Idacorp Inc 10-Q for FY2024 Q2

Idacorp Inc (IDA)

10-Q 2024-08-01 For: 2024-06-30

Added on April 08, 2026

About this 10-Q

Idacorp Inc filed this 10-Q on August 1, 2024, covering the quarter ended June 30, 2024 (FY2024 Q2).

Headline figures

Quarter ended June 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $451.04M; up 9.0% from $413.84M a year earlier
Net income: $89.52M; up 30.5% from net income of $68.57M a year earlier
Diluted EPS: $1.71; up 26.7% from $1.35 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


1221 W. Idaho Street
Boise,		ID		83702-5627
	(208)		388-2200


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	IDA	New York Stock Exchange


TABLE OF CONTENTS
				Page
Commonly Used Terms				4
Cautionary Note Regarding Forward-Looking Statements				5
Available Information				7

Part I. Financial Information

	Item 1. Financial Statements (unaudited)
		IDACORP, Inc.:
			Condensed Consolidated Statements of Income	8
			Condensed Consolidated Statements of Comprehensive Income	9
			Condensed Consolidated Balance Sheets	10
			Condensed Consolidated Statements of Cash Flows	12
			Condensed Consolidated Statements of Equity	13
		Idaho Power Company:
			Condensed Consolidated Statements of Income	14
			Condensed Consolidated Statements of Comprehensive Income	15
			Condensed Consolidated Balance Sheets	16
			Condensed Consolidated Statements of Cash Flows	18
		Notes to Condensed Consolidated Financial Statements		19
		Reports of Independent Registered Public Accounting Firm - Deloitte & Touche LLP		35
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			37
	Item 3. Quantitative and Qualitative Disclosures About Market Risk			59
	Item 4. Controls and Procedures			60

Part II. Other Information

	Item 1. Legal Proceedings			61
	Item 1A. Risk Factors			61
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			61
	Item 3. Defaults Upon Senior Securities			61
	Item 4. Mine Safety Disclosures			61
	Item 5. Other Information			61
	Item 6. Exhibits			62

Signatures				63


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
	(in thousands, except per share amounts)				(in thousands, except per share amounts)
Operating Revenues:
Electric utility revenues	$	449,819	$	412,727	$	898,118	$	842,065
Other	1,220		1,111		1,857		1,432
Total operating revenues	451,039		413,838		899,975		843,497

Operating Expenses:
Electric utility:
Purchased power	95,383		91,460		207,282		262,554
Fuel expense	22,699		31,113		114,940		120,194
Power cost adjustment	59,156		49,629		81,519		(1,708)
Other operations and maintenance	110,903		97,123		216,733		189,164
Energy efficiency programs	7,126		6,552		11,416		11,767
Depreciation	54,732		47,108		108,745		92,499
Other electric utility operating expenses, net	(2,981)		7,846		5,027		16,871
Total electric utility operating expenses	347,018		330,831		745,662		691,341
Other	752		713		1,448		1,758
Total operating expenses	347,770		331,544		747,110		693,099

Operating Income	103,269		82,294		152,865		150,398

Nonoperating (Income) Expense:
Allowance for equity funds used during construction	(13,279)		(11,173)		(24,431)		(21,081)
Earnings of unconsolidated equity-method investments	(1,277)		(2,739)		(1,902)		(5,192)
Interest on long-term debt	33,308		28,579		66,616		53,547
Other interest	6,075		4,609		11,542		9,363
Allowance for borrowed funds used during construction	(6,920)		(5,161)		(12,879)		(9,389)
Other income, net	(12,545)		(8,816)		(26,710)		(16,964)
Total nonoperating expense, net	5,362		5,299		12,236		10,284

Income Before Income Taxes	97,907		76,995		140,629		140,114

Income Tax Expense	8,063		8,131		2,517		15,226

Net Income	89,844		68,864		138,112		124,888
Income attributable to noncontrolling interests	(324)		(290)		(419)		(216)
Net Income Attributable to IDACORP, Inc.	$	89,520	$	68,574	$	137,693	$	124,672

