10-Q 1 ida-20220930.htm 10-Q ida-20220930
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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, 2022
 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 Act:
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 28, 2022:     
IDACORP, Inc.:        50,561,892
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 - Deloitte & Touche LLP
 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:
2021 Annual Report-IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2021
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
BPA-Bonneville Power Administration
CEQ-Council on Environmental Quality
CWA-Clean Water Act
EIS-Environmental Impact Statement
EPA-U.S. Environmental Protection Agency
ESA-Endangered Species 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
NAV-Net asset value
NEPA-National Environmental Policy Act
NMFS-
National Marine Fisheries Service
O&M-Operations and Maintenance
OATT-Open Access Transmission Tariff
OPUC-Public Utility Commission of Oregon
PCA-Idaho-Jurisdiction Power Cost Adjustment
PCAOB-Public Company Accounting Oversight Board (United States)
PURPA-Public Utility Regulatory Policies Act of 1978
RFP-Request for Proposal
SEC-U.S. Securities and Exchange Commission
SIP-State Implementation Plan
SMSP-Security Plan for Senior Management Employees
USACE-U.S. Army Corps of Engineers
USFWS-U.S. Fish and Wildlife Service
Valmy plant-Idaho Power's jointly-owned coal-fired generating plant in Valmy, Nevada
WMP-Wildfire Mitigation Plan
WOTUS-Waters of the United States
WOTUS Rule-Waters of the United States Rule
WDEQ-Wyoming Department of Environment Quality
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, load forecasts, 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," "could," "estimates," "expects," "guidance," "intends," "potential," "plans," "predicts," "preliminary," "projects," "may," "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 that may differ materially from actual results, performance, or outcomes. 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, 2021, 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:
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;
impacts of economic conditions, including an inflationary or recessionary environment and increasing interest rates, on items such as, but not limited to, operations and capital investments, supply costs and delivery delays, supply scarcity and shortages, 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 their ability to meet financial and operational commitments, and collection of receivables;
changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area, and the associated impacts on loads and load growth, and the availability of regulatory mechanisms that allow for timely cost recovery of those changes through customer rates;
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 introduce operational or cyber-security vulnerabilities to the power grid;
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;
power demand exceeding supply, resulting in increased costs for purchasing energy and capacity in the market, if available, or acquiring or constructing additional generation resources, transmission, and battery storage facilities;
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;
Idaho Power's ability to acquire fuel, power, electrical equipment, and transmission capacity on reasonable terms and prices, particularly in the event of unanticipated or abnormally high resource demands, price volatility, lack of physical availability, transportation constraints, outages due to maintenance or repairs to generation or transmission facilities, disruptions in the supply chain, or credit quality or a lack of credit of counterparties and suppliers;
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 supply costs and repair expenses, and reduce revenues;
accidents, electrical contacts, fires (either affecting or caused by Idaho Power facilities or infrastructure), explosions, infrastructure failures, general system damage or dysfunction, 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
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loss of life; or result in the imposition of fines and penalties for which Idaho Power may have inadequate insurance coverage;
acts or threats of terrorist incidents, acts of war, social unrest, cyber or physical security attacks, and other malicious acts of individuals or groups seeking to disrupt Idaho Power's operations or the electric power grid or compromise data, or the disruption or damage to the companies’ business, operations, or reputation resulting from such events;
increased purchased power costs and operational and reliability challenges associated with purchasing and integrating intermittent renewable energy sources into Idaho Power's resource portfolio;
ongoing impacts of COVID-19 and its variants, and government mandates related to COVID-19 vaccines, masking, and testing, 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, supply chain availability, attrition of skilled workers, and other aspects of the economy and the companies’ business;
Idaho Power’s concentration in one industry and one region, 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 cost and ability to attract and retain skilled workers and third-party contractors, the cost of living and the related impact on recruiting employees, and the ability to adjust to fluctuations in labor costs;
failure to comply with state and federal laws, regulations, and orders, including interpretations and enforcement initiatives by regulatory and oversight bodies, which may result in penalties and fines and increase the cost of compliance and remediation;
changes in tax laws or related regulations or 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, climate change, natural resources, and threatened and endangered species, and the ability to recover associated increased costs through rates;
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;
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;
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;
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;
ability to continue to pay dividends and achieve target dividend payout ratios based on financial performance, and in light of credit rating considerations, contractual covenants and restrictions, and regulatory limitations; 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,
2022202120222021
(in thousands, except per share amounts)(in thousands, except per share amounts)
Operating Revenues:
Electric utility revenues$517,101 $446,353 $1,218,690 $1,120,979 
Other911 591 2,333 2,093 
Total operating revenues518,012 446,944 1,221,023 1,123,072 
Operating Expenses:
Electric utility:
Purchased power192,884 137,788 370,035 301,892 
Fuel expense63,631 59,406 143,750 123,902 
Power cost adjustment(30,806)(22,713)(31,631)(24,977)
Other operations and maintenance100,679 87,720 293,322 261,868 
Energy efficiency programs8,292 6,906 21,490 22,591 
Depreciation45,951 44,108 125,238 131,051 
Other electric utility operating expenses8,780 8,959 26,544 27,293 
Total electric utility operating expenses389,411 322,174 948,748 843,620 
Other377 578 1,877 1,747 
Total operating expenses389,788 322,752 950,625 845,367 
Operating Income128,224 124,192 270,398 277,705 
Nonoperating (Income) Expense:
Allowance for equity funds used during construction(9,461)(7,913)(27,872)(23,477)
Earnings of unconsolidated equity-method investments(4,098)(4,066)(8,694)(8,696)
Interest on long-term debt22,093 21,036 64,536 63,109 
Other interest4,188 3,664 11,864 10,794 
Allowance for borrowed funds used during construction(3,534)(2,985)(10,399)(9,009)
Other income, net(3,042)(873)(6,206)(1,576)
Total nonoperating expense, net6,146 8,863 23,229 31,145 
Income Before Income Taxes122,078 115,329 247,169 246,560 
Income Tax Expense15,450 17,376 29,768 33,532 
Net Income106,628 97,953 217,401 213,028 
Income attributable to noncontrolling interests(248)(56)(473)(276)
Net Income Attributable to IDACORP, Inc.$106,380 $97,897 $216,928 $212,752 
Weighted Average Common Shares Outstanding - Basic50,668 50,609 50,656 50,588 
Weighted Average Common Shares Outstanding - Diluted50,722 50,681 50,689 50,621 
Earnings Per Share of Common Stock:
Earnings Attributable to IDACORP, Inc. - Basic$2.10 $1.93 $4.28 $4.21 
Earnings Attributable to IDACORP, Inc. - Diluted$2.10 $1.93 $4.28 $4.20 

