2024 Q1 Form 10-K Financial Statement

#000105787724000005 Filed on February 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $417.9M $412.0M $1.640B
YoY Change 8.36% -2.6% 5.24%
Cost Of Revenue $111.9M $96.13M $489.0M
YoY Change -34.6% -44.85% -10.07%
Gross Profit $337.0M $315.8M $1.277B
YoY Change 30.35% 27.02% 16.1%
Gross Profit Margin 80.65% 76.67% 77.91%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $55.17M $53.31M $199.9M
YoY Change 18.89% 15.34% 15.18%
% of Gross Profit 16.37% 16.88% 15.65%
Operating Expenses $399.3M $279.0M $1.453B
YoY Change 10.45% 45.43% 10.33%
Operating Profit $49.60M $36.79M $313.5M
YoY Change -27.18% -35.2% -4.19%
Interest Expense -$38.15M -$35.59M $116.5M
YoY Change 39.9% 47.84% 30.3%
% of Operating Profit -76.92% -96.72% 37.15%
Other Income/Expense, Net -$6.874M $28.45M -$24.29M
YoY Change 37.92% 62.32% -18.43%
Pretax Income $42.72M $29.65M $289.2M
YoY Change -32.32% -40.97% -2.76%
Income Tax -$5.546M -$1.704M $27.30M
% Of Pretax Income -12.98% -5.75% 9.44%
Net Earnings $48.17M $31.26M $261.2M
YoY Change -14.13% -25.67% 0.85%
Net Earnings / Revenue 11.53% 7.59% 15.93%
Basic Earnings Per Share $0.95 $5.15
Diluted Earnings Per Share $0.95 $0.61 $5.14
COMMON SHARES
Basic Shares Outstanding 50.63M shares 50.62M shares 50.72M shares
Diluted Shares Outstanding 50.79M shares 50.81M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $157.6M $327.4M $327.4M
YoY Change -55.96% 84.39% 84.39%
Cash & Equivalents $157.6M $327.4M $327.4M
Short-Term Investments
Other Short-Term Assets $27.00K $71.00K $339.7M
YoY Change -96.86% -99.82% 47.83%
Inventory $180.3M $160.5M $160.5M
Prepaid Expenses $20.69M $22.84M
Receivables $116.0M $107.3M $107.3M
Other Receivables $44.10M $69.24M $69.24M
Total Short-Term Assets $780.3M $1.004B $1.004B
YoY Change -21.26% 44.75% 44.75%
LONG-TERM ASSETS
Property, Plant & Equipment $5.846B $5.745B $5.745B
YoY Change 10.54% 11.06% 11.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $156.3M $9.897M $164.0M
YoY Change 29.18% -4.02% 35.12%
Other Assets $53.02M $53.81M $1.563B
YoY Change -19.42% -9.45% 0.47%
Total Long-Term Assets $7.567B $7.472B $7.472B
YoY Change 9.86% 9.08% 9.08%
TOTAL ASSETS
Total Short-Term Assets $780.3M $1.004B $1.004B
Total Long-Term Assets $7.567B $7.472B $7.472B
Total Assets $8.347B $8.476B $8.476B
YoY Change 5.95% 12.36% 12.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $199.7M $308.5M $308.5M
YoY Change -1.05% 5.39% 5.39%
Accrued Expenses $76.45M $102.9M $102.9M
YoY Change 19.67% 23.54% 23.54%
Deferred Revenue $105.6M $104.3M
YoY Change 20.73% 44.41%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $49.80M $49.80M $49.80M
YoY Change -60.16%
Total Short-Term Liabilities $505.4M $634.1M $634.1M
YoY Change -5.11% 15.59% 15.59%
LONG-TERM LIABILITIES
Long-Term Debt $2.776B $2.776B $2.776B
YoY Change 11.8% 26.51% 26.51%
Other Long-Term Liabilities $160.9M $160.0M $1.269B
YoY Change 32.61% 106.91% 14.08%
Total Long-Term Liabilities $2.937B $2.151B $4.044B
YoY Change 12.77% 8.33% 22.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $505.4M $634.1M $634.1M
Total Long-Term Liabilities $2.937B $2.151B $4.044B
Total Liabilities $3.442B $2.785B $5.568B
YoY Change 9.73% 9.9% 17.57%
SHAREHOLDERS EQUITY
Retained Earnings $2.042B $2.036B
YoY Change 4.52% 5.07%
Common Stock $890.0M $888.6M
YoY Change 0.9% 0.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.915B $2.908B $2.908B
YoY Change
Total Liabilities & Shareholders Equity $8.347B $8.476B $8.476B
YoY Change 5.95% 12.36% 12.36%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $48.17M $31.26M $261.2M
YoY Change -14.13% -25.67% 0.85%
Depreciation, Depletion And Amortization $55.17M $53.31M $199.9M
YoY Change 18.89% 15.34% 15.18%
Cash From Operating Activities $109.7M $105.0M $267.0M
YoY Change -221.33% 27.6% -23.99%
INVESTING ACTIVITIES
Capital Expenditures $260.0M $183.9M $611.1M
YoY Change 119.62% 44.47% 41.27%
Acquisitions
YoY Change
Other Investing Activities -$4.940M $5.890M -$2.153M
YoY Change 1.79% -189.7% -55.84%
Cash From Investing Activities -$234.7M -$178.0M -$589.9M
YoY Change 114.98% 32.99% 39.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.274M
YoY Change 5.24%
Debt Paid & Issued, Net $0.00 $225.0M
YoY Change -100.0% 5060.55%
Cash From Financing Activities -$44.87M -45.03M $472.8M
YoY Change -111.81% -1641.0% 1238.69%
NET CHANGE
Cash From Operating Activities $109.7M 105.0M $267.0M
Cash From Investing Activities -$234.7M -178.0M -$589.9M
Cash From Financing Activities -$44.87M -45.03M $472.8M
Net Change In Cash -$169.8M -118.0M $149.9M
YoY Change -194.23% 142.64% -497.84%
FREE CASH FLOW
Cash From Operating Activities $109.7M $105.0M $267.0M
Capital Expenditures $260.0M $183.9M $611.1M
Free Cash Flow -$150.3M -$78.91M -$344.1M
YoY Change -28.01% 75.32% 323.24%

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Assets
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CY2022Q4 us-gaap Commitments And Contingencies
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CY2023 us-gaap Income Loss From Equity Method Investments
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CY2023 us-gaap Equity Method Investment Dividends Or Distributions
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CY2022 us-gaap Equity Method Investment Dividends Or Distributions
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CY2021 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
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CY2023 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
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CY2022 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
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CY2021 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
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CY2021 us-gaap Increase Decrease In Accounts Receivable
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CY2023 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2021 us-gaap Increase Decrease In Other Current Assets
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CY2022 us-gaap Increase Decrease In Other Current Liabilities
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CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2021 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
4304000 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
432589000 usd
CY2023 ida Paymentsreceivedfromtransmissionprojectjointfundingpartners
Paymentsreceivedfromtransmissionprojectjointfundingpartners
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CY2022 ida Paymentsreceivedfromtransmissionprojectjointfundingpartners
Paymentsreceivedfromtransmissionprojectjointfundingpartners
17778000 usd
CY2021 ida Paymentsreceivedfromtransmissionprojectjointfundingpartners
Paymentsreceivedfromtransmissionprojectjointfundingpartners
5876000 usd
CY2023 us-gaap Payments To Acquire Partners Interest In Real Estate Partnership Net Of Cash Acquired
PaymentsToAcquirePartnersInterestInRealEstatePartnershipNetOfCashAcquired
2533000 usd
CY2022 us-gaap Payments To Acquire Partners Interest In Real Estate Partnership Net Of Cash Acquired