Weighted Average Common Shares Outstanding - Basic	52,170		50,725		51,467		50,707
Weighted Average Common Shares Outstanding - Diluted	52,236		50,758		51,519		50,741
Earnings Per Share of Common Stock:
Earnings Attributable to IDACORP, Inc. - Basic	$	1.72	$	1.35	$	2.68	$	2.46
Earnings Attributable to IDACORP, Inc. - Diluted	$	1.71	$	1.35	$	2.67	$	2.46


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
	(in thousands)				(in thousands)

Net Income	$	89,844	$	68,864	$	138,112	$	124,888
Other Comprehensive Income:

Unfunded pension liability adjustment, net of tax of $98, $51, $197, and $102, respectively	284		147		568		293
Total Comprehensive Income	90,128		69,011		138,680		125,181
Income attributable to noncontrolling interests	(324)		(290)		(419)		(216)
Comprehensive Income Attributable to IDACORP, Inc.	$	89,804	$	68,721	$	138,261	$	124,965


	June 30, 2024		December 31, 2023
	(in thousands)
Assets

Current Assets:
Cash and cash equivalents	$	169,559	$	327,429

Receivables:
Customer (net of allowance of $3,644 and $4,869, respectively)	132,426		107,256
Other (net of allowance of $682 and $716, respectively)	32,063		44,661
Income taxes receivable	—		24,574
Accrued unbilled revenues	120,783		90,521
Materials and supplies (at average cost)	165,180		140,515
Fuel stock (at average cost)	34,842		19,952
Prepayments	24,397		22,840
Current regulatory assets	135,058		226,235
Other	131		71
Total current assets	814,439		1,004,054
Investments	165,946		163,971
Property, Plant and Equipment:
Utility plant in service	7,476,066		7,291,532
Accumulated provision for depreciation	(2,644,334)		(2,557,744)
Utility plant in service - net	4,831,732		4,733,788
Construction work in progress	1,261,405		985,502
Utility plant held for future use	9,883		9,511
Other property, net of accumulated depreciation	13,599		16,429
Property, plant and equipment - net	6,116,619		5,745,230
Other Assets:
Company-owned life insurance	86,518		82,038
Regulatory assets	1,429,624		1,426,815

Other	63,987		53,810
Total other assets	1,580,129		1,562,663
Total	$	8,677,133	$	8,475,918


	June 30, 2024		December 31, 2023
	(in thousands, except par value)
Liabilities and Equity

Current Liabilities:
Current maturities of long-term debt	$	49,800	$	49,800

Accounts payable	204,816		307,538
Accounts payable to affiliates	9,496		16,456
Taxes accrued	40,922		6,834
Interest accrued	37,056		38,292

Accrued compensation	49,602		64,408
Current regulatory liabilities	8,293		7,952
Advances from customers	100,907		104,297
Other	37,644		44,907
Total current liabilities	538,536		640,484
Other Liabilities:
Deferred income taxes	864,804		881,050
Regulatory liabilities	882,318		874,601
Pension and other postretirement benefits	243,430		233,965
Other	160,939		135,468
Total other liabilities	2,151,491		2,125,084
Long-Term Debt	2,776,129		2,775,790
Commitments and Contingencies
Equity:
Common stock, $2.50 par value (50,000 shares authorized; 39,151 shares issued and outstanding)	97,877		97,877
Premium on capital stock	912,258		712,258
Capital stock expense	(2,097)		(2,097)
Retained earnings	2,041,364		1,991,319
Accumulated other comprehensive loss	(16,616)		(17,184)
Total equity	3,032,786		2,782,173
Total	$	8,498,942	$	8,323,531

The accompanying notes are an integral part of these statements.


