2017 Form 10-K Financial Statement

#000105787718000027 Filed on February 22, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016
Revenue $1.349B $293.6M $1.262B
YoY Change 6.93% 2.87% -0.65%
Cost Of Revenue $249.0M $74.90M $246.4M
YoY Change 1.06% 20.61% 8.45%
Gross Profit $1.101B $218.7M $1.016B
YoY Change 8.36% -2.06% -2.64%
Gross Profit Margin 81.55% 74.49% 80.47%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $165.9M $37.10M $147.3M
YoY Change 12.65% 2.2% 3.31%
% of Gross Profit 15.08% 16.96% 14.5%
Operating Expenses $1.034B $154.7M $978.4M
YoY Change 5.67% -7.03% -0.99%
Operating Profit $315.5M $64.00M $283.6M
YoY Change 11.27% 12.48% 0.53%
Interest Expense $83.75M -$22.90M $82.04M
YoY Change 2.09% -20.76% 0.12%
% of Operating Profit 26.54% -35.78% 28.93%
Other Income/Expense, Net $12.55M -$200.0K $15.86M
YoY Change -20.88% -101.96% -38.78%
Pretax Income $261.8M $41.00M $234.5M
YoY Change 11.65% 7.33% -2.38%
Income Tax $48.66M $7.800M $36.43M
% Of Pretax Income 18.58% 19.02% 15.53%
Net Earnings $212.4M $33.20M $198.3M
YoY Change 7.13% 4.4% 1.85%
Net Earnings / Revenue 15.74% 11.31% 15.71%
Basic Earnings Per Share $4.22 $3.94
Diluted Earnings Per Share $4.21 $658.7K $3.94
COMMON SHARES
Basic Shares Outstanding 50.36M shares 50.40M shares 50.30M shares
Diluted Shares Outstanding 50.42M shares 50.37M shares

Balance Sheet

Concept 2017 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.60M $61.50M $61.50M
YoY Change 24.55% -46.43% -46.43%
Cash & Equivalents $76.60M $61.48M $61.50M
Short-Term Investments
Other Short-Term Assets $140.8M $5.961M $167.7M
YoY Change -16.04% 1969.79% 25.81%
Inventory $112.4M $111.6M $111.6M
Prepaid Expenses $18.39M
Receivables $75.20M $71.56M $71.60M
Other Receivables $38.60M $28.00M $28.00M
Total Short-Term Assets $443.6M $440.3M $440.3M
YoY Change 0.75% -4.7% -4.7%
LONG-TERM ASSETS
Property, Plant & Equipment $4.284B $4.172B $4.172B
YoY Change 2.68% 4.5% 4.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $115.7M $11.21M $125.2M
YoY Change -7.59% 0.81% -11.02%
Other Assets $1.198B $62.06M $1.520B
YoY Change -21.16% 54.31% 9.0%
Total Long-Term Assets $5.602B $5.850B $5.850B
YoY Change -4.24% 5.18% 5.18%
TOTAL ASSETS
Total Short-Term Assets $443.6M $440.3M $440.3M
Total Long-Term Assets $5.602B $5.850B $5.850B
Total Assets $6.045B $6.290B $6.290B
YoY Change -3.89% 4.43% 4.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.30M $106.2M $106.2M
YoY Change -14.97% 11.17% 11.2%
Accrued Expenses $69.40M $68.20M $68.20M
YoY Change 1.76% 4.44% 4.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $21.80M $21.80M
YoY Change -100.0% 9.0% 9.0%
Long-Term Debt Due $0.00 $1.064M $1.100M
YoY Change -100.0% 0.0% 0.0%
Total Short-Term Liabilities $200.7M $249.7M $249.7M
YoY Change -19.62% 3.06% 3.05%
LONG-TERM LIABILITIES
Long-Term Debt $1.746B $1.745B $1.745B
YoY Change 0.09% 1.11% 1.11%
Other Long-Term Liabilities $1.182B $45.08M $893.5M
YoY Change 32.23% -1.71% 4.36%
Total Long-Term Liabilities $2.928B $2.138B $2.638B
YoY Change 10.97% 7.23% 2.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $200.7M $249.7M $249.7M
Total Long-Term Liabilities $2.928B $2.138B $2.638B
Total Liabilities $3.794B $2.387B $4.136B
YoY Change -8.27% 6.78% 4.3%
SHAREHOLDERS EQUITY
Retained Earnings $1.323B
YoY Change 7.57%
Common Stock $851.8M
YoY Change 0.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $243.0K
YoY Change 326.32%
Treasury Stock Shares 23.24K shares
Shareholders Equity $2.251B $2.154B $2.154B
YoY Change
Total Liabilities & Shareholders Equity $6.045B $6.290B $6.290B
YoY Change -3.89% 4.43% 4.43%

