2015 Q1 Form 10-Q Financial Statement

#000105787715000116 Filed on April 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $279.4M $292.7M
YoY Change -4.55% 10.49%
Cost Of Revenue $43.00M $44.80M
YoY Change -4.02% 4.67%
Gross Profit $236.4M $247.9M
YoY Change -4.64% 11.62%
Gross Profit Margin 84.61% 84.69%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $35.06M $33.89M
YoY Change 3.45% 2.09%
% of Gross Profit 14.83% 13.67%
Operating Expenses $236.5M $244.1M
YoY Change -3.13% 18.81%
Operating Profit $42.90M $48.58M
YoY Change -11.68% -18.26%
Interest Expense $20.44M $20.04M
YoY Change 2.0% 2.8%
% of Operating Profit 47.63% 41.25%
Other Income/Expense, Net $1.961M $2.288M
YoY Change -14.29% 177.0%
Pretax Income $29.46M $35.89M
YoY Change -17.93% -23.77%
Income Tax $6.111M $8.707M
% Of Pretax Income 20.75% 24.26%
Net Earnings $23.43M $27.40M
YoY Change -14.5% -22.13%
Net Earnings / Revenue 8.39% 9.36%
Basic Earnings Per Share $0.47 $0.55
Diluted Earnings Per Share $0.47 $0.55
COMMON SHARES
Basic Shares Outstanding 50.22M shares 50.13M shares
Diluted Shares Outstanding 50.26M shares 50.18M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $317.2M $88.30M
YoY Change 259.23% 260.41%
Cash & Equivalents $317.2M $88.27M
Short-Term Investments
Other Short-Term Assets $194.0K $2.439M
YoY Change -92.05% -3.98%
Inventory $114.5M $90.50M
Prepaid Expenses $14.82M $14.79M
Receivables $74.06M $98.43M
Other Receivables $13.40M $16.70M
Total Short-Term Assets $692.7M $493.7M
YoY Change 40.3% 28.49%
LONG-TERM ASSETS
Property, Plant & Equipment $3.864B $3.693B
YoY Change 4.64% 3.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $161.5M $157.5M
YoY Change 2.54% -13.13%
Other Assets $43.00M $42.25M
YoY Change 1.78% -13.63%
Total Long-Term Assets $5.279B $4.868B
YoY Change 8.45% -1.3%
TOTAL ASSETS
Total Short-Term Assets $692.7M $493.7M
Total Long-Term Assets $5.279B $4.868B
Total Assets $5.972B $5.361B
YoY Change 11.38% 0.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $65.16M $72.09M
YoY Change -9.61% 10.38%
Accrued Expenses $55.00M $52.70M
YoY Change 4.36% 3.54%
Deferred Revenue
YoY Change
Short-Term Debt $43.40M $47.30M
YoY Change -8.25% -43.52%
Long-Term Debt Due $121.1M $1.064M
YoY Change 11278.2% 0.0%
Total Short-Term Liabilities $347.3M $246.8M
YoY Change 40.68% -3.35%
LONG-TERM LIABILITIES
Long-Term Debt $1.742B $1.614B
YoY Change 7.9% 5.12%
Other Long-Term Liabilities $50.77M $49.80M
YoY Change 1.95% -15.6%
Total Long-Term Liabilities $1.924B $1.639B
YoY Change 17.42% -6.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $347.3M $246.8M
Total Long-Term Liabilities $1.924B $1.639B
Total Liabilities $2.272B $1.886B
YoY Change 20.46% -5.75%
SHAREHOLDERS EQUITY
Retained Earnings $1.132B $1.033B
YoY Change 9.56% 9.91%
Common Stock $845.7M $840.5M
YoY Change 0.62% 0.6%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.000K $21.00K
YoY Change -76.19% 31.25%
Treasury Stock Shares 574.0 shares 2.470K shares
Shareholders Equity $1.954B $1.858B
YoY Change
Total Liabilities & Shareholders Equity $5.972B $5.361B
YoY Change 11.38% 0.86%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $23.43M $27.40M
YoY Change -14.5% -22.13%
Depreciation, Depletion And Amortization $35.06M $33.89M
YoY Change 3.45% 2.09%
Cash From Operating Activities $105.4M $96.94M
YoY Change 8.78% 79.58%
INVESTING ACTIVITIES
Capital Expenditures $78.43M $59.19M
YoY Change 32.5% 13.88%
Acquisitions
YoY Change
Other Investing Activities -$1.008M -$1.836M
YoY Change -45.1% -0.05%
Cash From Investing Activities -$76.59M -$55.29M
YoY Change 38.53% 13.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.222M $2.304M
YoY Change 39.84% 23.47%
Debt Paid & Issued, Net $1.064M $1.064M
YoY Change 0.0% 0.0%
Cash From Financing Activities $231.6M -$31.55M
YoY Change -834.05% 328.93%
NET CHANGE
Cash From Operating Activities $105.4M $96.94M
Cash From Investing Activities -$76.59M -$55.29M
Cash From Financing Activities $231.6M -$31.55M
Net Change In Cash $260.4M $10.10M
YoY Change 2477.77% -588.78%
FREE CASH FLOW
Cash From Operating Activities $105.4M $96.94M
Capital Expenditures $78.43M $59.19M
Free Cash Flow $27.01M $37.75M
YoY Change -28.43% 1784.47%

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CY2015Q1 us-gaap Interest Payable Current
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CY2014Q4 us-gaap Liabilities And Stockholders Equity
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CY2015Q1 us-gaap Liabilities And Stockholders Equity
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CY2015Q1 us-gaap Liabilities Current
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CY2015Q1 us-gaap Liabilities Noncurrent
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CY2014Q4 us-gaap Life Insurance Corporate Or Bank Owned Amount
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23893000 USD
CY2015Q1 us-gaap Life Insurance Corporate Or Bank Owned Amount
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23807000 USD
CY2014Q4 us-gaap Long Term Debt Current
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CY2015Q1 us-gaap Long Term Debt Current
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CY2014Q4 us-gaap Long Term Debt Noncurrent
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CY2015Q1 us-gaap Long Term Debt Noncurrent
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CY2014Q4 us-gaap Long Term Investments
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CY2015Q1 us-gaap Long Term Investments
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161481000 USD
CY2015Q1 us-gaap Loss Contingency Estimate Of Possible Loss
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0 USD
CY2013Q4 us-gaap Minority Interest
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4090000 USD
CY2014Q1 us-gaap Minority Interest
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CY2014Q4 us-gaap Minority Interest
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4364000 USD
CY2015Q1 us-gaap Minority Interest
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CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
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-31548000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-55287000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-76591000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2015Q1 us-gaap Net Income Loss
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CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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-219000 USD
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2015Q1 us-gaap Notes Payable Current