	IDACORP						Idaho Power
	2024			2023			2024			2023
Income tax at statutory rates (federal and state)	$	36,090		$	36,010		$	35,555		$	35,697

Excess deferred income tax reversal	(5,023)			(5,342)			(5,023)			(5,342)






Other(1)	(8,550)			(7,942)			(7,091)			(6,961)
Income tax expense before additional ADITC amortization	$	22,517		$	22,726		$	23,441		$	23,394
Additional ADITC amortization	(20,000)			(7,500)			(20,000)			(7,500)
Income tax expense	$	2,517		$	15,226		$	3,441		$	15,894
Effective tax rate	1.8		%	10.9		%	2.5		%	11.5		%


	Pension Plan				SMSP				Postretirement Benefits				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Service cost	$	8,183	$	8,078	$	263	$	153	$	185	$	151	$	8,631	$	8,382
Interest cost	12,794		12,655		1,333		1,330		721		717		14,848		14,702
Expected return on plan assets	(16,830)		(15,434)		—		—		(461)		(407)		(17,291)		(15,841)
Amortization of prior service cost	62		1		55		55		387		417		504		473
Amortization of net loss	—		—		327		143		(352)		(346)		(25)		(203)
Net periodic benefit cost	4,209		5,300		1,978		1,681		480		532		6,667		7,513
Regulatory deferral of net periodic benefit cost(1)	(4,025)		(5,061)		—		—		—		—		(4,025)		(5,061)
Previously deferred pension costs recognized(1)	8,795		4,289		—		—		—		—		8,795		4,289
Net periodic benefit cost recognized for financial reporting(1)(2)	$	8,979	$	4,528	$	1,978	$	1,681	$	480	$	532	$	11,437	$	6,741



The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the six months ended June 30, 2024 and 2023 (in thousands).
	Pension Plan				SMSP				Postretirement Benefits				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Service cost	$	16,367	$	16,156	$	526	$	306	$	349	$	329	$	17,242	$	16,791
Interest cost	25,587		25,309		2,666		2,661		1,412		1,490		29,665		29,460
Expected return on plan assets	(33,660)		(30,868)		—		—		(916)		(826)		(34,576)		(31,694)
Amortization of prior service cost	124		3		110		110		774		833		1,008		946
Amortization of net loss	—		—		655		285		(747)		(618)		(92)		(333)
Net periodic benefit cost	8,418		10,600		3,957		3,362		872		1,208		13,247		15,170
Regulatory deferral of net periodic benefit cost(1)	(8,051)		(10,121)		—		—		—		—		(8,051)		(10,121)
Previously deferred pension costs recognized(1)	17,591		8,577		—		—		—		—		17,591		8,577
Net periodic benefit cost recognized for financial reporting(1)(2)	$	17,958	$	9,056	$	3,957	$	3,362	$	872	$	1,208	$	22,787	$	13,626


		Gain/(Loss) on Derivatives Recognized in Income(1)
	Location of Realized Gain/(Loss) on Derivatives Recognized in Income	Three months ended June 30,				Six months ended June 30,
		2024		2023		2024		2023
Financial swaps	Operating revenues	$	2,609	$	5,042	$	3,621	$	3,963
Financial swaps	Purchased power	(1,478)		(1,733)		(525)		(107)
Financial swaps	Fuel expense	(1,127)		(11,422)		(25,185)		12,114

Forward contracts	Operating revenues	272		1,075		1,278		1,710
Forward contracts	Purchased power	(690)		(1,449)		(1,681)		(2,049)
Forward contracts	Fuel expense	—		(19)		(221)		(439)


		Asset Derivatives						Liability Derivatives
	Balance Sheet Location	Gross Fair Value		Amounts Offset		Net Assets		Gross Fair Value		Amounts Offset			Net Liabilities

June 30, 2024
Current:
Financial swaps	Other current assets	$	131	$	—	$	131	$	—	$	—		$	—
Financial swaps	Other current liabilities	2,116		(2,116)		—		22,267		(19,969)		(1)	2,298

Forward contracts	Other current liabilities	—		—		—		1,745		—			1,745
Long-term:

Financial swaps	Other liabilities	614		(614)		—		1,140		(944)		(2)	196

Total		$	2,861	$	(2,730)	$	131	$	25,152	$	(20,913)		$	4,239

December 31, 2023
Current:
Financial swaps	Other current assets	$	241	$	(169)	$	72	$	169	$	(169)		$	—
Financial swaps	Other current liabilities	1,476		(1,476)		—		41,977		(38,045)		(3)	3,932