Cashflow Statement

Concept 2017 2016 Q4 2016
OPERATING ACTIVITIES
Net Income $212.4M $33.20M $198.3M
YoY Change 7.13% 4.4% 1.85%
Depreciation, Depletion And Amortization $165.9M $37.10M $147.3M
YoY Change 12.65% 2.2% 3.31%
Cash From Operating Activities $435.2M $68.80M $344.2M
YoY Change 26.43% 10.26% -2.55%
INVESTING ACTIVITIES
Capital Expenditures $285.5M -$97.00M $297.0M
YoY Change -3.86% 66.95% 1.0%
Acquisitions
YoY Change
Other Investing Activities -$5.340M $600.0K -$4.655M
YoY Change 14.72% -185.71% 481.15%
Cash From Investing Activities -$280.4M -$96.40M -$293.9M
YoY Change -4.59% 63.95% 0.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.212M $3.329M
YoY Change -3.51% 1.59%
Debt Paid & Issued, Net $1.064M $101.1M
YoY Change -98.95% -16.52%
Cash From Financing Activities -$139.6M -11.70M -$103.6M
YoY Change 34.72% 17.0% 2864.63%
NET CHANGE
Cash From Operating Activities $435.2M 68.80M $344.2M
Cash From Investing Activities -$280.4M -96.40M -$293.9M
Cash From Financing Activities -$139.6M -11.70M -$103.6M
Net Change In Cash $15.17M -39.30M -$53.32M
YoY Change -128.45% 514.06% -191.94%
FREE CASH FLOW
Cash From Operating Activities $435.2M $68.80M $344.2M
Capital Expenditures $285.5M -$97.00M $297.0M
Free Cash Flow $149.7M $165.8M $47.25M
YoY Change 216.8% 37.59% -20.16%

