2023 Q2 Form 10-Q Financial Statement

#000105787723000027 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $413.8M $385.7M $423.0M
YoY Change 15.36% 12.02% 26.25%
Cost Of Revenue $91.46M $171.1M $174.3M
YoY Change -0.29% 100.29% 89.88%
Gross Profit $322.4M $258.6M $248.6M
YoY Change 20.74% -0.12% 2.23%
Gross Profit Margin 77.9% 67.04% 58.79%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $48.27M $46.41M $46.22M
YoY Change 34.61% 2.01% 1.67%
% of Gross Profit 14.97% 17.95% 18.59%
Operating Expenses $240.1M $361.6M $191.9M
YoY Change -13.39% 27.48% 0.31%
Operating Profit $82.29M $68.10M $56.78M
YoY Change 0.97% 12.26% 9.31%
Interest Expense -$30.45M -$27.27M -$24.07M
YoY Change 32.7% 20.79% 9.18%
% of Operating Profit -37.0% -40.04% -42.4%
Other Income/Expense, Net $25.15M -$4.984M $17.53M
YoY Change -391.53% -41.07% 177.02%
Pretax Income $77.00M $63.12M $50.24M
YoY Change 5.65% 20.89% 38.68%
Income Tax $8.131M $7.095M $8.076M
% Of Pretax Income 10.56% 11.24% 16.08%
Net Earnings $68.57M $56.10M $42.05M
YoY Change 6.67% 21.27% 28.22%
Net Earnings / Revenue 16.57% 14.55% 9.94%
Basic Earnings Per Share $1.35 $1.11
Diluted Earnings Per Share $1.35 $1.11 $0.83
COMMON SHARES
Basic Shares Outstanding 50.61M shares 50.57M shares 50.56M shares
Diluted Shares Outstanding 50.76M shares 50.72M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $134.8M $357.8M $177.6M
YoY Change -48.73% 63.73% -17.5%
Cash & Equivalents $134.8M $357.8M $177.6M
Short-Term Investments
Other Short-Term Assets $292.0M $859.0K $40.34M
YoY Change 1784.31% -94.82% 606.71%
Inventory $137.7M $120.8M $107.2M
Prepaid Expenses $23.83M $19.02M $24.52M
Receivables $112.7M $101.1M $114.2M
Other Receivables $56.42M $72.01M $64.91M
Total Short-Term Assets $733.6M $990.9M $693.7M
YoY Change 5.81% 61.94% 16.41%
LONG-TERM ASSETS
Property, Plant & Equipment $5.456B $5.289B $5.173B
YoY Change 8.81% 6.08% 5.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $126.8M $121.0M $10.31M
YoY Change 11.22% 2.72% -0.72%
Other Assets $1.522B $65.79M $59.43M
YoY Change 2306.84% 7.14% 0.35%
Total Long-Term Assets $7.105B $6.888B $6.850B
YoY Change 5.13% 3.23% 3.55%
TOTAL ASSETS
Total Short-Term Assets $733.6M $990.9M $693.7M
Total Long-Term Assets $7.105B $6.888B $6.850B
Total Assets $7.839B $7.879B $7.543B
YoY Change 5.19% 8.16% 4.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $223.7M $201.8M $292.7M
YoY Change 46.59% 66.76% 100.52%
Accrued Expenses $79.97M $63.88M $83.33M
YoY Change 9.31% 3.9% 4.65%
Deferred Revenue $91.26M $87.48M $72.22M
YoY Change 35.4% 34.56% 66.13%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $125.0M $0.00
YoY Change
Total Short-Term Liabilities $468.3M $532.6M $548.6M
YoY Change 4.31% 62.58% 68.47%
LONG-TERM LIABILITIES
Long-Term Debt $2.482B $2.483B $2.194B
YoY Change 19.59% 21.09% 9.67%
Other Long-Term Liabilities $1.166B $121.3M $77.34M
YoY Change 1611.17% 82.65% 21.82%
Total Long-Term Liabilities $3.648B $2.604B $1.986B
YoY Change 70.16% 23.02% -10.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $468.3M $532.6M $548.6M
Total Long-Term Liabilities $3.648B $2.604B $1.986B
Total Liabilities $4.985B $3.137B $2.534B
YoY Change 92.28% 28.32% -0.01%
SHAREHOLDERS EQUITY
Retained Earnings $1.982B $1.954B $1.938B
YoY Change 6.12% 6.09% 5.69%
Common Stock $884.3M $882.1M $882.2M
YoY Change 0.79% 0.8% 0.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.854B $2.823B $2.807B
YoY Change
Total Liabilities & Shareholders Equity $7.839B $7.879B $7.543B
YoY Change 5.19% 8.16% 4.61%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $68.57M $56.10M $42.05M
YoY Change 6.67% 21.27% 28.22%
Depreciation, Depletion And Amortization $48.27M $46.41M $46.22M
YoY Change 34.61% 2.01% 1.67%
Cash From Operating Activities $97.18M -$90.40M $82.31M
YoY Change 54.36% -197.2% 37.51%
INVESTING ACTIVITIES
Capital Expenditures $155.8M $118.4M $127.3M
YoY Change -270.15% 15.45% -223.54%
Acquisitions
YoY Change
Other Investing Activities $1.149M -$4.853M -$6.566M
YoY Change -108.16% 136.85% 120.63%
Cash From Investing Activities -$154.6M -$109.2M -$133.9M
YoY Change 46.39% 11.06% 26.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $100.0M
YoY Change
Cash From Financing Activities -165.6M $379.8M 2.922M
YoY Change -366.98% 4318.86% -107.64%
NET CHANGE
Cash From Operating Activities 97.18M -$90.40M 82.31M
Cash From Investing Activities -154.6M -$109.2M -133.9M
Cash From Financing Activities -165.6M $379.8M 2.922M
Net Change In Cash -223.0M $180.2M -48.65M
YoY Change -1253.52% 5350.44% -42.38%
FREE CASH FLOW
Cash From Operating Activities $97.18M -$90.40M $82.31M
Capital Expenditures $155.8M $118.4M $127.3M
Free Cash Flow -$58.61M -$208.8M -$45.01M
YoY Change -137.93% 2089.32% -127.63%

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CY2022Q4 us-gaap Other Liabilities Noncurrent
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CY2023Q1 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2023Q1 us-gaap Commitments And Contingencies
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CY2022Q4 us-gaap Commitments And Contingencies
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CY2023Q1 us-gaap Common Stock Shares Authorized
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CY2022Q4 us-gaap Common Stock Shares Authorized
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CY2023Q1 us-gaap Common Stock Shares Issued
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50608000 shares
CY2022Q4 us-gaap Common Stock Shares Issued
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CY2022Q1 ida Otherexpensedefinedbenefitplanbenefitcost
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CY2023Q1 us-gaap Common Stock Value
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CY2022Q4 us-gaap Common Stock Value
CommonStockValue
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CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2023Q1 us-gaap Stockholders Equity
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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q1 us-gaap Minority Interest
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CY2022Q4 us-gaap Minority Interest
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Profit Loss
ProfitLoss
56024000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
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CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2022Q1 us-gaap Depreciation Depletion And Amortization