Forward contracts	Other current liabilities	—		—		—		2,000		—			2,000
Long-term:
Financial swaps	Other assets	106		(89)		17		89		(89)			—
Financial swaps	Other liabilities	376		(376)		—		2,123		(2,123)		(4)	—

Total		$	2,199	$	(2,110)	$	89	$	46,358	$	(40,426)		$	5,932


		June 30,
Commodity	Units	2024	2023
Electricity purchases	MWh	438	792
Electricity sales	MWh	57	17
Natural gas purchases	MMBtu	37,185	35,545
Natural gas sales	MMBtu	620	310


	June 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds and commercial paper
IDACORP(1)	$	30,433	$	—	$	—	$	30,433	$	32,472	$	—	$	—	$	32,472
Idaho Power	78,476		—		—		78,476		230,600		—		—		230,600
Derivatives	131		—		—		131		89		—		—		89
Equity securities	35,947		—		—		35,947		37,320		—		—		37,320
IDACORP assets measured at NAV (not subject to hierarchy disclosure)(1)	—		—		—		4,123		—		—		—		3,751
Liabilities:
Derivatives	2,494		1,745		—		4,239		3,932		2,000		—		5,932


	June 30, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
IDACORP
Assets:
Notes receivable(1)	$	3,038	$	3,038	$	3,038	$	3,038
Held-to-maturity securities(1)(2)	31,687		28,304		31,639		28,341
Liabilities:
Long-term debt (including current portion)(1)	2,825,929		2,535,149		2,825,590		2,684,278
Idaho Power
Assets:
Held-to-maturity securities(1)(2)	$	31,687	$	28,304	$	31,639	$	28,341
Liabilities:
Long-term debt (including current portion)(1)	2,825,929		2,535,149		2,825,590		2,684,278


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS


AVAILABLE INFORMATION


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Retail revenues:
Residential (includes $(2,102), $5,678, $(2,789), and $14,587, respectively, related to the FCA)(1)	$	145,763	$	134,885	$	330,062	$	323,422
Commercial (includes $(38), $296, $(92), and $572, respectively, related to the FCA)(1)	96,012		87,677		190,709		175,507
Industrial	66,876		58,245		132,082		113,789
Irrigation	80,771		62,781		81,809		63,713

Deferred revenue related to HCC relicensing AFUDC(2)	(1,948)		(1,927)		(4,031)		(4,046)

Total retail revenues	387,474		341,661		730,631		672,385
Less: FCA mechanism revenues(1)	2,140		(5,974)		2,881		(15,159)
Wholesale energy sales	20,744		15,201		58,813		45,397
Transmission wheeling-related revenues	16,561		20,026		40,723		41,611
Energy efficiency program revenues	7,126		6,552		11,416		11,767
Other revenues from contracts with customers	8,586		7,763		16,064		14,894
Total revenues from contracts with customers	$	442,631	$	385,229	$	860,528	$	770,895


	Six months ended June 30,
	2024			2023
Balance at beginning of period	$	4,869		$	5,034
Additions to the allowance	551			739
Write-offs, net of recoveries	(1,776)			(1,917)
Balance at end of period	$	3,644		$	3,856
Allowance for uncollectible accounts as a percentage of customer receivables	2.8		%	3.3		%


	Utility Operations		All Other		Eliminations		Consolidated Total
Three months ended June 30, 2024:
Revenues	$	449,819	$	1,220	$	—	$	451,039
Net income attributable to IDACORP, Inc.	87,388		2,132		—		89,520
Total assets as of June 30, 2024	8,498,942		251,246		(73,055)		8,677,133
Three months ended June 30, 2023:
Revenues	$	412,727	$	1,111	$	—	$	413,838
Net income attributable to IDACORP, Inc.	67,080		1,494		—		68,574
Six months ended June 30, 2024:
Revenues	$	898,118	$	1,857	$	—	$	899,975
Net income attributable to IDACORP, Inc.	134,690		3,003		—		137,693
Six months ended June 30, 2023:
Revenues	$	842,065	$	1,432	$	—	$	843,497
Net income attributable to IDACORP, Inc.	122,790		1,882		—		124,672