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,
 2022202120222021
(in thousands)(in thousands)
Net Income$106,628 $97,953 $217,401 $213,028 
Other Comprehensive Income:
Unfunded pension liability adjustment, net of tax of $290, $290, $870, and $869, respectively
837 836 2,511 2,508 
Total Comprehensive Income107,465 98,789 219,912 215,536 
Income attributable to noncontrolling interests(248)(56)(473)(276)
Comprehensive Income Attributable to IDACORP, Inc.$107,217 $98,733 $219,439 $215,260 

The accompanying notes are an integral part of these statements.
 

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IDACORP, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
 
September 30,
2022
December 31,
2021
(in thousands)
Assets
Current Assets:
Cash and cash equivalents$226,229 $215,243 
Receivables:
Customer (net of allowance of $4,653 and $4,499, respectively)
136,705 78,819 
Other (net of allowance of $464 and $517, respectively)
14,349 14,994 
Income taxes receivable 14,770 
Accrued unbilled revenues75,002 74,843 
Materials and supplies (at average cost)82,699 77,552 
Fuel stock (at average cost)9,236 18,045 
Prepayments20,073 24,676 
Current regulatory assets77,506 71,223 
Other17,869 5,708 
Total current assets659,668 595,873 
Investments110,601 123,824 
Property, Plant and Equipment:
Utility plant in service6,734,794 6,509,316 
Accumulated provision for depreciation(2,430,604)(2,298,951)
Utility plant in service - net4,304,190 4,210,365 
Construction work in progress752,173 670,585 
Utility plant held for future use4,090 4,511 
Other property, net of accumulated depreciation17,054 16,361 
Property, plant and equipment - net5,077,507 4,901,822 
Other Assets:
Company-owned life insurance72,005 67,343 
Regulatory assets1,547,639 1,462,431 
Other56,525 59,222 
Total other assets1,676,169 1,588,996 
Total$7,523,945 $7,210,515 

The accompanying notes are an integral part of these statements.
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IDACORP, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
 
