Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 28, 2017 | |
Document Information | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | IDA | |
Entity Registrant Name | IDACORP INC. | |
Entity Central Index Key | 1,057,877 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 50,393,584 | |
Entity Tax Identification Number | 820,505,802 | |
Idaho Power Company | ||
Document Information | ||
Entity Registrant Name | Idaho Power Company | |
Entity Central Index Key | 49,648 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 39,150,812 | |
Entity Tax Identification Number | 820,130,980 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income Statement - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Revenues: | ||||
General business | $ 295,001 | $ 290,281 | $ 565,233 | $ 543,662 |
Off-system sales | 8,100 | 1,238 | 18,900 | 10,389 |
Other revenues | 28,667 | 22,892 | 49,599 | 40,926 |
Total electric utility revenues | 331,768 | 314,411 | 633,732 | 594,977 |
Other | 1,238 | 1,025 | 1,818 | 1,415 |
Total operating revenues | 333,006 | 315,436 | 635,550 | 596,392 |
Operating Expenses: | ||||
Purchased power | 61,506 | 48,111 | 110,622 | 96,226 |
Fuel expense | 20,416 | 29,968 | 56,668 | 65,732 |
Power cost adjustment | 16,742 | 16,903 | 40,229 | 30,256 |
Other operations and maintenance | 87,485 | 87,120 | 175,247 | 172,723 |
Energy efficiency programs | 10,515 | 8,903 | 16,843 | 15,154 |
Depreciation | 45,240 | 35,794 | 82,002 | 71,411 |
Taxes other than income taxes | 8,843 | 8,203 | 17,521 | 16,941 |
Total electric utility expenses | 250,747 | 235,002 | 499,132 | 468,443 |
Other | 3,149 | 3,481 | 6,493 | 7,178 |
Total operating expenses | 253,896 | 238,483 | 505,625 | 475,621 |
Operating Income | 79,110 | 76,953 | 129,925 | 120,771 |
Other Income (Expense): | ||||
Allowance for equity funds used during construction | 5,611 | 5,238 | 10,843 | 10,223 |
Earnings of unconsolidated equity-method investments | 592 | 1,367 | 2,037 | 1,325 |
Other income (expense), net | 2,371 | 2,189 | 4,768 | 4,394 |
Interest Expense: | ||||
Interest on long-term debt | 20,300 | 20,466 | 40,597 | 41,364 |
Other interest | 2,756 | 2,567 | 5,471 | 4,982 |
Allowance for borrowed funds used during construction | (2,408) | (2,393) | (4,720) | (4,637) |
Total interest expense, net | 20,648 | 20,640 | 41,348 | 41,709 |
Income Before Income Taxes | 67,036 | 65,107 | 106,225 | 95,004 |
Income Tax Expense | 16,940 | 8,721 | 23,124 | 13,088 |
Net Income | 50,096 | 56,386 | 83,101 | 81,916 |
Adjustment for (income) loss attributable to noncontrolling interests | (265) | (140) | (168) | 59 |
Net Income Attributable to IDACORP, Inc. | $ 49,831 | $ 56,246 | $ 82,933 | $ 81,975 |
Weighted-average common shares outstanding - basic | 50,363 | 50,302 | 50,361 | 50,300 |
Weighted-average common shares outstanding - diluted | 50,407 | 50,355 | 50,402 | 50,345 |
Earnings Per Share of Common Stock: | ||||
Earnings attributable to IDACORP, Inc. - basic (in dollars per share) | $ 0.99 | $ 1.12 | $ 1.65 | $ 1.63 |
Earnings attributable to IDACORP, Inc. - diluted (in dollars per share) | 0.99 | 1.12 | 1.65 | 1.63 |
Dividends Declared Per Share of Common Stock | $ 0.55 | $ 0.51 | $ 1.10 | $ 1.02 |
Idaho Power Company | ||||
Operating Revenues: | ||||
General business | $ 295,001 | $ 290,281 | $ 565,233 | $ 543,662 |
Off-system sales | 8,100 | 1,238 | 18,900 | 10,389 |
Other revenues | 28,667 | 22,892 | 49,599 | 40,926 |
Total electric utility revenues | 331,768 | 314,411 | 633,732 | 594,977 |
Operating Expenses: | ||||
Purchased power | 61,506 | 48,111 | 110,622 | 96,226 |
Fuel expense | 20,416 | 29,968 | 56,668 | 65,732 |
Power cost adjustment | 16,742 | 16,903 | 40,229 | 30,256 |
Other operations and maintenance | 87,485 | 87,120 | 175,247 | 172,723 |
Energy efficiency programs | 10,515 | 8,903 | 16,843 | 15,154 |
Depreciation | 45,240 | 35,794 | 82,002 | 71,411 |
Taxes other than income taxes | 8,843 | 8,203 | 17,521 | 16,941 |
Total electric utility expenses | 250,747 | 235,002 | 499,132 | 468,443 |
Operating Income | 81,021 | 79,409 | 134,600 | 126,534 |
Other Income (Expense): | ||||
Allowance for equity funds used during construction | 5,611 | 5,238 | 10,843 | 10,223 |
Earnings of unconsolidated equity-method investments | (337) | 501 | 917 | 407 |
Other income (expense), net | (244) | (707) | (770) | (1,518) |
Total other income | 5,030 | 5,032 | 10,990 | 9,112 |
Interest Expense: | ||||
Interest on long-term debt | 20,300 | 20,466 | 40,597 | 41,364 |
Other interest | 2,740 | 2,502 | 5,438 | 4,851 |
Allowance for borrowed funds used during construction | (2,408) | (2,393) | (4,720) | (4,637) |
Total interest expense, net | 20,632 | 20,575 | 41,315 | 41,578 |
Income Before Income Taxes | 65,419 | 63,866 | 104,275 | 94,068 |
Income Tax Expense | 17,038 | 9,059 | 23,412 | 13,727 |
Net Income | $ 48,381 | $ 54,807 | $ 80,863 | $ 80,341 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (302) | $ (362) | $ (604) | $ (723) |
Net Income | 50,096 | 56,386 | 83,101 | 81,916 |
Other Comprehensive Income: | ||||
Unfunded pension liability adjustment, net of tax | 470 | 563 | 941 | 1,127 |
Total Comprehensive Income | 50,566 | 56,949 | 84,042 | 83,043 |
Comprehensive (income) loss attributable to noncontrolling interests | (265) | (140) | (168) | 59 |
Comprehensive Income Attributable to IDACORP, Inc. | 50,301 | 56,809 | 83,874 | 83,102 |
Idaho Power Company | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (302) | (362) | (604) | (723) |
Net Income | 48,381 | 54,807 | 80,863 | 80,341 |
Other Comprehensive Income: | ||||
Unfunded pension liability adjustment, net of tax | 470 | 563 | 941 | 1,127 |
Total Comprehensive Income | 48,851 | 55,370 | 81,804 | 81,468 |
Idaho Power Company | ||||
Net Income | $ 48,381 | $ 54,807 | $ 80,863 | $ 80,341 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Unfunded pension liability adjustment, tax | $ 302 | $ 362 | $ 604 | $ 723 |
Idaho Power Company | ||||
Unfunded pension liability adjustment, tax | $ 302 | $ 362 | $ 604 | $ 723 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets Statement - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 32,629 | $ 61,480 |
Receivables: | ||
Customer | 85,771 | 71,557 |
Other | 4,922 | 15,280 |
Taxes receivable | 3,333 | 12,781 |
Accrued unbilled revenues | 86,532 | 80,738 |
Materials and supplies (at average cost) | 58,899 | 57,858 |
Fuel stock (at average cost) | 63,657 | 53,698 |
Prepayments | 15,733 | 18,389 |
Current regulatory assets | 68,301 | 62,570 |
Other | 301 | 5,961 |
Total current assets | 420,078 | 440,312 |
Investments | 118,877 | 125,164 |
Property, Plant and Equipment: | ||
Utility plant in service | 5,822,388 | 5,732,044 |
Accumulated provision for depreciation | (2,059,377) | (1,988,477) |
Utility plant in service - net | 3,763,011 | 3,743,567 |
Construction work in progress | 427,290 | 405,069 |
Utility plant held for future use | 7,511 | 7,441 |
Other property, net of accumulated depreciation | 15,710 | 15,922 |
Property, plant and equipment - net | 4,213,522 | 4,171,999 |
Other Assets: | ||
American Falls and Milner water rights | 7,902 | 9,487 |
Company-owned life insurance | 58,448 | 57,553 |
Regulatory assets | 1,380,764 | 1,409,329 |
Long-term receivables | 25,632 | 23,482 |
Other | 52,176 | 52,571 |
Total other assets | 1,524,922 | 1,552,422 |
Total | 6,277,399 | 6,289,897 |
Current Liabilities: | ||
Current maturities of long-term debt | 0 | 1,064 |
Notes payable | 550 | 21,800 |
Accounts payable | 76,595 | 106,194 |
Taxes accrued | 19,973 | 11,348 |
Interest accrued | 22,377 | 22,377 |
Accrued compensation | 33,062 | 45,787 |
Current regulatory liabilities | 2,081 | 9,944 |
Advances from customers | 24,217 | 21,438 |
Other | 11,815 | 9,763 |
Total current liabilities | 190,670 | 249,715 |
Other Liabilities: | ||
Deferred income taxes | 1,250,653 | 1,244,250 |
Regulatory liabilities | 434,888 | 436,845 |
Pension and other postretirement benefits | 424,329 | 411,523 |
Other | 44,520 | 45,084 |
Total other liabilities | 2,154,390 | 2,137,702 |
Long-Term Debt | 1,745,368 | 1,744,614 |
Commitments and Contingencies | ||
Equity: | ||
Common stock | 853,604 | 851,833 |
Retained earnings | 1,350,537 | 1,323,198 |
Accumulated other comprehensive loss | (19,941) | (20,882) |
Treasury stock | (1,357) | (243) |
Total IDACORP, Inc. shareholders’ equity | 2,182,843 | 2,153,906 |
Noncontrolling interests | 4,128 | 3,960 |
Total equity | 2,186,971 | 2,157,866 |
Total | 6,277,399 | 6,289,897 |
Idaho Power Company | ||
Current Assets: | ||
Cash and cash equivalents | 30,427 | 44,140 |
Receivables: | ||
Customer | 85,771 | 71,557 |
Other | 4,798 | 7,555 |
Taxes receivable | 11,668 | 23,334 |
Accrued unbilled revenues | 86,532 | 80,738 |
Materials and supplies (at average cost) | 58,899 | 57,858 |
Fuel stock (at average cost) | 63,657 | 53,698 |
Prepayments | 15,608 | 18,270 |
Current regulatory assets | 68,301 | 62,570 |
Other | 299 | 5,962 |
Total current assets | 425,960 | 425,682 |
Investments | 101,002 | 107,379 |
Property, Plant and Equipment: | ||
Utility plant in service | 5,822,388 | 5,732,044 |
Accumulated provision for depreciation | (2,059,377) | (1,988,477) |
Utility plant in service - net | 3,763,011 | 3,743,567 |
Construction work in progress | 427,290 | 405,069 |
Utility plant held for future use | 7,511 | 7,441 |
Property, plant and equipment - net | 4,197,812 | 4,156,077 |
Other Assets: | ||
American Falls and Milner water rights | 7,902 | 9,487 |
Company-owned life insurance | 58,448 | 57,553 |
Regulatory assets | 1,380,764 | 1,409,329 |
Other | 73,070 | 71,237 |
Total other assets | 1,520,184 | 1,547,606 |
Total | 6,244,958 | 6,236,744 |
Current Liabilities: | ||
Current maturities of long-term debt | 0 | 1,064 |
Notes payable | 0 | 21,800 |
Accounts payable | 76,486 | 105,846 |
Accounts payable to affiliates | 30,949 | 1,056 |
Taxes accrued | 13,360 | 11,348 |
Interest accrued | 22,377 | 22,377 |
Accrued compensation | 32,923 | 45,622 |
Current regulatory liabilities | 2,081 | 9,944 |
Advances from customers | 24,217 | 21,438 |
Other | 11,367 | 9,103 |
Total current liabilities | 213,760 | 249,598 |
Other Liabilities: | ||
Deferred income taxes | 1,358,163 | 1,351,415 |
Regulatory liabilities | 434,888 | 436,845 |
Pension and other postretirement benefits | 424,329 | 411,523 |
Other | 43,637 | 44,046 |
Total other liabilities | 2,261,017 | 2,243,829 |
Long-Term Debt | 1,745,368 | 1,744,614 |
Commitments and Contingencies | ||
Equity: | ||
Common stock | 97,877 | 97,877 |
Premium on capital stock | 712,258 | 712,258 |
Capital stock expense | (2,097) | (2,097) |
Retained earnings | 1,236,716 | 1,211,547 |
Accumulated other comprehensive loss | (19,941) | (20,882) |
Total equity | 2,024,813 | 1,998,703 |
Total capitalization | 3,770,181 | 3,743,317 |
Total | $ 6,244,958 | $ 6,236,744 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Allowance for Doubtful Accounts Receivable, Current | $ 1,119 | $ 968 |
Allowance for Doubtful Other Receivables, Current | 143 | 164 |
Allowance for Doubtful Accounts Receivable, Noncurrent | $ 402 | $ 402 |
Common Stock, No Par Value | ||
Common Stock, Shares Authorized | 120,000,000,000 | 120,000,000 |
Common Stock, Shares, Issued | 50,420,017,000 | 50,420,017 |
Treasury Stock, Shares | 26,433 | 23,244 |
Idaho Power Company | ||
Allowance for Doubtful Accounts Receivable, Current | $ 1,119 | $ 968 |
Allowance for Doubtful Other Receivables, Current | $ 143 | $ 164 |
Common Stock, Par or Stated Value Per Share | $ 2.50 | $ 2.50 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 39,150,812 | 39,150,812 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Activities: | ||
Net Income | $ 83,101 | $ 81,916 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 83,912 | 73,183 |
Deferred income taxes and investment tax credits | 6,828 | 12,373 |
Changes in regulatory assets and liabilities | 37,736 | 24,126 |
Pension and postretirement benefit plan expense | 14,513 | 14,784 |
Contributions to pension and postretirement benefit plans | (3,920) | (13,415) |
Earnings of unconsolidated equity-method investments | (2,037) | (1,325) |
Distributions from unconsolidated equity-method investments | 8,100 | 0 |
Allowance for equity funds used during construction | (10,843) | (10,223) |
Other non-cash adjustments to net income, net | 3,741 | 2,096 |
Change in: | ||
Accounts receivable | (2,758) | 404 |
Accounts payable and other accrued liabilities | (30,677) | (14,711) |
Taxes accrued/receivable | 18,073 | 2,620 |
Other current assets | (16,951) | (34,964) |
Other current liabilities | 6,948 | 4,817 |
Other assets | (3,692) | (2,334) |
Other liabilities | (430) | (1,458) |
Net cash provided by operating activities | 191,644 | 137,889 |
Investing Activities: | ||
