Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 23, 2021 | |
Document Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-14465 | |
Entity Registrant Name | IDACORP, Inc. | |
Entity Tax Identification Number | 82-0505802 | |
Entity Address, Address Line One | 1221 W. Idaho Street | |
Entity Address, City or Town | Boise, | |
Entity Address, State or Province | ID | |
Entity Address, Postal Zip Code | 83702-5627 | |
City Area Code | (208) | |
Local Phone Number | 388-2200 | |
Entity Current Reporting Status | Yes | |
Entity Incorporation, State or Country Code | ID | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | IDA | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 50,516,384 | |
Entity Central Index Key | 0001057877 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Information, Former Legal or Registered Name | None | |
Idaho Power Company | ||
Document Information | ||
Entity File Number | 1-3198 | |
Entity Registrant Name | Idaho Power Company | |
Entity Tax Identification Number | 82-0130980 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,150,812 | |
Entity Central Index Key | 0000049648 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income Statement - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Revenues: | ||||
Electric utility revenues | $ 359,058 | $ 317,666 | $ 674,625 | $ 608,154 |
Other | 1,016 | 1,100 | 1,502 | 1,620 |
Total operating revenues | 360,074 | 318,766 | 676,127 | 609,774 |
Operating Expenses: | ||||
Purchased power | 96,116 | 61,774 | 164,104 | 122,975 |
Fuel expense | 31,191 | 31,414 | 64,496 | 61,430 |
Power cost adjustment | (7,934) | (1,536) | (2,263) | (4,927) |
Other operations and maintenance | 88,490 | 83,144 | 174,148 | 172,951 |
Energy efficiency programs | 6,658 | 11,953 | 15,685 | 21,428 |
Depreciation | 43,627 | 42,914 | 86,942 | 85,440 |
Other electric utility operating expenses | 9,007 | 9,151 | 18,333 | 18,292 |
Total electric utility expenses | 267,155 | 238,814 | 521,445 | 477,589 |
Other | 515 | 512 | 1,170 | 1,176 |
Total operating expenses | 267,670 | 239,326 | 522,615 | 478,765 |
Operating Income | 92,404 | 79,440 | 153,512 | 131,009 |
Nonoperating (Income) Expense: | ||||
Allowance for equity funds used during construction | (7,795) | (7,149) | (15,564) | (14,421) |
Earnings of equity-method investments | (2,313) | (2,687) | (4,630) | (5,003) |
Interest on long-term debt | 21,036 | 22,056 | 42,073 | 41,718 |
Other interest | 3,611 | 3,557 | 7,130 | 7,369 |
Allowance for borrowed funds used during construction | (3,019) | (2,886) | (6,025) | (5,616) |
Other Income (Expense), Net | (460) | (1,043) | (702) | (1,976) |
Total nonopearting expense, net | 11,060 | 11,848 | 22,282 | 22,071 |
Income Before Income Taxes | 81,344 | 67,592 | 131,230 | 108,938 |
Income Tax Expense | 11,070 | 6,933 | 16,156 | 10,821 |
Net Income | 70,274 | 60,659 | 115,074 | 98,117 |
Income attributable to noncontrolling interests | (251) | (270) | (220) | (238) |
Net Income Attributable to IDACORP, Inc. | $ 70,023 | $ 60,389 | $ 114,854 | $ 97,879 |
Weighted-average common shares outstanding - basic | 50,609 | 50,551 | 50,588 | 50,534 |
Weighted-average common shares outstanding - diluted | 50,622 | 50,567 | 50,601 | 50,547 |
Earnings Per Share of Common Stock: | ||||
Earnings attributable to IDACORP, Inc. - basic (in dollars per share) | $ 1.38 | $ 1.19 | $ 2.27 | $ 1.94 |
Earnings attributable to IDACORP, Inc. - diluted (in dollars per share) | $ 1.38 | $ 1.19 | $ 2.27 | $ 1.94 |
Idaho Power Company | ||||
Operating Revenues: | ||||
Total operating revenues | $ 359,058 | $ 317,666 | $ 674,625 | $ 608,154 |
Nonoperating (Income) Expense: | ||||
Net Income Attributable to IDACORP, Inc. | 68,822 | 58,923 | 113,191 | 95,700 |
Idaho Power Company | ||||
Operating Expenses: | ||||
Purchased power | 96,116 | 61,774 | 164,104 | 122,975 |
Fuel expense | 31,191 | 31,414 | 64,496 | 61,430 |
Power cost adjustment | (7,934) | (1,536) | (2,263) | (4,927) |
Other operations and maintenance | 88,490 | 83,144 | 174,148 | 172,951 |
Energy efficiency programs | 6,658 | 11,953 | 15,685 | 21,428 |
Depreciation | 43,627 | 42,914 | 86,942 | 85,440 |
Other electric utility operating expenses | 9,007 | 9,151 | 18,333 | 18,292 |
Total electric utility expenses | 267,155 | 238,814 | 521,445 | 477,589 |
Operating Income | 91,903 | 78,852 | 153,180 | 130,565 |
Nonoperating (Income) Expense: | ||||
Allowance for equity funds used during construction | (7,795) | (7,149) | (15,564) | (14,421) |
Earnings of equity-method investments | (1,743) | (1,987) | (4,293) | (4,440) |
Interest on long-term debt | 21,036 | 22,056 | 42,073 | 41,718 |
Other interest | 3,606 | 3,544 | 7,120 | 7,357 |
Allowance for borrowed funds used during construction | (3,019) | (2,886) | (6,025) | (5,616) |
Other Income (Expense), Net | (423) | (841) | (613) | (1,311) |
Total nonopearting expense, net | 11,662 | 12,737 | 22,698 | 23,287 |
Income Before Income Taxes | 80,241 | 66,115 | 130,482 | 107,278 |
Income Tax Expense | 11,419 | 7,192 | 17,291 | 11,578 |
Net Income | $ 68,822 | $ 58,923 | $ 113,191 | $ 95,700 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Income | $ 70,274 | $ 60,659 | $ 115,074 | $ 98,117 |
Other Comprehensive Income: | ||||
Unfunded pension liability adjustment, net of tax | 836 | 747 | 1,672 | 1,494 |
Total Comprehensive Income | 71,110 | 61,406 | 116,746 | 99,611 |
Comprehensive (income) loss attributable to noncontrolling interests | (251) | (270) | (220) | (238) |
Comprehensive Income Attributable to IDACORP, Inc. | 70,859 | 61,136 | 116,526 | 99,373 |
Idaho Power Company | ||||
Net Income | 68,822 | 58,923 | 113,191 | 95,700 |
Other Comprehensive Income: | ||||
Unfunded pension liability adjustment, net of tax | 836 | 747 | 1,672 | 1,494 |
Total Comprehensive Income | $ 69,658 | $ 59,670 | $ 114,863 | $ 97,194 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Unfunded pension liability adjustment, tax | $ 290 | $ 259 | $ 579 | $ 518 |
Idaho Power Company | ||||
Unfunded pension liability adjustment, tax | $ 290 | $ 259 | $ 579 | $ 518 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets Statement - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 259,965 | $ 275,116 |
Short-term Investments | 0 | 25,000 |
Receivables: | ||
Customer | 84,542 | 72,826 |
Other | 16,659 | 12,661 |
Income taxes receivable | 0 | 2,164 |
Accrued unbilled revenues | 108,913 | 72,461 |
Materials and supplies (at average cost) | 70,248 | 64,941 |
Fuel stock (at average cost) | 37,600 | 31,646 |
Prepayments | 20,451 | 20,184 |
Current regulatory assets | 61,896 | 63,407 |
Other | 12,705 | 1,995 |
Total current assets | 672,979 | 642,401 |
Investments | 129,000 | 126,948 |
Property, Plant and Equipment: | ||
Utility plant in service | 6,392,964 | 6,283,790 |
Accumulated provision for depreciation | (2,236,478) | (2,193,831) |
Utility plant in service - net | 4,156,486 | 4,089,959 |
Construction work in progress | 600,800 | 597,152 |
Utility plant held for future use | 4,035 | 4,109 |
Other property, net of accumulated depreciation | 16,576 | 18,290 |
Property, plant and equipment - net | 4,777,897 | 4,709,510 |
Other Assets: | ||
Company-owned life insurance | 64,533 | 62,382 |
Regulatory assets | 1,495,961 | 1,495,488 |
Other | 61,088 | 58,515 |
Total other assets | 1,621,582 | 1,616,385 |
Total assets | 7,201,458 | 7,095,244 |
Current Liabilities: | ||
Accounts payable | 122,834 | 120,576 |
Taxes accrued | 43,073 | 19,508 |
Interest accrued | 23,944 | 24,030 |
Accrued compensation | 43,302 | 52,245 |
Current regulatory liabilities | 26,899 | 11,104 |
Advances from customers | 41,544 | 29,341 |
Other | 29,545 | 30,767 |
Total current liabilities | 331,141 | 287,571 |
Other Liabilities: | ||
Deferred Income Tax | 789,215 | 800,251 |
Regulatory liabilities | 768,416 | 757,730 |
Pension and other postretirement benefits | 638,455 | 634,070 |
Other | 60,597 | 48,752 |
Total other liabilities | 2,256,683 | 2,240,803 |
Long-Term Debt | 2,000,527 | 2,000,414 |
Commitments and Contingencies | ||
Equity: | ||
Common stock | 871,111 | 869,235 |
Retained earnings | 1,776,986 | 1,734,103 |
Accumulated other comprehensive loss | (41,686) | (43,358) |
Treasury stock | 0 | 0 |
Total IDACORP, Inc. shareholders’ equity | 2,606,411 | 2,559,980 |
Noncontrolling interests | 6,696 | 6,476 |
Total equity | 2,613,107 | 2,566,456 |
Total | 7,201,458 | 7,095,244 |
Idaho Power Company | ||
Current Assets: | ||
Cash and cash equivalents | 127,070 | 165,604 |
Receivables: | ||
Customer | 84,542 | 72,826 |
Other | 16,534 | 12,457 |
Income taxes receivable | 0 | 4,667 |
Accrued unbilled revenues | 108,913 | 72,461 |
Materials and supplies (at average cost) | 70,248 | 64,941 |
Fuel stock (at average cost) | 37,600 | 31,646 |
Prepayments | 20,321 | 20,057 |
Current regulatory assets | 61,896 | 63,407 |
Other | 12,705 | 1,995 |
Total current assets | 539,829 | 510,061 |
Investments | 85,060 | 87,848 |
Property, Plant and Equipment: | ||
Utility plant in service | 6,392,964 | 6,283,790 |
Accumulated provision for depreciation | (2,236,478) | (2,193,831) |
Utility plant in service - net | 4,156,486 | 4,089,959 |
Construction work in progress | 600,800 | 597,152 |
Utility plant held for future use | 4,035 | 4,109 |
Other property, net of accumulated depreciation | 3,647 | 5,123 |
Property, plant and equipment - net | 4,764,968 | 4,696,343 |
Other Assets: | ||
Company-owned life insurance | 64,533 | 62,382 |
Regulatory assets | 1,495,961 | 1,495,488 |
Other | 56,640 | 53,988 |
Total other assets | 1,617,134 | 1,611,858 |
Total assets | 7,006,991 | 6,906,110 |
Current Liabilities: | ||
Accounts payable | 122,731 | 120,476 |
Accounts payable to affiliates | 2,507 | 1,720 |
Taxes accrued | 33,796 | 19,554 |
Interest accrued | 23,944 | 24,030 |
Accrued compensation | 43,165 | 52,036 |
Current regulatory liabilities | 26,899 | 11,104 |
Advances from customers | 41,544 | 29,341 |
Other | 17,446 | 16,717 |
Total current liabilities | 312,032 | 274,978 |
Other Liabilities: | ||
Deferred Income Tax | 821,232 | 829,146 |
Regulatory liabilities | 768,416 | 757,730 |
Pension and other postretirement benefits | 638,455 | 634,070 |
Other | 59,604 | 45,937 |
Total other liabilities | 2,287,707 | 2,266,883 |
Long-Term Debt | 2,000,527 | 2,000,414 |
Commitments and Contingencies | ||
Equity: | ||
Common stock | 97,877 | 97,877 |
Premium on capital stock | 712,257 | 712,258 |
Capital stock expense | (2,097) | (2,097) |
Retained earnings | 1,640,374 | 1,599,155 |
Accumulated other comprehensive loss | (41,686) | (43,358) |
Total equity | 2,406,725 | 2,363,835 |
Total | $ 7,006,991 | $ 6,906,110 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 4,252 | $ 4,766 |
Allowance for Doubtful Other Receivables, Current | $ 581 | $ 497 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Shares, Issued | 50,516,384 | 50,462,000 |
Treasury Stock, Shares | 0 | 0 |
Idaho Power Company | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 4,252 | $ 4,766 |
Allowance for Doubtful Other Receivables, Current | $ 581 | $ 497 |
Common Stock, Par or Stated Value Per Share | $ 2.50 | $ 2.50 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 39,151,000 | 39,151,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities: | ||
Net Income | $ 115,074 | $ 98,117 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 88,889 | 87,764 |
Deferred income taxes and investment tax credits | (6,169) | (2,121) |
Changes in regulatory assets and liabilities | 9,311 | (11,831) |
Pension and postretirement benefit plan expense | 14,534 | 14,478 |
Contributions to pension and postretirement benefit plans | (11,957) | (13,219) |
Earnings of equity-method investments | (4,630) | (5,003) |
Distributions from equity-method investments | 4,100 | 0 |
Allowance for equity funds used during construction | (15,564) | (14,421) |
Other non-cash adjustments to net income, net | 4,428 | 5,989 |
Change in: | ||
Accounts receivable | (15,241) | (8,943) |
Accounts payable and other accrued liabilities | 2,620 | (30,008) |
Taxes accrued/receivable | 25,728 | 20,179 |
Other current assets | (48,206) | (23,889) |
Other current liabilities | 5,658 | 13,076 |
Other assets | (3,285) | (1,420) |
Other liabilities | 1,905 | (135) |
Net cash provided by operating activities | 167,195 | 128,613 |
Investing Activities: | ||
Additions to property, plant and equipment | (128,265) | (145,116) |
