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Table of Contents                             
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934
 For the quarterly period endedSeptember 30, 2021
 OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934
 For the transition period from __________ to __________
 Exact name of registrants as specifiedI.R.S. Employer
Commission Filein their charters, address of principalIdentification
Numberexecutive offices, zip code and telephone numberNumber
1-14465IDACORP, Inc.82-0505802
1-3198Idaho Power Company82-0130980
 1221 W. Idaho Street
Boise,Idaho83702-5627
(208)388-2200
State of Incorporation:Idaho
None
Former name, former address and former fiscal year, if changed since last report.

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockIDANew York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. 
IDACORP, Inc.: Yes  X   No __    Idaho Power Company: Yes  X   No __
 
Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). 
IDACORP, Inc.: Yes X No __      Idaho Power Company: Yes X   No __

Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

IDACORP, Inc.:                                
Large accelerated filer X Accelerated filer __ Non-accelerated  filer __
                                     Smaller reporting company
                                     Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. __

1

Table of Contents                             
Idaho Power Company:                                
Large accelerated filer __ Accelerated filer __ Non-accelerated Filer X
                                     Smaller reporting company
                                     Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. __


Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).
IDACORP, Inc.: Yes No X       Idaho Power Company: Yes No X

Number of shares of common stock outstanding as of October 22, 2021:     
IDACORP, Inc.:        50,516,479
Idaho Power Company:    39,150,812, all held by IDACORP, Inc.

This combined Form 10-Q represents separate filings by IDACORP, Inc. and Idaho Power Company. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Idaho Power Company makes no representations as to the information relating to IDACORP, Inc.’s other operations.
 
Idaho Power Company meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and is therefore filing this report on Form 10-Q with the reduced disclosure format.
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TABLE OF CONTENTS
Page
Commonly Used Terms
Cautionary Note Regarding Forward-Looking Statements
Part I. Financial Information 
  
 Item 1. Financial Statements (unaudited) 
  IDACORP, Inc.: 
   Condensed Consolidated Statements of Income
Condensed Consolidated Statements of Comprehensive Income
   Condensed Consolidated Balance Sheets
   Condensed Consolidated Statements of Cash Flows
   Condensed Consolidated Statements of Equity
  Idaho Power Company: 
   Condensed Consolidated Statements of Income
Condensed Consolidated Statements of Comprehensive Income
   Condensed Consolidated Balance Sheets
   Condensed Consolidated Statements of Cash Flows
  Notes to Condensed Consolidated Financial Statements
  Reports of Independent Registered Public Accounting Firm
 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
 Item 4. Controls and Procedures
     
Part II. Other Information 
   
 Item 1. Legal Proceedings
 Item 1A. Risk Factors
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
 Item 4. Mine Safety Disclosures
Item 5. Other Information
 Item 6. Exhibits
   
Signatures

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COMMONLY USED TERMS
 
The following select abbreviations, terms, or acronyms are commonly used or found in multiple locations in this report:
2020 Annual Report-IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended
December 31, 2020
ADITC-Accumulated Deferred Investment Tax Credits
AFUDC-Allowance for Funds Used During Construction
AOCI-Accumulated Other Comprehensive Income
BCC-Bridger Coal Company, a joint venture of IERCo
BLM-U.S. Bureau of Land Management
CWA-Clean Water Act
FCA-Fixed Cost Adjustment
FERC-Federal Energy Regulatory Commission
HCC-Hells Canyon Complex
IDACORP-IDACORP, Inc., an Idaho corporation
Idaho Power-Idaho Power Company, an Idaho corporation
Idaho ROE-Idaho-jurisdiction return on year-end equity
Ida-West-Ida-West Energy, a subsidiary of IDACORP, Inc.
IERCo-Idaho Energy Resources Co., a subsidiary of Idaho Power Company
IFS-IDACORP Financial Services, a subsidiary of IDACORP, Inc.
IPUC-Idaho Public Utilities Commission
IRP-Integrated Resource Plan
Jim Bridger plant-Jim Bridger generating plant
MD&A-Management’s Discussion and Analysis of Financial Condition and Results of Operations
MW-Megawatt
MWh-Megawatt-hour
O&M-Operations and Maintenance
OATT-Open Access Transmission Tariff
OPUC-Public Utility Commission of Oregon
PCA-Idaho-Jurisdiction Power Cost Adjustment
PURPA-Public Utility Regulatory Policies Act of 1978
SEC-U.S. Securities and Exchange Commission
SMSP-Security Plan for Senior Management Employees
Valmy-
Idaho Power's jointly-owned coal-fired generating plant in Valmy, Nevada
Western EIM-Energy imbalance market in the western United States
WMP-Wildfire Mitigation Plan
WPSC-Wyoming Public Service Commission