Additions to property, plant and equipment | (146,341) | (117,160) |
Payments received from transmission project joint funding partners | 5,787 | 5,301 |
Proceeds from the sale of emission allowances and renewable energy certificates | 1,839 | 846 |
Investments in unconsolidated affiliates | 0 | 4,386 |
Purchase of available-for-sale securities | (3,165) | (1,209) |
Proceeds from the sale of available-for-sale securities | 2,428 | 2,181 |
Other | 212 | (36) |
Net cash used in investing activities | (139,240) | (114,463) |
Financing Activities: | ||
Issuance of long-term debt | 0 | 120,000 |
Retirement of long-term debt | (1,064) | (101,064) |
Dividends on common stock | (55,763) | (51,719) |
Net change in short-term borrowings | (21,250) | 3,900 |
Acquisition of treasury stock | (3,174) | (3,275) |
Make-whole premium on retirement of long-term debt | 0 | 13,895 |
Other | (4) | (1,617) |
Net cash used in financing activities | (81,255) | (47,670) |
Net (decrease) increase in cash and cash equivalents | (28,851) | (24,244) |
Cash and cash equivalents at beginning of the period | 61,480 | 114,802 |
Cash and cash equivalents at end of the period | 32,629 | 90,558 |
Supplemental Disclosure of Cash Flow Information: | ||
Income taxes | 1,202 | 562 |
Interest (net of amount capitalized) | 39,481 | 39,993 |
Non-cash investing activities: | ||
Additions to property, plant and equipment in accounts payable | 21,410 | 19,700 |
Idaho Power Company | ||
Operating Activities: | ||
Net Income | 80,863 | 80,341 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 83,611 | 72,878 |
Deferred income taxes and investment tax credits | 6,144 | 11,724 |
Changes in regulatory assets and liabilities | 37,736 | 24,126 |
Pension and postretirement benefit plan expense | 14,513 | 14,784 |
Contributions to pension and postretirement benefit plans | (3,920) | (13,415) |
Earnings of unconsolidated equity-method investments | (917) | (407) |
Distributions from unconsolidated equity-method investments | 8,100 | 0 |
Allowance for equity funds used during construction | (10,843) | (10,223) |
Other non-cash adjustments to net income, net | (47) | (1,268) |
Change in: | ||
Accounts receivable | (9,798) | 836 |
Accounts payable and other accrued liabilities | (1,109) | (14,681) |
Taxes accrued/receivable | 13,679 | 8,120 |
Other current assets | (16,945) | (34,962) |
Other current liabilities | 6,974 | 4,832 |
Other assets | (3,693) | (2,334) |
Other liabilities | (275) | (1,245) |
Net cash provided by operating activities | 204,073 | 139,106 |
Investing Activities: | ||
Additions to property, plant and equipment | (146,328) | (117,159) |
Payments received from transmission project joint funding partners | 5,787 | 5,301 |
Proceeds from the sale of emission allowances and renewable energy certificates | 1,839 | 846 |
Investments in unconsolidated affiliates | 0 | 4,386 |
Purchase of available-for-sale securities | (3,165) | (1,209) |
Proceeds from the sale of available-for-sale securities | 2,428 | 2,181 |
Other | 212 | (101) |
Net cash used in investing activities | (139,227) | (114,527) |
Financing Activities: | ||
Issuance of long-term debt | 0 | 120,000 |
Retirement of long-term debt | (1,064) | (101,064) |
Dividends on common stock | (55,695) | (51,628) |
Net change in short-term borrowings | (21,800) | 0 |
Make-whole premium on retirement of long-term debt | 0 | 13,895 |
Other | 0 | (1,616) |
Net cash used in financing activities | (78,559) | (48,203) |
Net (decrease) increase in cash and cash equivalents | (13,713) | (23,624) |
Cash and cash equivalents at beginning of the period | 44,140 | 110,756 |
Cash and cash equivalents at end of the period | 30,427 | 87,132 |
Supplemental Disclosure of Cash Flow Information: | ||
Income taxes | 22,861 | 4,217 |
Interest (net of amount capitalized) | 39,447 | 39,856 |
Non-cash investing activities: | ||
Additions to property, plant and equipment in accounts payable | $ 21,410 | $ 19,700 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Equity $ in Thousands | USD ($) |
Balance at beginning of period at Dec. 31, 2015 | $ 849,112 |
Common Stock | |
Other common stock changes | 263 |
Balance at end of period at Jun. 30, 2016 | 849,609 |
Balance at beginning of period at Dec. 31, 2015 | 1,230,105 |
Retained Earnings | |
Net Income Attributable to IDACORP, Inc. | 81,975 |
Common stock dividends | (51,477) |
Balance at end of period at Jun. 30, 2016 | 1,260,369 |
AOCI - Beginning Balance at Dec. 31, 2015 | (21,276) |
Accumulated Other Comprehensive (Loss) Income | |
Unfunded pension liability adjustment, net of tax | 1,127 |
AOCI - Ending Balance at Jun. 30, 2016 | (20,149) |
Balance at beginning of period at Dec. 31, 2015 | (57) |
Treasury Stock | |
Issued | 3,143 |
Acquired | (3,275) |
Balance at end of period at Jun. 30, 2016 | (189) |
Balance at beginning of period at Dec. 31, 2015 | 4,160 |
Noncontrolling Interests | |
Adjustment for (income) loss attributable to noncontrolling interests | (59) |
Balance at end of period at Jun. 30, 2016 | 4,101 |
Balance at end of period at Jun. 30, 2016 | 849,609 |
Retained Earnings | |
Net Income Attributable to IDACORP, Inc. | 56,246 |
Balance at end of period at Jun. 30, 2016 | 1,260,369 |
Accumulated Other Comprehensive (Loss) Income | |
Unfunded pension liability adjustment, net of tax | 563 |
AOCI - Ending Balance at Jun. 30, 2016 | (20,149) |
Balance at end of period at Jun. 30, 2016 | (189) |
Noncontrolling Interests | |
Adjustment for (income) loss attributable to noncontrolling interests | 140 |
Balance at end of period at Jun. 30, 2016 | 4,101 |
Common Stock | |
Cumulative Effect of New Accounting Principle ASU 2016-09 in Period of Adoption | 234 |
Treasury Stock | |
Total IDACORP, Inc. shareholders’ equity at end of period | 2,089,640 |
Noncontrolling Interests | |
Total equity at end of period | 2,093,741 |
Total IDACORP, Inc. shareholders’ equity at end of period | 2,153,906 |
Total equity at end of period | 2,157,866 |
Balance at beginning of period at Dec. 31, 2016 | 851,833 |
Common Stock | |
Other common stock changes | 1,771 |
Balance at end of period at Jun. 30, 2017 | 853,604 |
Balance at beginning of period at Dec. 31, 2016 | 1,323,198 |
Retained Earnings | |
Net Income Attributable to IDACORP, Inc. | 82,933 |
Common stock dividends | (55,594) |
Balance at end of period at Jun. 30, 2017 | 1,350,537 |
AOCI - Beginning Balance at Dec. 31, 2016 | (20,882) |
Accumulated Other Comprehensive (Loss) Income | |
Unfunded pension liability adjustment, net of tax | 941 |
AOCI - Ending Balance at Jun. 30, 2017 | (19,941) |
Balance at beginning of period at Dec. 31, 2016 | (243) |
Treasury Stock | |
Issued | 2,060 |
Acquired | (3,174) |
Balance at end of period at Jun. 30, 2017 | (1,357) |
Balance at beginning of period at Dec. 31, 2016 | 3,960 |
Noncontrolling Interests | |
Adjustment for (income) loss attributable to noncontrolling interests | 168 |
Balance at end of period at Jun. 30, 2017 | 4,128 |
Balance at end of period at Jun. 30, 2017 | 853,604 |
Retained Earnings | |
Net Income Attributable to IDACORP, Inc. | 49,831 |
Balance at end of period at Jun. 30, 2017 | 1,350,537 |
Accumulated Other Comprehensive (Loss) Income | |
Unfunded pension liability adjustment, net of tax | 470 |
AOCI - Ending Balance at Jun. 30, 2017 | (19,941) |
Balance at end of period at Jun. 30, 2017 | (1,357) |
Noncontrolling Interests | |
Adjustment for (income) loss attributable to noncontrolling interests | 265 |
Balance at end of period at Jun. 30, 2017 | 4,128 |
Common Stock | |
Cumulative Effect of New Accounting Principle ASU 2016-09 in Period of Adoption | 0 |
Treasury Stock | |
Total IDACORP, Inc. shareholders’ equity at end of period | 2,182,843 |
Noncontrolling Interests | |
Total equity at end of period | $ 2,186,971 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Equity (Parenthetical) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Dividends Declared Per Share of Common Stock | $ 0.55 | $ 0.51 | $ 1.10 | $ 1.02 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This Quarterly Report on Form 10-Q is a combined report of IDACORP, Inc. (IDACORP) and Idaho Power Company (Idaho Power). Therefore, these Notes to Condensed Consolidated Financial Statements apply to both IDACORP and Idaho Power. However, Idaho Power makes no representation as to the information relating to IDACORP’s other operations. Nature of Business IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the Federal Energy Regulatory Commission (FERC). Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint venturer in Bridger Coal Company (BCC), which mines and supplies coal to the Jim Bridger generating plant owned in part by Idaho Power. IDACORP’s other wholly-owned subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate investments; Ida-West Energy Company (Ida-West), an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA); and IDACORP Energy Services Co. (IESCo), which is the former limited partner of, and current successor by merger to, IDACORP Energy L.P., a marketer of energy commodities that wound down operations in 2003. 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 and recorded on the income statement when recovered or returned through rates. Additionally, regulators can impose regulatory liabilities upon a regulated company for amounts previously collected from customers that are expected to be refunded. The effects of applying these regulatory accounting principles to Idaho Power's operations are discussed in more detail in Note 3. Financial Statements In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's consolidated financial position as of June 30, 2017 , consolidated results of operations for the three and six months ended June 30, 2017 and 2016 , and consolidated cash flows for the six months ended June 30, 2017 and 2016 . These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or footnote disclosure concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in IDACORP’s and Idaho Power’s Annual Report on Form 10-K for the year ended December 31, 2016 . The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective financial condition and results of operations during the period in which such change occurred. Management Estimates Management makes estimates and assumptions when preparing financial statements in conformity with generally accepted accounting principles. These estimates and assumptions include those related to rate regulation, retirement benefits, contingencies, litigation, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates. New and Recently Adopted Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 is intended to enable users of financial statements to better understand and consistently analyze an entity's revenue across industries, transactions, and geographies. Under the ASU, recognition of revenue occurs when a customer obtains control of promised goods or services. In addition, the ASU requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB amended certain aspects of ASU 2014-09 to clarify the implementation guidance, including clarifications related to principal versus agent considerations, licensing and identifying performance obligations, narrow scope improvements, and practical expedients. While the companies continue to assess the impacts of ASU 2014-09 on their financial statements, including disclosure requirements, the companies do not expect the new guidance to significantly affect revenue recognition for tariff-based sales, which represent a significant majority of the companies' general business revenue. Accordingly, the companies do not expect the adoption of ASU 2014-09 to have a material effect on their financial statements. However, the presentation and disclosure requirements of the standard will result in a change in the presentation of revenue on the companies' consolidated statements of income as well as expanded disclosures around the disaggregation of revenue. The guidance in ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2017. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years (full retrospective approach) and the other requiring prospective application of the new standard including a cumulative-effect adjustment with disclosure of results under previous standards (modified-retrospective approach). IDACORP and Idaho Power plan to adopt ASU 2014-09 on January 1, 2018, using the modified-retrospective approach. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), intended to improve financial reporting on leasing transactions. The ASU significantly changes the accounting model used by lessees to account for leases, requiring that all material leases be presented on the balance sheet. Under the current model, some leases are classified as capital leases and recorded on the balance sheet while other leases classified as operating leases are not recognized on the balance sheet. The new standard is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The standard must be adopted using a modified retrospective approach. IDACORP and Idaho Power are evaluating the impact of ASU 2016-02 on their financial statements. At this time, the companies do not know, and cannot reasonably estimate, the dollar impact of the adoption. Specifically, the companies are considering whether the new guidance will affect their accounting for purchase power agreements, easements and rights-of-way, utility pole attachments, and other utility industry-related arrangements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) , which amends ASC 230 to clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. The FASB issued the ASU with the intent of reducing diversity in practice with respect to eight types of cash flows. The companies expect the ASU to affect the classification of proceeds from the settlement of corporate-owned life insurance policies and related costs, which will be classified as investing activities under the new guidance. The companies already present debt prepayment and extinguishment costs, proceeds from the settlement of insurance claims (other than corporate-owned life insurance), and distributions received from equity-method investments in accordance with the new guidance. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. The standard must be adopted retrospectively to all periods presented, unless impracticable to do so. IDACORP and Idaho Power do not believe the adoption will have a material impact on their financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation -- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires employers to disaggregate the service cost component from other components of net periodic benefit costs and to disclose the amounts of net periodic benefit costs that are included in each income statement line item. The standard requires employers to present the service cost component in the same line item as other compensation costs and to present the other components of net periodic benefit costs (which include interest costs, expected return on plan assets, amortization of prior service cost or credits and actuarial gains and losses) separately and outside a subtotal of operating income. In addition, only the service cost component is eligible for capitalization. The amendments in ASU 2017-07 are effective for interim and annual reporting periods beginning after December 15, 2017. Entities must use (1) a retrospective transition method to adopt the requirement for separate presentation in the income statement of service costs and other components and (2) a prospective transition method to adopt the requirement to limit the capitalization of benefit costs to the service cost component. IDACORP and Idaho Power are evaluating the impact of ASU 2017-07 on their financial statements. |
INCOME TAXES_
INCOME TAXES: | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount. Income Tax Expense The following table provides a summary of income tax expense for the six months ended June 30 (in thousands): IDACORP Idaho Power 2017 2016 2017 2016 Income tax at statutory rates (federal and state) $ 41,468 $ 37,170 $ 40,772 $ 36,781 Additional accumulated deferred investment tax credits (ADITC) amortization — (500 ) — (500 ) First mortgage bond redemption costs — (5,579 ) — (5,579 ) Share-based compensation (1,559 ) (1,622 ) (1,530 ) (1,587 ) Other (1) (16,785 ) (16,381 ) (15,830 ) (15,388 ) Income tax expense $ 23,124 $ 13,088 $ 23,412 $ 13,727 Effective tax rate 21.8 % 13.8 % 22.5 % 14.6 % (1) "Other" is primarily comprised of the net tax effect of Idaho Power's regulatory flow-through tax adjustments. These adjustments are each listed in the rate reconciliation table in Note 2 to the consolidated financial statements included in IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2016. The increases in income tax expense for the six months ended June 30, 2017 , compared to the same period in 2016 , were primarily due to greater pre-tax income and the flow-through income tax benefit related to the tax deduction for bond redemption costs incurred in the second quarter of 2016. On a net basis, Idaho Power’s estimate of its annual 2017 regulatory flow-through tax adjustments is comparable to 2016 . |
REGULATORY MATTERS_
REGULATORY MATTERS: | 6 Months Ended |
Jun. 30, 2017 | |
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 and Base Rate Adjustments Effective January 1, 2012, Idaho Power implemented new Idaho base rates resulting from its receipt of an order from the Idaho Public Utilities Commission (IPUC) approving a settlement stipulation that provided for a 7.86 percent authorized rate of return on an Idaho-jurisdiction rate base of approximately $2.36 billion . The settlement stipulation resulted in a $34.0 million overall increase in Idaho Power's annual Idaho-jurisdictional base rate revenues. Neither the IPUC's order nor the settlement stipulation specified an authorized rate of return on equity. Effective March 1, 2012, Idaho Power implemented new Oregon base rates resulting from its receipt of an order from the Public Utility Commission of Oregon (OPUC) approving a settlement stipulation that provided for a $1.8 million base rate revenue increase, a return on equity of 9.9 percent , and an overall rate of return of 7.757 percent in the Oregon jurisdiction. Idaho and Oregon base rates were subsequently adjusted again in 2012, in connection with Idaho Power's completion of the Langley Gulch power plant. In June 2012, the IPUC issued an order approving a $58.1 million increase in annual Idaho-jurisdiction base rate revenues, effective July 1, 2012, for inclusion of the investment and associated costs of the plant in rates. The order also provided for a $335.9 million increase in Idaho rate base. In September 2012, the OPUC issued an order approving a $3.0 million increase in annual Oregon jurisdiction base rate revenues, effective October 1, 2012, for inclusion of the investment and associated costs of the plant in Oregon rates. In March 2014, the IPUC issued an order approving Idaho Power's application requesting an increase of approximately $106 million in the normalized or "base level" net power supply expense on a total-system basis to be used to update base rates and in the determination of the Idaho power cost adjustment (PCA) rate that became effective June 1, 2014. Approval of the order removed the Idaho-jurisdictional portion of those expenses (approximately $99 million ) from collection via the PCA mechanism and instead results in collecting that portion through base rates. Idaho Settlement Stipulation — Investment Tax Credits and Sharing Mechanism In October 2014, the IPUC issued an order approving an extension, with modifications, of the terms of a December 2011 Idaho settlement stipulation for the period from 2015 through 2019, or until the terms are otherwise modified or terminated by order of the IPUC. The provisions of the October 2014 settlement stipulation are as follows: • If Idaho Power's annual return on year-end equity in the Idaho jurisdiction (Idaho ROE) in any year is less than 9.5 percent , then Idaho Power may record additional ADITC amortization up to $25 million to help achieve a 9.5 percent Idaho ROE for that year, and may record additional ADITC amortization up to a total of $45 million over the 2015 through 2019 period. • If Idaho Power's annual Idaho ROE in any year exceeds 10.0 percent , the amount of earnings exceeding a 10.0 percent Idaho ROE and up to and including a 10.5 percent Idaho ROE will be allocated 75 percent to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's PCA and 25 percent to Idaho Power. • If Idaho Power's annual Idaho ROE in any year exceeds 10.5 percent , the amount of earnings exceeding a 10.5 percent Idaho ROE will be allocated 50 percent to Idaho Power's Idaho customers as a rate reduction to be effective at the time of the subsequent year's PCA, 25 percent to Idaho Power's Idaho customers in the form of a reduction to the pension regulatory asset balancing account (to reduce the amount to be collected in the future from Idaho customers), and 25 percent to Idaho Power. • If the full $45 million of additional ADITC amortization contemplated by the settlement stipulation has been recorded the sharing provisions would terminate. • In the event the IPUC approves a change to Idaho Power's Idaho-jurisdictional allowed return on equity as part of a general rate case proceeding seeking a rate change effective prior to January 1, 2020, the Idaho ROE thresholds ( 9.5 percent , 10.0 percent , and 10.5 percent ) will be adjusted prospectively, prorated for intra-year rate changes. Under the October 2014 settlement stipulation, Idaho Power recorded $1.9 million of additional ADITC amortization during the first quarter of 2017, which was reversed in the second quarter of 2017 based on Idaho Power's then-current estimate of Idaho ROE for the full-year 2017. During the first six months of 2016, Idaho Power recorded $0.5 million of additional ADITC amortization which was reversed later in 2016 as actual financial results exceeded Idaho Power's early estimates. Valmy Rate Base Adjustment Settlement Stipulations In May 2017, the IPUC approved a settlement stipulation allowing accelerated depreciation and cost recovery for Idaho Power’s jointly-owned North Valmy coal-fired power plant (Valmy Plant). The settlement stipulation provides for (1) an increase in the Idaho jurisdictional levelized revenue collection of $13.3 million per year, effective June 1, 2017, with the associated cost recovery continuing through December 2028, (2) accelerated depreciation on unit 1 through 2019 and unit 2 through 2025, (3) Idaho Power to use prudent and commercially reasonable efforts to end its participation in the operation of unit 1 by the end of 2019 and unit 2 by the end of 2025, and (4) a filing no later than 2020 that would include actual and planned incremental investments in unit 2, including updated financial analysis regarding the lowest costs options for unit 2. The costs intended to be recovered by the increased revenue requirement include all current investments in both units, forecasted unit 1 investments from 2017 through 2019, and forecasted decommissioning costs for unit 1 and unit 2, offset by forecasted operation and maintenance costs savings. The settlement stipulation also contains provisions allowing certain regulatory accounting entries to fully recognize Idaho Power's annual revenue requirement for the Valmy Plant rather than the levelized cost recovery, as well as balancing accounts (recorded as regulatory assets on the consolidated balance sheets of the companies) to track differences between these amounts. Balancing accounts will also be used to track the differences between depreciation over the cost recovery period which runs through 2028 and the accelerated depreciation on unit 1 through 2019 and unit 2 through 2025. Idaho Power anticipates future filings with the IPUC that may result in periodic adjustments to rates based upon prudence reviews of capital expenditures, true-ups of actual capital expenditures and decommissioning costs to forecasted costs, true-ups of operating and maintenance expense savings, and plant closure or joint ownership and operating agreement negotiations. In June 2017, the OPUC also approved a settlement stipulation allowing for accelerated depreciation of units 1 and 2 through December 31, 2025, cost recovery of incremental Valmy Plant investments through May 31, 2017, and forecasted decommissioning costs. The settlement stipulation provides for an increase in the Oregon jurisdictional revenue requirement of $1.1 million , effective July 1, 2017, with yearly adjustments to the level of decommissioning cost recovery, if warranted, until decommissioning activities are concluded. For both the second quarter and six month periods ended June 30, 2017, the settlement stipulations increased general business revenue collections, general business revenue accruals, net depreciation expense, and income tax expense, including plant-related flow-through tax adjustments. The ongoing annual benefit to net income from the Valmy Plant settlement stipulations is expected to decline slightly each year through 2028, primarily due to the annual decline in Valmy Plant-related rate base, which is expected to be fully depreciated by December 31, 2028. Compared with Idaho Power’s estimate of what ongoing net income would have been without the settlement stipulations, the settlement stipulations increased