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CY2023Q1 us-gaap Deferred Income Taxes And Tax Credits
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CY2022Q1 us-gaap Deferred Income Taxes And Tax Credits
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CY2023Q1 us-gaap Increase Decrease In Regulatory Assets And Liabilities
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CY2022Q1 us-gaap Increase Decrease In Regulatory Assets And Liabilities
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CY2023Q1 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
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CY2022Q1 us-gaap Pension And Other Postretirement Benefit Expense
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CY2023Q1 us-gaap Pension And Other Postretirement Benefit Contributions
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CY2022Q1 us-gaap Pension And Other Postretirement Benefit Contributions
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CY2023Q1 us-gaap Income Loss From Equity Method Investments
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CY2022Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2023Q1 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
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CY2022Q1 us-gaap Equity Method Investment Dividends Or Distributions
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2480000 usd
CY2023Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
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CY2022Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
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CY2022Q1 us-gaap Other Noncash Income Expense
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CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10750000 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2023Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2022Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2022Q1 us-gaap Increase Decrease In Other Current Assets
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44989000 usd
CY2023Q1 us-gaap Increase Decrease In Other Current Liabilities
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22968000 usd
CY2022Q1 us-gaap Increase Decrease In Other Current Liabilities
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16377000 usd
CY2023Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2022Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
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12912000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
118375000 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
102535000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
3123000 usd
CY2022Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
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CY2023Q1 us-gaap Payments For Proceeds From Real Estate Partnership Investment Net
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CY2022Q1 us-gaap Payments For Proceeds From Real Estate Partnership Investment Net
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2628000 usd
CY2023Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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CY2022Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
2920000 usd
CY2023Q1 us-gaap Payments To Acquire Equity Securities Fv Ni
PaymentsToAcquireEquitySecuritiesFvNi
755000 usd
CY2022Q1 us-gaap Payments To Acquire Equity Securities Fv Ni
PaymentsToAcquireEquitySecuritiesFvNi
20988000 usd
CY2023Q1 us-gaap Debt Securities Held To Maturity Purchase
DebtSecuritiesHeldToMaturityPurchase
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CY2022Q1 us-gaap Debt Securities Held To Maturity Purchase
DebtSecuritiesHeldToMaturityPurchase
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CY2023Q1 us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
2164000 usd
CY2022Q1 us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
51288000 usd
CY2023Q1 us-gaap Payments For Proceeds From Other Investing Activities
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CY2022Q1 us-gaap Payments For Proceeds From Other Investing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2023Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
522000000 usd
CY2022Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
50000000 usd
CY2023Q1 ida Premium Discount On Issuance Of Long Term Debt
PremiumDiscountOnIssuanceOfLongTermDebt
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CY2022Q1 ida Premium Discount On Issuance Of Long Term Debt
PremiumDiscountOnIssuanceOfLongTermDebt
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CY2023Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
100000000 usd
CY2022Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
40502000 usd
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
38371000 usd
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3255000 usd
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2958000 usd
CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
5330000 usd
CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-76000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
379801000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8595000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
180246000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3307000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
177577000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
215243000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
357823000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
218550000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
27276000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
25306000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
85858000 usd
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
52137000 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.79
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.75
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. 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 power plant (Jim Bridger plant) owned in part by Idaho Power.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span></div>IDACORP’s other notable 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.