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to the historical information contained in this report, this report contains (and oral communications made by IDACORP, Inc. (IDACORP) and Idaho Power Company (Idaho Power) may contain) statements that relate to future events and expectations, such as statements regarding projected or future financial performance, cash flows, capital expenditures, dividends, capital structure or ratios, strategic goals, challenges, objectives, and plans for future operations. Such statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events, or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "continues," "could," "estimates," "expects," "guidance," "intends," "potential," "plans," "predicts," "projects," "may result," "may continue," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties. Actual results, performance, or outcomes may differ materially from the results discussed in the statements. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include those factors set forth in this report, IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2020, particularly Part I, Item 1A - "Risk Factors" and Part II, Item 7 - "Management’s Discussion and Analysis of Financial Condition and Results of Operations" of that report, subsequent reports filed by IDACORP and Idaho Power with the U.S. Securities and Exchange Commission (SEC), and the following important factors:

the effect of decisions by the Idaho and Oregon public utilities commissions and the Federal Energy Regulatory Commission that impact Idaho Power's ability to recover costs and earn a return on investment;
changes to or the elimination of Idaho Power's regulatory cost recovery mechanisms;
the impacts of the COVID-19 pandemic, including COVID-19 variants and vaccine or alternative testing mandates, on the global and regional economy and on Idaho Power's employees, customers, contractors, and suppliers, including on loads and revenues, uncollectible accounts, transmission revenues, and other aspects of the companies' business;
changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area, and their associated impacts on loads and load growth, and the availability of regulatory mechanisms that allow for timely cost recovery through customer rates in the event of those changes;
abnormal or severe weather conditions (including conditions and events associated with climate change), wildfires, droughts, earthquakes, and other natural phenomena and natural disasters, which affect customer sales, hydropower generation levels, repair costs, service interruptions, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers;
advancement of self-generation, energy storage, energy efficiency, alternative energy sources, and other technologies that may reduce Idaho Power's sale or delivery of electric power or introduction of operational or cyber-security vulnerabilities to the power grid;
acts or threats of terrorist incidents, acts of war, social unrest, cyber or physical security attacks, and other malicious acts, the companies' failure to secure data or to comply with privacy laws or regulations, and the disruption or damage to the companies' business, operations, financial condition, or reputation that may result from such events;
the expense and risks associated with capital expenditures for, and the permitting and construction of, utility infrastructure that Idaho Power may be unable to complete or that may not be deemed prudent by regulators for cost recovery or a return on investment;
variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydropower facilities;
the ability of Idaho Power to acquire fuel, power, electrical equipment, and transmission capacity on reasonable terms, particularly in the event of unanticipated or abnormally high power demands, price volatility, lack of physical availability, transportation constraints, disruptions or delays in the supply chain, or a lack of credit;
disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission systems, which can result in liability for Idaho Power, increase power costs, and reduce revenues;
accidents, terrorist acts, fires (either affecting or caused by Idaho Power facilities or infrastructure), explosions, mechanical breakdowns, and other unplanned events that may occur while operating and maintaining assets, which can cause unplanned outages; reduce generating output; damage company assets, operations, or reputation; subject Idaho Power to third-party claims for property damage, personal injury, or loss of life; or result in the imposition of civil, criminal, and regulatory fines and penalties for which Idaho Power may have inadequate insurance coverage;