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38645000 USD
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33245000 USD
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626000 USD
CY2016 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
100000 USD
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6543000 USD
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3540000 USD
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414103000 USD
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367238000 USD
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11401000 USD
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8636000 USD
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51326000 USD
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98744000 USD
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109673000 USD
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132362000 USD
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94493000 USD
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29490000 USD
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21066000 USD
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660940000 USD
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12371000 USD
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5182000 USD
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1244250000 USD
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660940000 USD
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17919000 USD
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21242000 USD
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500987000 USD
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306002000 USD
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948540000 USD
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584329000 USD
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7000000 USD
CY2016 us-gaap Defined Contribution Plan Cost Recognized
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8000000 USD
CY2017 us-gaap Defined Contribution Plan Cost Recognized
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7000000 USD
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142581000 USD
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147294000 USD
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165933000 USD
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1900000 USD
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2183000 USD
CY2017Q4 us-gaap Derivative Asset Fair Value Gross Liability
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553000 USD
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5951000 USD
CY2017Q4 us-gaap Derivative Assets
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22000 USD
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8134000 USD
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575000 USD
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5951000 USD
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22000 USD
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302000 USD
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1973000 USD
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0 USD
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1225000 USD
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0 USD
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1225000 USD
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200000 USD
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302000 USD
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748000 USD
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2000000 USD
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3.88
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3.94
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4.22
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3.87
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3.94
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4.21
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0.190
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0.155
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0.186
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0.35
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0.35
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2015 us-gaap Electric Domestic Regulated Revenue
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1151038000 USD
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1145993000 USD
CY2017 us-gaap Electric Domestic Regulated Revenue
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1205976000 USD
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1267505000 USD
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1259353000 USD
CY2017 us-gaap Electric Utility Revenue
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1344893000 USD
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30887000 USD
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25205000 USD
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33382000 USD
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45787000 USD
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47018000 USD
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0 USD
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53698000 USD
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56638000 USD
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12458000 USD
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25641000 USD
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24975000 USD
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11213000 USD
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11345000 USD
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97000 USD
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103000 USD
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131000 USD
CY2015 us-gaap Impairment Of Long Lived Assets Held For Use
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0 USD
CY2016 us-gaap Impairment Of Long Lived Assets Held For Use
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0 USD
CY2017 us-gaap Impairment Of Long Lived Assets Held For Use
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0 USD
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240235000 USD
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234517000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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261848000 USD
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11128000 USD
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12871000 USD
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11374000 USD
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45760000 USD
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36429000 USD
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48660000 USD
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0 USD
CY2016 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
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0 USD
CY2017 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
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1690000 USD
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6459000 USD
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4997000 USD
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0 USD
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84154000 USD
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8857000 USD
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3302000 USD
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14742000 USD
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12781000 USD
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82151000 USD
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91378000 USD
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17149000 USD
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18673000 USD
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18953000 USD
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-1021000 USD
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-3680000 USD
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-9528000 USD
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7343000 USD
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5071000 USD
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
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8153000 USD
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2963000 USD
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2922000 USD
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3081000 USD
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3258000 USD
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2579000 USD
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2559000 USD
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8147000 USD
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2440000 USD
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13300000 USD
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-4740000 USD
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2671000 USD
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818000 USD
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662000 USD
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4361000 USD
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14861000 USD
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10887000 USD
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-2814000 USD
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403000 USD
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1017000 USD
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3897000 USD
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8835000 USD
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-1093000 USD
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5650000 USD
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72000 shares
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75000 shares
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8922000 USD
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10273000 USD
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11242000 USD
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1774000 USD
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2082000 USD
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63000 shares
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1739000 USD
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2588000 USD
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2090000 USD
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10044000 USD
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10194000 USD
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8694000 USD
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81934000 USD
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82035000 USD
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83746000 USD
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83056000 USD
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81956000 USD
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81198000 USD
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2310000 USD
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79442000 USD
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78334000 USD
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80004000 USD
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22377000 USD
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22379000 USD
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2890000 USD
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4466000 USD
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3872000 USD
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492000 USD
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305000 USD
CY2017 us-gaap Investment Tax Credit
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7425000 USD
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125174000 USD
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115698000 USD
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4400000 USD
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4900000 USD
CY2017 us-gaap Lease And Rental Expense
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5600000 USD
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6289897000 USD
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6045405000 USD
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249715000 USD
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200749000 USD
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2137702000 USD
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1842419000 USD
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57553000 USD
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59323000 USD
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1745678000 USD
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1746123000 USD
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1064000 USD
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0 USD
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1460345000 USD
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0 USD
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75000000 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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0 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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230000000 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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0 USD
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1744614000 USD
CY2017Q4 us-gaap Long Term Debt Noncurrent
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1746123000 USD
CY2016Q4 us-gaap Long Term Investments
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125164000 USD
CY2017Q4 us-gaap Long Term Investments
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115698000 USD
CY2016Q4 us-gaap Longterm Pollution Control Bond Current And Noncurrent
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170460000 USD
CY2017Q4 us-gaap Longterm Pollution Control Bond Current And Noncurrent
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170460000 USD
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4364000 USD
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4160000 USD
CY2016Q4 us-gaap Minority Interest
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3960000 USD
CY2017Q4 us-gaap Minority Interest
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4729000 USD
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-3494000 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
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-103584000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
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-291706000 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
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-297444000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
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-283300000 USD
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
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353194000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
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347706000 USD
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CY2017 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
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<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. 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. 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&#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>
CY2017 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. 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.</font></div></div>
CY2017 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<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 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.&#160;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.&#160;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.&#160;As of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, management believes the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective consolidated balance sheets with respect to these indemnification obligations.</font></div></div>
CY2017 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;font-weight:bold;">Nature of Business</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 is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sales, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the Federal Energy Regulatory Commission (FERC). Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint venturer in Bridger Coal Company (BCC), which mines and supplies coal to the Jim Bridger generating plant 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 significant wholly-owned subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate investments, and Ida-West Energy Company (Ida-West), an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978 (PURPA).</font></div></div>
CY2017 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;">Reclassifications</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%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In these consolidated financial statements, certain amounts in prior periods&#8217; consolidated financial statements have been reclassified to conform with current period presentation. On both IDACORP's and Idaho Power's 2016 consolidated balance sheets, the $9.5 million of American Falls and Milner water rights which had previously been reported separately was reclassified to "Other" within Other Assets and Deferred Debits, respectively. Also, on Idaho Power's 2016 consolidated balance sheet, $19.7 million was reclassified from "Other" in other assets to the newly created "Long-term receivables" within Deferred Debits. </font></div></div>
CY2017 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;font-weight:bold;">Management Estimates</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;">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&#8217;s control.&#160;Accordingly, actual results could differ from those estimates.</font></div></div>

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