Payments received from transmission project joint funding partners | 2,253 | 1,728 |
Investments in affordable housing | 10,164 | 9,394 |
Investments in unconsolidated affiliates | 0 | (2,300) |
Purchases of equity securities | 392 | 3,326 |
Purchases of short-term investments | (25,000) | 0 |
Maturities of Short-term Investments | 50,000 | 0 |
Proceeds from the sale of equity securities | 3,197 | 2,630 |
Other | 1,347 | 4,941 |
Net cash used in investing activities | (107,024) | (150,837) |
Financing Activities: | ||
Issuance of long-term debt | 0 | 310,000 |
Premium on issuance of long-term debt | 0 | 31,384 |
Dividends on common stock | (72,285) | (68,160) |
Tax Withholding on net settlements of share-based awards | 3,026 | 4,630 |
Debt issuance costs and other | (11) | (3,259) |
Net cash (used in) provided by financing activities | (75,322) | 265,335 |
Net increase (decrease) in cash and cash equivalents | (15,151) | 243,111 |
Cash and cash equivalents at beginning of the period | 275,116 | 217,254 |
Cash and cash equivalents at end of the period | 259,965 | 460,365 |
Supplemental Disclosure of Cash Flow Information: | ||
Income taxes | 2,880 | 325 |
Interest (net of amount capitalized) | 41,626 | 38,303 |
Non-cash investing activities: | ||
Additions to property, plant and equipment in accounts payable | 30,984 | 22,072 |
Idaho Power Company | ||
Financing Activities: | ||
Dividends on common stock | (67,939) | |
Idaho Power Company | ||
Operating Activities: | ||
Net Income | 113,191 | 95,700 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 88,593 | 87,454 |
Deferred income taxes and investment tax credits | (5,393) | (1,734) |
Changes in regulatory assets and liabilities | 9,311 | (11,831) |
Pension and postretirement benefit plan expense | 14,534 | 14,478 |
Contributions to pension and postretirement benefit plans | (11,957) | (13,219) |
Earnings of equity-method investments | (4,293) | (4,440) |
Distributions from equity-method investments | 4,100 | 0 |
Allowance for equity funds used during construction | (15,564) | (14,421) |
Other non-cash adjustments to net income, net | (422) | 1,664 |
Change in: | ||
Accounts receivable | (14,535) | (10,759) |
Accounts payable and other accrued liabilities | 2,616 | (22,065) |
Taxes accrued/receivable | 18,908 | 22,181 |
Other current assets | (48,203) | (23,877) |
Other current liabilities | 5,728 | 13,159 |
Other assets | (3,307) | (1,442) |
Other liabilities | 1,999 | (42) |
Net cash provided by operating activities | 155,306 | 130,806 |
Investing Activities: | ||
Additions to property, plant and equipment | (128,264) | (144,865) |
Payments received from transmission project joint funding partners | 2,253 | 1,728 |
Investments in unconsolidated affiliates | 0 | (2,300) |
Purchases of equity securities | 392 | 3,326 |
Proceeds from the sale of equity securities | 3,197 | 2,630 |
Other | 1,347 | 4,911 |
Net cash used in investing activities | (121,859) | (141,222) |
Financing Activities: | ||
Issuance of long-term debt | 0 | 310,000 |
Premium on issuance of long-term debt | 0 | 31,384 |
Dividends on common stock | (71,972) | (67,939) |
Debt issuance costs and other | (9) | (3,232) |
Net cash (used in) provided by financing activities | (71,981) | 270,213 |
Net increase (decrease) in cash and cash equivalents | (38,534) | 259,797 |
Cash and cash equivalents at beginning of the period | 165,604 | 98,950 |
Cash and cash equivalents at end of the period | 127,070 | 358,747 |
Supplemental Disclosure of Cash Flow Information: | ||
Income taxes | 10,046 | (9,189) |
Interest (net of amount capitalized) | 41,616 | 38,291 |
Non-cash investing activities: | ||
Additions to property, plant and equipment in accounts payable | $ 30,984 | $ 22,072 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity $ in Thousands | USD ($) |
Balance at beginning of period at Dec. 31, 2019 | $ 868,307 |
Common Stock | |
Share-based compensation Expense | 4,325 |
Withholding on net settlements of share-based awards | (4,630) |
Treasury Stock Issued | (1,920) |
Other common stock changes | 45 |
Balance at end of period at Jun. 30, 2020 | 866,127 |
Balance at beginning of period at Dec. 31, 2019 | 1,634,525 |
Retained Earnings | |
Net Income Attributable to IDACORP, Inc. | 97,879 |
Common stock dividends | (67,936) |
Balance at end of period at Jun. 30, 2020 | 1,664,468 |
AOCI - Beginning Balance at Dec. 31, 2019 | (36,284) |
Accumulated Other Comprehensive (Loss) Income | |
Unfunded pension liability adjustment, net of tax | 1,494 |
AOCI - Ending Balance at Jun. 30, 2020 | (34,790) |
Balance at beginning of period at Dec. 31, 2019 | (1,920) |
Treasury Stock | |
Issued | 1,920 |
Balance at end of period at Jun. 30, 2020 | 0 |
Balance at beginning of period at Dec. 31, 2019 | 5,925 |
Noncontrolling Interests | |
Loss attributable to noncontrolling interests | 238 |
Balance at end of period at Jun. 30, 2020 | 6,163 |
Balance at beginning of period at Mar. 31, 2020 | 864,850 |
Common Stock | |
Share-based compensation Expense | 1,701 |
Withholding on net settlements of share-based awards | (447) |
Treasury Stock Issued | 0 |
Other common stock changes | 23 |
Balance at end of period at Jun. 30, 2020 | 866,127 |
Balance at beginning of period at Mar. 31, 2020 | 1,638,065 |
Retained Earnings | |
Net Income Attributable to IDACORP, Inc. | 60,389 |
Common stock dividends | (33,986) |
Balance at end of period at Jun. 30, 2020 | 1,664,468 |
AOCI - Beginning Balance at Mar. 31, 2020 | (35,537) |
Accumulated Other Comprehensive (Loss) Income | |
Unfunded pension liability adjustment, net of tax | 747 |
AOCI - Ending Balance at Jun. 30, 2020 | (34,790) |
Balance at beginning of period at Mar. 31, 2020 | 0 |
Treasury Stock | |
Issued | 0 |
Balance at end of period at Jun. 30, 2020 | 0 |
Balance at beginning of period at Mar. 31, 2020 | 5,893 |
Noncontrolling Interests | |
Loss attributable to noncontrolling interests | 270 |
Balance at end of period at Jun. 30, 2020 | 6,163 |
Treasury Stock | |
Total IDACORP, Inc. shareholders’ equity at end of period | 2,495,805 |
Noncontrolling Interests | |
Total equity | 2,501,968 |
Total IDACORP, Inc. shareholders’ equity at end of period | 2,559,980 |
Total equity | 2,566,456 |
Balance at beginning of period at Dec. 31, 2020 | 869,235 |
Common Stock | |
Share-based compensation Expense | 4,850 |
Withholding on net settlements of share-based awards | (3,026) |
Treasury Stock Issued | 0 |
Other common stock changes | 52 |
Balance at end of period at Jun. 30, 2021 | 871,111 |
Balance at beginning of period at Dec. 31, 2020 | 1,734,103 |
Retained Earnings | |
Net Income Attributable to IDACORP, Inc. | 114,854 |
Common stock dividends | (71,971) |
Balance at end of period at Jun. 30, 2021 | 1,776,986 |
AOCI - Beginning Balance at Dec. 31, 2020 | (43,358) |
Accumulated Other Comprehensive (Loss) Income | |
Unfunded pension liability adjustment, net of tax | 1,672 |
AOCI - Ending Balance at Jun. 30, 2021 | (41,686) |
Balance at beginning of period at Dec. 31, 2020 | 0 |
Treasury Stock | |
Issued | 0 |
Balance at end of period at Jun. 30, 2021 | 0 |
Balance at beginning of period at Dec. 31, 2020 | 6,476 |
Noncontrolling Interests | |
Loss attributable to noncontrolling interests | 220 |
Balance at end of period at Jun. 30, 2021 | 6,696 |
Balance at beginning of period at Mar. 31, 2021 | 868,944 |
Common Stock | |
Share-based compensation Expense | 2,140 |
Withholding on net settlements of share-based awards | 0 |
Treasury Stock Issued | 0 |
Other common stock changes | 27 |
Balance at end of period at Jun. 30, 2021 | 871,111 |
Balance at beginning of period at Mar. 31, 2021 | 1,742,994 |
Retained Earnings | |
Net Income Attributable to IDACORP, Inc. | 70,023 |
Common stock dividends | (36,031) |
Balance at end of period at Jun. 30, 2021 | 1,776,986 |
AOCI - Beginning Balance at Mar. 31, 2021 | (42,522) |
Accumulated Other Comprehensive (Loss) Income | |
Unfunded pension liability adjustment, net of tax | 836 |
AOCI - Ending Balance at Jun. 30, 2021 | (41,686) |
Balance at beginning of period at Mar. 31, 2021 | 0 |
Treasury Stock | |
Issued | 0 |
Balance at end of period at Jun. 30, 2021 | 0 |
Balance at beginning of period at Mar. 31, 2021 | 6,445 |
Noncontrolling Interests | |
Loss attributable to noncontrolling interests | 251 |
Balance at end of period at Jun. 30, 2021 | 6,696 |
Treasury Stock | |
Total IDACORP, Inc. shareholders’ equity at end of period | 2,606,411 |
Noncontrolling Interests | |
Total equity | $ 2,613,107 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Dividends Declared Per Share of Common Stock | $ 1.42 | $ 1.34 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 6 Months Ended |
Jun. 30, 2021 | |
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 (Jim Bridger plant) owned in part by Idaho Power. IDACORP’s significant other wholly-owned subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate tax credit investments, and Ida-West Energy Company (Ida-West), an operator of small hydropower generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA). Regulation of Utility Operations As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition. IDACORP's and Idaho Power's financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense. The effects of applying these regulatory accounting principles to Idaho Power's operations are discussed in more detail in Note 3 - "Regulatory Matters." Financial Statements In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's consolidated financial position as of June 30, 2021, consolidated results of operations for the three and six months ended June 30, 2021 and 2020, and consolidated cash flows for the six months ended June 30, 2021 and 2020. These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or note disclosures concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in IDACORP’s and Idaho Power’s Annual Report on Form 10-K for the year ended December 31, 2020 (2020 Annual Report). 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, 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. Reclassifications Idaho Power changed the presentation of its consolidated statements of income from a utility format to a traditional format. The changes revised the order of certain line items and did not result in any material changes in classification of amounts between line items. In the condensed consolidated statements of income, certain amounts in prior periods' consolidated statements of income have been reclassified to conform with current period presentation. On IDACORP's and Idaho Power's condensed consolidated statements of income for the three months ended June 30, 2020, $0.4 million that had previously been reported as "Other" within "Operating Expenses" and "Other expense, net" within "Other Income (Expense)" respectively, were reclassified to "Other electric utility operating expenses" and "Other operating expenses" within "Operating Expenses," respectively. On IDACORP's and Idaho Power's condensed consolidated statements of income for the six months ended June 30, 2020, $0.9 million that had previously been reported as "Other" within "Operating Expenses" and "Other expense, net" within "Other Income (Expense)" respectively, were reclassified to "Other electric utility operating expenses" and "Other operating expenses" within "Operating Expenses," respectively. New and Recently Adopted Accounting Pronouncements There have been no recently issued accounting pronouncements that have had or are expected to have a material impact on IDACORP's or Idaho Power's consolidated financial statements. |
Reclassifications | Idaho Power changed the presentation of its consolidated statements of income from a utility format to a traditional format. The changes revised the order of certain line items and did not result in any material changes in classification of amounts between line items. In the condensed consolidated statements of income, certain amounts in prior periods' consolidated statements of income have been reclassified to conform with current period presentation. On IDACORP's and Idaho Power's condensed consolidated statements of income for the three months ended June 30, 2020, $0.4 million that had previously been reported as "Other" within "Operating Expenses" and "Other expense, net" within "Other Income (Expense)" respectively, were reclassified to "Other electric utility operating expenses" and "Other operating expenses" within "Operating Expenses," respectively. On IDACORP's and Idaho Power's condensed consolidated statements of income for the six months ended June 30, 2020, $0.9 million that had previously been reported as "Other" within "Operating Expenses" and "Other expense, net" within "Other Income (Expense)" respectively, were reclassified to "Other electric utility operating expenses" and "Other operating expenses" within "Operating Expenses," respectively. |