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the increased purchased power costs and operational challenges associated with purchasing and integrating intermittent renewable energy sources into Idaho Power's resource portfolio;
failure to comply with state and federal laws, regulations, and orders, including new interpretations and enforcement initiatives by regulatory and oversight bodies, which may result in penalties and fines and increase the cost of compliance, and the cost of remediation;
changes in tax laws or related regulations or new interpretations of applicable laws by federal, state, or local taxing jurisdictions, and the availability of tax credits, and the tax rates payable by IDACORP shareholders on common stock dividends;
adoption of, changes in, and costs of compliance with laws, regulations, and policies relating to the environment, natural resources, and threatened and endangered species, and the ability to recover associated increased costs through rates;
the inability to timely obtain and the cost of obtaining and complying with required governmental permits and approvals, licenses, rights-of-way, and siting for transmission and generation projects and hydropower facilities;
failure to comply with mandatory reliability and cyber and physical security requirements, which may result in penalties, reputational harm, and operational changes;
the impacts of economic conditions, including inflation, interest rates, supply costs, population growth or decline in Idaho Power's service area, changes in customer demand for electricity, revenue from sales of excess power, credit quality of counterparties and suppliers, and the collection of receivables;
the ability to obtain debt and equity financing or refinance existing debt when necessary and on favorable terms, which can be affected by factors such as credit ratings, volatility or disruptions in the financial markets, interest rate fluctuations, decisions by the Idaho or Oregon public utility commissions, and the companies' past or projected financial performance;
changes in the method for determining the London Interbank Offered Rate (LIBOR) and the replacement of LIBOR and the impact on interest rates for IDACORP's and Idaho Power's credit facilities;
the ability to enter into financial and physical commodity hedges with creditworthy counterparties to manage price and commodity risk for fuel, power, and transmission, and the failure of any such risk management and hedging strategies to work as intended;
changes in actuarial assumptions, changes in interest rates, increasing health care costs, and the actual and projected return on plan assets for pension and other post-retirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities and the companies' cash flows;
the assumptions underlying the coal mine reclamation obligations at Bridger Coal Company and related funding and bonding requirements, and the remediation costs associated with planned exits from participation in Idaho Power's co-owned coal plants;
the ability to continue to pay dividends and achieve target-payout ratios based on financial performance, and in light of credit rating considerations, contractual covenants and restrictions, and regulatory limitations;
Idaho Power's concentration in one industry and one region and the resulting lack of diversification, and the resulting exposure to regional economic conditions and regional legislation and regulation;
employee workforce factors, including the operational and financial costs of unionization or the attempt to unionize all or part of the companies' workforce, the impact of an aging workforce and retirements, the cost and ability to attract and retain skilled workers and third-party vendors, and the ability to adjust the labor cost structure when necessary; and
adoption of or changes in accounting policies and principles, changes in accounting estimates, and new SEC or New York Stock Exchange requirements, or new interpretations of existing requirements.

Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.

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PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