after-tax net income for the first half of 2017 by $2.5 million , all recorded during the second quarter of 2017. Depreciation Rate Settlement Stipulations In May 2017, the IPUC and OPUC approved settlement stipulations related to revised depreciation rates for Idaho Power's electric plant in service other than the Valmy Plant, and adjusted base rates in Oregon to reflect the revised depreciation rates applied to electric plant-in-service based on balances from the most recent general rate case. These settlement stipulations provided for new depreciation rates to go into effect on June 1, 2017, with no significant resulting increase in revenue. Idaho Power Cost Adjustment Mechanisms In both its Idaho and Oregon jurisdictions, Idaho Power's power cost adjustment mechanisms address the volatility of power supply costs and provide for annual adjustments to the rates charged to its retail customers. The power cost adjustment mechanisms compare Idaho Power's actual net power supply costs (primarily fuel and purchased power less off-system sales) against net power supply costs being recovered in Idaho Power's retail rates. Under the power cost adjustment mechanisms, certain differences between actual net power supply costs incurred by Idaho Power and costs being recovered in retail rates are recorded as a deferred charge or credit on the balance sheet for future recovery or refund. The power supply costs deferred primarily result from changes in contracted power purchase prices and volumes, changes in wholesale market prices and transaction volumes, fuel prices, and the levels of Idaho Power's own generation. On May 31, 2017, the IPUC issued an order approving a $10.6 million net increase in PCA rates, effective for the 2017-2018 PCA collection period from June 1, 2017 to May 31, 2018. The net increase in PCA rates was primarily due to expected higher power supply costs resulting from new PURPA power purchase agreements and higher coal-fired generation costs, combined with the effect of lower-than-expected actual hydroelectric generation for the 2016-2017 PCA year. The net increase includes an offsetting $13.0 million refund of previously collected Idaho energy efficiency rider funds. Previously, in May 2016, the IPUC issued an order approving a $17.3 million net increase in PCA rates, effective for the 2016-2017 PCA collection period from June 1, 2016 to May 31, 2017. The net increase in PCA rates included the application of (a) a customer rate credit of $3.2 million for sharing with customers for the year 2015 pursuant to the terms of the October 2014 settlement stipulation described above and (b) a $4.0 million reduction due to the transfer of Idaho energy efficiency rider funds. Idaho Fixed Cost Adjustment Mechanism The Idaho jurisdiction fixed cost adjustment (FCA) mechanism is designed to remove Idaho Power’s financial disincentive to invest in energy efficiency programs by separating (or decoupling) the recovery of fixed costs from the variable kilowatt-hour charge and instead linking it to a set amount per customer. The FCA mechanism is adjusted each year to collect, or refund, the difference between the authorized fixed-cost recovery amount and the actual fixed costs recovered by Idaho Power during the year. On May 31, 2017, the IPUC issued an order approving Idaho Power's application requesting an increase of $6.9 million in the FCA from $28.1 million to $35.0 million , with new requested rates effective for the period from June 1, 2017 to May 31, 2018. Previously in May 2016, the IPUC issued an order approving Idaho Power's application requesting an increase of $11.2 million in the FCA from $16.9 million to $28.1 million , with new rates effective for the period from June 1, 2016 to May 31, 2017. |
NOTES PAYABLE_
NOTES PAYABLE: | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTES PAYABLE Credit Facilities IDACORP and Idaho Power have in place credit facilities that may be used for general corporate purposes and commercial paper backup. The terms and conditions of those credit facilities are as described in IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2016 . At June 30, 2017 , no loans were outstanding under either IDACORP's or Idaho Power's facilities. At June 30, 2017 , Idaho Power had regulatory authority to incur up to $450 million in principal amount of short-term indebtedness at any one time outstanding. Balances (in thousands) and interest rates of IDACORP’s and Idaho Power's short-term borrowings were as follows at June 30, 2017 , and December 31, 2016 : June 30, 2017 December 31, 2016 IDACORP Idaho Power Total IDACORP Idaho Power Total Commercial paper outstanding $ 550 $ — $ 550 $ — $ 21,800 $ 21,800 Weighted-average annual interest rate 1.52 % — % 1.52 % — % 1.13 % 1.13 % |
COMMON STOCK_
COMMON STOCK: | 6 Months Ended |
Jun. 30, 2017 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Common Stock | COMMON STOCK IDACORP Common Stock During the six months ended June 30, 2017 , IDACORP granted 72,397 restricted stock unit awards to employees and 12,050 shares of common stock to directors, but made no original issuances of shares of common stock pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan. As directed by IDACORP, plan administrators of the IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan and Idaho Power Company Employee Savings Plan use market purchases of IDACORP common stock, as opposed to original issuance of common stock from IDACORP, to acquire shares of IDACORP common stock for the plans. However, IDACORP may determine at any time to use original issuances of common stock under those 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 Policy and 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 June 30, 2017 , the leverage ratios for IDACORP and Idaho Power were 44 percent and 46 percent , respectively. Based on these restrictions, IDACORP’s and Idaho Power’s dividends were limited to $1.2 billion and $1.1 billion , respectively, at June 30, 2017 . There are additional facility covenants, subject to exceptions, that prohibit or restrict the sale or disposition of property without consent and any agreements restricting dividend payments to the applicable company from any material subsidiary. At June 30, 2017 , IDACORP and Idaho Power were in compliance with the financial covenants. Idaho Power’s Revised Policy and Code of Conduct relating to transactions between and among Idaho Power, IDACORP, and other affiliates, which was approved by the IPUC in April 2008, provides that Idaho Power will not pay any dividends to IDACORP that will reduce Idaho Power’s common equity capital below 35 percent of its total adjusted capital without IPUC approval. At June 30, 2017 , Idaho Power's common equity capital was 54 percent of its total adjusted capital. Further, Idaho Power must obtain approval of 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: | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The table below presents the computation of IDACORP’s basic and diluted earnings per share for the three and six months ended June 30, 2017 and 2016 (in thousands, except for per share amounts). Three months ended Six months ended 2017 2016 2017 2016 Numerator: Net income attributable to IDACORP, Inc. $ 49,831 $ 56,246 $ 82,933 $ 81,975 Denominator: Weighted-average common shares outstanding - basic 50,363 50,302 50,361 50,300 Effect of dilutive securities 44 53 41 45 Weighted-average common shares outstanding - diluted 50,407 50,355 50,402 50,345 Basic earnings per share $ 0.99 $ 1.12 $ 1.65 $ 1.63 Diluted earnings per share $ 0.99 $ 1.12 $ 1.65 $ 1.63 |
COMMITMENTS_
COMMITMENTS: | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Commitments | COMMITMENTS Purchase Obligations IDACORP's and Idaho Power's purchase obligations did not change materially, outside of the ordinary course of business, during the six months ended June 30, 2017 , except that Idaho Power entered into agreements with biomass and solar PURPA-qualifying facilities which increased contractual payment obligations by approximately $70 million over the 20-year terms of the contracts. Guarantees Through a self-bonding mechanism, Idaho Power guarantees its portion of reclamation activities and obligations at BCC, of which IERCo owns a one-third interest. This guarantee, which is renewed annually with the Wyoming Department of Environmental Quality, was $57 million at June 30, 2017 , representing IERCo's one-third share of BCC's total reclamation obligation. BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs. At June 30, 2017 , the current value of the reclamation trust fund was $90 million . During the six months ended June 30, 2017 , the reclamation trust fund made no distributions for reclamation activity costs associated with the BCC surface mine. BCC periodically assesses the adequacy of the reclamation trust fund and its estimate of future reclamation costs. To ensure that the reclamation trust fund maintains adequate reserves, BCC has the ability to, and does, add a per-ton surcharge to coal sales, all of which are made to the Jim Bridger plant. Because of the existence of the fund and the ability to apply a per-ton surcharge, the estimated fair value of this guarantee is minimal. 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 June 30, 2017 , management believes the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective condensed consolidated balance sheets with respect to these indemnification obligations. |
CONTINGENCIES_
CONTINGENCIES: | 6 Months Ended |
Jun. 30, 2017 | |
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. IDACORP and Idaho Power are parties to legal claims and legal 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. As of the date of this report, the companies believe that resolution of those matters will not have a material adverse effect on their respective consolidated financial statements. Idaho Power is also actively monitoring various pending environmental regulations and the recently issued 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: | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits, Description [Abstract] | |
Benefit Plans | BENEFIT PLANS Idaho Power has a noncontributory defined benefit pension plan (pension plan) and two nonqualified defined benefit plans for certain senior management employees called the Security Plan for Senior Management Employees I and Security Plan for Senior Management Employees II (collectively, 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 following table shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended June 30, 2017 and 2016 (in thousands). Pension Plan SMSP Postretirement 2017 2016 2017 2016 2017 2016 Service cost $ 8,245 $ 7,893 $ 190 $ 307 $ 197 $ 265 Interest cost 9,716 9,484 1,079 1,068 702 687 Expected return on plan assets (11,181 ) (10,871 ) — — (584 ) (617 ) Amortization of prior service cost 7 16 32 42 17 6 Amortization of net loss 3,212 3,282 740 883 — — Net periodic benefit cost 9,999 9,804 2,041 2,300 332 341 Regulatory deferral of net periodic benefit cost (1) (9,488 ) (9,375 ) — — — — Previously deferred pension costs recognized (1) 4,289 4,289 — — — — Net periodic benefit cost recognized for financial reporting (1) $ 4,800 $ 4,718 $ 2,041 $ 2,300 $ 332 $ 341 (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. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the six months ended June 30, 2017 and 2016 (in thousands of dollars). Pension Plan SMSP Postretirement 2017 2016 2017 2016 2017 2016 Service cost $ 16,871 $ 16,010 $ 380 $ 614 $ 486 $ 558 Interest cost 19,479 18,907 2,157 2,137 1,392 1,383 Expected return on plan assets (22,569 ) (21,041 ) — — (1,154 ) (1,237 ) Amortization of prior service cost 14 29 64 84 24 13 Amortization of net loss 6,595 6,666 1,481 1,766 — — Net periodic benefit cost 20,390 20,571 4,082 4,601 748 717 Regulatory deferral of net periodic benefit cost (1) (19,284 ) (19,682 ) — — — — Previously deferred pension costs recognized (1) 8,577 8,577 — — — — Net periodic benefit cost recognized for financial reporting (1) $ 9,683 $ 9,466 $ 4,082 $ 4,601 $ 748 $ 717 (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. Idaho Power has no minimum contribution requirement to its defined benefit pension plan in 2017, and during the six months ended June 30, 2017, made no contributions. Idaho Power plans to contribute between $20 million and $40 million to its defined benefit pension plan during 2017 in a continued effort to balance the regulatory collection of these expenditures with the amount and timing of contributions and to mitigate the cost of being in an underfunded position. The primary impact of pension contributions is on the timing of cash flows, as the timing of cost recovery lags behind contributions. Idaho Power also has an Employee Savings Plan that complies with Section 401(k) of the Internal Revenue Code and covers substantially all employees. Idaho Power matches specified percentages of employee contributions to the Employee Savings Plan. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS: | 6 Months Ended |
