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Historical Financial Information

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2023  2022  2021 20202019 2018 2017 2016 2015 2014
Income Statement (thousands of dollars, except per share amounts and statistics)
Residential revenues 684,649  645,236 583,061547,404526,966 530,527 552,333 514,954 512,068 500,195
Commercial revenues 378,330  347,970 314,745 293,057295,203 310,299 319,195 302,650 306,178 299,462
Industrial revenues 244,538  217,368 195,214 181,258181,372 190,130 195,124 182,590 182,254 182,675
Irrigation revenues 173,929  170,964 168,664 154,791135,850 158,001 150,030 156,505 164,403 158,654
Electric utility operating revenues 1,762,894  1,641,040 1,455,410 1,347,3401,342,940 1,366,582 1,344,893 1,259,353 1,267,505 1,278,651
Total operating revenues 1,766,356  1,643,981 1,458,084 1,350,7291,346,383 1,370,752 1,349,486 1,262,020 1,270,289 1,282,524
Purchased power 501,531  544,345 393,691 297,417285,266 293,814 248,950 245,764 226,470 244,628
Fuel expense 275,405  230,210 180,550 172,740156,872 133,198 145,829 179,491 186,231 201,241
Power cost adjustment 6,885  (100,659) (49,844) (33,708)2,047 42,106 52,024 (5,330) 16,766 22,235
Other operations and maintenance expenses(1) 399,855  399,375 361,297 352,071355,770 364,456 346,695 349,290 340,082 349,867
Energy efficiency programs 31,948  33,197 29,920 42,47840,128 35,703 39,241 33,754 30,532 27,154
Depreciation 195,341  170,077 175,555 171,648169,210 165,190 162,091 143,661 138,110 132,987
Other electric utility operating expenses 38,550  37,325 34,673 34,91434,044 34,792 34,089 32,823 32,808 31,748
Total electric utility expenses(1) 1,449,515  1,313,870 1,125,842 1,037,5601,043,337 1,069,259 1,031,949 982,056 973,063 1,014,560
Total operating expenses(1) 1,452,879  1,316,803 1,128,433 1,041,2081,048,057 1,073,830 1,045,135 990,244 988,192 1,028,828
Operating income(1) 313,477  327,178 329,651 309,521298,326 296,922 307,381 274,379 284,161 258,710
AFUDC - equity 43,221  37,285 31,537 29,55127,112 24,353 20,784 22,031 21,785 17,931
Earnings of unconsolidated equity-method investments 12,426  11,511 11,435 11,51312,370 12,449 11,374 12,871 11,128 12,372
Interest on long-term debt 116,216  87,259 84,145 84,25182,457 84,408 81,198 81,956 83,056 80,562
AFUDC - debt (20,012)  (13,914) (11,993) (11,578)(10,703) (10,151) (8,694) (10,194) (10,044) (8,464)
Income before income taxes 289,189  297,404 282,784 266,668257,835 244,909 261,848 234,517 240,235 210,526
Income tax expense 27,296  37,844 36,912 28,70024,507 17,386 48,660 36,429 45,760 16,772
Effective tax rate 9.5%  12.7% 13.1% 10.8%9.5% 7.1% 18.6% 15.5% 19.0% 8.0%
Net income attributable to IDACORP, Inc. 261,195  258,982 245,550 237,417232,854 226,801 212,419 198,288 194,679 193,480
Diluted earnings per share 5.14  5.11 4.85 4.694.61 4.49 4.21 3.94 3.87 3.85
Dividend declared per share 3.20  3.04 2.88 2.722.56 2.40 2.24 2.08 1.92 1.76
2023    2019 2018 2017 2016 2015 2014
Balance Sheet (thousands)
Cash and cash equivalents 327,429  177,577215,243 275,116 217,254 267,492 76,649 61,480 114,802 56,808
Total current assets 1,004,054  693,653 595,873 642,401565,146 597,640 443,601 440,312 462,036 442,101
Utility plan in service - net 4,733,788  4,363,188 4,210,365 4,089,9593,957,784 3,893,075 3,807,888 3,743,567 3,571,537 3,407,201
Construction work in progress 985,502  785,706 670,585 597,154552,499 480,259 452,424 405,069 396,931 401,930
Property, plant and equipment - net 5,745,230  5,172,970 4,901,822 4,709,5104,531,454 4,395,735 4,283,875 4,171,999 3,992,413 3,833,477
Regulatory assets 1,426,815  1,421,912 1,462,431 1,495,4881,326,433 1,165,467 1,083,483 1,409,329 1,305,210 1,192,345
Total assets 8,475,918  7,543,258 7,210,515 7,095,2446,641,201 6,382,754 6,045,405 6,289,897 6,023,314 5,701,037
Total current liabilities 634,076  548,565 325,624 287,571374,859 258,592 200,749 249,715 242,306 241,781
Regulatory liabilities 874,601  796,644 781,695 757,730748,198 738,994 698,044 436,845 416,282 390,207
Long-term debt (including current portion) 2,775,790  2,194,145 2,000,640 2,000,4141,836,659 1,834,788 1,746,123 1,745,678 1,726,474 1,599,686
Total equity 2,914,743  2,814,615 2,675,234 2,566,4562,470,553 2,375,811 2,256,114 2,157,866 2,062,044 1,957,565
Common shares issued 50,615  50,562 50,516 50,46250,420 50,420 50,420 50,420 50,352 50,309
Diluted common shares outstanding 50,806  50,699 50,645 50,57250,537 50,510 50,424 50,373 50,292 50,199
2023    2019 2018 2017 2016 2015 2014
Cash Flow Statement (thousands of dollars)
Cash provided by operating activities(2) 267,027  351,285363,264  388,131366,625 491,626 438,020 347,706 353,194 364,343
Additions to property, plant and equipment (611,137)  (432,589) (299,999) (310,938)(278,705) (277,853) (285,488) (296,950) (294,021) (274,094)
Cash used in investing activities(2) (589,947)  (424,267) (273,653) (347,258)(280,492) (258,177) (283,300) (297,444) (291,706) (272,420)
Cash provided by (used in) financing activities 472,772  35,316 (149,484) 16,989(136,371) (42,606) (139,551) (103,584) (3,494) (113,277)
Net (decrease) increase in cash and cash equivalents 149,852  (37,666) (59,873) 57,862(50,238) 190,843 15,169 (53,322) 57,994 (21,354)
2023    2019 2018 2017 2016 2015 2014
Financial Statistics
Book value per share $57.44 $55.52 $52.82  $50.73$48.90 $47.04 $44.68 $42.74 $40.88 $38.85
Market-to-book ratio 171%  194% 215% 189%218% 198% 204% 188% 166% 170%
Payout ratio 62%  59% 59% 58%56% 53% 53% 53% 50% 46%
Return on year-end common equity 9.0%  9.2% 9.2% 9.3%9.4% 9.6% 9.4% 9.2% 9.5% 9.9%

(1) Amounts in Other operations and maintenance expenses, as well as Operating income, in 2014-2017, have been restated to reflect the results of Accounting Standards Update 2017-07, which was adopted by IDACORP on January 1, 2017.
(2) Cash provided by operating activities and Cash used in investing activities for 2017 and 2016 have been recast to conform with current period presentation to reflect Accounting Standards Update 2016-16, which was adopted by IDACORP on January 1, 2018.