CY2023Q1 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's condensed consolidated balance sheets as of March 31, 2023, condensed consolidated statements of income for the three months ended March 31, 2023 and 2022, and condensed consolidated cash flows for the three months ended March 31, 2023 and 2022. These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or note disclosures concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in IDACORP’s and Idaho Power’s Annual Report on Form 10-K for the year ended December 31, 2022 (2022 Annual Report). The statements of income for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective balance sheets and statements of income during the period in which such change occurred.
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
Management makes estimates and assumptions when preparing financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). These estimates and assumptions include, among others, those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates.
CY2023Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
16266000 usd
CY2022Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
13458000 usd
CY2023Q1 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-3750000 usd
CY2022Q1 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
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CY2023Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-2671000 usd
CY2022Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-2503000 usd
CY2023Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-2750000 usd
CY2022Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-4929000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7095000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6026000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.112
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.115
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
137000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
5062000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
385666000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
318182000 usd
CY2023Q1 us-gaap Regulated Operating Revenue Other
RegulatedOperatingRevenueOther
43672000 usd
CY2022Q1 us-gaap Regulated Operating Revenue Other
RegulatedOperatingRevenueOther
25739000 usd
CY2023Q1 us-gaap Regulated Operating Revenue Electric Non Nuclear
RegulatedOperatingRevenueElectricNonNuclear
429338000 usd
CY2022Q1 us-gaap Regulated Operating Revenue Electric Non Nuclear
RegulatedOperatingRevenueElectricNonNuclear
343921000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
385666000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
318182000 usd
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4850000 usd
CY2023Q1 us-gaap Regulated Operating Revenue Other
RegulatedOperatingRevenueOther
43672000 usd
CY2022Q1 us-gaap Regulated Operating Revenue Other
RegulatedOperatingRevenueOther
25739000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
5034000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4499000 usd
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
577000 usd
CY2022Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
488000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
549000 usd
CY2023Q1 ida Allowance For Uncollectible Accounts As A Percentage Of Customer Receivables
AllowanceForUncollectibleAccountsAsAPercentageOfCustomerReceivables
0.048
CY2022Q1 ida Allowance For Uncollectible Accounts As A Percentage Of Customer Receivables
AllowanceForUncollectibleAccountsAsAPercentageOfCustomerReceivables
0.056
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
56098000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
46260000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50688000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50632000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
35000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
28000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50723000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50660000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.11
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.91
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.11
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.91
CY2023Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
CONTINGENCIES<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, some of which involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power's operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred, although there is no assurance that such recovery would be granted.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">IDACORP and Idaho Power are parties to legal claims and legal, tax, and regulatory actions and proceedings in the ordinary course of business and, as noted above, record an accrual for associated loss contingencies when they are probable and reasonably estimable. In connection with its utility operations, Idaho Power is subject to claims by individuals, entities, and governmental agencies for damages for alleged personal injury, property damage, and economic losses, relating to the company’s provision of electric service and the operation of its generation, transmission, and distribution facilities. Some of those claims relate to electrical contacts, service quality, property damage, and wildfires. In recent years, utilities in the western United States have been subject to significant liability for personal injury, loss of life, property damage, trespass, and economic losses, and in some cases, punitive damages and criminal charges, associated with wildfires that originated from utility property, most commonly transmission and distribution lines. Idaho Power has also regularly received claims by governmental agencies and private landowners for damages for fires allegedly originating from Idaho Power’s transmission and distribution system. As of the date of this report, the companies believe that resolution of existing claims will not have a material adverse effect on their respective condensed consolidated financial statements.</span></div>Idaho Power is also actively monitoring various pending environmental regulations and executive orders related to environmental matters that may have a significant impact on its future operations. Given uncertainties regarding the outcome, timing, and compliance plans for these environmental matters, Idaho Power is unable to estimate the financial impact of these regulations.