Jun. 30, 2017 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS Commodity Price Risk Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop. All of Idaho Power's derivative instruments have been entered into for the purpose of economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). These types of transactions are excluded from the offsetting presented in the derivative fair value and offsetting table that follows. The table below presents the gains and losses on derivatives not designated as hedging instruments for the three and six months ended June 30, 2017 and 2016 (in thousands). Gain/(Loss) on Derivatives Recognized in Income (1) Location of Realized Gain/(Loss) on Derivatives Recognized in Income Three months ended Six months ended 2017 2016 2017 2016 Financial swaps Off-system sales $ (305 ) $ (51 ) $ 1,173 $ 1,395 Financial swaps Purchased power (287 ) 164 (735 ) 151 Financial swaps Fuel expense (4 ) 373 666 (2,442 ) Financial swaps Other operations and maintenance (55 ) (35 ) (81 ) (150 ) Forward contracts Purchased power (8 ) — (10 ) — Forward contracts Fuel expense 3 93 3 89 (1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. Settlement gains and losses on electricity swap contracts are recorded on the income statement in off-system sales or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other operations and maintenance expense. See Note 11 for additional information concerning the determination of fair value for Idaho Power’s assets and liabilities from price risk management activities. Derivative Instrument Summary The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at June 30, 2017 , and December 31, 2016 (in thousands). Asset Derivatives Liability Derivatives Balance Sheet Location Gross Fair Value Amounts Offset Net Assets Gross Fair Value Amounts Offset Net Liabilities June 30, 2017 Current: Financial swaps Other current assets $ 446 $ (145 ) $ 301 $ 145 $ (145 ) $ — Financial swaps Other current liabilities 399 (399 ) — 1,023 (506 ) (1) 517 Long-term: Financial swaps Other assets 67 (38 ) 29 38 (38 ) — Financial swaps Other liabilities — — — 121 — 121 Total $ 912 $ (582 ) $ 330 $ 1,327 $ (689 ) $ 638 December 31, 2016 Current: Financial swaps Other current assets $ 8,134 $ (2,183 ) (2) $ 5,951 $ 302 $ (302 ) $ — Total $ 8,134 $ (2,183 ) $ 5,951 $ 302 $ (302 ) $ — (1) Current liability derivative amount offset includes $0.1 million of collateral receivable for the period ended June 30, 2017 . (2) Current asset derivative amount offset includes $1.9 million of collateral payable for the period ended December 31, 2016 . The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at June 30, 2017 and 2016 (in thousands of units). June 30, Commodity Units 2017 2016 Electricity purchases MWh 194 443 Electricity sales MWh 38 — Natural gas purchases MMBtu 10,297 13,580 Natural gas sales MMBtu 75 — Diesel purchases Gallons 605 532 Credit Risk At June 30, 2017 , Idaho Power did not have material credit risk exposure from financial instruments, including derivatives. Idaho Power monitors credit risk exposure through reviews of counterparty credit quality, corporate-wide counterparty credit exposure, and corporate-wide counterparty concentration levels. Idaho Power manages these risks by establishing credit and concentration limits on transactions with counterparties and requiring contractual guarantees, cash deposits, or letters of credit from counterparties or their affiliates, as deemed necessary. Idaho Power’s physical power contracts are commonly under Western Systems Power Pool agreements, physical gas contracts are usually under North American Energy Standards Board contracts, and financial transactions are usually under International Swaps and Derivatives Association, Inc. contracts. These contracts contain adequate assurance clauses requiring collateralization if a counterparty has debt that is downgraded below investment grade by at least one rating agency. Credit-Contingent Features Certain Idaho Power derivative instruments contain provisions that require Idaho Power's unsecured debt to maintain an investment grade credit rating from Moody's Investors Service and Standard & Poor's Ratings Services. If Idaho Power's unsecured debt were to fall below investment grade, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position at June 30, 2017 was $1.2 million . Idaho Power posted $0.8 million cash collateral related to this amount. If the credit-risk-related contingent features underlying these agreements were triggered on June 30, 2017 , Idaho Power would have been required to pay or post collateral to its counterparties up to an additional $2.0 million to cover the open liability positions as well as completed transactions that have not yet been paid. |
FAIR VALUE MEASUREMENTS_
FAIR VALUE MEASUREMENTS: | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access. • Level 2: Financial assets and liabilities whose values are based on the following: a) quoted prices for similar assets or liabilities in active markets; b) quoted prices for identical or similar assets or liabilities in non-active markets; c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. IDACORP and Idaho Power Level 2 inputs are based on quoted market prices adjusted for location using corroborated, observable market data. • Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. An item recorded at fair value is reclassified among levels when changes in the nature of valuation inputs cause the item to no longer meet the criteria for the level in which it was previously categorized. There were no transfers between levels or material changes in valuation techniques or inputs during the six months ended June 30, 2017 . The table below presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 , and December 31, 2016 (in thousands). June 30, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds IDACORP $ — $ — $ — $ — $ 15,000 $ — $ — $ 15,000 Idaho Power — — — — 29,967 — — 29,967 Derivatives 330 — — 330 5,951 — — 5,951 Trading securities: Equity securities 104 — — 104 111 — — 111 Available-for-sale securities: Equity securities 24,710 — — 24,710 23,908 — — 23,908 Liabilities: Derivatives 638 — — 638 — — — — Idaho Power’s derivatives are contracts entered into as part of its management of loads and resources. Electricity derivatives are valued on the Intercontinental Exchange (ICE) with quoted prices in an active market. Natural gas and diesel derivatives are valued using New York Mercantile Exchange (NYMEX) and ICE pricing, adjusted for location basis, which are also quoted under NYMEX and ICE pricing. Trading securities consist of employee-directed investments held in a Rabbi trust and are related to an executive deferred compensation plan. Available-for-sale securities are related to the SMSP, are held in a Rabbi trust, and are actively traded money market and exchange traded funds with quoted prices in active markets. The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, as of June 30, 2017 , and December 31, 2016 , using available market information and appropriate valuation methodologies (in thousands). June 30, 2017 December 31, 2016 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value IDACORP Assets: Notes receivable (1) $ 3,804 $ 3,804 $ 3,804 $ 3,804 Liabilities: Long-term debt (1) 1,745,368 1,902,610 1,745,678 1,858,666 Idaho Power Liabilities: Long-term debt (1) 1,745,368 1,902,610 1,745,678 1,858,666 (1) Notes receivable and long-term debt are categorized as Level 3 and Level 2, respectively, of the fair value hierarchy, as defined earlier in this Note 11. Notes receivable are related to Ida-West and are valued based on unobservable inputs, including discounted cash flows, which are partially based on forecasted hydroelectric conditions. Long-term debt is not traded on an exchange and is valued using quoted rates for similar debt in active markets. Carrying values for cash and cash equivalents, deposits, customer and other receivables, notes payable, accounts payable, interest accrued, and taxes accrued approximate fair value. |
SEGMENT INFORMATION_
SEGMENT INFORMATION: | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Information | SEGMENT INFORMATION IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the generation, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated joint venture. IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the "All Other" category in the table below. This category is comprised of IFS’s investments in affordable housing and historic rehabilitation projects, Ida-West’s joint venture investments in small hydroelectric generation projects, the remaining activities of IESCo, the successor to which wound down its energy marketing operations in 2003, and IDACORP’s holding company expenses. The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands). Utility Operations All Other Eliminations Consolidated Total Three months ended June 30, 2017: Revenues $ 331,768 $ 1,238 $ — $ 333,006 Net income attributable to IDACORP, Inc. 48,381 1,450 — 49,831 Total assets as of June 30, 2017 6,244,958 85,565 (53,124 ) 6,277,399 Three months ended June 30, 2016: Revenues $ 314,411 $ 1,025 $ — $ 315,436 Net income attributable to IDACORP, Inc. 54,807 1,439 — 56,246 Six months ended June 30, 2017: Revenues $ 633,732 $ 1,818 $ — $ 635,550 Net income attributable to IDACORP, Inc. 80,863 2,070 — 82,933 Six months ended June 30, 2016: Revenues $ 594,977 $ 1,415 $ — $ 596,392 Net income attributable to IDACORP, Inc. 80,341 1,634 — 81,975 |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME: CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME: | 6 Months Ended |
Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | |
Changes in Accumulated Other Comprehensive Income [Text Block] | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the three and six months ended June 30, 2017 and 2016 (in thousands). Items in parentheses indicate charges to AOCI. Defined Benefit Pension Items Three months ended Six months ended 2017 2016 2017 2016 Balance at beginning of period $ (20,411 ) $ (20,712 ) $ (20,882 ) $ (21,276 ) Amounts reclassified out of AOCI 470 563 941 1,127 Balance at end of period $ (19,941 ) $ (20,149 ) $ (19,941 ) $ (20,149 ) The table below presents amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the three and six months ended June 30, 2017 and 2016 (in thousands). Items in parentheses indicate increases to net income. Amount Reclassified from AOCI Details About AOCI Three months ended Six months ended 2017 2016 2017 2016 Amortization of defined benefit pension items (1) Prior service cost $ 32 $ 42 $ 64 $ 84 Net loss 740 883 1,481 1,766 Total before tax 772 925 1,545 1,850 Tax benefit (2) (302 ) (362 ) (604 ) (723 ) Net of tax 470 563 941 1,127 Total reclassification for the period $ 470 $ 563 $ 941 $ 1,127 (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. |
SUMMARY OF SIGNIFICANT ACCOUN23
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Organization, Consolidation, Presentation, and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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 Federal Energy Regulatory Commission (FERC). Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint venturer in Bridger Coal Company (BCC), which mines and supplies coal to the Jim Bridger generating plant owned in part by Idaho Power. IDACORP’s other wholly-owned subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate investments; Ida-West Energy Company (Ida-West), an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA); and IDACORP Energy Services Co. (IESCo), which is the former limited partner of, and current successor by merger to, IDACORP Energy L.P., a marketer of energy commodities that wound down operations in 2003. |
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 and recorded on the income statement when recovered or returned through rates. Additionally, regulators can impose regulatory liabilities upon a regulated company for amounts previously collected from customers that are expected to be refunded. The effects of applying these regulatory accounting principles to Idaho Power's operations are discussed in more detail in Note 3. |