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CY2015Q1 us-gaap Operating Expenses
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CY2015Q1 us-gaap Operating Income Loss
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CY2015Q1 us-gaap Other Assets Current
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CY2015Q1 us-gaap Other Assets Noncurrent
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CY2014Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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55000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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46000 USD
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-432000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2014Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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428000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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710000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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1095000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-655000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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-1049000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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432000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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667000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-278000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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-428000 USD
CY2014Q1 us-gaap Other General Expense
OtherGeneralExpense
3770000 USD
CY2015Q1 us-gaap Other General Expense
OtherGeneralExpense
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CY2015Q1 us-gaap Other Inventory Supplies
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23975000 USD
CY2015Q1 us-gaap Other Liabilities Current
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CY2015Q1 us-gaap Other Liabilities Noncurrent
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CY2014Q1 us-gaap Other Noncash Income Expense
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-771000 USD
CY2015Q1 us-gaap Other Noncash Income Expense
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494000 USD
CY2014Q1 us-gaap Other Nonoperating Income Expense
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CY2015Q1 us-gaap Other Nonoperating Income Expense
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1961000 USD
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CY2015Q1 us-gaap Other Receivables
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399000 USD
CY2015Q1 us-gaap Other Sales Revenue Net
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-50000 USD
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
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21879000 USD
CY2015Q1 us-gaap Payments Of Dividends Common Stock
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24054000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2014Q1 us-gaap Pension And Other Postretirement Benefit Contributions
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1349000 USD
CY2015Q1 us-gaap Pension And Other Postretirement Benefit Contributions
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CY2014Q1 us-gaap Pension And Other Postretirement Benefit Expense
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CY2015Q1 us-gaap Pension And Other Postretirement Benefit Expense
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403334000 USD
CY2015Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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410091000 USD
CY2014Q4 us-gaap Plant Held For Future Use Amount
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7090000 USD
CY2015Q1 us-gaap Plant Held For Future Use Amount
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7090000 USD
CY2014Q4 us-gaap Prepaid Expense Current
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CY2015Q1 us-gaap Prepaid Expense Current
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CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
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160000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2014Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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250000000 USD
CY2014Q1 us-gaap Proceeds From Payments For Other Financing Activities
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1149000 USD
CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2014Q1 us-gaap Proceeds From Repayments Of Short Term Debt
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CY2015Q1 us-gaap Proceeds From Repayments Of Short Term Debt
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12100000 USD
CY2014Q1 us-gaap Proceeds From Sale Of Intangible Assets
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1274000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Intangible Assets
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CY2014Q1 us-gaap Profit Loss
ProfitLoss
27185000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
23344000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3833477000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3864045000 USD
CY2014Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
17256000 USD
CY2015Q1 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
17160000 USD
CY2014Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
4079000 USD
CY2015Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
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5187000 USD
CY2014Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
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4079000 USD
CY2015Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
5187000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
1841011000 USD
CY2015Q1 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
1860279000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Construction Work In Progress
PublicUtilitiesPropertyPlantAndEquipmentConstructionWorkInProgress
401930000 USD
CY2015Q1 us-gaap Public Utilities Property Plant And Equipment Construction Work In Progress
PublicUtilitiesPropertyPlantAndEquipmentConstructionWorkInProgress
438055000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Net
PublicUtilitiesPropertyPlantAndEquipmentNet
3407201000 USD
CY2015Q1 us-gaap Public Utilities Property Plant And Equipment Net
