2024 Q2 Form 10-Q Financial Statement

#000105787724000027 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $442.6M $417.9M $385.7M
YoY Change 6.96% 8.36% 12.02%
Cost Of Revenue $95.38M $111.9M $171.1M
YoY Change 4.29% -34.6% 100.29%
Gross Profit $355.7M $337.0M $258.6M
YoY Change 10.32% 30.35% -0.12%
Gross Profit Margin 80.35% 80.65% 67.04%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $55.86M $55.17M $46.41M
YoY Change 15.74% 18.89% 2.01%
% of Gross Profit 15.71% 16.37% 17.95%
Operating Expenses $347.8M $399.3M $361.6M
YoY Change 44.85% 10.45% 27.48%
Operating Profit $103.3M $49.60M $68.10M
YoY Change 25.49% -27.18% 12.26%
Interest Expense -$38.11M -$38.15M -$27.27M
YoY Change 25.15% 39.9% 20.79%
% of Operating Profit -36.9% -76.92% -40.04%
Other Income/Expense, Net -$5.362M -$6.874M -$4.984M
YoY Change -121.32% 37.92% -41.07%
Pretax Income $97.91M $42.72M $63.12M
YoY Change 27.16% -32.32% 20.89%
Income Tax $8.063M -$5.546M $7.095M
% Of Pretax Income 8.24% -12.98% 11.24%
Net Earnings $89.52M $48.17M $56.10M
YoY Change 30.55% -14.13% 21.27%
Net Earnings / Revenue 20.22% 11.53% 14.55%
Basic Earnings Per Share $1.72 $0.95 $1.11
Diluted Earnings Per Share $1.71 $0.95 $1.11
COMMON SHARES
Basic Shares Outstanding 50.69M shares 50.63M shares 50.57M shares
Diluted Shares Outstanding 52.24M shares 50.79M shares 50.72M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $169.6M $157.6M $357.8M
YoY Change 25.81% -55.96% 63.73%
Cash & Equivalents $169.6M $157.6M $357.8M
Short-Term Investments
Other Short-Term Assets $131.0K $27.00K $859.0K
YoY Change -99.96% -96.86% -94.82%
Inventory $200.0M $180.3M $120.8M
Prepaid Expenses $24.40M $20.69M $19.02M
Receivables $132.4M $116.0M $101.1M
Other Receivables $32.06M $44.10M $72.01M
Total Short-Term Assets $814.4M $780.3M $990.9M
YoY Change 11.01% -21.26% 61.94%
LONG-TERM ASSETS
Property, Plant & Equipment $6.117B $5.846B $5.289B
YoY Change 12.11% 10.54% 6.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $165.9M $156.3M $121.0M
YoY Change 30.83% 29.18% 2.72%
Other Assets $63.99M $53.02M $65.79M
YoY Change -95.8% -19.42% 7.14%
Total Long-Term Assets $7.863B $7.567B $6.888B
YoY Change 10.66% 9.86% 3.23%
TOTAL ASSETS
Total Short-Term Assets $814.4M $780.3M $990.9M
Total Long-Term Assets $7.863B $7.567B $6.888B
Total Assets $8.677B $8.347B $7.879B
YoY Change 10.69% 5.95% 8.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $205.6M $199.7M $201.8M
YoY Change -8.08% -1.05% 66.76%
Accrued Expenses $86.83M $76.45M $63.88M
YoY Change 8.57% 19.67% 3.9%
Deferred Revenue $100.9M $105.6M $87.48M
YoY Change 10.57% 20.73% 34.56%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $49.80M $49.80M $125.0M
YoY Change -60.16%
Total Short-Term Liabilities $525.6M $505.4M $532.6M
YoY Change 12.23% -5.11% 62.58%
LONG-TERM LIABILITIES
Long-Term Debt $2.776B $2.776B $2.483B
YoY Change 11.83% 11.8% 21.09%
Other Long-Term Liabilities $178.9M $160.9M $121.3M
YoY Change -84.65% 32.61% 82.65%
Total Long-Term Liabilities $2.955B $2.937B $2.604B
YoY Change -18.99% 12.77% 23.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $525.6M $505.4M $532.6M
Total Long-Term Liabilities $2.955B $2.937B $2.604B
Total Liabilities $3.481B $3.442B $3.137B
YoY Change -30.18% 9.73% 28.32%
SHAREHOLDERS EQUITY
Retained Earnings $2.089B $2.042B $1.954B
YoY Change 5.4% 4.52% 6.09%
Common Stock $1.124B $890.0M $882.1M
YoY Change 27.08% 0.9% 0.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.196B $2.915B $2.823B
YoY Change
Total Liabilities & Shareholders Equity $8.677B $8.347B $7.879B
YoY Change 10.69% 5.95% 8.16%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $89.52M $48.17M $56.10M
YoY Change 30.55% -14.13% 21.27%
Depreciation, Depletion And Amortization $55.86M $55.17M $46.41M
YoY Change 15.74% 18.89% 2.01%
Cash From Operating Activities $146.4M $109.7M -$90.40M
YoY Change 50.61% -221.33% -197.2%
INVESTING ACTIVITIES
Capital Expenditures $345.9M $260.0M $118.4M
YoY Change 122.04% 119.62% 15.45%
Acquisitions
YoY Change
Other Investing Activities $22.17M -$4.940M -$4.853M
YoY Change 1829.5% 1.79% 136.85%
Cash From Investing Activities -$323.8M -$234.7M -$109.2M
YoY Change 109.36% 114.98% 11.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $100.0M
YoY Change -100.0%
Cash From Financing Activities 189.4M -$44.87M $379.8M
YoY Change -214.37% -111.81% 4318.86%
NET CHANGE
Cash From Operating Activities 146.4M $109.7M -$90.40M
Cash From Investing Activities -323.8M -$234.7M -$109.2M
Cash From Financing Activities 189.4M -$44.87M $379.8M
Net Change In Cash 11.98M -$169.8M $180.2M
YoY Change -105.37% -194.23% 5350.44%
FREE CASH FLOW
Cash From Operating Activities $146.4M $109.7M -$90.40M
Capital Expenditures $345.9M $260.0M $118.4M
Free Cash Flow -$199.6M -$150.3M -$208.8M
YoY Change 240.47% -28.01% 2089.32%

Facts In Submission

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CommonStockValue
888615000 usd
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2042003000 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2036138000 usd
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-16900000 usd
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-17184000 usd
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
2915145000 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
2907569000 usd
CY2024Q1 us-gaap Minority Interest
MinorityInterest
7269000 usd
CY2023Q4 us-gaap Minority Interest
MinorityInterest