New Accounting Pronouncements | There have been no recently issued accounting pronouncements that have had or are expected to have a material impact on IDACORP's or Idaho Power's consolidated financial statements. |
INCOME TAXES_
INCOME TAXES: | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020 (in thousands): IDACORP Idaho Power 2021 2020 2021 2020 Income tax at statutory rates (federal and state) $ 33,722 $ 27,980 $ 33,586 $ 27,613 Excess deferred income tax reversal (3,213) (2,962) (3,213) (2,962) Other (1) (14,353) (14,197) (13,082) (13,073) Income tax expense $ 16,156 $ 10,821 $ 17,291 $ 11,578 Effective tax rate 12.3 % 9.9 % 13.3 % 10.8 % (1) "Other" is primarily comprised of the net tax effect of Idaho Power's regulatory flow-through tax adjustments. The increase in income tax expense for the six months ended June 30, 2021, compared with the same period in 2020, was primarily due to higher pre-tax earnings. On a net basis, Idaho Power’s estimate of its annual 2021 regulatory flow-through tax adjustments is comparable to 2020. |
REGULATORY MATTERS_
REGULATORY MATTERS: | 6 Months Ended |
Jun. 30, 2021 | |
Public Utilities, Rate Matters [Abstract] | |
Regulatory Matters | REGULATORY MATTERS Included below is a summary of Idaho Power's most recent general rate cases and base rate changes, as well as other recent or pending notable regulatory matters and proceedings. Idaho and Oregon General Rate Cases Idaho Power's current base rates result from orders from the Idaho Public Utilities Commission (IPUC) and Public Utility Commission of Oregon (OPUC), as described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2020 Annual Report. Idaho Settlement Stipulations A May 2018 Idaho settlement stipulation related to tax reform (May 2018 Idaho Tax Reform Settlement Stipulation) is described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2020 Annual Report and includes provisions for the accelerated amortization of accumulated deferred investment tax credits (ADITC) to help achieve a minimum 9.4 percent return on year-end equity in the Idaho jurisdiction (Idaho ROE). In addition, under the May 2018 Idaho Tax Reform Settlement Stipulation, minimum Idaho ROE would revert back to 95 percent of the authorized return on equity in the next general rate case. The settlement stipulation also provides for the potential sharing between Idaho Power and Idaho customers of Idaho-jurisdictional earnings in excess of 10.0 percent of Idaho ROE. Based on its estimate of full-year 2021 Idaho ROE, in both the second quarter and first six months of 2021, Idaho Power recorded no additional ADITC amortization or provision against current revenues for sharing of earnings with customers for 2021 under the May 2018 Idaho Tax Reform Settlement Stipulation. Accordingly, at June 30, 2021, the full $45 million of additional ADITC remains available for future use. Idaho Power recorded no additional ADITC amortization or provision against revenues for sharing of earnings with customers during the second quarter and first six months of 2020, based on its then-current estimate of full-year 2020 Idaho ROE. 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 wholesale energy sales) against net power supply costs being recovered in Idaho Power's retail rates. Under the power cost adjustment mechanisms, certain differences between actual net power supply costs incurred by Idaho Power and costs being recovered in retail rates are recorded as a deferred charge or credit on the balance sheet for future recovery or refund. The power supply costs deferred primarily result from changes in contracted power purchase prices and volumes, changes in wholesale market prices and transaction volumes, fuel prices, and the levels of Idaho Power's own generation. In May 2021, the IPUC approved a $39.1 million net increase in Idaho-jurisdiction power cost adjustment (PCA) revenues, effective for the 2021-2022 PCA collection period from June 1, 2021, to May 31, 2022. The net increase in PCA revenues reflec ts a forecasted reduction in low-cost hydroelectric generation as well as higher costs associated with higher forecasted PURPA power purchases. The net increase in PCA revenues also reflects a smaller credit to customers through the true-up component. Also in May 2021, the IPUC ordered Idaho Power to initiate a case to review the PCA mechanism and propose any modifications it determines are appropriate so the case may be processed before the filing of the 2022 PCA application in April 2022. Previously, in May 2020, the IPUC issued an order approving a $58.7 million net increase in PCA rates, effective for the 2020-2021 PCA collection period from June 1, 2020, to May 31, 2021. The net increase in PCA revenues reflected a return to a more normal level of power supply costs as wholesale market energy prices came down from unusually high levels reflected in the prior year's PCA. The net increase in PCA revenues also reflected a forecasted reduction in low-cost hydropower generation and the removal of a $7.7 million one-time customer benefit associated with revenue sharing and income tax reform benefits, which expired in May 2020. Idaho Fixed Cost Adjustment Mechanism The Idaho jurisdiction fixed cost adjustment (FCA) mechanism, applicable to Idaho residential and small general service customers, is designed to remove a portion of Idaho Power’s financial disincentive to invest in energy efficiency programs by separating (or decoupling) the recovery of fixed costs from the variable kilowatt-hour charge and linking it instead to a set amount per customer. Under Idaho Power's current rate design, Idaho Power recovers a portion of fixed costs through the variable kilowatt-hour charge, which may result in over-collection or under-collection of fixed costs. To return over-collection to customers or to collect under-collection from customers, the FCA mechanism allows Idaho Power to accrue, or defer, the difference between the authorized fixed-cost recovery amount per customer and the actual fixed costs per customer recovered by Idaho Power during the year. The IPUC has discretion to cap the annual increase in the FCA recovery at 3 percent of base revenue, with any excess deferred for collection in a subsequent year. In May 2021, the IPUC approved an increase of $2.8 million in recovery from the FCA from $35.5 million to $38.3 million, with new rates effective for the period from June 1, 2021, to May 31, 2022. Also in May 2021, the IPUC ordered Idaho Power to work with interested parties and initiate a case to review the FCA mechanism and propose any modifications it determines are appropriate so the case may be processed before the filing of the 2022 FCA application in March 2022. Previously, in June 2020, the IPUC issued an order approving an increase of $0.7 million in the FCA from $34.8 million to $35.5 million, with rates effective for the period from June 1, 2020, to May 31, 2021. Depreciation Rate Requests In 2021, Idaho Power conducted a depreciation study of electric plant-in-service, which it conducts approximately every five years. The study provided updates to net salvage percentages and service life estimates for Idaho Power plant assets. Based on the study, in June 2021, Idaho Power filed applications with the IPUC and OPUC requesting approval to institute revised depreciation rates for Idaho Power's electric plant-in-service and adjust base rates by an aggregate of $3.9 million to reflect the revised depreciation rates applied to electric plant-in-service balances subject to the most recent general rate cases. The proposed adjustments in these applications are an overall rate increase of 0.31 percent in Idaho and 0.24 percent in Oregon. Idaho Power requested an effective date of December 1, 2021, for these adjustments. Jim Bridger Power Plant Rate Request In June 2021, Idaho Power filed an application with the IPUC requesting authorization to (a) accelerate depreciation for the Jim Bridger plant, to allow the plant to be fully depreciated and recovered by December 31, 2030, (b) establish a balancing account to track the incremental costs and benefits associated with ceasing participation in coal-fired operations at the Jim Bridger plant, and (c) adjust customer rates to recover the associated incremental annual levelized revenue requirement in the aggregate amount of $30.8 million, which includes Idaho Power's share of all electric plant in service at the Jim Bridger plant. The proposed adjustment in this application is an overall rate increase of 2.53 percent in Idaho. Idaho Power requested an effective date of December 1, 2021, for this adjustment. Wildfire Mitigation Cost Deferral In June 2021, the IPUC authorized Idaho Power to defer for future amortization incremental operations and maintenance (O&M) and depreciation expense for certain capital investments necessary to implement Idaho Power's Wildfire Mitigation Plan (WMP). The IPUC also authorized Idaho Power to record these deferred expenses as a regulatory asset until Idaho Power can request amortization of the deferred costs in a future IPUC proceeding, at which time the IPUC will have the opportunity to review actual costs and determine the amount of prudently incurred costs that Idaho Power can recover through retail rates. Idaho Power projects spending approximately $47 million in wildfire mitigation-related O&M and roughly $35 million in wildfire mitigation system-hardening capital expenditures over the next five years. The IPUC authorized a deferral period of five years, or until rates go into effect from Idaho Power's next general rate case, whichever is first. As of June 30, 2021, Idaho Power had not recorded any deferral related to the WMP, as Idaho Power does not expect to incur significant incremental costs in connection with many of the projects identified in or associated with the WMP until the second half of 2021. |
REVENUES_ (Notes)
REVENUES: (Notes) | 3 Months Ended |
Jun. 30, 2021 | |
Revenues [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUES The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three and six months ended June 30, 2021 and 2020 (in thousands): Three months ended Six months ended 2021 2020 2021 2020 Electric utility operating revenues: Revenue from contracts with customers $ 357,461 $ 310,971 $ 648,787 $ 581,155 Alternative revenue programs and other revenues 1,597 6,695 25,838 26,999 Total electric utility operating revenues $ 359,058 $ 317,666 $ 674,625 $ 608,154 Revenues from Contracts with Customers The following table presents revenues from contracts with customers disaggregated by revenue source for the three and six months ended June 30, 2021 and 2020 (in thousands): Three months ended Six months ended 2021 2020 2021 2020 Revenues from contracts with customers: Retail revenues: Residential (includes ($715), $4,135, $15,107, and $19,844, respectively, related to the FCA) (1) $ 122,633 $ 109,471 $ 277,418 $ 254,357 Commercial (includes $165, $397, $647 and $881, respectively, related to the FCA) (1) 77,609 67,214 149,878 136,728 Industrial 48,047 43,087 93,477 85,847 Irrigation 76,799 60,149 77,885 61,523 Deferred revenue related to HCC relicensing AFUDC (2) (1,927) (1,927) (4,046) (4,046) Total retail revenues 323,161 277,994 594,612 534,409 Less: FCA mechanism revenues (1) 550 (4,532) (15,754) (20,725) Wholesale energy sales 4,308 6,866 10,567 10,775 Transmission wheeling-related revenues 15,420 11,491 29,887 21,854 Energy efficiency program revenues 6,658 11,953 15,685 21,428 Other revenues from contracts with customers 7,364 7,199 13,790 13,414 Total revenues from contracts with customers $ 357,461 $ 310,971 $ 648,787 $ 581,155 (1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers. (2) The IPUC allows Idaho Power to recover a portion of the allowance for funds used during construction (AFUDC) on construction work in progress related to the Hells Canyon Complex (HCC) relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service. Alternative Revenue Programs and Other Revenues While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of an additional regulatory mechanism, the Idaho FCA mechanism, which may increase or decrease tariff-based customer rates. The Idaho FCA mechanism is described in Note 3 - "Regulatory Matters." The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues. Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the condensed consolidated statements of income. For more information on settled electricity swaps, see Note 10 - "Derivative Financial Instruments." The table below presents the FCA mechanism revenues and other revenues for the three and six months ended June 30, 2021 and 2020 (in thousands): Three months ended Six months ended 2021 2020 2021 2020 Alternative revenue programs and other revenues: FCA mechanism revenues $ (550) 4,532 $ 15,754 $ 20,725 Derivative revenues 2,147 2,163 10,084 6,274 Total alternative revenue programs and other revenues $ 1,597 $ 6,695 $ 25,838 $ 26,999 Receivables and Allowance for Uncollectible Accounts In response to the COVID-19 pandemic, Idaho Power provided certain relief to customers, including temporarily suspending disconnections for customers and temporarily waiving late fees. This relief as well as the economic conditions created by the response to COVID-19 have resulted in higher aged accounts receivable and an increase in the number of late payments. Idaho Power is experiencing and expects to continue to experience higher uncollectible account write-offs as a result of the COVID-19 pandemic and, accordingly, increased its allowance for uncollectible accounts related to customer receivables at June 30, 2021, as compared with pre-COVID-19 allowance levels. The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the six months ended June 30, 2021 and 2020 (in thousands): Six months ended 2021 2020 Balance at beginning of period $ 4,766 $ 1,401 Additions to the allowance 369 2,786 Write-offs, net of recoveries (883) (686) Balance at end of period $ 4,252 $ 3,501 Allowance for uncollectible accounts as a percentage of customer receivables 4.8 % 4.3 % |
COMMON STOCK_
COMMON STOCK: | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021, IDACORP granted 76,147 restricted stock unit awards to employees and issued 54,499 shares of common stock using original issuances of shares pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan, including 12,784 shares of common stock issued to members of the board of directors. As directed by IDACORP, plan administrators of the IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan and Idaho Power Company Employee Savings Plan used market purchases of IDACORP common stock to acquire shares of IDACORP common stock for the plans. Restrictions on Dividends Idaho Power’s ability to pay dividends on its common stock held by IDACORP and IDACORP’s ability to pay dividends on its common stock are limited to the extent payment of such dividends would violate the covenants in their respective credit facilities or Idaho Power’s Revised Code of Conduct. A covenant under IDACORP’s credit facility and Idaho Power’s credit facility requires IDACORP and Idaho Power to maintain leverage ratios of consolidated indebtedness to consolidated total capitalization, as defined therein, of no more than 65 percent at the end of each fiscal quarter. At June 30, 2021, the leverage ratios for IDACORP and Idaho Power were 43 percent and 46 percent, respectively. Based on these restrictions, IDACORP’s and Idaho Power’s dividends were limited to $1.5 billion and $1.3 billion, respectively, at June 30, 2021. There are additional facility covenants, subject to exceptions, that prohibit or restrict the sale or disposition of property without consent and any agreements restricting dividend payments to IDACORP and Idaho Power from any material subsidiary. At June 30, 2021, IDACORP and Idaho Power were in compliance with those financial covenants. Idaho Power’s Revised 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, 2021, Idaho Power's common equity capital was 55 percent of its total adjusted capital. Further, Idaho Power must obtain approval from the OPUC before it can directly or indirectly loan funds or issue notes or give credit on its books to IDACORP. Idaho Power’s articles of incorporation contain restrictions on the payment of dividends on its common stock if preferred stock dividends are in arrears. As of the date of this report, Idaho Power has no preferred stock outstanding. 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 |
EARNINGS PER SHARE_
EARNINGS PER SHARE: | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020 (in thousands, except for per share amounts). Three months ended Six months ended 2021 2020 2021 2020 Numerator: Net income attributable to IDACORP, Inc. $ 70,023 $ 60,389 $ 114,854 $ 97,879 Denominator: Weighted-average common shares outstanding - basic 50,609 50,551 50,588 50,534 Effect of dilutive securities 13 16 13 13 Weighted-average common shares outstanding - diluted 50,622 50,567 50,601 50,547 Basic earnings per share $ 1.38 $ 1.19 $ 2.27 $ 1.94 Diluted earnings per share $ 1.38 $ 1.19 $ 2.27 $ 1.94 |
COMMITMENTS_
COMMITMENTS: | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Commitments | COMMITMENTS Purchase Obligations During the six months ended June 30, 2021, IDACORP's and Idaho Power's contractual obligations, outside the ordinary course of business, did not change materially from the amounts disclosed in the notes to the consolidated financial statements in the 2020 Annual Report, except that Idaho Power entered into two new long-term transmission purchase agreements, which increased Idaho Power's contractual purchase obligations by approximately $16 million over the 5-year terms of the contracts, and five new replacement contracts for expiring power purchase agreements with PURPA-qualifying hydropower facilities, which increased Idaho Power's contractual purchase obligations by approximately $29 million over the 20-year terms of the contracts. Guarantees Idaho Power guarantees its portion of reclamation activities and obligations at BCC, of which IERCo owns a one-third interest. This guarantee, which is renewed annually with the Wyoming Department of Environmental Quality, was $51.7 million at June 30, 2021, representing IERCo's one-third share of BCC's total reclamation obligation of $155.2 million. BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs. At June 30, 2021, the value of BCC's reclamation trust fund was $198.3 million. During the six months ended June 30, 2021, the reclamation trust fund made $16.4 million of distributions for reclamation activity costs associated with the BCC surface mine. BCC periodically assesses the adequacy of the reclamation trust fund and its estimate of future reclamation costs. To ensure that the reclamation trust fund maintains adequate reserves, BCC has the ability to, and does, add a per-ton surcharge to coal sales, all of which are made to the Jim Bridger plant. Because of the existence of the fund and the ability to apply a per-ton surcharge, the estimated fair value of this guarantee is minimal. IDACORP and Idaho Power enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of June 30, 2021, the companies believe the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective condensed consolidated balance sheets with respect to these indemnification obligations. |
CONTINGENCIES_
CONTINGENCIES: | 6 Months Ended |
Jun. 30, 2021 | |
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. In connection with its utility operations, Idaho Power is subject to claims by individuals, entities, and governmental agencies for alleged personal injury, property damage, trespass, and economic losses relating to Idaho Power’s provision of electric service and the operation of its generation, transmission, and distribution facilities. Some of those claims relate to personal injury, service quality and business interruption, property damage, and wildfires. In recent years, utilities in the western United States have been subject to significant liability for personal injury, loss of life, property damage, trespass, and economic losses, and in some cases, punitive damages and criminal charges and fines and penalties, associated with wildfires that originated from utility property, most commonly transmission and distribution lines. In recent years, Idaho Power has regularly received claims by both governmental agencies and private landowners for damages for fires allegedly originating from Idaho Power’s transmission and distribution system. As of the date of this report, the companies believe that resolution of existing claims will not have a material adverse effect on their respective consolidated financial statements. Idaho Power is also actively monitoring various pending environmental regulations and executive orders related to environmental matters that may have a significant impact on its future operations and compliance costs. Given uncertainties regarding the outcome, timing, and compliance plans for these environmental matters, Idaho Power is unable to estimate the financial or operational impact of many of these regulations. |
BENEFIT PLANS_
BENEFIT PLANS: | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits, Description [Abstract] | |
Benefit Plans | BENEFIT PLANSIdaho Power has a noncontributory defined benefit pension plan (pension plan) and two nonqualified defined benefit plans for certain senior management employees called the Security Plan for Senior Management Employees I and Security Plan for Senior Management Employees II (together, SMSP). Idaho Power also has a nonqualified defined benefit pension plan for directors that was frozen in 2002. Remaining vested benefits from that plan are included with the SMSP in the disclosures below. The benefits under the pension plan are based on years of service and the employee’s final average earnings. Idaho Power also maintains a defined benefit postretirement benefit plan (consisting of health care and death benefits) that covers all employees who were enrolled in the active-employee group plan at the time of retirement as well as their spouses and qualifying dependents. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended June 30, 2021 and 2020 (in thousands). Pension Plan SMSP Postretirement Total 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ 13,693 $ 10,578 $ 203 $ 53 $ 179 $ 240 $ 14,075 $ 10,871 Interest cost 9,456 9,988 889 1,087 502 633 10,847 11,708 Expected return on plan assets (16,024) (14,089) — — (597) (597) (16,621) (14,686) Amortization of prior service cost 1 1 74 73 12 12 87 86 Amortization of net loss 6,225 4,296 1,052 933 — — 7,277 5,229 Net periodic benefit cost 13,351 10,774 2,218 2,146 96 288 15,665 13,208 Regulatory deferral of net periodic benefit cost (1) (12,787) (10,279) — — — — (12,787) (10,279) Previously deferred pension costs recognized (1) 4,289 4,289 — — — — 4,289 4,289 Net periodic benefit cost recognized for financial reporting (1)(2) $ 4,853 $ 4,784 $ 2,218 $ 2,146 $ 96 $ 288 $ 7,167 $ 7,218 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. (2) Of total net periodic benefit cost recognized for financial reporting, $4.5 million and $4.3 million, respectively, were recognized in "Other operations and maintenance" and $2.6 million and $3.0 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended June 30, 2021 and 2020. 