PublicUtilitiesPropertyPlantAndEquipmentNet
3401740000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
5248212000 USD
CY2015Q1 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
5262019000 USD
CY2014Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-432000 USD
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-667000 USD
CY2014Q1 us-gaap Regulated Operating Revenue Other
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CY2015Q1 us-gaap Regulated Operating Revenue Other
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CY2014Q4 us-gaap Regulatory Assets Current
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CY2015Q1 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
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CY2014Q4 us-gaap Regulatory Assets Noncurrent
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1192345000 USD
CY2015Q1 us-gaap Regulatory Assets Noncurrent
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CY2014Q4 us-gaap Regulatory Liability Current
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CY2015Q1 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
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390207000 USD
CY2015Q1 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
397161000 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt
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CY2015Q1 us-gaap Repayments Of Long Term Debt
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1064000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2014Q1 us-gaap Sales Revenue Net
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CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
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CY2014Q4 us-gaap Short Term Borrowings
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31300000 USD
CY2015Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
43400000 USD
CY2014Q4 us-gaap Short Term Debt Weighted Average Interest Rate
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0.0043
CY2015Q1 us-gaap Short Term Debt Weighted Average Interest Rate
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CY2014Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
160000 USD
CY2015Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0 USD
CY2014Q1 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
2451000 USD
CY2015Q1 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
3497000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1957565000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2014Q1 us-gaap Stockholders Equity Other
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562000 USD
CY2015Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
310000 USD
CY2014Q1 us-gaap Taxes Excluding Income And Excise Taxes
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CY2015Q1 us-gaap Taxes Excluding Income And Excise Taxes
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CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
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CY2015Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
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CY2014Q4 us-gaap Trading Securities
TradingSecurities
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CY2015Q1 us-gaap Trading Securities
TradingSecurities
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CY2014Q4 us-gaap Treasury Stock Shares
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CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
574 shares
CY2013Q4 us-gaap Treasury Stock Value
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8000 USD
CY2014Q1 us-gaap Treasury Stock Value
TreasuryStockValue
21000 USD
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
280000 USD
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
5000 USD
CY2014Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2464000 USD
CY2015Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3222000 USD
CY2014Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
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CY2015Q1 us-gaap Unbilled Receivables Current
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CY2014Q1 us-gaap Utilities Operating Expense
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CY2015Q1 us-gaap Utilities Operating Expense
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CY2014Q1 us-gaap Utilities Operating Expense Depreciation And Amortization
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32875000 USD
CY2015Q1 us-gaap Utilities Operating Expense Depreciation And Amortization
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34043000 USD
CY2014Q1 us-gaap Utilities Operating Expense Fuel Used
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55327000 USD
CY2015Q1 us-gaap Utilities Operating Expense Fuel Used
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CY2014Q1 us-gaap Utilities Operating Expense Maintenance And Operations
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CY2015Q1 us-gaap Utilities Operating Expense Maintenance And Operations
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CY2014Q1 us-gaap Utilities Operating Expense Purchased Power
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CY2015Q1 us-gaap Utilities Operating Expense Purchased Power
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CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50260000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50131000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50220000 shares
CY2015Q1 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, consolidated results of operations for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;">, and consolidated cash flows for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;">.&#160; These adjustments are of a normal and recurring nature.&#160; These financial statements do not contain the complete detail or footnote disclosure concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in IDACORP&#8217;s and Idaho Power&#8217;s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">.&#160; 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.</font></div></div>
CY2015Q1 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.&#160; Market risk may be influenced by market participants&#8217; nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity.&#160; 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.&#160; The primary objectives of Idaho Power&#8217;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.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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).</font></div></div>