7174000 usd
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2922414000 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2914743000 usd
CY2024Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
8347411000 usd
CY2023Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
8475918000 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
48268000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
56024000 usd
CY2024Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
55174000 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
46409000 usd
CY2024Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-18776000 usd
CY2023Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
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CY2024Q1 us-gaap Increase Decrease In Regulatory Assets And Liabilities
IncreaseDecreaseInRegulatoryAssetsAndLiabilities
-32930000 usd
CY2023Q1 us-gaap Increase Decrease In Regulatory Assets And Liabilities
IncreaseDecreaseInRegulatoryAssetsAndLiabilities
56396000 usd
CY2024Q1 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
11350000 usd
CY2023Q1 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
6885000 usd
CY2024Q1 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
1176000 usd
CY2023Q1 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
1308000 usd
CY2024Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
625000 usd
CY2023Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2454000 usd
CY2024Q1 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
6250000 usd
CY2023Q1 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
400000 usd
CY2024Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
11152000 usd
CY2023Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
9908000 usd
CY2024Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2670000 usd
CY2023Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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CY2024Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-33251000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10750000 usd
CY2024Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1796000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4363000 usd
CY2024Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-19807000 usd
CY2023Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-13531000 usd
CY2024Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
62201000 usd
CY2023Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
112468000 usd
CY2024Q1 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
19645000 usd
CY2023Q1 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
22968000 usd
CY2024Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
12088000 usd
CY2023Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-15271000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
109685000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-90399000 usd
CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
259978000 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
118375000 usd
CY2024Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
20375000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
3123000 usd
CY2024Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-4940000 usd
CY2023Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-6096000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-234663000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2024Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
522000000 usd
CY2024Q1 ida Premium Discount On Issuance Of Long Term Debt
PremiumDiscountOnIssuanceOfLongTermDebt
0 usd
CY2023Q1 ida Premium Discount On Issuance Of Long Term Debt
PremiumDiscountOnIssuanceOfLongTermDebt
-3772000 usd
CY2024Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 usd
CY2023Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
100000000 usd
CY2024Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
42742000 usd
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
40502000 usd
CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1612000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
CY2024Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3694000 usd
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3255000 usd
CY2024Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-44000 usd
CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
5330000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-44868000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
379801000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-169846000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
180246000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
327429000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
177577000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
157583000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
357823000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
37770000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
27276000 usd
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
111958000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
85858000 usd
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.83
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.79
CY2024Q1 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 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>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.
