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 20202019 2018 2017 2016 2015 2014 2013 2012 2011
Income Statement (thousands of dollars, except per share amounts and statistics)
Residential revenues 547,404526,966 530,527 552,333 514,954 512,068 500,195 513,914 431,555 405,982
Commercial revenues  293,057295,203 310,299 319,195 302,650 306,178 299,462 281,009 241,519 220,962
Industrial revenues  181,258181,372 190,130 195,124 182,590 182,254 182,675 165,941 145,054 140,741
Irrigation revenues  154,791135,850 158,001 150,030 156,505 164,403 158,654 159,242 137,424 104,635
Electric utility operating revenues  1,347,3401,342,940 1,366,582 1,344,893 1,259,353 1,267,505 1,278,651 1,243,098 1,076,725 1,022,728
Total operating revenues  1,350,7291,346,383 1,370,752 1,349,486 1,262,020 1,270,289 1,282,524 1,246,214 1,080,662 1,026,756
Purchased power  297,417285,266 293,814 248,950 245,764 226,470 244,628 220,579 196,935 163,336
Fuel expense  172,740156,872 133,198 145,829 179,491 186,231 201,241 214,482 159,413 131,542
Power cost adjustment  (33,708)2,047 42,106 52,024 (5,330) 16,766 22,235 (39,537) (61,090) 38,497
Other operations and maintenance expenses(1)  352,071355,770 364,456 346,695 349,290 340,082 349,867 348,867 349,033 338,640
Energy efficiency programs  42,47840,128 35,703 39,241 33,754 30,532 27,154 35,636 27,300 37,663
Depreciation  171,648169,210 165,190 162,091 143,661 138,110 132,987 129,735 123,941 119,789
Taxes other than income taxes  34,91434,044 34,792 34,089 32,823 32,808 31,748 30,561 30,489 28,895
Total electric utility expenses  1,037,5601,043,337 1,069,259 1,031,949 982,056 973,063 1,014,560 940,323 826,021 858,362
Total operating expenses  1,041,2081,048,057 1,073,830 1,045,135 990,244 988,192 1,028,828 954,472 838,060 871,404
Operating income(1)  309,521298,326 296,922 307,381 274,379 284,161 258,710 291,742 242,602 155,352
AFUDC - equity  29,55127,112 24,353 20,784 22,031 21,785 17,931 14,858 22,433 25,484
Earnings of unconsolidated equity-method investments  11,51312,370 12,449 11,374 12,871 11,128 12,372 11,939 11,617 11,864
Interest on long-term debt  84,25182,457 84,408 81,198 81,956 83,056 80,562 81,492 78,922 79,349
AFUDC - debt  (11,578)(10,703) (10,151) (8,694) (10,194) (10,044) (8,464) (7,663) (11,929) (13,333)
Total interest expense, net  87,42686,475 85,948 83,746 82,035 81,934 79,801 81,032 73,869 71,526
Income before income taxes  266,668257,835 244,909 261,848 234,517 240,235 210,526 254,520 206,992 125,795
Income tax expense  28,70024,507 17,386 48,660 36,429 45,760 16,772 72,226 33,805 (44,355)
Effective tax rate  10.8%9.5% 7.1% 18.6% 15.5% 19.0% 8.0% 28.4% 16.3% -35.3%
Net income attributable to IDACORP, Inc.  237,417232,854 226,801 212,419 198,288 194,679 193,480 182,417 173,014 169,981
Diluted earnings per share  4.694.61 4.49 4.21 3.94 3.87 3.85 3.64 3.46 3.43
Dividend declared per share  2.722.56 2.40 2.24 2.08 1.92 1.76 1.57 1.37 1.2
 2019 2018 2017 2016 2015 2014 2013 2012 2011
Balance Sheet (thousands)
Cash and cash equivalents 275,116 217,254 267,492 76,649 61,480 114,802 56,808 78,162 26,527 27,813
Total current assets  642,401565,146 597,640 443,601 440,312 462,036 442,101 476,611 367,253 310,972
Utility plan in service - net  4,089,9593,957,784 3,893,075 3,807,888 3,743,567 3,571,537 3,407,201 3,313,722 3,212,613 2,789,264
Construction work in progress  597,154552,499 480,259 452,424 405,069 396,931 401,930 327,000 298,470 591,475
Property, plant and equipment - net  4,709,5104,531,454 4,395,735 4,283,875 4,171,999 3,992,413 3,833,477 3,665,041 3,536,031 3,406,590
Regulatory assets  1,495,4881,326,433 1,165,467 1,083,483 1,409,329 1,305,210 1,192,345 978,234 1,132,960 953,068
Total assets  7,095,2446,641,201 6,382,754 6,045,405 6,289,897 6,023,314 5,701,037 5,347,380 5,274,147 4,908,326
Total current liabilities  287,571374,859 258,592 200,749 249,715 242,306 241,781 250,372 351,303 368,247
Regulatory liabilities  757,730748,198 738,994 698,044 436,845 416,282 390,207 375,873 355,362 332,057
Long-term debt (including current portion)  2,000,4141,836,659 1,834,788 1,746,123 1,745,678 1,726,474 1,599,686 1,599,139 1,520,553 1,488,614
Total equity  2,566,4562,470,553 2,375,811 2,256,114 2,157,866 2,062,044 1,957,565 1,854,740 1,745,979 1,661,694
Common shares issued  50,46250,420 50,420 50,420 50,420 50,352 50,309 50,233 50,158 49,964
Diluted common shares outstanding  50,57250,537 50,510 50,424 50,373 50,292 50,199 50,126 50,010 49,558
 2019 2018 2017 2016 2015 2014 2013 2012 2011
Cash Flow Statement (thousands of dollars)
Cash provided by operating activities(2)  388,131366,625 491,626 438,020 347,706 353,194 364,343 305,549 249,269 310,243
Additions to property, plant and equipment  (310,938)(278,705) (277,853) (285,488) (296,950) (294,021) (274,094) (246,674) (239,788) (337,770)
Cash used in investing activities(2)  (347,258)(280,492) (258,177) (283,300) (297,444) (291,706) (272,420) (236,593) (243,821) (332,358)
Cash provided by (used in) financing activities  16,989(136,371) (42,606) (139,551) (103,584) (3,494) (113,277) (17,321) (6,734) (178,749)
Net increase (decrease) in cash and cash equivalents  57,862(50,238) 190,843 15,169 (53,322) 57,994 (21,354) 51,635 (1,286) (200,864)
 2019 2018 2017 2016 2015 2014 2013 2012 2011
Financial Statistics
Times interest earned before tax  3.693.65 3.55 3.82 3.54 3.61 3.38 3.87 3.41 2.48
Times interest earned after tax  3.403.40 3.36 3.30 3.15 3.12 3.19 3.06 3.02 3.00
Book value per share  $50.73$48.90 $47.04 $44.68 $42.74 $40.88 $38.85 $36.84 $34.73 $32.76
Market-to-book ratio  189%218% 198% 204% 188% 166% 170% 141% 125% 129%
Payout ratio  58%56% 53% 53% 53% 50% 46% 43% 40% 35%
Return on year-end common equity  9.3%9.4% 9.6% 9.4% 9.2% 9.5% 9.9% 9.9% 9.9% 10.4%

(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.