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, 2021 and 2020 (in thousands). Pension Plan SMSP Postretirement Total 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ 27,101 $ 21,493 $ 406 $ 106 $ 532 $ 514 $ 28,039 $ 22,113 Interest cost 18,659 20,006 1,778 2,175 1,030 1,247 21,467 23,428 Expected return on plan assets (32,045) (28,119) — — (1,198) (1,202) (33,243) (29,321) Amortization of prior service cost 3 3 148 145 24 24 175 172 Amortization of net loss 11,898 8,663 2,103 1,867 — — 14,001 10,530 Net periodic benefit cost 25,616 22,046 4,435 4,293 388 583 30,439 26,922 Regulatory deferral of net periodic benefit cost (1) (24,482) (21,021) — — — — (24,482) (21,021) Previously deferred pension costs recognized (1) 8,577 8,577 — — — — 8,577 8,577 Net periodic benefit cost recognized for financial reporting (1)(2) $ 9,711 $ 9,602 $ 4,435 $ 4,293 $ 388 $ 583 $ 14,534 $ 14,478 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. (2) Of total net periodic benefit cost recognized for financial reporting, $9.3 million and $8.5 million, respectively, were recognized in "Other operations and maintenance" and $5.2 million and $5.9 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the six months ended June 30, 2021 and 2020. During the six months ended June 30, 2021, Idaho Power made a $10 million contribution to its defined benefit pension plan. In July 2021, Idaho Power made an additional $10 million contribution to the defined benefit pension plan 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. Idaho Power has no further minimum required contributions to be made to its defined benefit pension plan during 2021, but depending on market conditions and cash flows, Idaho Power expects it will contribute up to a total of $40 million to the pension plan for the full year of 2021. The primary impact of pension contributions is on the timing of cash flows, as the timing of cost recovery lags behind contributions. In March 2021, the American Rescue Plan Act of 2021 (American Rescue Plan) was signed into law, which included changes to the funding rules for single employer pension plans. The American Rescue Plan lowered the minimum funding requirements by revising liability discount rates and by lengthening the period over which unfunded liabilities must be amortized. This did not have a material effect on Idaho Power's near-term pension contribution plans. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS: | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020 (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 2021 2020 2021 2020 Financial swaps Operating revenues $ — $ 308 $ — $ 1,134 Financial swaps Purchased power — (1,125) 249 (1,315) Financial swaps Fuel expense 903 (69) 1,636 (2,917) Forward contracts Operating revenues 26 41 73 120 Forward contracts Purchased power (26) (39) (73) (115) Forward contracts Fuel expense 2 (1) 1 (20) (1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. Settlement gains and losses on electricity swap contracts are recorded on the income statement in operating revenues or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other operations and maintenance expense. See Note 11 - "Fair Value Measurements" for additional information concerning the determination of fair value for Idaho Power’s assets and liabilities from price risk management activities. Credit Risk At June 30, 2021, 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, physical gas, and financial transactions are generally under standardized industry 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, 2021, was $1.0 million. Idaho Power posted $0.4 million of cash collateral related to this amount. If the credit-risk-related contingent features underlying these agreements were triggered on June 30, 2021, Idaho Power would have been required to pay or post collateral to its counterparties up to an additional $9.7 million to cover the open liability positions as well as completed transactions that have not yet been paid. Derivative Instrument Summary The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at June 30, 2021, and December 31, 2020 (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, 2021 Current: Financial swaps Other current assets $ 13,390 $ (685) $ 12,705 $ 685 $ (685) $ — Forward contracts Other current liabilities — — — 104 — 104 Long-term: Financial swaps Other assets 2,547 (236) 2,311 236 (236) — Total $ 15,937 $ (921) $ 15,016 $ 1,025 $ (921) $ 104 December 31, 2020 Current: Financial swaps Other current assets $ 2,028 $ (36) $ 1,992 $ 36 $ (36) $ — Financial swaps Other current liabilities 187 (187) — 786 (652) (1) 134 Forward contracts Other current assets 5 (2) 3 2 (2) — Forward contracts Other current liabilities 3 (3) — 13 (3) 10 Long-term: Financial swaps Other liabilities 40 (40) — 56 (56) (1) — Total $ 2,263 $ (268) $ 1,995 $ 893 $ (749) $ 144 (1) Current and long-term liability derivative amounts offset include $0.5 million and $16 thousand of collateral receivable at December 31, 2020, respectively. The table below presents the volume of derivative commodity forward contracts and swaps outstanding at June 30, 2021 and 2020 (in thousands of units). June 30, Commodity Units 2021 2020 Electricity purchases MWh 254 115 Electricity sales MWh 10 40 Natural gas purchases MMBtu 14,455 12,930 Natural gas sales MMBtu 75 388 |
FAIR VALUE MEASUREMENTS_
FAIR VALUE MEASUREMENTS: | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access. • Level 2: Financial assets and liabilities whose values are based on the following: a) quoted prices for similar assets or liabilities in active markets; b) quoted prices for identical or similar assets or liabilities in non-active markets; c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. IDACORP and Idaho Power Level 2 inputs 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. There were no transfers between levels or material changes in valuation techniques or inputs during the six months ended June 30, 2021. 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, 2021, and December 31, 2020 (in thousands). June 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds IDACORP (1) $ 69,177 $ — $ — $ 69,177 $ 56,048 $ — $ — $ 56,048 Idaho Power 11,616 — — 11,616 40,038 — — 40,038 Derivatives 15,016 — — 15,016 1,995 — — 1,995 Equity securities 47,752 — — 47,752 50,733 — — 50,733 Liabilities: Derivatives — 104 — 104 134 10 — 144 (1) Holding company only. Does not include amounts held by Idaho Power. Idaho Power’s derivatives are contracts entered into as part of its management of loads and resources. Electricity derivatives are valued on the Intercontinental Exchange (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. Equity securities consist of employee-directed investments related to an executive deferred compensation plan and actively traded money market and exchange traded funds related to the SMSP. The investments are measured using quoted prices in active markets and are held in a Rabbi trust. The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, as of June 30, 2021, and December 31, 2020, using available market information and appropriate valuation methodologies (in thousands). June 30, 2021 December 31, 2020 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, including current portion (1) 2,000,527 2,352,122 2,000,414 2,466,967 Idaho Power Liabilities: Long-term debt, including current portion (1) 2,000,527 2,352,122 2,000,414 2,466,967 (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 - "Fair Value Measurements." Notes receivable are related to Ida-West and are valued based on unobservable inputs, including forecasted cash flows, which are partially based on expected hydropower conditions. 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, 2021 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Information | SEGMENT INFORMATION IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the generation, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated joint venture. IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the "All Other" category in the table below. This category is comprised of IFS’s investments in affordable housing and other real estate tax credit projects, Ida-West’s joint venture investments in small hydropower generation projects, and IDACORP’s holding company expenses. The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands). Utility All Eliminations Consolidated Three months ended June 30, 2021: Revenues $ 359,058 1,016 $ — $ 360,074 Net income attributable to IDACORP, Inc. 68,822 1,201 — 70,023 Total assets as of June 30, 2021 7,006,991 250,549 (56,082) 7,201,458 Three months ended June 30, 2020: Revenues $ 317,666 $ 1,100 $ — $ 318,766 Net income attributable to IDACORP, Inc. 58,923 1,466 — 60,389 Six months ended June 30, 2021: Revenues $ 674,625 $ 1,502 $ — $ 676,127 Net income attributable to IDACORP, Inc. 113,191 1,663 — 114,854 Six months ended June 30, 2020: Revenues $ 608,154 $ 1,620 $ — $ 609,774 Net income attributable to IDACORP, Inc. 95,700 2,179 — 97,879 |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020 (in thousands). Items in parentheses indicate charges to AOCI. Defined Benefit Pension Items Defined Benefit Pension Items Three months ended Six months ended 2021 2020 2021 2020 Balance at beginning of period $ (42,522) $ (35,537) $ (43,358) $ (36,284) Amounts reclassified out of AOCI 836 747 1,672 1,494 Balance at end of period $ (41,686) $ (34,790) $ (41,686) $ (34,790) 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, 2021 and 2020 (in thousands). Items in parentheses indicate increases to net income. Amount Reclassified from AOCI Details About AOCI Three months ended Six months ended 2021 2020 2021 2020 Amortization of defined benefit pension items (1) Prior service cost $ 74 $ 73 $ 148 $ 145 Net loss 1,052 933 2,103 1,867 Total before tax 1,126 1,006 2,251 2,012 Tax benefit (2) (290) (259) (579) (518) Total reclassification for the period, net of tax $ 836 $ 747 $ 1,672 $ 1,494 (1) Amortization of these items is included in IDACORP's condensed consolidated income statements in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net. (2) The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power. |
CHANGES IN IDAHO POWER RETAINED
CHANGES IN IDAHO POWER RETAINED EARNINGS (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Changes in Retained Earnings [Line Items] | |
Changes in Idaho Power Retained Earnings | CHANGES IN IDAHO POWER RETAINED EARNINGS The table below presents changes in Idaho Power retained earnings during the three and six months ended June 30, 2021 and 2020 (in thousands). Three months ended Six months ended 2021 2020 2021 2020 Balance at beginning of period $ 1,607,583 $ 1,506,629 $ 1,599,155 $ 1,503,805 Net income 68,822 58,923 113,191 95,700 Dividends to parent (36,031) (33,986) (71,972) (67,939) Balance at end of period $ 1,640,374 $ 1,531,566 $ 1,640,374 $ 1,531,566 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Organization, Consolidation, Presentation, and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Policy | The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues. Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the condensed consolidated statements of income. |
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 (Jim Bridger plant) owned in part by Idaho Power. |
Regulation of Utility Operations | As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition.IDACORP's and Idaho Power's financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated enterprise would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense. |
Financial Statements | In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's consolidated financial position as of June 30, 2021, consolidated results of operations for the three and six months ended June 30, 2021 and 2020, and consolidated cash flows for the six months ended June 30, 2021 and 2020. These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or note disclosures concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in IDACORP’s and Idaho Power’s Annual Report on Form 10-K for the year ended December 31, 2020 (2020 Annual Report). 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, 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. |
New Accounting Pronouncements | There have been no recently issued accounting pronouncements that have had or are expected to have a material impact on IDACORP's or Idaho Power's consolidated 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 operating revenues or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other 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 other real estate tax credit projects, Ida-West’s joint venture investments in small hydropower generation projects, and IDACORP’s holding company expenses. |
REVENUES_ (Policies)
REVENUES: (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Revenues [Abstract] | |