IDACORP, Inc.
Condensed Consolidated Statements of Income
(unaudited)
Three months ended
September 30,
Nine months ended
September 30,
2021202020212020
(in thousands, except per share amounts)(in thousands, except per share amounts)
Operating Revenues:
Electric utility revenues$446,353 $424,170 $1,120,979 $1,032,324 
Other591 1,091 2,093 2,711 
Total operating revenues446,944 425,261 1,123,072 1,035,035 
Operating Expenses:
Electric utility:
Purchased power137,788 104,113 301,892 227,088 
Fuel expense59,406 59,745 123,902 121,174 
Power cost adjustment(22,713)(9,533)(24,977)(14,460)
Other operations and maintenance87,720 82,782 261,868 255,734 
Energy efficiency programs6,906 10,530 22,591 31,957 
Depreciation44,108 43,243 131,051 128,683 
Other electric utility operating expenses8,959 9,016 27,293 27,309 
Total electric utility operating expenses322,174 299,896 843,620 777,485 
Other578 595 1,747 1,771 
Total operating expenses322,752 300,491 845,367 779,256 
Operating Income124,192 124,770 277,705 255,779 
Nonoperating (Income) Expense:
Allowance for equity funds used during construction(7,913)(7,369)(23,477)(21,791)
Earnings of unconsolidated equity-method investments(4,066)(3,960)(8,696)(8,963)
Interest on long-term debt21,036 21,495 63,109 63,213 
Other interest3,664 3,642 10,794 11,012 
Allowance for borrowed funds used during construction(2,985)(2,969)(9,009)(8,585)
Other income, net(873)(716)(1,576)(2,692)
Total nonoperating expense, net8,863 10,123 31,145 32,194 
Income Before Income Taxes115,329 114,647 246,560 223,585 
Income Tax Expense17,376 12,345 33,532 23,166 
Net Income97,953 102,302 213,028 200,419 
Income attributable to noncontrolling interests(56)(271)(276)(509)
Net Income Attributable to IDACORP, Inc.$97,897 $102,031 $212,752 $199,910 
Weighted Average Common Shares Outstanding - Basic50,609 50,541 50,588 50,534 
Weighted Average Common Shares Outstanding - Diluted50,681 50,576 50,621 50,554 
Earnings Per Share of Common Stock:
Earnings Attributable to IDACORP, Inc. - Basic$1.93 $2.02 $4.21 $3.96 
Earnings Attributable to IDACORP, Inc. - Diluted$1.93 $2.02 $4.20 $3.95 

The accompanying notes are an integral part of these statements.
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IDACORP, Inc.
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
 
Three months ended
September 30,
Nine months ended
September 30,
 2021202020212020
(in thousands)(in thousands)
Net Income$97,953 $102,302 $213,028 $200,419 
Other Comprehensive Income:
Unfunded pension liability adjustment, net of tax of $290, $259, $869, and $777, respectively836 747 2,508 2,241 
Total Comprehensive Income98,789 103,049 215,536 202,660 
Income attributable to noncontrolling interests(56)(271)(276)(509)
Comprehensive Income Attributable to IDACORP, Inc.$98,733 $102,778 $215,260 $202,151 

The accompanying notes are an integral part of these statements.
 
 
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IDACORP, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
 
September 30,
2021
December 31,
2020
(in thousands)
Assets
Current Assets:
Cash and cash equivalents$299,672 $275,116 
Short-term investments 25,000 
Receivables:
Customer (net of allowance of $4,094 and $4,766, respectively)113,647 72,826 
Other (net of allowance of $642 and $497, respectively)15,580 12,661 
Income taxes receivable 2,164 
Accrued unbilled revenues61,763 72,461 
Materials and supplies (at average cost)71,801 64,941 
Fuel stock (at average cost)31,379 31,646 
Prepayments21,643 20,184 
Current regulatory assets52,072 63,407 
Other10,628 1,995 
Total current assets678,185 642,401 
Investments122,884 126,948 
Property, Plant and Equipment:
Utility plant in service6,442,483 6,283,790 
Accumulated provision for depreciation(2,269,836)(2,193,831)
Utility plant in service - net4,172,647 4,089,959 
Construction work in progress626,913 597,152 
Utility plant held for future use4,095 4,109 
Other property, net of accumulated depreciation16,765 18,290 
Property, plant and equipment - net4,820,420 4,709,510 
Other Assets:
Company-owned life insurance65,885 62,382 
Regulatory assets1,505,038 1,495,488 
Other61,642 58,515 
Total other assets1,632,565 1,616,385 
Total$7,254,054 $7,095,244 

The accompanying notes are an integral part of these statements.
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IDACORP, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
 