Financial Statements | In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's consolidated financial position as of June 30, 2017 , consolidated results of operations for the three and six months ended June 30, 2017 and 2016 , and consolidated cash flows for the six months ended June 30, 2017 and 2016 . These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or footnote disclosure concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in IDACORP’s and Idaho Power’s Annual Report on Form 10-K for the year ended December 31, 2016 . The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective financial condition and results of operations during the period in which such change occurred. |
Management Estimates | Management makes estimates and assumptions when preparing financial statements in conformity with generally accepted accounting principles. These estimates and assumptions include those related to rate regulation, retirement benefits, contingencies, litigation, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates. |
Income Tax | In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount. |
Fair Value of Financial Instruments | IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access. • Level 2: Financial assets and liabilities whose values are based on the following: a) quoted prices for similar assets or liabilities in active markets; b) quoted prices for identical or similar assets or liabilities in non-active markets; c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. IDACORP and Idaho Power Level 2 inputs are based on quoted market prices adjusted for location using corroborated, observable market data. • Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. An item recorded at fair value is reclassified among levels when changes in the nature of valuation inputs cause the item to no longer meet the criteria for the level in which it was previously categorized. |
New Accounting Pronouncements | Recent Accounting Pronouncements Not Yet Adopted In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 is intended to enable users of financial statements to better understand and consistently analyze an entity's revenue across industries, transactions, and geographies. Under the ASU, recognition of revenue occurs when a customer obtains control of promised goods or services. In addition, the ASU requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB amended certain aspects of ASU 2014-09 to clarify the implementation guidance, including clarifications related to principal versus agent considerations, licensing and identifying performance obligations, narrow scope improvements, and practical expedients. While the companies continue to assess the impacts of ASU 2014-09 on their financial statements, including disclosure requirements, the companies do not expect the new guidance to significantly affect revenue recognition for tariff-based sales, which represent a significant majority of the companies' general business revenue. Accordingly, the companies do not expect the adoption of ASU 2014-09 to have a material effect on their financial statements. However, the presentation and disclosure requirements of the standard will result in a change in the presentation of revenue on the companies' consolidated statements of income as well as expanded disclosures around the disaggregation of revenue. The guidance in ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2017. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years (full retrospective approach) and the other requiring prospective application of the new standard including a cumulative-effect adjustment with disclosure of results under previous standards (modified-retrospective approach). IDACORP and Idaho Power plan to adopt ASU 2014-09 on January 1, 2018, using the modified-retrospective approach. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), intended to improve financial reporting on leasing transactions. The ASU significantly changes the accounting model used by lessees to account for leases, requiring that all material leases be presented on the balance sheet. Under the current model, some leases are classified as capital leases and recorded on the balance sheet while other leases classified as operating leases are not recognized on the balance sheet. The new standard is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The standard must be adopted using a modified retrospective approach. IDACORP and Idaho Power are evaluating the impact of ASU 2016-02 on their financial statements. At this time, the companies do not know, and cannot reasonably estimate, the dollar impact of the adoption. Specifically, the companies are considering whether the new guidance will affect their accounting for purchase power agreements, easements and rights-of-way, utility pole attachments, and other utility industry-related arrangements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) , which amends ASC 230 to clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. The FASB issued the ASU with the intent of reducing diversity in practice with respect to eight types of cash flows. The companies expect the ASU to affect the classification of proceeds from the settlement of corporate-owned life insurance policies and related costs, which will be classified as investing activities under the new guidance. The companies already present debt prepayment and extinguishment costs, proceeds from the settlement of insurance claims (other than corporate-owned life insurance), and distributions received from equity-method investments in accordance with the new guidance. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. The standard must be adopted retrospectively to all periods presented, unless impracticable to do so. IDACORP and Idaho Power do not believe the adoption will have a material impact on their financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation -- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires employers to disaggregate the service cost component from other components of net periodic benefit costs and to disclose the amounts of net periodic benefit costs that are included in each income statement line item. The standard requires employers to present the service cost component in the same line item as other compensation costs and to present the other components of net periodic benefit costs (which include interest costs, expected return on plan assets, amortization of prior service cost or credits and actuarial gains and losses) separately and outside a subtotal of operating income. In addition, only the service cost component is eligible for capitalization. The amendments in ASU 2017-07 are effective for interim and annual reporting periods beginning after December 15, 2017. Entities must use (1) a retrospective transition method to adopt the requirement for separate presentation in the income statement of service costs and other components and (2) a prospective transition method to adopt the requirement to limit the capitalization of benefit costs to the service cost component. IDACORP and Idaho Power are evaluating the impact of ASU 2017-07 on their financial statements. |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop. All of Idaho Power's derivative instruments have been entered into for the purpose of economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). These types of transactions are excluded from the offsetting presented in the derivative fair value and offsetting table that follows. |
Derivatives, Reporting of Derivative Activity | Settlement gains and losses on electricity swap contracts are recorded on the income statement in off-system sales or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other operations and maintenance expense. |
Segment Reporting | IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the generation, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated joint venture. IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the "All Other" category in the table below. This category is comprised of IFS’s investments in affordable housing and historic rehabilitation projects, Ida-West’s joint venture investments in small hydroelectric generation projects, the remaining activities of IESCo, the successor to which wound down its energy marketing operations in 2003, and IDACORP’s holding company expenses. |
INCOME TAXES_ Level 3 (Tables)
INCOME TAXES: Level 3 (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 six months ended June 30 (in thousands): IDACORP Idaho Power 2017 2016 2017 2016 Income tax at statutory rates (federal and state) $ 41,468 $ 37,170 $ 40,772 $ 36,781 Additional accumulated deferred investment tax credits (ADITC) amortization — (500 ) — (500 ) First mortgage bond redemption costs — (5,579 ) — (5,579 ) Share-based compensation (1,559 ) (1,622 ) (1,530 ) (1,587 ) Other (1) (16,785 ) (16,381 ) (15,830 ) (15,388 ) Income tax expense $ 23,124 $ 13,088 $ 23,412 $ 13,727 Effective tax rate 21.8 % 13.8 % 22.5 % 14.6 % (1) "Other" is primarily comprised of the net tax effect of Idaho Power's regulatory flow-through tax adjustments. These adjustments are each listed in the rate reconciliation table in Note 2 to the consolidated financial statements included in IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2016. |
NOTES PAYABLE_ Level 3 (Tables)
NOTES PAYABLE: Level 3 (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Shedule of short term debt [Abstract] | |
Schedule of Short-term Debt | Balances (in thousands) and interest rates of IDACORP’s and Idaho Power's short-term borrowings were as follows at June 30, 2017 , and December 31, 2016 : June 30, 2017 December 31, 2016 IDACORP Idaho Power Total IDACORP Idaho Power Total Commercial paper outstanding $ 550 $ — $ 550 $ — $ 21,800 $ 21,800 Weighted-average annual interest rate 1.52 % — % 1.52 % — % 1.13 % 1.13 % |
EARNINGS PER SHARE_ Level 3 (Ta
EARNINGS PER SHARE: Level 3 (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | The table below presents the computation of IDACORP’s basic and diluted earnings per share for the three and six months ended June 30, 2017 and 2016 (in thousands, except for per share amounts). Three months ended Six months ended 2017 2016 2017 2016 Numerator: Net income attributable to IDACORP, Inc. $ 49,831 $ 56,246 $ 82,933 $ 81,975 Denominator: Weighted-average common shares outstanding - basic 50,363 50,302 50,361 50,300 Effect of dilutive securities 44 53 41 45 Weighted-average common shares outstanding - diluted 50,407 50,355 50,402 50,345 Basic earnings per share $ 0.99 $ 1.12 $ 1.65 $ 1.63 Diluted earnings per share $ 0.99 $ 1.12 $ 1.65 $ 1.63 |
BENEFIT PLANS_ Level 3 (Tables)
BENEFIT PLANS: Level 3 (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Defined Benefit Plan [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following table shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended June 30, 2017 and 2016 (in thousands). Pension Plan SMSP Postretirement 2017 2016 2017 2016 2017 2016 Service cost $ 8,245 $ 7,893 $ 190 $ 307 $ 197 $ 265 Interest cost 9,716 9,484 1,079 1,068 702 687 Expected return on plan assets (11,181 ) (10,871 ) — — (584 ) (617 ) Amortization of prior service cost 7 16 32 42 17 6 Amortization of net loss 3,212 3,282 740 883 — — Net periodic benefit cost 9,999 9,804 2,041 2,300 332 341 Regulatory deferral of net periodic benefit cost (1) (9,488 ) (9,375 ) — — — — Previously deferred pension costs recognized (1) 4,289 4,289 — — — — Net periodic benefit cost recognized for financial reporting (1) $ 4,800 $ 4,718 $ 2,041 $ 2,300 $ 332 $ 341 (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. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the six months ended June 30, 2017 and 2016 (in thousands of dollars). Pension Plan SMSP Postretirement 2017 2016 2017 2016 2017 2016 Service cost $ 16,871 $ 16,010 $ 380 $ 614 $ 486 $ 558 Interest cost 19,479 18,907 2,157 2,137 1,392 1,383 Expected return on plan assets (22,569 ) (21,041 ) — — (1,154 ) (1,237 ) Amortization of prior service cost 14 29 64 84 24 13 Amortization of net loss 6,595 6,666 1,481 1,766 — — Net periodic benefit cost 20,390 20,571 4,082 4,601 748 717 Regulatory deferral of net periodic benefit cost (1) (19,284 ) (19,682 ) — — — — Previously deferred pension costs recognized (1) 8,577 8,577 — — — — Net periodic benefit cost recognized for financial reporting (1) $ 9,683 $ 9,466 $ 4,082 $ 4,601 $ 748 $ 717 (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. |
DERIVATIVE FINANCIAL INSTRUME28