September 30,
2022
December 31,
2021
(in thousands)
Liabilities and Equity
Current Liabilities:
Current maturities of long-term debt$79,360 $ 
Accounts payable184,831 145,980 
Taxes accrued25,587 14,229 
Interest accrued19,458 23,959 
Accrued compensation52,026 55,666 
Current regulatory liabilities25,283 11,239 
Advances from customers68,766 43,472 
Other20,111 31,079 
Total current liabilities475,422 325,624 
Other Liabilities:
Deferred income taxes828,160 842,375 
Regulatory liabilities797,904 781,695 
Pension and other postretirement benefits497,287 521,462 
Other68,201 63,485 
Total other liabilities2,191,552 2,209,017 
Long-Term Debt2,071,402 2,000,640 
Commitments and Contingencies
Equity:
IDACORP, Inc. shareholders’ equity:
 Common stock, no par value (120,000 shares authorized; 50,562 and 50,516 shares issued, respectively)
879,760 874,896 
Retained earnings1,936,067 1,833,580 
Accumulated other comprehensive loss(37,529)(40,040)
Total IDACORP, Inc. shareholders’ equity2,778,298 2,668,436 
Noncontrolling interests7,271 6,798 
Total equity2,785,569 2,675,234 
Total$7,523,945 $7,210,515 
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,
 20222021
(in thousands)
Operating Activities:
Net income$217,401 $213,028 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization127,335 133,984 
Deferred income taxes and investment tax credits(16,850)(3,406)
Changes in regulatory assets and liabilities(1,361)1,769 
Pension and postretirement benefit plan expense21,744 21,814 
Contributions to pension and postretirement benefit plans(43,143)(43,031)
Earnings of equity-method investments(8,694)(8,696)
Distributions from equity-method investments7,963 8,028 
Allowance for equity funds used during construction(27,872)(23,477)
Other non-cash adjustments to net income, net9,064 5,931 
Change in:  
Receivables(62,326)(41,442)
Accounts payable and other accrued liabilities19,507 404 
Taxes accrued/receivable26,128 41,299 
Other current assets11,231 1,273 
Other current liabilities(6,254)(267)
Other assets(11,008)(7,102)
Other liabilities6,110 3,298 
Net cash provided by operating activities268,975 303,407 
Investing Activities:  
Additions to property, plant and equipment(305,271)(196,941)
Payments received from transmission project joint funding partners10,979 3,529 
Investments in affordable housing and other real estate tax credits projects(10,183)(12,876)
Distributions from equity-method investments, return of investment11,287 8,172 
Purchases of equity securities(28,888)(522)
Purchases of held-to-maturity securities(31,017) 
Proceeds from the sale of equity securities56,728 4,753 
Purchases of short-term investments(25,000)(25,000)
Maturities of short-term investments25,000 50,000 
Other5,982 1,266 
Net cash used in investing activities(290,383)(167,619)
Financing Activities:  
Issuance of long-term debt150,000  
Dividends on common stock(114,308)(108,190)
Tax withholdings on net settlements of share-based awards(3,111)(3,031)
Debt issuance costs and other(187)(11)
Net cash provided by (used in) financing activities32,394 (111,232)
Net increase in cash and cash equivalents10,986 24,556 
Cash and cash equivalents at beginning of the period215,243 275,116 
Cash and cash equivalents at end of the period$226,229 $299,672 
Supplemental Disclosure of Cash Flow Information:  
Cash paid during the period for:  
Income taxes$38,220 $12,321 
Interest (net of amount capitalized)$68,057 $67,173 
Non-cash investing activities:
Additions to property, plant and equipment in accounts payable$65,374 $40,202 