CY2024Q1 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, 2024, condensed consolidated statements of income for the three months ended March 31, 2024 and 2023, and condensed consolidated cash flows for the three months ended March 31, 2024 and 2023. 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 the 2023 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.
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<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, 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, </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates.</span></div>
CY2024Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
10972000 usd
CY2023Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
16266000 usd
CY2024Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-2512000 usd
CY2023Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-2671000 usd
CY2024Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-1506000 usd
CY2023Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-2750000 usd
CY2024Q1 ida Income Tax Expense Before Additional Aditc Amortization
IncomeTaxExpenseBeforeAdditionalADITCAmortization
6954000 usd
CY2023Q1 ida Income Tax Expense Before Additional Aditc Amortization
IncomeTaxExpenseBeforeAdditionalADITCAmortization
10845000 usd
CY2024Q1 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-12500000 usd
CY2023Q1 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-3750000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5546000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7095000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.130
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.112
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
417897000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
385666000 usd
CY2024Q1 us-gaap Regulated Operating Revenue Other
RegulatedOperatingRevenueOther
30402000 usd
CY2023Q1 us-gaap Regulated Operating Revenue Other
RegulatedOperatingRevenueOther
43672000 usd
CY2024Q1 us-gaap Regulated Operating Revenue Electric Non Nuclear
RegulatedOperatingRevenueElectricNonNuclear
448299000 usd
CY2023Q1 us-gaap Regulated Operating Revenue Electric Non Nuclear
RegulatedOperatingRevenueElectricNonNuclear
429338000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
417897000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
385666000 usd
CY2024Q1 us-gaap Regulated Operating Revenue Other
RegulatedOperatingRevenueOther
30402000 usd
CY2023Q1 us-gaap Regulated Operating Revenue Other
RegulatedOperatingRevenueOther
43672000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4869000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
5034000 usd
CY2024Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
267000 usd
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
577000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
508000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
549000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4628000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
5062000 usd
CY2024Q1 ida Allowance For Uncollectible Accounts As A Percentage Of Customer Receivables
AllowanceForUncollectibleAccountsAsAPercentageOfCustomerReceivables
0.038
CY2023Q1 ida Allowance For Uncollectible Accounts As A Percentage Of Customer Receivables
AllowanceForUncollectibleAccountsAsAPercentageOfCustomerReceivables
0.048
CY2023 ida Registered Public Offering Initial Common Shares Offered
RegisteredPublicOfferingInitialCommonSharesOffered
2801724 shares
CY2023 ida Registered Public Offering Price Per Share
RegisteredPublicOfferingPricePerShare
92.80
CY2023 ida Registered Public Offering Issuance Amount
RegisteredPublicOfferingIssuanceAmount
260000000.0 usd
CY2023 ida Registered Public Offering Initial Common Shares Offered Greenshoe
RegisteredPublicOfferingInitialCommonSharesOfferedGreenshoe
420258 shares
CY2023 ida Registered Public Offering Issuance Amount Greenshoe
RegisteredPublicOfferingIssuanceAmountGreenshoe
39000000.0 usd
CY2023 ida Registered Public Offering Initial Common Shares Offered Total
RegisteredPublicOfferingInitialCommonSharesOfferedTotal
3221982 shares
CY2023 ida Initial Forward Sale Price Per Share
InitialForwardSalePricePerShare
90.016
CY2024Q1 ida Common Shares To Deliver To Settle Forward Sales Agreement Gross
CommonSharesToDeliverToSettleForwardSalesAgreementGross
3221982 shares
CY2024Q1 ida Cash Received On Settlement Of Forward Sale Agreement
CashReceivedOnSettlementOfForwardSaleAgreement
292500000 usd
CY2024Q1 ida Cash To Deliver To Settle Forward Sales Agreement Net
CashToDeliverToSettleForwardSalesAgreementNet
1900000 usd
CY2024Q1 ida Common Shares To Deliver To Settle Forward Sales Agreement Net
CommonSharesToDeliverToSettleForwardSalesAgreementNet
21000 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
28000 shares
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
48173000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
56098000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50764000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50688000 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
28000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
35000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50792000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50723000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.95
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.11
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.95