Revenue Recognition, Policy | The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues. Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the condensed consolidated statements of income. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy | Receivables and Allowance for Uncollectible Accounts In response to the COVID-19 pandemic, Idaho Power provided certain relief to customers, including temporarily suspending disconnections for customers and temporarily waiving late fees. This relief as well as the economic conditions created by the response to COVID-19 have resulted in higher aged accounts receivable and an increase in the number of late payments. Idaho Power is experiencing and expects to continue to experience higher uncollectible account write-offs as a result of the COVID-19 pandemic and, accordingly, increased its allowance for uncollectible accounts related to customer receivables at June 30, 2021, as compared with pre-COVID-19 allowance levels. The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the six months ended June 30, 2021 and 2020 (in thousands): Six months ended 2021 2020 Balance at beginning of period $ 4,766 $ 1,401 Additions to the allowance 369 2,786 Write-offs, net of recoveries (883) (686) Balance at end of period $ 4,252 $ 3,501 Allowance for uncollectible accounts as a percentage of customer receivables 4.8 % 4.3 % |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Reporting of Derivative Activity | Settlement gains and losses on electricity swap contracts are recorded on the income statement in operating revenues or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other operations and maintenance expense. |
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. |
INCOME TAXES_ Level 3 (Tables)
INCOME TAXES: Level 3 (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020 (in thousands): IDACORP Idaho Power 2021 2020 2021 2020 Income tax at statutory rates (federal and state) $ 33,722 $ 27,980 $ 33,586 $ 27,613 Excess deferred income tax reversal (3,213) (2,962) (3,213) (2,962) Other (1) (14,353) (14,197) (13,082) (13,073) Income tax expense $ 16,156 $ 10,821 $ 17,291 $ 11,578 Effective tax rate 12.3 % 9.9 % 13.3 % 10.8 % |
REVENUES_ Electric utility oper
REVENUES: Electric utility operating revenues (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Electric utility operating revenues [Line Items] | |
Electric utility operating revenues [Table Text Block] | The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three and six months ended June 30, 2021 and 2020 (in thousands): Three months ended Six months ended 2021 2020 2021 2020 Electric utility operating revenues: Revenue from contracts with customers $ 357,461 $ 310,971 $ 648,787 $ 581,155 Alternative revenue programs and other revenues 1,597 6,695 25,838 26,999 Total electric utility operating revenues $ 359,058 $ 317,666 $ 674,625 $ 608,154 |
Disaggregation of Revenue [Table Text Block] | The following table presents revenues from contracts with customers disaggregated by revenue source for the three and six months ended June 30, 2021 and 2020 (in thousands): Three months ended Six months ended 2021 2020 2021 2020 Revenues from contracts with customers: Retail revenues: Residential (includes ($715), $4,135, $15,107, and $19,844, respectively, related to the FCA) (1) $ 122,633 $ 109,471 $ 277,418 $ 254,357 Commercial (includes $165, $397, $647 and $881, respectively, related to the FCA) (1) 77,609 67,214 149,878 136,728 Industrial 48,047 43,087 93,477 85,847 Irrigation 76,799 60,149 77,885 61,523 Deferred revenue related to HCC relicensing AFUDC (2) (1,927) (1,927) (4,046) (4,046) Total retail revenues 323,161 277,994 594,612 534,409 Less: FCA mechanism revenues (1) 550 (4,532) (15,754) (20,725) Wholesale energy sales 4,308 6,866 10,567 10,775 Transmission wheeling-related revenues 15,420 11,491 29,887 21,854 Energy efficiency program revenues 6,658 11,953 15,685 21,428 Other revenues from contracts with customers 7,364 7,199 13,790 13,414 Total revenues from contracts with customers $ 357,461 $ 310,971 $ 648,787 $ 581,155 (1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers. (2) The IPUC allows Idaho Power to recover a portion of the allowance for funds used during construction (AFUDC) on construction work in progress related to the Hells Canyon Complex (HCC) relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service. |
Alternative revenue programs and other revenues [Table Text Block] | The table below presents the FCA mechanism revenues and other revenues for the three and six months ended June 30, 2021 and 2020 (in thousands): Three months ended Six months ended 2021 2020 2021 2020 Alternative revenue programs and other revenues: FCA mechanism revenues $ (550) 4,532 $ 15,754 $ 20,725 Derivative revenues 2,147 2,163 10,084 6,274 Total alternative revenue programs and other revenues $ 1,597 $ 6,695 $ 25,838 $ 26,999 |
EARNINGS PER SHARE_ Level 3 (Ta
EARNINGS PER SHARE: Level 3 (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method | The table below presents the computation of IDACORP’s basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 (in thousands, except for per share amounts). Three months ended Six months ended 2021 2020 2021 2020 Numerator: Net income attributable to IDACORP, Inc. $ 70,023 $ 60,389 $ 114,854 $ 97,879 Denominator: Weighted-average common shares outstanding - basic 50,609 50,551 50,588 50,534 Effect of dilutive securities 13 16 13 13 Weighted-average common shares outstanding - diluted 50,622 50,567 50,601 50,547 Basic earnings per share $ 1.38 $ 1.19 $ 2.27 $ 1.94 Diluted earnings per share $ 1.38 $ 1.19 $ 2.27 $ 1.94 |
BENEFIT PLANS_ Level 3 (Tables)
BENEFIT PLANS: Level 3 (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Defined Benefit Plan Disclosure | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended June 30, 2021 and 2020 (in thousands). Pension Plan SMSP Postretirement Total 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ 13,693 $ 10,578 $ 203 $ 53 $ 179 $ 240 $ 14,075 $ 10,871 Interest cost 9,456 9,988 889 1,087 502 633 10,847 11,708 Expected return on plan assets (16,024) (14,089) — — (597) (597) (16,621) (14,686) Amortization of prior service cost 1 1 74 73 12 12 87 86 Amortization of net loss 6,225 4,296 1,052 933 — — 7,277 5,229 Net periodic benefit cost 13,351 10,774 2,218 2,146 96 288 15,665 13,208 Regulatory deferral of net periodic benefit cost (1) (12,787) (10,279) — — — — (12,787) (10,279) Previously deferred pension costs recognized (1) 4,289 4,289 — — — — 4,289 4,289 Net periodic benefit cost recognized for financial reporting (1)(2) $ 4,853 $ 4,784 $ 2,218 $ 2,146 $ 96 $ 288 $ 7,167 $ 7,218 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. (2) Of total net periodic benefit cost recognized for financial reporting, $4.5 million and $4.3 million, respectively, were recognized in "Other operations and maintenance" and $2.6 million and $3.0 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended June 30, 2021 and 2020. 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, 2021 and 2020 (in thousands). Pension Plan SMSP Postretirement Total 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ 27,101 $ 21,493 $ 406 $ 106 $ 532 $ 514 $ 28,039 $ 22,113 Interest cost 18,659 20,006 1,778 2,175 1,030 1,247 21,467 23,428 Expected return on plan assets (32,045) (28,119) — — (1,198) (1,202) (33,243) (29,321) Amortization of prior service cost 3 3 148 145 24 24 175 172 Amortization of net loss 11,898 8,663 2,103 1,867 — — 14,001 10,530 Net periodic benefit cost 25,616 22,046 4,435 4,293 388 583 30,439 26,922 Regulatory deferral of net periodic benefit cost (1) (24,482) (21,021) — — — — (24,482) (21,021) Previously deferred pension costs recognized (1) 8,577 8,577 — — — — 8,577 8,577 Net periodic benefit cost recognized for financial reporting (1)(2) $ 9,711 $ 9,602 $ 4,435 $ 4,293 $ 388 $ 583 $ 14,534 $ 14,478 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. (2) Of total net periodic benefit cost recognized for financial reporting, $9.3 million and $8.5 million, respectively, were recognized in "Other operations and maintenance" and $5.2 million and $5.9 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the six months ended June 30, 2021 and 2020. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS: Level 3 (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020 (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 2021 2020 2021 2020 Financial swaps Operating revenues $ — $ 308 $ — $ 1,134 Financial swaps Purchased power — (1,125) 249 (1,315) Financial swaps Fuel expense 903 (69) 1,636 (2,917) Forward contracts Operating revenues 26 41 73 120 Forward contracts Purchased power (26) (39) (73) (115) Forward contracts Fuel expense 2 (1) 1 (20) (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, 2021, and December 31, 2020 (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, 2021 Current: Financial swaps Other current assets $ 13,390 $ (685) $ 12,705 $ 685 $ (685) $ — Forward contracts Other current liabilities — — — 104 — 104 Long-term: Financial swaps Other assets 2,547 (236) 2,311 236 (236) — Total $ 15,937 $ (921) $ 15,016 $ 1,025 $ (921) $ 104 December 31, 2020 Current: Financial swaps Other current assets $ 2,028 $ (36) $ 1,992 $ 36 $ (36) $ — Financial swaps Other current liabilities 187 (187) — 786 (652) (1) 134 Forward contracts Other current assets 5 (2) 3 2 (2) — Forward contracts Other current liabilities 3 (3) — 13 (3) 10 Long-term: Financial swaps Other liabilities 40 (40) — 56 (56) (1) — Total $ 2,263 $ (268) $ 1,995 $ 893 $ (749) $ 144 (1) Current and long-term liability derivative amounts offset include $0.5 million and $16 thousand of collateral receivable at December 31, 2020, respectively. |
Schedule of Derivative Instruments | The table below presents the volume of derivative commodity forward contracts and swaps outstanding at June 30, 2021 and 2020 (in thousands of units). June 30, Commodity Units 2021 2020 Electricity purchases MWh 254 115 Electricity sales MWh 10 40 Natural gas purchases MMBtu 14,455 12,930 Natural gas sales MMBtu 75 388 |
FAIR VALUE MEASUREMENTS_ Level
FAIR VALUE MEASUREMENTS: Level 3 (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021, and December 31, 2020 (in thousands). June 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds IDACORP (1) $ 69,177 $ — $ — $ 69,177 $ 56,048 $ — $ — $ 56,048 Idaho Power 11,616 — — 11,616 40,038 — — 40,038 Derivatives 15,016 — — 15,016 1,995 — — 1,995 Equity securities 47,752 — — 47,752 50,733 — — 50,733 Liabilities: Derivatives — 104 — 104 134 10 — 144 (1) Holding company only. Does not include amounts held by Idaho Power. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value, as of June 30, 2021, and December 31, 2020, using available market information and appropriate valuation methodologies (in thousands). June 30, 2021 December 31, 2020 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, including current portion (1) 2,000,527 2,352,122 2,000,414 2,466,967 Idaho Power Liabilities: Long-term debt, including current portion (1) 2,000,527 2,352,122 2,000,414 2,466,967 (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 - "Fair Value Measurements." |
SEGMENT INFORMATION_ Level 3 (T
SEGMENT INFORMATION: Level 3 (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands). Utility All Eliminations Consolidated Three months ended June 30, 2021: Revenues $ 359,058 1,016 $ — $ 360,074 Net income attributable to IDACORP, Inc. 68,822 1,201 — 70,023 Total assets as of June 30, 2021 7,006,991 250,549 (56,082) 7,201,458 Three months ended June 30, 2020: Revenues $ 317,666 $ 1,100 $ — $ 318,766 Net income attributable to IDACORP, Inc. 58,923 1,466 — 60,389 Six months ended June 30, 2021: Revenues $ 674,625 $ 1,502 $ — $ 676,127 Net income attributable to IDACORP, Inc. 113,191 1,663 — 114,854 Six months ended June 30, 2020: Revenues $ 608,154 $ 1,620 $ — $ 609,774 Net income attributable to IDACORP, Inc. 95,700 2,179 — 97,879 |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020 (in thousands). Items in parentheses indicate charges to AOCI. Defined Benefit Pension Items Defined Benefit Pension Items Three months ended Six months ended 2021 2020 2021 2020 Balance at beginning of period $ (42,522) $ (35,537) $ (43,358) $ (36,284) Amounts reclassified out of AOCI 836 747 1,672 1,494 Balance at end of period $ (41,686) $ (34,790) $ (41,686) $ (34,790) |
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, 2021 and 2020 (in thousands). Items in parentheses indicate increases to net income. Amount Reclassified from AOCI Details About AOCI Three months ended Six months ended 2021 2020 2021 2020 Amortization of defined benefit pension items (1) Prior service cost $ 74 $ 73 $ 148 $ 145 Net loss 1,052 933 2,103 1,867 Total before tax 1,126 1,006 2,251 2,012 Tax benefit (2) (290) (259) (579) (518) Total reclassification for the period, net of tax $ 836 $ 747 $ 1,672 $ 1,494 (1) Amortization of these items is included in IDACORP's condensed consolidated income statements in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net. (2) The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power. |