September 30,
2021
December 31,
2020
(in thousands)
Liabilities and Equity
Current Liabilities:
Accounts payable$126,620 $120,576 
Taxes accrued58,644 19,508 
Interest accrued19,299 24,030 
Accrued compensation46,508 52,245 
Current regulatory liabilities21,820 11,104 
Advances from customers40,199 29,341 
Other29,690 30,767 
Total current liabilities342,780 287,571 
Other Liabilities:
Deferred income taxes772,650 800,251 
Regulatory liabilities783,150 757,730 
Pension and other postretirement benefits615,432 634,070 
Other62,097 48,752 
Total other liabilities2,233,329 2,240,803 
Long-Term Debt2,000,584 2,000,414 
Commitments and Contingencies
Equity:
IDACORP, Inc. shareholders’ equity:
 Common stock, no par value (120,000 shares authorized; 50,516 and 50,462 shares issued, respectively)872,612 869,235 
Retained earnings1,838,847 1,734,103 
Accumulated other comprehensive loss(40,850)(43,358)
Total IDACORP, Inc. shareholders’ equity2,670,609 2,559,980 
Noncontrolling interests6,752 6,476 
Total equity2,677,361 2,566,456 
Total$7,254,054 $7,095,244 
The accompanying notes are an integral part of these statements.

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IDACORP, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Nine months ended
September 30,
 20212020
(in thousands)
Operating Activities:
Net income$213,028 $200,419 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization133,984 132,026 
Deferred income taxes and investment tax credits(3,406)(2,963)
Changes in regulatory assets and liabilities1,769 (11,616)
Pension and postretirement benefit plan expense21,814 21,731 
Contributions to pension and postretirement benefit plans(43,031)(44,138)
Earnings of equity-method investments(8,696)(8,963)
Distributions from equity-method investments8,028 7,300 
Allowance for equity funds used during construction(23,477)(21,791)
Other non-cash adjustments to net income, net5,931 7,943 
Change in:  
Receivables(41,442)(31,215)
Accounts payable and other accrued liabilities404 (19,947)
Taxes accrued/receivable41,299 44,515 
Other current assets1,273 8,938 
Other current liabilities(267)5,128 
Other assets(7,102)(2,768)
Other liabilities3,298 (569)
Net cash provided by operating activities303,407 284,030 
Investing Activities:  
Additions to property, plant and equipment(196,941)(213,400)
Payments received from transmission project joint funding partners3,529 2,451 
Investments in affordable housing and other tax credits(12,876)(11,619)
Purchases of equity securities(522)(3,401)
Purchases of short-term investments(25,000)(25,000)
Maturities of short-term investments50,000  
Proceeds from the sale of equity securities4,753 4,015 
Other9,438 4,862 
Net cash used in investing activities(167,619)(242,092)
Financing Activities:  
Issuance of long-term debt 310,000 
Premium on issuance of long-term debt 31,384 
Retirement of long-term debt (175,000)
Dividends on common stock(108,190)(101,999)
Tax withholdings on net settlements of share-based awards(3,031)(4,641)
Make-whole premium on retirement of long-term debt (3,305)
Debt issuance costs and other(11)(3,613)
Net cash (used in) provided by financing activities(111,232)52,826 
Net increase in cash and cash equivalents24,556 94,764 
Cash and cash equivalents at beginning of the period275,116 217,254 
Cash and cash equivalents at end of the period$299,672 $312,018 
Supplemental Disclosure of Cash Flow Information:  
Cash paid during the period for:  
Income taxes$12,321 $2,435 
Interest (net of amount capitalized)$67,173 $64,630 
Non-cash investing activities:
Additions to property, plant and equipment in accounts payable$40,202 $34,696 

The accompanying notes are an integral part of these statements.
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IDACORP, Inc.
Condensed Consolidated Statements of Equity
(unaudited)
 