	Defined Benefit Pension Items				Defined Benefit Pension Items
	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Balance at beginning of period	$	(16,900)	$	(12,776)	$	(17,184)	$	(12,922)
Amounts reclassified out of AOCI	284		147		568		293
Balance at end of period	$	(16,616)	$	(12,629)	$	(16,616)	$	(12,629)


	Amount Reclassified from AOCI
Details About AOCI	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Amortization of defined benefit pension items(1)
Prior service cost	$	55	$	55	$	110	$	110
Net loss	327		143		655		285
Total before tax	382		198		765		395
Tax benefit(2)	(98)		(51)		(197)		(102)

Total reclassification for the period, net of tax	$	284	$	147	$	568	$	293


	Three months ended			Six months ended
Net income attributable to IDACORP, Inc. - June 30, 2023		$	68.6		$	124.7
Increase (decrease) in Idaho Power net income:
Retail revenues per MWh, net of associated power supply costs and power cost adjustment and FCA mechanisms	19.6			24.4
Customer growth, net of associated power supply costs and power cost adjustment mechanisms	5.1			9.8
Usage per retail customer, net of associated power supply costs and power cost adjustment mechanisms	6.2			(3.8)

Transmission wheeling-related revenues	(2.5)			(3.5)
Other O&M expenses	(13.8)			(27.6)
Depreciation expense	(7.6)			(16.2)
Other changes in operating revenues and expenses, net	13.9			18.6

Increase in Idaho Power operating income	20.9			1.7
Non-operating expense, net	(0.4)			(2.3)
Additional ADITC amortization	3.8			12.5
Income tax expense, excluding additional ADITC amortization	(4.0)			—
Total increase in Idaho Power net income		20.3			11.9
Other IDACORP changes (net of tax)		0.6			1.1
Net income attributable to IDACORP, Inc. - June 30, 2024		$	89.5		$	137.7


	June 30, 2024				December 31, 2023
	IDACORP(2)		Idaho Power		IDACORP(2)		Idaho Power
Revolving credit facility	$	100,000	$	400,000	$	100,000	$	400,000
Commercial paper outstanding	—		—		—		—
Identified for other use(1)	—		(19,885)		—		(19,885)
Net balance available	$	100,000	$	380,115	$	100,000	$	380,115


	Three months ended June 30, 2024						Six months ended June 30, 2024
	IDACORP(1)			Idaho Power			IDACORP(1)			Idaho Power
Commercial Paper:
Period end:
Amount outstanding	$	—		$	—		$	—		$	—
Weighted average interest rate	—		%	—		%	—		%	—		%
Daily average amount outstanding during the period	$	—		$	0.769		$	—		$	0.385
Weighted average interest rate during the period	—		%	5.62		%	—		%	5.62		%
Maximum month-end balance	$	—		$	10,000		$	—		$	10,000


	2024	2025	2026-2028
Expected capital expenditures (excluding AFUDC)	$925-$975	$850-$950	$2,000-$2,500


	Idaho		Oregon		Total
Balance at December 31, 2023	$	115.6	$	(1.3)	$	114.3
Current period net power supply costs (accrued) deferred	(33.5)		(2.4)		(35.9)

Prior amounts (collected) refunded through rates	(45.3)		(0.4)		(45.7)
Renewable energy certificate sales	(10.4)		(0.4)		(10.8)
Interest and other	2.4		—		2.4
Balance at June 30, 2024	$	28.8	$	(4.5)	$	24.3


		IDACORP, INC.
		(Registrant)



Date:	August 1, 2024	By:	/s/ Lisa A. Grow
			Lisa A. Grow
			President and Chief Executive Officer

Date:	August 1, 2024	By:	/s/ Brian R. Buckham
			Brian R. Buckham
			Senior Vice President, Chief Financial Officer, and Treasurer






		IDAHO POWER COMPANY
		(Registrant)



Date:	August 1, 2024	By:	/s/ Lisa A. Grow
			Lisa A. Grow
			President and Chief Executive Officer

Date:	August 1, 2024	By:	/s/ Brian R. Buckham
			Brian R. Buckham
			Senior Vice President, Chief Financial Officer, and Treasurer