105,264 | $ 106,380 | 229,936 | $ 216,928 |
Balance at end of period | 2,047,129 | 2,047,129 | ||
Idaho Power Company [Member] | ||||
Retained Earnings Roll Forward [Roll Forward] | ||||
Balance at beginning of period | 1,918,759 | 1,728,635 | 1,836,547 | 1,696,304 |
Net Income Attributable to IDACORP, Inc. | 103,022 | 104,532 | 225,812 | 213,181 |
Dividends | (40,218) | (38,124) | (80,796) | (114,442) |
Balance at end of period | $ 1,981,563 | $ 1,795,043 | $ 1,981,563 | $ 1,795,043 |