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.11
CY2024Q1 us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
28000 shares
CY2024Q1 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 power supply, 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><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:112%">Idaho Power actively monitors any pending or potential 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 any such regulations and orders.</span></div>
CY2024Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
8611000 usd
CY2023Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
8409000 usd
CY2024Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
14817000 usd
CY2023Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
14758000 usd
CY2024Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
17285000 usd
CY2023Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
15853000 usd
CY2024Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
504000 usd
CY2023Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
473000 usd
CY2024Q1 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
67000 usd
CY2023Q1 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
130000 usd
CY2024Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
6580000 usd
CY2023Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
7657000 usd
CY2024Q1 ida Defined Benefit Plan Regulatory Adjustments Deferred
DefinedBenefitPlanRegulatoryAdjustmentsDeferred
4026000 usd
CY2023Q1 ida Defined Benefit Plan Regulatory Adjustments Deferred
DefinedBenefitPlanRegulatoryAdjustmentsDeferred
5060000 usd
CY2024Q1 ida Defined Benefit Plan Regulated Ipuc Authorizedrecoveredpensioncost
DefinedBenefitPlanRegulatedIPUCAuthorizedrecoveredpensioncost
8796000 usd
CY2023Q1 ida Defined Benefit Plan Regulated Ipuc Authorizedrecoveredpensioncost
DefinedBenefitPlanRegulatedIPUCAuthorizedrecoveredpensioncost
4288000 usd
CY2024Q1 ida Defined Benefit Plan Net Periodic Benefit Cost After Regulatory Adjustments
DefinedBenefitPlanNetPeriodicBenefitCostAfterRegulatoryAdjustments
11350000 usd
CY2023Q1 ida Defined Benefit Plan Net Periodic Benefit Cost After Regulatory Adjustments
DefinedBenefitPlanNetPeriodicBenefitCostAfterRegulatoryAdjustments
6885000 usd
CY2024Q1 ida Net Service Cost Defined Benefit Plan
NetServiceCostDefinedBenefitPlan
9400000 usd
CY2023Q1 ida Net Service Cost Defined Benefit Plan
NetServiceCostDefinedBenefitPlan
5300000 usd
CY2024Q1 ida Otherexpensedefinedbenefitplanbenefitcost
Otherexpensedefinedbenefitplanbenefitcost
2000000 usd
CY2023Q1 ida Otherexpensedefinedbenefitplanbenefitcost
Otherexpensedefinedbenefitplanbenefitcost
1600000 usd
CY2024Q1 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<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>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).
CY2023Q4 us-gaap Derivative Assets
DerivativeAssets
89000 usd
CY2024Q1 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
37098000 usd
CY2023Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
37320000 usd
CY2024Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
4521000 usd
CY2024Q1 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.
CY2024Q1 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
26400000 usd
CY2024Q1 us-gaap Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
27100000 usd
CY2024Q1 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
6100000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
3593000 usd
CY2024Q1 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
3476000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
117000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
26296000 usd
CY2024Q1 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
21775000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
4521000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
2199000 usd
CY2023Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
2110000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
89000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
46358000 usd
CY2023Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
40426000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
5932000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
31911000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
32472000 usd
CY2024Q1 us-gaap Derivative Assets
DerivativeAssets
117000 usd
CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
5932000 usd
CY2024Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
448936000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
48173000 usd
CY2024Q1 us-gaap Assets
Assets
8347411000 usd
CY2023Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
429659000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
56098000 usd
CY2024Q1 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
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
CY2024Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-328000 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
CY2024Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
383000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
197000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-99000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-51000 usd
CY2024Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-284000 usd
CY2023Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-146000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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