PaymentsToAcquirePartnersInterestInRealEstatePartnershipNetOfCashAcquired
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CY2021 us-gaap Payments To Acquire Partners Interest In Real Estate Partnership Net Of Cash Acquired
PaymentsToAcquirePartnersInterestInRealEstatePartnershipNetOfCashAcquired
15148000 usd
CY2021 us-gaap Debt Securities Held To Maturity Purchase
DebtSecuritiesHeldToMaturityPurchase
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CY2022 us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
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CY2021 us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
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CY2023 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
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CY2022 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
25000000 usd
CY2021 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
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CY2022 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
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25000000 usd
CY2021 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
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CY2022 us-gaap Payments For Proceeds From Other Investing Activities
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CY2021 us-gaap Payments For Proceeds From Other Investing Activities
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2022 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2021 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2023 ida Premium On Issuance Of Long Term Debt
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CY2021 ida Premium On Issuance Of Long Term Debt
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CY2023 us-gaap Repayments Of Long Term Debt
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CY2022 us-gaap Repayments Of Long Term Debt
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CY2021 us-gaap Repayments Of Long Term Debt
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163545000 usd
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CY2021 us-gaap Payments Of Dividends Common Stock
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CY2023 us-gaap Payments For Repurchase Of Common Stock
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CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2021 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2022 us-gaap Proceeds From Payments For Other Financing Activities
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CY2021 us-gaap Proceeds From Payments For Other Financing Activities
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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149852000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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177577000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
215243000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
275116000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
327429000 usd
CY2023 ida Maturity Period Of Short Term Investments
MaturityPeriodOfShortTermInvestments
P90D
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
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
34330000 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
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CY2022 us-gaap Interest Paid Net
InterestPaidNet
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CY2021 us-gaap Interest Paid Net
InterestPaidNet
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CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
185400000 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
84324000 usd
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
53690000 usd
CY2023 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
3.20
CY2022 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
3.04
CY2021 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
2.88
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
2807239000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2023 us-gaap Debt Securities Held To Maturity Purchase
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CY2023 us-gaap Nature Of Operations
NatureOfOperations
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Nature of Business</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><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, 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 FERC. Idaho Power is the parent of IERCo, a joint-owner of BCC, which mines and supplies coal to the 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><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">IDACORP’s other notable wholly-owned subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small hydropower generation projects that satisfy the requirements of the PURPA.</span></div>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Management Estimates</span></div><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%">Management makes estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions include those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management’s control. Accordingly, actual results could differ from those estimates.</span></div>
CY2023Q4 ida Late Payment Fee Customer Billings
LatePaymentFeeCustomerBillings
0.01
CY2023 ida Period Of Time After Which Unpaid Accounts Are Deemed Late
PeriodOfTimeAfterWhichUnpaidAccountsAreDeemedLate
P30D
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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IncomeTaxReconciliationAfudc
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CY2021 ida Income Tax Reconciliation Afudc
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EffectiveIncomeTaxRateReconciliationRemovalCosts
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IncomeTaxReconciliationCapitalizedOverheadCosts
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CY2022 ida Restored Investment Tax Credit
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CY2021 ida Restored Investment Tax Credit
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CY2022 us-gaap Investment Tax Credit
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IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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CY2022Q4 us-gaap Deferred Tax Assets Other
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CY2022Q2 ida Annualfixedcostadjustmentmechanismdeferral
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RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q4 ida American Falls Bond Guarantee
AmericanFallsBondGuarantee
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
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CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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CY2023 us-gaap Stock Issued During Period Shares New Issues
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CY2021 us-gaap Stock Issued During Period Shares New Issues