CHANGES IN IDAHO POWER RETAIN_2
CHANGES IN IDAHO POWER RETAINED EARNINGS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Changes in Idaho Power Retained Earnings [Abstract] | |
Changes in Idaho Power Retained Earnings Table | Three months ended Six months ended 2021 2020 2021 2020 Balance at beginning of period $ 1,607,583 $ 1,506,629 $ 1,599,155 $ 1,503,805 Net income 68,822 58,923 113,191 95,700 Dividends to parent (36,031) (33,986) (71,972) (67,939) Balance at end of period $ 1,640,374 $ 1,531,566 $ 1,640,374 $ 1,531,566 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Accounting Adoption Pronouncement (Details) - Other Operating Income (Expense) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Reclassification [Line Items] | ||
Utilities Operating Expense, Other | $ 400 | $ 900 |
Idaho Power Company | ||
Reclassification [Line Items] | ||
Utilities Operating Expense, Other | $ 400 | $ 900 |
INCOME TAXES_ Level 4 (Details)
INCOME TAXES: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Income Tax Expense [Line Items] | |||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 33,722 | $ 27,980 | |||
Excess deferred income tax reversal | (3,213) | (2,962) | |||
Other | [1] | (14,353) | (14,197) | ||
Income Tax Expense | $ 11,070 | $ 6,933 | $ 16,156 | $ 10,821 | |
Effective tax rate | 12.30% | 9.90% | |||
Idaho Power Company | |||||
Income Tax Expense [Line Items] | |||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 33,586 | $ 27,613 | |||
Excess deferred income tax reversal | (3,213) | (2,962) | |||
Other | [1] | (13,082) | (13,073) | ||
Income Tax Expense | $ 11,419 | $ 7,192 | $ 17,291 | $ 11,578 | |
Effective tax rate | 13.30% | 10.80% | |||
[1] | "Other" is primarily comprised of the net tax effect of Idaho Power's regulatory flow-through tax adjustments. |
REGULATORY MATTERS_ Level 4 (De
REGULATORY MATTERS: Level 4 (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2021 | Jun. 30, 2020 | Nov. 30, 2022 | May 31, 2022 | May 31, 2021 | Jun. 01, 2021 | Jun. 01, 2020 | Apr. 30, 2018 | Oct. 31, 2014 | |
Power cost adjustment mechanism | IDAHO | |||||||||
Regulatory Matters | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 58,700 | ||||||||
Power cost adjustment mechanism | IDAHO | Subsequent Event | |||||||||
Regulatory Matters | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 39,100 | ||||||||
Idaho fixed cost adjustment mechanism | |||||||||
Regulatory Matters | |||||||||
Percentage cap on the FCA adjustment | 3.00% | ||||||||
Idaho fixed cost adjustment mechanism | IDAHO | |||||||||
Regulatory Matters | |||||||||
Annual fixed cost adjustment mechanism deferral | $ 38,300 | $ 35,500 | |||||||
Idaho fixed cost adjustment mechanism | IDAHO | Subsequent Event | |||||||||
Regulatory Matters | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 2,800 | ||||||||
October 2014 Idaho Settlement Stipulation | IDAHO | |||||||||
Regulatory Matters | |||||||||
Investment Tax Credits, Maximum, in Rate Case | $ 45,000 | ||||||||
May 2018 Tax Reform Settlement Stipulation | IDAHO | |||||||||
Regulatory Matters | |||||||||
Minimum authorized return on equity | 9.40% | ||||||||
Target authorized return on equity | 10.00% | ||||||||
Settlement Stipulation - Investment Tax Credits and Idaho Sharing Mechanism [Member] | |||||||||
Regulatory Matters | |||||||||
Additional accumulated deferred investment tax credits (ADITC) amortization | $ 0 | $ 0 | |||||||
Depreciation Rate Request | IDAHO | Subsequent Event | |||||||||
Regulatory Matters | |||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 3,900 | ||||||||
Bridger Plant Change | IDAHO | Subsequent Event | |||||||||
Regulatory Matters | |||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 30,800 | ||||||||
Wildfire mitigation plan costs | IDAHO | Plant in service | |||||||||
Regulatory Matters | |||||||||
Requested deferral of costs | 35,000 | ||||||||
Wildfire mitigation plan costs | IDAHO | Other Operating and Maintenance Expenses | |||||||||
Regulatory Matters | |||||||||
Requested deferral of costs | $ 47,000 |
REVENUES_ Electric utility op_2
REVENUES: Electric utility operating revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from contracts with customers | $ 357,461 | $ 310,971 | $ 648,787 | $ 581,155 |
Alternative revenue programs and other revenues | 1,597 | 6,695 | 25,838 | 26,999 |
Electric utility revenues | $ 359,058 | $ 317,666 | $ 674,625 | $ 608,154 |
REVENUES_ (Details)
REVENUES: (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | $ 357,461 | $ 310,971 | $ 648,787 | $ 581,155 | ||
Alternative revenue programs and other revenues | 1,597 | 6,695 | 25,838 | 26,999 | ||
Retail revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 323,161 | 277,994 | 594,612 | 534,409 | ||
Derivative revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Alternative revenue programs and other revenues | 2,147 | 2,163 | 10,084 | 6,274 | ||
Idaho fixed cost adjustment mechanism | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 550 | [1] | (4,532) | [1] | (15,754) | (20,725) |
Alternative revenue programs and other revenues | (550) | 4,532 | 15,754 | 20,725 | ||
Wholesale energy sales | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 4,308 | 6,866 | 10,567 | 10,775 | ||
Transmission Service Agreement | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 15,420 | 11,491 | 29,887 | 21,854 | ||
Energy efficiency program revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 6,658 | 11,953 | 15,685 | 21,428 | ||
Other revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 7,364 | 7,199 | 13,790 | 13,414 | ||
Residential Retail Revenue | Retail revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 122,633 | [1] | 109,471 | [1] | 277,418 | 254,357 |
Residential Retail Revenue | Idaho fixed cost adjustment mechanism | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | (715) | 4,135 | 15,107 | 19,844 | ||
Commercial Retail Revenue | Retail revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 77,609 | [1] | 67,214 | [1] | 149,878 | 136,728 |
Commercial Retail Revenue | Idaho fixed cost adjustment mechanism | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 165 | 397 | 647 | 881 | ||
Industrial Retail Revenue | Retail revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 48,047 | 43,087 | 93,477 | 85,847 | ||
Irrigation Retail Revenue | Retail revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | 76,799 | 60,149 | 77,885 | 61,523 | ||
Deferred revenue-AFUDC | Retail revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | (1,927) | [2] | $ (1,927) | [2] | (4,046) | $ (4,046) |
IPUC authorized AFUDC Collection HCC Relicensing - Gross | Idaho Power Company | Hells Canyon Complex | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Regulatory liabilities | $ (8,800) | $ (8,800) | ||||
[1] | The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers. | |||||
[2] | The IPUC allows Idaho Power to recover a portion of the allowance for funds used during construction (AFUDC) on construction work in progress related to the Hells Canyon Complex (HCC) relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to electric plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service. |
REVENUES_ Receivables and Allow
REVENUES: Receivables and Allowance for Uncollectible Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables and Allowance for Uncollectible Accounts [Line Items] | ||||||
Accounts Receivable, Allowance for Credit Loss | $ 4,252 | $ 3,501 | $ 4,252 | $ 3,501 | $ 4,766 | $ 1,401 |
Additions to the allowance | 369 | 2,786 | ||||
Write-offs, net of recoveries | $ (883) | $ (686) | ||||
Allowance for uncollectible accounts as a percentage of customer receivables | 4.80% | 4.30% | 4.80% | 4.30% | ||
Alternative revenue programs and other revenues | $ 1,597 | $ 6,695 | $ 25,838 | $ 26,999 | ||
Idaho fixed cost adjustment mechanism | ||||||
Receivables and Allowance for Uncollectible Accounts [Line Items] | ||||||
Alternative revenue programs and other revenues | (550) | 4,532 | 15,754 | 20,725 | ||
Derivative revenues | ||||||
Receivables and Allowance for Uncollectible Accounts [Line Items] | ||||||
Alternative revenue programs and other revenues | $ 2,147 | $ 2,163 | $ 10,084 | $ 6,274 |
COMMON STOCK_ Level 4 (Details)
COMMON STOCK: Level 4 (Details) $ in Billions | 6 Months Ended |
Jun. 30, 2021USD ($)shares | |
Shareholders' equity | |
Restricted Stock Unit Awards to Employees | 76,147 |
Restricted stock awards to directors | 12,784 |
IDACORP | |
Shareholders' equity | |
Stock Issued During Period, Shares, New Issues | 54,499 |
Maximum leverage ratio requirement | 0.65 |
Ratio of Indebtedness to Net Capital | 0.43 |
Dividend Distribution Restriction Amount | $ | $ 1.5 |
Idaho Power Company | |
Shareholders' equity | |
Maximum leverage ratio requirement | 0.65 |
Ratio of Indebtedness to Net Capital | 0.46 |
Dividend Distribution Restriction Amount | $ | $ 1.3 |
Dividend Distribution Restriction Threshold | 0.35 |
Ratio of total Capital to total capital and long-term debt | 0.55 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net Income Attributable to IDACORP, Inc. | $ 70,023 | $ 60,389 | $ 114,854 | $ 97,879 |
Denominator: | ||||
Weighted-average common shares outstanding - basic | 50,609 | 50,551 | 50,588 | 50,534 |
Effect of dilutive securities | 13 | 16 | 13 | 13 |
Weighted-average common shares outstanding - diluted | 50,622 | 50,567 | 50,601 | 50,547 |
Earnings attributable to IDACORP, Inc. - basic (in dollars per share) | $ 1.38 | $ 1.19 | $ 2.27 | $ 1.94 |
Earnings attributable to IDACORP, Inc. - diluted (in dollars per share) | $ 1.38 | $ 1.19 | $ 2.27 | $ 1.94 |
COMMITMENTS_ Level 4 (Details)
COMMITMENTS: Level 4 (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | |
Idaho Power Company | ||
Guarantor Obligations | ||
IERCo ownership interest in BCC | 33.00% | 33.00% |
IERCo guarantee of BCC reclamation obligation | $ 51.7 | $ 51.7 |
Idaho Power Company | Cogeneration And Power Production Purchase Commitment Member | ||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||
Life of Contract | 20 years | |
Increase of Long-term Purchase Obligations, PURPA | 29 | $ 29 |
Idaho Power Company | Transmission Service Agreement | ||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||
Life of Contract | 5 years | |
Increase of Long-term Purchase Obligations, PURPA | 16 | $ 16 |
Bridger Coal Company | ||
Guarantor Obligations | ||
IERCo guarantee of BCC reclamation obligation | 155.2 | 155.2 |
Guarantor Obligations Total Reclamation Trust Fund | $ 198.3 | 198.3 |
Distribution from Reclamation Trust Fund | $ 16.4 |
BENEFIT PLANS_ Level 4 (Details
BENEFIT PLANS: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Jul. 15, 2021 | ||||||
Pension Plan | |||||||||||
Defined Benefit Plan Disclosure | |||||||||||
Service cost | $ 13,693 | $ 10,578 | $ 27,101 | $ 21,493 | |||||||
Interest cost | 9,456 | 9,988 | 18,659 | 20,006 | |||||||
Expected return on plan assets | (16,024) | (14,089) | (32,045) | (28,119) | |||||||
Amortization of prior service cost | 1 | 1 | 3 | 3 | |||||||
Amortization of net loss | 6,225 | 4,296 | 11,898 | 8,663 | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 13,351 | 10,774 | 25,616 | 22,046 | |||||||
Regulatory deferral of net periodic benefit cost | [1] | (12,787) | (10,279) | (24,482) | (21,021) | ||||||
IPUC Authorized recovered pension cost | 4,289 | [1] | 4,289 | [1] | 8,577 | [2] | 8,577 | [2] | |||
Net periodic benefit cost recognized for financial reporting | [1],[2] | 4,853 | 4,784 | 9,711 | 9,602 | ||||||
Defined Benefit Plan, Contributions by Employer | 10,000 | ||||||||||
Pension Plan | Subsequent Event | |||||||||||
Defined Benefit Plan Disclosure | |||||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 40,000 | $ 10,000 | |||||||||
Senior Management Security Plan | |||||||||||
Defined Benefit Plan Disclosure | |||||||||||
Service cost | 203 | 53 | 406 | 106 | |||||||
Interest cost | 889 | 1,087 | 1,778 | 2,175 | |||||||
Expected return on plan assets | 0 | 0 | 0 | 0 | |||||||