DERIVATIVE FINANCIAL INSTRUMENTS: Level 3 (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 and six months ended June 30, 2017 and 2016 (in thousands). Gain/(Loss) on Derivatives Recognized in Income (1) Location of Realized Gain/(Loss) on Derivatives Recognized in Income Three months ended Six months ended 2017 2016 2017 2016 Financial swaps Off-system sales $ (305 ) $ (51 ) $ 1,173 $ 1,395 Financial swaps Purchased power (287 ) 164 (735 ) 151 Financial swaps Fuel expense (4 ) 373 666 (2,442 ) Financial swaps Other operations and maintenance (55 ) (35 ) (81 ) (150 ) Forward contracts Purchased power (8 ) — (10 ) — Forward contracts Fuel expense 3 93 3 89 (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 June 30, 2017 , and December 31, 2016 (in thousands). Asset Derivatives Liability Derivatives Balance Sheet Location Gross Fair Value Amounts Offset Net Assets Gross Fair Value Amounts Offset Net Liabilities June 30, 2017 Current: Financial swaps Other current assets $ 446 $ (145 ) $ 301 $ 145 $ (145 ) $ — Financial swaps Other current liabilities 399 (399 ) — 1,023 (506 ) (1) 517 Long-term: Financial swaps Other assets 67 (38 ) 29 38 (38 ) — Financial swaps Other liabilities — — — 121 — 121 Total $ 912 $ (582 ) $ 330 $ 1,327 $ (689 ) $ 638 December 31, 2016 Current: Financial swaps Other current assets $ 8,134 $ (2,183 ) (2) $ 5,951 $ 302 $ (302 ) $ — Total $ 8,134 $ (2,183 ) $ 5,951 $ 302 $ (302 ) $ — (1) Current liability derivative amount offset includes $0.1 million of collateral receivable for the period ended June 30, 2017 . (2) Current asset derivative amount offset includes $1.9 million of collateral payable for the period ended December 31, 2016 . |
Schedule of Derivative Instruments | The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at June 30, 2017 and 2016 (in thousands of units). June 30, Commodity Units 2017 2016 Electricity purchases MWh 194 443 Electricity sales MWh 38 — Natural gas purchases MMBtu 10,297 13,580 Natural gas sales MMBtu 75 — Diesel purchases Gallons 605 532 |
FAIR VALUE MEASUREMENTS_ Level
FAIR VALUE MEASUREMENTS: Level 3 (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The table below presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 , and December 31, 2016 (in thousands). June 30, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds IDACORP $ — $ — $ — $ — $ 15,000 $ — $ — $ 15,000 Idaho Power — — — — 29,967 — — 29,967 Derivatives 330 — — 330 5,951 — — 5,951 Trading securities: Equity securities 104 — — 104 111 — — 111 Available-for-sale securities: Equity securities 24,710 — — 24,710 23,908 — — 23,908 Liabilities: Derivatives 638 — — 638 — — — — |
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 June 30, 2017 , and December 31, 2016 , using available market information and appropriate valuation methodologies (in thousands). June 30, 2017 December 31, 2016 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value IDACORP Assets: Notes receivable (1) $ 3,804 $ 3,804 $ 3,804 $ 3,804 Liabilities: Long-term debt (1) 1,745,368 1,902,610 1,745,678 1,858,666 Idaho Power Liabilities: Long-term debt (1) 1,745,368 1,902,610 1,745,678 1,858,666 (1) Notes receivable and long-term debt are categorized as Level 3 and Level 2, respectively, of the fair value hierarchy, as defined earlier in this Note 11. |
SEGMENT INFORMATION_ Level 3 (T
SEGMENT INFORMATION: Level 3 (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands). Utility Operations All Other Eliminations Consolidated Total Three months ended June 30, 2017: Revenues $ 331,768 $ 1,238 $ — $ 333,006 Net income attributable to IDACORP, Inc. 48,381 1,450 — 49,831 Total assets as of June 30, 2017 6,244,958 85,565 (53,124 ) 6,277,399 Three months ended June 30, 2016: Revenues $ 314,411 $ 1,025 $ — $ 315,436 Net income attributable to IDACORP, Inc. 54,807 1,439 — 56,246 Six months ended June 30, 2017: Revenues $ 633,732 $ 1,818 $ — $ 635,550 Net income attributable to IDACORP, Inc. 80,863 2,070 — 82,933 Six months ended June 30, 2016: Revenues $ 594,977 $ 1,415 $ — $ 596,392 Net income attributable to IDACORP, Inc. 80,341 1,634 — 81,975 |
CHANGES IN ACCUMULATED OTHER 31
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME: Level 3 (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The table below presents changes in components of accumulated other comprehensive income (AOCI), net of tax, during the three and six months ended June 30, 2017 and 2016 (in thousands). Items in parentheses indicate charges to AOCI. Defined Benefit Pension Items Three months ended Six months ended 2017 2016 2017 2016 Balance at beginning of period $ (20,411 ) $ (20,712 ) $ (20,882 ) $ (21,276 ) Amounts reclassified out of AOCI 470 563 941 1,127 Balance at end of period $ (19,941 ) $ (20,149 ) $ (19,941 ) $ (20,149 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The table below presents amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the three and six months ended June 30, 2017 and 2016 (in thousands). Items in parentheses indicate increases to net income. Amount Reclassified from AOCI Details About AOCI Three months ended Six months ended 2017 2016 2017 2016 Amortization of defined benefit pension items (1) Prior service cost $ 32 $ 42 $ 64 $ 84 Net loss 740 883 1,481 1,766 Total before tax 772 925 1,545 1,850 Tax benefit (2) (302 ) (362 ) (604 ) (723 ) Net of tax 470 563 941 1,127 Total reclassification for the period $ 470 $ 563 $ 941 $ 1,127 (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. |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Accounting Adoption Pronouncement (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | $ (234) |
INCOME TAXES_ Level 4 (Details)
INCOME TAXES: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Income Tax Expense [Line Items] | |||||
Income tax at statutory rates (federal and state) | $ 41,468 | $ 37,170 | |||
Additional ADITC amortization | 0 | (500) | |||
First mortgage bond redemption costs | 0 | 5,579 | |||
Share-based compensation | (1,559) | (1,622) | |||
Other | [1] | (16,785) | (16,381) | ||
Income Tax Expense | $ 16,940 | $ 8,721 | $ 23,124 | $ 13,088 | |
Effective tax rate | 21.80% | 13.80% | |||
Idaho Power Company | |||||
Income Tax Expense [Line Items] | |||||
Income tax at statutory rates (federal and state) | $ 40,772 | $ 36,781 | |||
Additional ADITC amortization | 0 | (500) | |||
First mortgage bond redemption costs | 0 | 5,579 | |||
Share-based compensation | (1,530) | (1,587) | |||
Other | [1] | (15,830) | (15,388) | ||
Income Tax Expense | $ 17,038 | $ 9,059 | $ 23,412 | $ 13,727 | |
Effective tax rate | 22.50% | 14.60% | |||
[1] | "Other" is primarily comprised of the net tax effect of Idaho Power's regulatory flow-through tax adjustments. These adjustments are each listed in the rate reconciliation table in Note 2 to the consolidated financial statements included in IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2016. |
REGULATORY MATTERS_ Level 4 (De
REGULATORY MATTERS: Level 4 (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Jun. 01, 2017 | Jun. 01, 2014 | Oct. 01, 2012 | Jul. 01, 2012 | Mar. 01, 2012 | Jan. 01, 2012 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | May 31, 2018 | May 31, 2017 | Dec. 31, 2016 | Jun. 01, 2016 | Jun. 01, 2015 | Oct. 30, 2014 |
Rate Case | |||||||||||||||||
Additional ADITC amortization | $ 0 | $ 500 | |||||||||||||||
Idaho Power Company | |||||||||||||||||
Rate Case | |||||||||||||||||
Additional ADITC amortization | 0 | 500 | |||||||||||||||
Idaho and Oregon General Rate Cases and Base Rate Adjustments | IDAHO | |||||||||||||||||
Rate Case | |||||||||||||||||
Authorized Rate of Return in Rate Case | 7.86% | ||||||||||||||||
Total Retail Rate Base | $ 2,360,000 | ||||||||||||||||
Approved Rate Increase (Decrease), Amount | $ 34,000 | ||||||||||||||||
Idaho and Oregon General Rate Cases and Base Rate Adjustments | OREGON | |||||||||||||||||
Rate Case | |||||||||||||||||
Authorized Rate of Return in Rate Case | 7.757% | ||||||||||||||||
Approved Rate Increase (Decrease), Amount | $ 1,800 | ||||||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.90% | ||||||||||||||||
Base rate adjustment request for potential Valmy closure [Member] [Member] | |||||||||||||||||
Rate Case | |||||||||||||||||
ValmySettlementStipulationRateIncreaseAfterTaxNetIncomeEffect | $ 2,500 | ||||||||||||||||
Base rate adjustment request for potential Valmy closure [Member] [Member] | IDAHO | |||||||||||||||||
Rate Case | |||||||||||||||||
Approved Rate Increase (Decrease), Amount | $ 13,300 | ||||||||||||||||
Base rate adjustment request for potential Valmy closure [Member] [Member] | OREGON | |||||||||||||||||
Rate Case | |||||||||||||||||
Approved Rate Increase (Decrease), Amount | $ 1,100 | ||||||||||||||||
Cost Recovery for Langley Gulch Power Plant | IDAHO | |||||||||||||||||
Rate Case | |||||||||||||||||
Approved Rate Increase (Decrease), Amount | $ 58,100 | ||||||||||||||||
Increase (Decrease) in Rate Base | $ 335,900 | ||||||||||||||||
Cost Recovery for Langley Gulch Power Plant | OREGON | |||||||||||||||||
Rate Case | |||||||||||||||||
Approved Rate Increase (Decrease), Amount | $ 3,000 | ||||||||||||||||
Idaho Settlement Stipulation - Investment Tax Credits and Sharing Mechanism | |||||||||||||||||
Rate Case | |||||||||||||||||
Authorized Return on Equity in Rate Case, Minimum | 9.50% | ||||||||||||||||
Authorized Return on Equity in Rate Case, Mid-point | 10.00% | ||||||||||||||||
Authorized Return on Equity in Rate Case, Maximum | 10.50% | ||||||||||||||||
Investment Tax Credits Maximum In One Year In Rate Case | $ 25,000 | ||||||||||||||||
Investment Tax Credits, Maximum, in Rate Case | $ 45,000 | ||||||||||||||||
Additional ADITC amortization | $ (1,900) | $ 1,900 | $ 500 | ||||||||||||||
Percentage to be Shared with Customers | 75.00% | ||||||||||||||||
Percentage to be Shared with Entity | 25.00% | ||||||||||||||||
Percent To Be Shared With Customers, Power Cost Adjustment | 50.00% | ||||||||||||||||
Percent To Be Shared With Customers, Pension Balancing | 25.00% | ||||||||||||||||
Regulatory Liabilities | $ 3,200 | ||||||||||||||||
Annual Power Cost Adjustment Mechanism Filing [Member] | |||||||||||||||||
Rate Case | |||||||||||||||||
Approved Rate Increase (Decrease), Amount | $ 106,000 | $ 17,300 | |||||||||||||||
Regulatory Liabilities | 13,000 | $ 4,000 | |||||||||||||||
Annual Power Cost Adjustment Mechanism Filing [Member] | IDAHO | |||||||||||||||||
Rate Case | |||||||||||||||||
Approved Rate Increase (Decrease), Amount | $ 99,000 | ||||||||||||||||
Idaho Fixed Cost Adjustment Mechanism Annual Filing | |||||||||||||||||
Rate Case | |||||||||||||||||
Approved Rate Increase (Decrease), Amount | $ 11,200 | ||||||||||||||||
Annual fixed cost adjustment mechanism deferral | $ 35,000 | $ 28,100 | $ 16,900 | ||||||||||||||
Scenario, Forecast [Member] | Idaho Fixed Cost Adjustment Mechanism Annual Filing | |||||||||||||||||
Rate Case | |||||||||||||||||
Approved Rate Increase (Decrease), Amount | $ 6,900 | ||||||||||||||||
Subsequent Event [Member] | Annual Power Cost Adjustment Mechanism Filing [Member] | |||||||||||||||||
Rate Case | |||||||||||||||||
Approved Rate Increase (Decrease), Amount | $ 10,600 |
NOTES PAYABLE_ Level 4 (Details
NOTES PAYABLE: Level 4 (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Short-term borrowings: | ||
Commercial paper outstanding | $ 550 | $ 21,800 |
Weighted-average annual interest rate | 1.52% | 1.13% |
Idaho Power Company | ||
Short-term borrowings: | ||
Commercial paper outstanding | $ 0 | $ 21,800 |
Weighted-average annual interest rate | 0.00% | 1.13% |
Credit facility: | ||
Regulatory authority to incur short-term indebtedness | $ 450,000 | |
IDACORP | ||
Short-term borrowings: | ||
Commercial paper outstanding | $ 550 | $ 0 |
Weighted-average annual interest rate | 1.52% | 0.00% |
COMMON STOCK_ Level 4 (Details)
COMMON STOCK: Level 4 (Details) $ in Billions | 6 Months Ended |
Jun. 30, 2017USD ($)shares | |
Shareholders' equity | |
Restricted Stock Unit Awards to Employees | 72,397 |
Restricted stock awards to directors | 12,050 |
IDACORP | |
Shareholders' equity | |
Stock Issued During Period, Shares, New Issues | 0 |
Maximum leverage ratio requirement | 0.65 |
Ratio of Indebtedness to Net Capital | 0.44 |
Dividend Distribution Restriction Amount | $ | $ 1.2 |
Idaho Power Company | |
Shareholders' equity | |
Maximum leverage ratio requirement | 0.65 |
Ratio of Indebtedness to Net Capital | 0.46 |
Dividend Distribution Restriction Amount | $ | $ 1.1 |
Dividend Distribution Restriction Threshold | 0.35 |
Ratio of total Capital to total capital and long-term debt | 0.54 |
Preferred Stock, Shares Outstanding | 0 |
EARNINGS PER SHARE_ Level 4 (De
EARNINGS PER SHARE: Level 4 (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Numerator: | ||||
Net Income Attributable to IDACORP, Inc. | $ 49,831 | $ 56,246 | $ 82,933 | $ 81,975 |
Denominator: | ||||
Weighted-average common shares outstanding - basic | 50,363 | 50,302 | 50,361 | 50,300 |
Effect of dilutive securities | 44 | 53 | 41 | 45 |
Weighted-average common shares outstanding - diluted | 50,407 | 50,355 | 50,402 | 50,345 |