Three months ended
September 30,
Nine months ended
September 30,
2021202020212020
(in thousands)(in thousands)
Common Stock
Balance at beginning of period$871,111 $866,127 $869,235 $868,307 
Share-based compensation expense1,479 1,353 6,328 5,678 
Tax withholdings on net settlements of share-based awards(4)(11)(3,031)(4,641)
Treasury shares issued   (1,920)
Other26 22 80 67 
Balance at end of period872,612 867,491 872,612 867,491 
Retained Earnings
Balance at beginning of period1,776,986 1,664,468 1,734,103 1,634,525 
Net income attributable to IDACORP, Inc.97,897 102,031 212,752 199,910 
Common stock dividends ($0.71, $0.67, $2.13, and $2.01 per share, respectively)(36,036)(33,960)(108,008)(101,896)
Balance at end of period1,838,847 1,732,539 1,838,847 1,732,539 
Accumulated Other Comprehensive (Loss) Income
Balance at beginning of period(41,686)(34,790)(43,358)(36,284)
Unfunded pension liability adjustment (net of tax)836 747 2,508 2,241 
Balance at end of period(40,850)(34,043)(40,850)(34,043)
Treasury Stock
Balance at beginning of period   (1,920)
Issued   1,920 
Balance at end of period    
Total IDACORP, Inc. shareholders’ equity at end of period2,670,609 2,565,987 2,670,609 2,565,987 
Noncontrolling Interests
Balance at beginning of period6,696 6,163 6,476 5,925 
Net income attributable to noncontrolling interests56 271 276 509 
Balance at end of period6,752 6,434 6,752 6,434 
Total equity at end of period$2,677,361 $2,572,421 $2,677,361 $2,572,421 

The accompanying notes are an integral part of these statements.
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Idaho Power Company
Condensed Consolidated Statements of Income
(unaudited)
 
Three months ended
September 30,
Nine months ended
September 30,
 2021202020212020
(in thousands)(in thousands)
Operating Revenues$446,353 $424,170 $1,120,979 $1,032,324 
Operating Expenses:
Operation:
Purchased power137,788 104,113 301,892 227,088 
Fuel expense59,406 59,745 123,902 121,174 
Power cost adjustment(22,713)(9,533)(24,977)(14,460)
Other operations and maintenance87,720 82,782 261,868 255,734 
Energy efficiency programs6,906 10,530 22,591 31,957 
Depreciation44,108 43,243 131,051 128,683 
Other operating expenses8,959 9,016 27,293 27,309 
Total operating expenses322,174 299,896 843,620 777,485 
Operating Income124,179 124,274 277,359 254,839 
Nonoperating (Income) Expense:
Allowance for equity funds used during construction(7,913)(7,369)(23,477)(21,791)
Earnings of unconsolidated equity-method investments(3,035)(2,928)(7,328)(7,368)
Interest on long-term debt21,036 21,495 63,109 63,213 
Other interest3,659 3,637 10,779 10,995 
Allowance for borrowed funds used during construction(2,985)(2,969)(9,009)(8,585)
Other income, net(837)(663)(1,452)(1,974)
Total nonoperating expense, net9,925 11,203 32,622 34,490 
Income Before Income Taxes114,254 113,071 244,737 220,349 
Income Tax Expense16,032 12,682 33,323 24,260 
Net Income$98,222 $100,389 $211,414 $196,089 

The accompanying notes are an integral part of these statements.
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Table of Contents                             
Idaho Power Company
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
 
Three months ended
September 30,
Nine months ended
September 30,
 2021202020212020
(in thousands)(in thousands)
Net Income$98,222 $100,389 $211,414 $196,089 
Other Comprehensive Income:
Unfunded pension liability adjustment, net of tax of $290, $259, $869, and $777, respectively836 747 2,508 2,241 
Total Comprehensive Income$99,058 $101,136 $213,922 $198,330 

The accompanying notes are an integral part of these statements.
 
 

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Idaho Power Company
Condensed Consolidated Balance Sheets
(unaudited)
 
September 30,
2021
December 31,
2020
(in thousands)
Assets
Current Assets:
Cash and cash equivalents$155,890 $165,604 
Receivables:
Customer (net of allowance of $4,094 and $4,766, respectively)113,647 72,826 
Other (net of allowance of $642 and $497, respectively)15,463 12,457 
Income taxes receivable 4,667 
Accrued unbilled revenues61,763 72,461 
Materials and supplies (at average cost)71,801 64,941 
Fuel stock (at average cost)31,379 31,646 
Prepayments21,526 20,057 
Current regulatory assets52,072 63,407 
Other10,628 1,995 
Total current assets534,169 510,061 
Investments75,162 87,848 
Property, Plant and Equipment:
Plant in service6,442,483 6,283,790 
Accumulated provision for depreciation(2,269,836)(2,193,831)
Plant in service - net4,172,647 4,089,959 
Construction work in progress626,913