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,
2022202120222021
(in thousands)(in thousands)
Common Stock
Balance at beginning of period$877,362 $871,111 $874,896 $869,235 
Share-based compensation expense2,519 1,479 7,883 6,328 
Tax withholdings on net settlements of share-based awards(153)(4)(3,111)(3,031)
Other32 26 92 80 
Balance at end of period879,760 872,612 879,760 872,612 
Retained Earnings
Balance at beginning of period1,867,811 1,776,986 1,833,580 1,734,103 
Net income attributable to IDACORP, Inc.106,380 97,897 216,928 212,752 
Common stock dividends ($0.75, $0.71, $2.25, and $2.13 per share, respectively)
(38,124)(36,036)(114,441)(108,008)
Balance at end of period1,936,067 1,838,847 1,936,067 1,838,847 
Accumulated Other Comprehensive Loss
Balance at beginning of period(38,366)(41,686)(40,040)(43,358)
Unfunded pension liability adjustment (net of tax)837 836 2,511 2,508 
Balance at end of period(37,529)(40,850)(37,529)(40,850)
Total IDACORP, Inc. shareholders’ equity at end of period2,778,298 2,670,609 2,778,298 2,670,609 
Noncontrolling Interests
Balance at beginning of period7,023 6,696 6,798 6,476 
Net income attributable to noncontrolling interests248 56 473 276 
Balance at end of period7,271 6,752 7,271 6,752 
Total equity at end of period$2,785,569 $2,677,361 $2,785,569 $2,677,361 

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,
 2022202120222021
(in thousands)(in thousands)
Operating Revenues$517,101 $446,353 $1,218,690 $1,120,979 
Operating Expenses:
Operation:
Purchased power192,884 137,788 370,035 301,892 
Fuel expense63,631 59,406 143,750 123,902 
Power cost adjustment(30,806)(22,713)(31,631)(24,977)
Other operations and maintenance100,679 87,720 293,322 261,868 
Energy efficiency programs8,292 6,906 21,490 22,591 
Depreciation45,951 44,108 125,238 131,051 
Other operating expenses8,780 8,959 26,544 27,293 
Total operating expenses389,411 322,174 948,748 843,620 
Operating Income127,690 124,179 269,942 277,359 
Nonoperating (Income) Expense:
Allowance for equity funds used during construction(9,461)(7,913)(27,872)(23,477)
Earnings of unconsolidated equity-method investments(3,048)(3,035)(7,313)(7,328)
Interest on long-term debt22,093 21,036 64,536 63,109 
Other interest3,948 3,659 11,613 10,779 
Allowance for borrowed funds used during construction(3,534)(2,985)(10,399)(9,009)
Other income, net(2,245)(837)(5,222)(1,452)
Total nonoperating expense, net7,753 9,925 25,343 32,622 
Income Before Income Taxes119,937 114,254 244,599 244,737 
Income Tax Expense15,405 16,032 31,418 33,323 
Net Income$104,532 $98,222 $213,181 $211,414 

The accompanying notes are an integral part of these statements.
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Idaho Power Company
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
 
Three months ended
September 30,
Nine months ended
September 30,
 2022202120222021
(in thousands)(in thousands)
Net Income$104,532 $98,222 $213,181 $211,414 
Other Comprehensive Income:
Unfunded pension liability adjustment, net of tax of $290, $290, $870, and $869, respectively
837 836 2,511 2,508 
Total Comprehensive Income$105,369 $99,058 $215,692 $213,922 

The accompanying notes are an integral part of these statements.
 
 

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Table of Contents                             
Idaho Power Company
Condensed Consolidated Balance Sheets
(unaudited)
 
September 30,
2022
December 31,
2021
(in thousands)
Assets
Current Assets:
Cash and cash equivalents$111,828 $60,075 
Receivables:
Customer (net of allowance of $4,653 and $4,499, respectively)
136,705 78,819 
Other (net of allowance of $464 and $517, respectively)
13,977 14,134 
Income taxes receivable 15,328 
Accrued unbilled revenues75,002 74,843 
Materials and supplies (at average cost)82,699 77,552 
Fuel stock (at average cost)9,236 18,045 
Prepayments19,958 24,558 
Current regulatory assets77,506 71,223 
Other17,869 5,708 
Total current assets544,780 440,285 
Investments66,476 77,108 
Property, Plant and Equipment:
Plant in service6,734,794 6,509,316 
Accumulated provision for depreciation(2,430,604)(2,298,951)
Plant in service - net4,304,190 4,210,365 
Construction work in progress752,173 670,585 
Plant held for future use4,090 4,511 
Other property4,549 3,647 
Property, plant and equipment, net5,065,002 4,889,108 
Other Assets:
Company-owned life insurance72,005 67,343 
Regulatory assets1,547,639 1,462,431 
Other50,557 54,564 
Total other assets1,670,201 1,584,338 
Total$7,346,459 $6,990,839 


The accompanying notes are an integral part of these statements.
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Table of Contents                             
Idaho Power Company
Condensed Consolidated Balance Sheets
(unaudited)
 
September 30,
2022
December 31,
2021