CY2023Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
8409000 usd
CY2022Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
13730000 usd
CY2023Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
14758000 usd
CY2022Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
11584000 usd
CY2023Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
15853000 usd
CY2022Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
18628000 usd
CY2023Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
473000 usd
CY2022Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
71000 usd
CY2023Q1 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
130000 usd
CY2022Q1 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-4594000 usd
CY2023Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
7657000 usd
CY2022Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
11351000 usd
CY2023Q1 ida Defined Benefit Plan Regulatory Adjustments Deferred
DefinedBenefitPlanRegulatoryAdjustmentsDeferred
5060000 usd
CY2022Q1 ida Defined Benefit Plan Regulatory Adjustments Deferred
DefinedBenefitPlanRegulatoryAdjustmentsDeferred
8373000 usd
CY2023Q1 ida Defined Benefit Plan Regulated Ipuc Authorizedrecoveredpensioncost
DefinedBenefitPlanRegulatedIPUCAuthorizedrecoveredpensioncost
4288000 usd
CY2022Q1 ida Defined Benefit Plan Regulated Ipuc Authorizedrecoveredpensioncost
DefinedBenefitPlanRegulatedIPUCAuthorizedrecoveredpensioncost
4288000 usd
CY2023Q1 ida Defined Benefit Plan Net Periodic Benefit Cost After Regulatory Adjustments
DefinedBenefitPlanNetPeriodicBenefitCostAfterRegulatoryAdjustments
6885000 usd
CY2022Q1 ida Defined Benefit Plan Net Periodic Benefit Cost After Regulatory Adjustments
DefinedBenefitPlanNetPeriodicBenefitCostAfterRegulatoryAdjustments
7266000 usd
CY2023Q1 ida Net Service Cost Defined Benefit Plan
NetServiceCostDefinedBenefitPlan
5300000 usd
CY2022Q1 ida Net Service Cost Defined Benefit Plan
NetServiceCostDefinedBenefitPlan
4900000 usd
CY2023Q1 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
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.<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All of Idaho Power's derivative instruments have been entered into for the purpose of securing energy resources for future periods or economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). These types of transactions are excluded from the offsetting presented in the derivative fair value and offsetting table that follows.</span></div>
CY2023Q1 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
Settlement gains and losses on electricity swap contracts are recorded on the income statement in operating revenues or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other O&amp;M expense.
CY2023Q1 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
40200000 usd
CY2023Q1 us-gaap Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
62900000 usd
CY2023Q1 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
22900000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
16406000 usd
CY2023Q1 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
14361000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
2045000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
40130000 usd
CY2023Q1 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
32710000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
7420000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
74346000 usd
CY2022Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
33428000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
40918000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
21589000 usd
CY2022Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
14801000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
6788000 usd
CY2023Q1 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
18400000 usd
CY2023Q1 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
16000 usd
CY2022Q4 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
18600000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
55000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
70000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
6234000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
16505000 usd
CY2023Q1 us-gaap Derivative Assets
DerivativeAssets
2045000 usd
CY2022Q4 us-gaap Derivative Assets
DerivativeAssets
40918000 usd
CY2023Q1 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
33083000 usd
CY2022Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
34129000 usd
CY2023Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
7420000 usd
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
6788000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-142000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-1057000 usd
CY2023Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
429659000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
56098000 usd
CY2023Q1 us-gaap Assets
Assets
7878892000 usd
CY2022Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
344288000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
46260000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
197000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
1127000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-51000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-290000 usd
CY2023Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-146000 usd
CY2022Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-837000 usd

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