CY2015Q1 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Settlement gains and losses on electricity swap contracts are recorded on the income statement in off-system sales or purchased power depending on the forecasted position being economically hedged by the derivative contract.&#160; Settlement gains and losses on contracts for natural gas are reflected in fuel expense.&#160; Settlement gains and losses on diesel derivatives are recorded in other operations and maintenance expense.</font></div></div>
CY2015Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CONTINGENCIES</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, including the items described in this Note 9. Some of these claims, controversies, disputes, and other contingent matters involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. In such cases, there may be a possible exposure to loss in excess of any amounts accrued. IDACORP and Idaho Power monitor those matters for developments that could affect the likelihood of a loss and the accrued amount, if any, and adjust the amount as appropriate. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power&#8217;s operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Western Energy Proceedings&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">High prices for electricity, energy shortages, and blackouts in California and in western wholesale markets during 2000 and 2001 caused numerous purchasers of electricity in those markets to initiate proceedings seeking refunds or other forms of relief and the FERC to initiate its own investigations. Some of these proceedings remain pending before the FERC or are on appeal to the United States Court of Appeals for the Ninth Circuit. Idaho Power and IESCo (as successor to IDACORP Energy L.P.) believe that settlement releases they have obtained will restrict potential claims that might result from the disposition of pending proceedings and predict that these matters will not have a material adverse effect on IDACORP's or Idaho Power's results of operations or financial condition. However, the settlements and associated FERC orders have not fully eliminated the potential for so-called "ripple claims," which involve potential claims for refunds in the Pacific Northwest markets from an upstream seller of power based on a finding that its downstream buyer was liable for refunds as a seller of power during the relevant period. The FERC has characterized these ripple claims as "speculative." However, the FERC has refused to dismiss Idaho Power and IESCo from the proceedings in the Pacific Northwest and refused to approve portions of two settlements that provided for waivers of claims in those proceedings, despite only limited objections from two market participants to one of the two settlements and no objections to the other settlement. Idaho Power and IESCo have petitions for review of the FERC's decisions refusing to approve the waiver provision of the settlements, on the basis that the FERC failed to apply its established precedents and rules. The petitions for review are pending in the Ninth Circuit Court of Appeals.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Based on its evaluation of the merits of ripple claims and the inability to estimate the potential exposure should the claims ultimately have any merit, particularly in light of Idaho Power and IESCo being both purchasers and sellers in the energy market during the relevant period, Idaho Power and IESCo have </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> amount accrued relating to the proceedings. To the extent the availability of any ripple claims materializes, Idaho Power and IESCo will continue to vigorously defend their positions in the proceedings.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Other Proceedings</font><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">IDACORP and Idaho Power are parties to legal claims and legal and regulatory actions and proceedings in the ordinary course of business that are in addition to those discussed above and, as noted above, record an accrual for associated loss contingencies when they are probable and reasonably estimable. As of the date of this report the companies believe that resolution of those matters will not have a material adverse effect on their respective consolidated financial statements. Idaho Power is also actively monitoring various pending environmental regulations, including the U.S. Environmental Protection Agency's proposed rule under Section 111(d) of the Clean Air Act, that may have a significant impact on its future operations. Given uncertainties regarding the outcome, timing, and compliance plans for these environmental matters, Idaho Power is unable to estimate the financial impact of these regulations but does believe that future capital investment for infrastructure and modifications to its electric generating facilities to comply with these regulations could be significant.</font></div></div>
CY2015Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power.&#160; 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.&#160; Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the Federal Energy Regulatory Commission (FERC).&#160; Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint venturer in Bridger Coal Company (BCC), which mines and supplies coal to the Jim Bridger generating plant owned in part by Idaho Power.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">IDACORP&#8217;s other wholly-owned subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate investments; Ida-West Energy Company (Ida-West), an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA); and IDACORP Energy Services Co. (IESCo), which is the former limited partner of, and current successor by merger to, IDACORP Energy L.P. (IE), a marketer of energy commodities that wound down operations in 2003.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management makes estimates and assumptions when preparing financial statements in conformity with generally accepted accounting principles.&#160; These estimates and assumptions include those related to rate regulation, retirement benefits, contingencies, litigation, asset impairment, income taxes, unbilled revenues, and bad debt.&#160; 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.&#160; These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control.&#160; Accordingly, actual results could differ from those estimates.</font></div></div>

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