Amortization of prior service cost | 74 | 73 | 148 | 145 | |||||||
Amortization of net loss | 1,052 | 933 | 2,103 | 1,867 | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 2,218 | 2,146 | 4,435 | 4,293 | |||||||
Net periodic benefit cost recognized for financial reporting | 2,218 | 2,146 | 4,435 | 4,293 | |||||||
Postretirement Benefits Plan | |||||||||||
Defined Benefit Plan Disclosure | |||||||||||
Service cost | 179 | 240 | 532 | 514 | |||||||
Interest cost | 502 | 633 | 1,030 | 1,247 | |||||||
Expected return on plan assets | (597) | (597) | (1,198) | (1,202) | |||||||
Amortization of prior service cost | 12 | 12 | 24 | 24 | |||||||
Amortization of net loss | 0 | 0 | 0 | 0 | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 96 | 288 | 388 | 583 | |||||||
Net periodic benefit cost recognized for financial reporting | 96 | 288 | 388 | 583 | |||||||
Retirement Plan Total | |||||||||||
Defined Benefit Plan Disclosure | |||||||||||
Service cost | 14,075 | 10,871 | 28,039 | 22,113 | |||||||
Interest cost | 10,847 | 11,708 | 21,467 | 23,428 | |||||||
Expected return on plan assets | (16,621) | (14,686) | (33,243) | (29,321) | |||||||
Amortization of prior service cost | 87 | 86 | 175 | 172 | |||||||
Amortization of net loss | 7,277 | 5,229 | 14,001 | 10,530 | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 15,665 | 13,208 | 30,439 | 26,922 | |||||||
Regulatory deferral of net periodic benefit cost | [1] | (12,787) | (10,279) | (24,482) | (21,021) | ||||||
IPUC Authorized recovered pension cost | 4,289 | [1] | 4,289 | [1] | 8,577 | [2] | 8,577 | [2] | |||
Net periodic benefit cost recognized for financial reporting | [1],[2] | 7,167 | 7,218 | 14,534 | 14,478 | ||||||
Net Periodic Benefit cost recognize in Other operations and maintenance | 4,500 | 4,300 | 9,300 | 8,500 | |||||||
Net Periodic Benefit cost recognized in other expense, net | $ 2,600 | $ 3,000 | $ 5,200 | $ 5,900 | |||||||
[1] | Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. | ||||||||||
[2] | Of total net periodic benefit cost recognized for financial reporting, $4.5 million and $4.3 million, respectively, were recognized in "Other operations and maintenance" and $2.6 million and $3.0 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended June 30, 2021 and 2020. |
Derivative Instruments Fair Val
Derivative Instruments Fair Value and Offsets Table (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 15,937 | $ 2,263 | |
Derivative Asset, Fair Value, Gross Liability | (921) | (268) | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 15,016 | 1,995 | |
Derivative Liability, Fair Value, Gross Liability | 1,025 | 893 | |
Derivative Liability, Fair Value, Gross Asset | (921) | (749) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 104 | 144 | |
Financial Swaps | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 13,390 | 2,028 | |
Derivative Asset, Fair Value, Gross Liability | (685) | (36) | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 12,705 | 1,992 | |
Derivative Liability, Fair Value, Gross Liability | 685 | 36 | |
Derivative Liability, Fair Value, Gross Asset | (685) | (36) | |
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 | 187 | ||
Derivative Asset, Fair Value, Gross Liability | (187) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 786 | ||
Derivative Liability, Fair Value, Gross Asset | [1] | (652) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 134 | ||
Financial Swaps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 2,547 | ||
Derivative Asset, Fair Value, Gross Liability | (236) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2,311 | ||
Derivative Liability, Fair Value, Gross Liability | 236 | ||
Derivative Liability, Fair Value, Gross Asset | (236) | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | ||
Financial Swaps | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 40 | ||
Derivative Asset, Fair Value, Gross Liability | (40) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 56 | ||
Derivative Liability, Fair Value, Gross Asset | [1] | (56) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | ||
Forward contracts | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 5 | ||
Derivative Asset, Fair Value, Gross Liability | (2) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 3 | ||
Derivative Liability, Fair Value, Gross Liability | 2 | ||
Derivative Liability, Fair Value, Gross Asset | (2) | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | ||
Forward contracts | Other Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 3 | |
Derivative Asset, Fair Value, Gross Liability | 0 | (3) | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 104 | 13 | |
Derivative Liability, Fair Value, Gross Asset | 0 | (3) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 104 | $ 10 | |
[1] | Current and long-term liability derivative amounts offset include $0.5 million and $16 thousand of collateral receivable at December 31, 2020, respectively. |
Derivative Instruments Gains (L
Derivative Instruments Gains (Loss) on Derivatives Recognized in Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | [1] | Jun. 30, 2020 | [1] | Jun. 30, 2021 | Jun. 30, 2020 | |
Financial Swaps | Operating revenues | ||||||
Derivative Instruments, Gain (Loss) | ||||||
Derivative, Gain on Derivative | $ 0 | $ 308 | $ 0 | $ 1,134 | ||
Financial Swaps | Purchased power | ||||||
Derivative Instruments, Gain (Loss) | ||||||
Derivative, Loss on Derivative | 1,125 | 1,315 | ||||
Derivative, Gain on Derivative | 0 | 249 | ||||
Financial Swaps | Operating Expense | ||||||
Derivative Instruments, Gain (Loss) | ||||||
Derivative, Loss on Derivative | 69 | 2,917 | ||||
Derivative, Gain on Derivative | 903 | 1,636 | ||||
Forward contracts | Operating revenues | ||||||
Derivative Instruments, Gain (Loss) | ||||||
Derivative, Gain on Derivative | 26 | 41 | 73 | 120 | ||
Forward contracts | Purchased power | ||||||
Derivative Instruments, Gain (Loss) | ||||||
Derivative, Loss on Derivative | 26 | 39 | 73 | 115 | ||
Forward contracts | Operating Expense | ||||||
Derivative Instruments, Gain (Loss) | ||||||
Derivative, Loss on Derivative | $ 1 | $ 20 | ||||
Derivative, Gain on Derivative | $ 2 | $ 1 | ||||
[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, $ in Millions | Jun. 30, 2021USD ($)MWhMMBTU | Jun. 30, 2020MMBTUMWh |
Derivative | ||
Derivatives in a net liability position | $ 1 | |
Collateral Already Posted, Aggregate Fair Value | 0.4 | |
Additional Collateral, Aggregate Fair Value | $ 9.7 | |
Electricity (MWh) | Long | ||
Derivative | ||
Derivative, Number of Instruments Held | MWh | 254 | 115 |
Electricity (MWh) | Short | ||
Derivative | ||
Derivative, Number of Instruments Held | MWh | 10 | 40 |
Natural Gas (MMBTU) | Long | ||
Derivative | ||
Derivative, Number of Instruments Held | MMBTU | 14,455 | 12,930 |
Natural Gas (MMBTU) | Short | ||
Derivative | ||
Derivative, Number of Instruments Held | MMBTU | 75 | 388 |
FAIR VALUE MEASUREMENTS_ Leve_2
FAIR VALUE MEASUREMENTS: Level 4 (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | $ 69,177,000 | $ 56,048,000 |
Derivative Assets | 15,016,000 | 1,995,000 | |
Equity Securities, FV-NI | 47,752,000 | 50,733,000 | |
Derivative Liabilities | 104,000 | 144,000 | |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |
Idaho Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 11,616,000 | 40,038,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 69,177,000 | 56,048,000 |
Derivative Assets | 15,016,000 | 1,995,000 | |
Equity Securities, FV-NI | 47,752,000 | 50,733,000 | |
Derivative Liabilities | 0 | 134,000 | |
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 | 11,616,000 | 40,038,000 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 0 | 0 |
Derivative Assets | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Derivative Liabilities | 104,000 | 10,000 | |
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] | |||
Money market funds | [1] | 0 | 0 |
Derivative Assets | 0 | 0 | |
Equity Securities, FV-NI | 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 | |
[1] | Holding company only. Does not include amounts held by Idaho Power. |
FAIR VALUE MEASUREMENTS_ Fair V
FAIR VALUE MEASUREMENTS: Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Receivable | [1] | $ 3,804 | $ 3,804 |
Long-term debt | [1] | 2,000,527 | 2,000,414 |
Carrying Amount | Idaho Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | 2,000,527 | 2,000,414 |
Estimated Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Receivable | [1] | 3,804 | 3,804 |
Long-term debt | [1] | 2,352,122 | 2,466,967 |
Estimated Fair Value | Idaho Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | $ 2,352,122 | $ 2,466,967 |
[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 - "Fair Value Measurements." |
SEGMENT INFORMATION_ Level 4 (D
SEGMENT INFORMATION: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information | |||||
Total operating revenues | $ 360,074 | $ 318,766 | $ 676,127 | $ 609,774 | |
Net Income Attributable to IDACORP, Inc. | 70,023 | 60,389 | 114,854 | 97,879 | |
Total assets | 7,201,458 | 7,201,458 | $ 7,095,244 | ||
Electric utility revenues | 359,058 | 317,666 | 674,625 | 608,154 | |
Idaho Power Company | |||||
Segment Reporting Information | |||||
Total operating revenues | 359,058 | 317,666 | 674,625 | 608,154 | |
Net Income Attributable to IDACORP, Inc. | 68,822 | 58,923 | 113,191 | 95,700 | |
Total assets | 7,006,991 | 7,006,991 | |||
All Other | |||||
Segment Reporting Information | |||||
Total operating revenues | 1,016 | 1,100 | 1,502 | 1,620 | |
Net Income Attributable to IDACORP, Inc. | 1,201 | 1,466 | 1,663 | 2,179 | |
Total assets | 250,549 | 250,549 | |||
Eliminations | |||||
Segment Reporting Information | |||||
Total operating revenues | 0 | 0 | 0 | 0 | |
Net Income Attributable to IDACORP, Inc. | 0 | $ 0 | 0 | $ 0 | |
Total assets | $ (56,082) | $ (56,082) |
CHANGES IN ACCUMULATED OTHER _3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Reclassification out of Accumulated Other Comprehensive Income | |||||
Amortization of prior service cost | [1] | $ 74 | $ 73 | $ 148 | $ 145 |
Amortization of net loss | [1] | 1,052 | 933 | 2,103 | 1,867 |
Total reclassification, before tax - pension and postretirement benefits | 1,126 | 1,006 | 2,251 | 2,012 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | [2] | (290) | (259) | (579) | (518) |
Reclassifications | 836 | 747 | 1,672 | 1,494 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
AOCI - Beginning Balance | (42,522) | (35,537) | (43,358) | (36,284) | |
Reclassifications | 836 | 747 | 1,672 | 1,494 | |
AOCI - Ending Balance | (41,686) | (34,790) | (41,686) | (34,790) | |
Accumulated Defined Benefit Pension Items | |||||
Reclassification out of Accumulated Other Comprehensive Income | |||||
Reclassifications | 836 | 747 | 1,672 | 1,494 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
AOCI - Beginning Balance | (42,522) | (35,537) | (43,358) | (36,284) | |
Reclassifications | 836 | 747 | 1,672 | 1,494 | |
AOCI - Ending Balance | $ (41,686) | $ (34,790) | $ (41,686) | $ (34,790) | |
[1] | Amortization of these items is included in IDACORP's condensed consolidated income statements in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net. | ||||
[2] | The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power. |
CHANGES IN IDAHO POWER RETAIN_3
CHANGES IN IDAHO POWER RETAINED EARNINGS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Changes in Retained Earnings [Line Items] | ||||
Balance at beginning of period | $ 1,742,994 | $ 1,638,065 | $ 1,734,103 | $ 1,634,525 |
Net Income | 70,274 | 60,659 | 115,074 | 98,117 |
Dividends to parent | (72,285) | (68,160) | ||
Common stock dividends | (36,031) | (33,986) | (71,971) | (67,936) |
Balance at end of period | 1,776,986 | 1,664,468 | 1,776,986 | 1,664,468 |
Net Income Attributable to IDACORP, Inc. | 70,023 | 60,389 | 114,854 | 97,879 |
Idaho Power Company | ||||
Changes in Retained Earnings [Line Items] | ||||
Dividends to parent | (67,939) | |||
Net Income Attributable to IDACORP, Inc. | 68,822 | 58,923 | 113,191 | 95,700 |
Idaho Power Company | ||||
Changes in Retained Earnings [Line Items] | ||||
Balance at beginning of period | 1,607,583 | 1,506,629 | 1,599,155 | 1,503,805 |
Net Income | 68,822 | 58,923 | 113,191 | 95,700 |
Dividends to parent | (36,031) | (33,986) | (71,972) | (67,939) |
Balance at end of period | $ 1,640,374 | $ 1,531,566 | $ 1,640,374 | $ 1,531,566 |