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CY2023 ida Registered Public Offering Initial Common Shares Offered
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CY2023 ida Registered Public Offering Price Per Share
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CY2023 ida Registered Public Offering Issuance Amount
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CY2023 ida Registered Public Offering Initial Common Shares Offered Greenshoe
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CY2023 ida Registered Public Offering Issuance Amount Greenshoe
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CY2023 ida Registered Public Offering Initial Common Shares Offered Total
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CY2023 ida Initial Forward Sale Price Per Share
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CY2023Q4 ida Common Shares To Deliver To Settle Forward Sales Agreement Gross
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CY2023Q4 ida Cash Received On Settlement Of Forward Sale Agreement
CashReceivedOnSettlementOfForwardSaleAgreement
291900000 usd
CY2023Q4 ida Cash To Deliver To Settle Forward Sales Agreement Net
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23900000 usd
CY2023Q4 ida Common Shares To Deliver To Settle Forward Sales Agreement Net
CommonSharesToDeliverToSettleForwardSalesAgreementNet
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CY2023 ida Incremental Common Shares Attributable To Share Based Payment Arrangements Forward Sale Agreement
IncrementalCommonSharesAttributableToShareBasedPaymentArrangementsForwardSaleAgreement
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CY2022 us-gaap Net Income Loss
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CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2023 us-gaap Net Income Loss
NetIncomeLoss
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CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023 us-gaap Guarantees Indemnifications And Warranties Policies
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<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 enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of December 31, 2023, 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.</span></div>
CY2023 ida Fair Value All Levels Transfers Amount
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CY2022Q4 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
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CY2022 us-gaap Asset Retirement Obligation Accretion Expense
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CY2023Q4 us-gaap Asset Retirement Obligation
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CY2022Q4 us-gaap Asset Retirement Obligation
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CY2023Q4 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
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29454000 usd
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CY2022Q4 us-gaap Equity Method Investments
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CY2022Q4 us-gaap Other Investments
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CY2023Q4 us-gaap Investments
Investments
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CY2022Q4 us-gaap Investments
Investments
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CY2021 us-gaap Income Loss From Equity Method Investments
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CY2023 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><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 </span></div>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).
CY2023 us-gaap Derivatives Reporting Of Derivative Activity
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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.
CY2023Q4 us-gaap Derivative Net Liability Position Aggregate Fair Value
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63900000 usd
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CY2022 ida Fair Value All Levels Transfers Amount
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CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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32472000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2023Q4 us-gaap Derivative Assets
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89000 usd
CY2022Q4 us-gaap Derivative Assets
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CY2023Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
37320000 usd
CY2022Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
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CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
5932000 usd
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
6788000 usd
CY2023 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
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CY2023 us-gaap Operating Income Loss
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CY2023 ida Other Income Net
OtherIncomeNet
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CY2023 us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
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IncomeLossFromEquityMethodInvestments
12426000 usd
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CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q4 us-gaap Assets
Assets
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RegulatedAndUnregulatedOperatingRevenue
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CY2022 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Net Income Loss
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CY2022Q4 us-gaap Assets
Assets
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CY2022 us-gaap Segment Expenditure Addition To Long Lived Assets
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RegulatedAndUnregulatedOperatingRevenue
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CY2021 us-gaap Operating Income Loss
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CY2021 ida Other Income Net
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CY2021 us-gaap Other Interest And Dividend Income
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CY2022 us-gaap Investment Income Interest And Dividend
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CY2021 us-gaap Investment Income Interest And Dividend
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CY2021 us-gaap Interest Income Other
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CY2021 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2023 us-gaap Insured Event Gain Loss
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InsuredEventGainLoss
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CY2023 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2022 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2021 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2023 dei Auditor Name
AuditorName
DELOITTE & TOUCHE LLP
CY2023 dei Auditor Location
AuditorLocation
Boise, Idaho
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
299999000 usd

Files In Submission

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