Earnings attributable to IDACORP, Inc. - basic (in dollars per share) | $ 0.99 | $ 1.12 | $ 1.65 | $ 1.63 |
Earnings attributable to IDACORP, Inc. - diluted (in dollars per share) | $ 0.99 | $ 1.12 | $ 1.65 | $ 1.63 |
COMMITMENTS_ Level 4 (Details)
COMMITMENTS: Level 4 (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Idaho Power Company | |
Guarantor Obligations | |
IERCo ownership interest in BCC | 33.00% |
IERCo guarantee of BCC reclamation obligation | $ 57 |
Long-term Purchase Commitment | |
Increase of Long-term Purchase Obligations, Amount | $ 70 |
Life of Contract | 20 years |
Bridger Coal Company | |
Guarantor Obligations | |
Guarantor Obligations Total Reclamation Trust Fund | $ 90 |
Distribution from Reclamation Trust Fund | $ 0 |
BENEFIT PLANS_ Level 4 (Details
BENEFIT PLANS: Level 4 (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2017 | ||
Pension Plan | ||||||
Defined Benefit Plan Disclosure | ||||||
Service cost | $ 8,245,000 | $ 7,893,000 | $ 16,871,000 | $ 16,010,000 | ||
Interest cost | 9,716,000 | 9,484,000 | 19,479,000 | 18,907,000 | ||
Expected return on plan assets | (11,181,000) | (10,871,000) | (22,569,000) | (21,041,000) | ||
Amortization of prior service cost | 7,000 | 16,000 | 14,000 | 29,000 | ||
Amortization of net loss | 3,212,000 | 3,282,000 | 6,595,000 | 6,666,000 | ||
Net periodic benefit cost | 9,999,000 | 9,804,000 | 20,390,000 | 20,571,000 | ||
Regulatory deferral of net periodic benefit cost | [1] | (9,488,000) | (9,375,000) | (19,284,000) | (19,682,000) | |
IPUC Authorized recovered pension cost | [1] | 4,289,000 | 4,289,000 | 8,577,000 | 8,577,000 | |
Net periodic benefit cost recognized for financial reporting | [1] | 4,800,000 | 4,718,000 | 9,683,000 | 9,466,000 | |
Contributions made to the defined benefit pension plan | 0 | |||||
Pension Plan | Scenario, Forecast [Member] | Minimum [Member] | ||||||
Defined Benefit Plan Disclosure | ||||||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year, Description | 20,000,000 | |||||
Pension Plan | Scenario, Forecast [Member] | Maximum [Member] | ||||||
Defined Benefit Plan Disclosure | ||||||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year, Description | 40,000,000 | |||||
Supplemental Employee Retirement Plan | ||||||
Defined Benefit Plan Disclosure | ||||||
Service cost | 190,000 | 307,000 | 380,000 | 614,000 | ||
Interest cost | 1,079,000 | 1,068,000 | 2,157,000 | 2,137,000 | ||
Expected return on plan assets | 0 | 0 | 0 | 0 | ||
Amortization of prior service cost | 32,000 | 42,000 | 64,000 | 84,000 | ||
Amortization of net loss | 740,000 | 883,000 | 1,481,000 | 1,766,000 | ||
Net periodic benefit cost | 2,041,000 | 2,300,000 | 4,082,000 | 4,601,000 | ||
Net periodic benefit cost recognized for financial reporting | 2,041,000 | 2,300,000 | 4,082,000 | 4,601,000 | ||
Other Postretirement Benefits Plan | ||||||
Defined Benefit Plan Disclosure | ||||||
Service cost | 197,000 | 265,000 | 486,000 | 558,000 | ||
Interest cost | 702,000 | 687,000 | 1,392,000 | 1,383,000 | ||
Expected return on plan assets | (584,000) | (617,000) | (1,154,000) | (1,237,000) | ||
Amortization of prior service cost | 17,000 | 6,000 | 24,000 | 13,000 | ||
Amortization of net loss | 0 | 0 | 0 | 0 | ||
Net periodic benefit cost | 332,000 | 341,000 | 748,000 | 717,000 | ||
Net periodic benefit cost recognized for financial reporting | $ 332,000 | $ 341,000 | $ 748,000 | $ 717,000 | ||
[1] | Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, 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. |
Derivative Instruments Fair Val
Derivative Instruments Fair Value and Offsets Table (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | [1] | $ 100 | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | [1] | $ 1,900 | ||
Derivative Asset, Fair Value, Gross Asset | 912 | 8,134 | ||
Derivative Asset, Fair Value, Gross Liability | (582) | (2,183) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 330 | 5,951 | ||
Derivative Liability, Fair Value, Gross Liability | 1,327 | 302 | ||
Derivative Liability, Fair Value, Gross Asset | (689) | (302) | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 638 | 0 | ||
Financial Swaps | Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 446 | 8,134 | ||
Derivative Asset, Fair Value, Gross Liability | (145) | (2,183) | [2] | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 301 | 5,951 | ||
Derivative Liability, Fair Value, Gross Liability | 145 | 302 | ||
Derivative Liability, Fair Value, Gross Asset | (145) | (302) | ||
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 | 399 | |||
Derivative Asset, Fair Value, Gross Liability | (399) | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | |||
Derivative Liability, Fair Value, Gross Liability | 1,023 | |||
Derivative Liability, Fair Value, Gross Asset | [3] | (506) | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 517 | |||
Financial Swaps | Other Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 67 | |||
Derivative Asset, Fair Value, Gross Liability | (38) | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 29 | |||
Derivative Liability, Fair Value, Gross Liability | 38 | |||
Derivative Liability, Fair Value, Gross Asset | (38) | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | |||
Financial Swaps | 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 | 121 | |||
Derivative Liability, Fair Value, Gross Asset | 0 | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 121 | |||
[1] | Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. | |||
[2] | Current asset derivative amount offset includes $1.9 million of collateral payable for the period ended December 31, 2016. | |||
[3] | Current liability derivative amount offset includes $0.1 million of collateral receivable for the period ended June 30, 2017. |
Derivative Instruments Gains (L
Derivative Instruments Gains (Loss) on Derivatives Recognized in Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Financial Swaps | Off-system sales | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Loss on Derivative | [1] | $ (305) | $ (51) | ||
Derivative, Gain on Derivative | [1] | $ 1,173 | $ 1,395 | ||
Financial Swaps | Purchased power | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Loss on Derivative | [1] | (287) | (735) | ||
Derivative, Gain on Derivative | [1] | 164 | 151 | ||
Financial Swaps | Fuel expense | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Loss on Derivative | [1] | (4) | (2,442) | ||
Derivative, Gain on Derivative | [1] | 373 | 666 | ||
Financial Swaps | Other operations and maintenance | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Loss on Derivative | [1] | (55) | (35) | (81) | (150) |
Forward contracts | Purchased power | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Loss on Derivative | [1] | (8) | (10) | ||
Derivative, Gain on Derivative | [1] | 0 | 0 | ||
Forward contracts | Fuel expense | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain on Derivative | [1] | $ 3 | $ 93 | $ 3 | $ 89 |
[1] | Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. |
Derivative Commodities and Disc
Derivative Commodities and Disclosures (Details) MWh in Thousands, MMBTU in Thousands, Gallon in Thousands, $ in Millions | Jun. 30, 2017USD ($)MMBTUGallonMWh | Jun. 30, 2016MMBTUGallonMWh |
Derivative | ||
Derivatives in a net liability position | $ 1.2 | |
Collateral Already Posted, Aggregate Fair Value | 0.8 | |
Additional Collateral, Aggregate Fair Value | $ 2 | |
Electricity (MWh) | Long | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount | MWh | 194 | 443 |
Electricity (MWh) | Short | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount | MWh | 38 | 0 |
Natural Gas (MMBTU) | Long | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount | MMBTU | 10,297 | 13,580 |
Natural Gas (MMBTU) | Short | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount | MMBTU | 75 | 0 |
Diesel Fuel (Gallons) | Long | ||
Derivative | ||
Derivative, Nonmonetary Notional Amount | Gallon | 605 | 532 |
FAIR VALUE MEASUREMENTS_ Leve43
FAIR VALUE MEASUREMENTS: Level 4 (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 |
Derivative Assets | 330,000 | 5,951,000 |
Money market funds | 0 | 15,000,000 |
Trading Securities | 104,000 | 111,000 |
Available-for-sale Securities: Equity securities | 24,710,000 | 23,908,000 |
Derivative Liabilities | 638,000 | 0 |
Idaho Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 29,967,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 330,000 | 5,951,000 |
Money market funds | 0 | 15,000,000 |
Trading Securities | 104,000 | 111,000 |
Available-for-sale Securities: Equity securities | 24,710,000 | 23,908,000 |
Derivative Liabilities | 638,000 | 0 |
Fair Value, Inputs, Level 1 [Member] | Idaho Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 29,967,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 0 | 0 |
Money market funds | 0 | 0 |
Trading Securities | 0 | 0 |
Available-for-sale Securities: Equity securities | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Idaho Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 0 | 0 |
Money market funds | 0 | 0 |
Trading Securities | 0 | 0 |
Available-for-sale Securities: Equity securities | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Idaho Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS_ Fair V
FAIR VALUE MEASUREMENTS: Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Receivable | [1] | $ 3,804 | $ 3,804 |
Long-term debt | [1] | 1,745,368 | 1,745,678 |
Reported Value Measurement [Member] | Idaho Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | 1,745,368 | 1,745,678 |
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Receivable | [1] | 3,804 | 3,804 |
Long-term debt | [1] | 1,902,610 | 1,858,666 |
Estimate of Fair Value Measurement [Member] | Idaho Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | $ 1,902,610 | $ 1,858,666 |
[1] | Notes receivable and long-term debt are categorized as Level 3 and Level 2, respectively, of the fair value hierarchy, as defined earlier in this Note 11. |
SEGMENT INFORMATION_ Level 4 (D
SEGMENT INFORMATION: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information | |||||
Electric Revenue | $ 331,768 | $ 314,411 | $ 633,732 | $ 594,977 | |
Revenues | 333,006 | 315,436 | 635,550 | 596,392 | |
Net Income Attributable to IDACORP, Inc. | 50,096 | 56,386 | 83,101 | 81,916 | |
Net Income Attributable to IDACORP, Inc. | 49,831 | 56,246 | 82,933 | 81,975 | |
Total assets | 6,277,399 | 6,277,399 | $ 6,289,897 | ||
Idaho Power Company | |||||
Segment Reporting Information | |||||
Revenues | 331,768 | 314,411 | 594,977 | ||
Net Income Attributable to IDACORP, Inc. | 48,381 | 54,807 | 80,863 | 80,341 | |
Total assets | 6,244,958 | 6,244,958 | |||
All Other | |||||
Segment Reporting Information | |||||
Revenues | 1,238 | 1,025 | 1,818 | 1,415 | |
Net Income Attributable to IDACORP, Inc. | 1,450 | 1,439 | 2,070 | 1,634 | |
Total assets | 85,565 | 85,565 | |||
Eliminations | |||||
Segment Reporting Information | |||||
Revenues | 0 | 0 | 0 | 0 | |
Net Income Attributable to IDACORP, Inc. | 0 | 0 | 0 | 0 | |
Total assets | (53,124) | (53,124) | |||
Idaho Power Company | |||||
Segment Reporting Information | |||||
Electric Revenue | 331,768 | 314,411 | $ 633,732 | 594,977 | |
IERCo's ownership percentage in Bridger Coal Company | 33.00% | ||||
Net Income Attributable to IDACORP, Inc. | 48,381 | $ 54,807 | $ 80,863 | $ 80,341 | |
Total assets | $ 6,244,958 | $ 6,244,958 | $ 6,236,744 |
CHANGES IN ACCUMULATED OTHER 46
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Reclassification out of Accumulated Other Comprehensive Income | |||||
Amortization of prior service cost | [1] | $ 32 | $ 42 | $ 64 | $ 84 |
Amortization of net loss | [1] | 740 | 883 | 1,481 | 1,766 |
Total reclassification, before tax - pension and postretirement benefits | 772 | 925 | 1,545 | 1,850 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | [2] | (302) | (362) | (604) | (723) |
Total reclassification, net of tax - pension and postretirement benfits | 470 | 563 | 941 | 1,127 | |
Reclassifications | 470 | 563 | 941 | 1,127 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
AOCI - Beginning Balance | (20,882) | (21,276) | |||
Reclassifications | 470 | 563 | 941 | 1,127 | |
AOCI - Ending Balance | (19,941) | (20,149) | (19,941) | (20,149) | |
Accumulated Defined Benefit Pension Items | |||||
Reclassification out of Accumulated Other Comprehensive Income | |||||
Reclassifications | 470 | 563 | 941 | 1,127 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
AOCI - Beginning Balance | (20,411) | (20,712) | (20,882) | (21,276) | |
Reclassifications | 470 | 563 | 941 | 1,127 | |
AOCI - Ending Balance | $ (19,941) | $ (20,149) | $ (19,941) | $ (20,149) | |
[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. |