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Historical Financial Information

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2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Income Statement (thousands of dollars, except per share amounts and statistics)
Residential revenues 526,966 530,527 552,333 514,954 512,068 500,195 513,914 431,555 405,982 400,607
Commercial revenues 295,203 310,299 319,195 302,650 306,178 299,462 281,009 241,519 220,962 231,440
Industrial revenues 181,372 190,130 195,124 182,590 182,254 182,675 165,941 145,054 140,741 138,394
Irrigation revenues 135,850 158,001 150,030 156,505 164,403 158,654 159,242 137,424 104,635 110,555
Electric utility operating revenues 1,342,940 1,366,582 1,344,893 1,259,353 1,267,505 1,278,651 1,243,098 1,076,725 1,022,728 1,033,052
Total operating revenues 1,346,383 1,370,752 1,349,486 1,262,020 1,270,289 1,282,524 1,246,214 1,080,662 1,026,756 1,036,029
Purchased power 285,266 293,814 248,950 245,764 226,470 244,628 220,579 196,935 163,336 143,769
Fuel expense 156,872 133,198 145,829 179,491 186,231 201,241 214,482 159,413 131,542 159,673
Power cost adjustment 2,047 42,106 52,024 (5,330) 16,766 22,235 (39,537) (61,090) 38,497 51,226
Other operations and maintenance expenses(1) 355,770 364,456 346,695 349,290 340,082 349,867 348,867 349,033 338,640 293,925
Energy efficiency programs 40,128 35,703 39,241 33,754 30,532 27,154 35,636 27,300 37,663 44,184
Depreciation 169,210 165,190 162,091 143,661 138,110 132,987 129,735 123,941 119,789 115,921
Taxes other than income taxes 34,044 34,792 34,089 32,823 32,808 31,748 30,561 30,489 28,895 24,046
Total electric utility expenses 1,043,337 1,069,259 1,031,949 982,056 973,063 1,014,560 940,323 826,021 858,362 832,744
Total operating expenses 1,048,057 1,073,830 1,045,135 990,244 988,192 1,028,828 954,472 838,060 871,404 844,218
Operating income(1) 298,326 296,922 307,381 274,379 284,161 258,710 291,742 242,602 155,352 191,811
AFUDC - equity 27,112 24,353 20,784 22,031 21,785 17,931 14,858 22,433 25,484 16,551
Earnings of unconsolidated equity-method investments(2) 12,370 12,449 11,374 12,871 11,128 12,372 11,939 11,617 11,864 3,008
Interest on long-term debt 82,457 84,408 81,198 81,956 83,056 80,562 81,492 78,922 79,349 80,490
AFUDC - debt (10,703) (10,151) (8,694) (10,194) (10,044) (8,464) (7,663) (11,929) (13,333) (10,675)
Total interest expense, net 86,475 85,948 83,746 82,035 81,934 79,801 81,032 73,869 71,526 75,114
Income before income taxes(2) 257,835 244,909 261,848 234,517 240,235 210,526 254,520 206,992 125,795 141,729
Income tax expense(2) 24,507 17,386 48,660 36,429 45,760 16,772 72,226 33,805 (44,355) (731)
Effective tax rate(2) 9.5% 7.1% 18.6% 15.5% 19.0% 8.0% 28.4% 16.3% -35.3% -0.5%
Net income attributable to IDACORP, Inc.(2) 232,854 226,801 212,419 198,288 194,679 193,480 182,417 173,014 169,981 145,018
Diluted earnings per share(2) 4.61 4.49 4.21 3.94 3.87 3.85 3.64 3.46 3.43 3.00
Dividend declared per share 2.56 2.40 2.24 2.08 1.92 1.76 1.57 1.37 1.2 1.2
2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Balance Sheet (thousands)
Cash and cash equivalents 217,254 267,492 76,649 61,480 114,802 56,808 78,162 26,527 27,813 228,677
Total current assets 565,146 597,640 443,601 440,312 462,036 442,101 476,611 367,253 310,972 464,038
Utility plan in service - net 3,957,784 3,893,075 3,807,888 3,743,567 3,571,537 3,407,201 3,313,722 3,212,613 2,789,264 2,718,041
Construction work in progress 552,499 480,259 452,424 405,069 396,931 401,930 327,000 298,470 591,475 416,950
Property, plant and equipment - net 4,531,454 4,395,735 4,283,875 4,171,999 3,992,413 3,833,477 3,665,041 3,536,031 3,406,590 3,161,382
Regulatory assets 1,326,433 1,165,467 1,083,483 1,409,329 1,305,210 1,192,345 978,234 1,132,960 953,068 753,172
Total assets(3) 6,641,201 6,382,754 6,045,405 6,289,897 6,023,314 5,701,037 5,347,380 5,274,147 4,908,326 4,635,304
Total current liabilities 374,859 258,592 200,749 249,715 242,306 241,781 250,372 351,303 368,247 449,059
Regulatory liabilities 748,198 738,994 698,044 436,845 416,282 390,207 375,873 355,362 332,057 298,094
Long-term debt (including current portion)(3) 1,836,659 1,834,788 1,746,123 1,745,678 1,726,474 1,599,686 1,599,139 1,520,553 1,488,614 1,610,859
Total equity 2,470,553 2,375,811 2,256,114 2,157,866 2,062,044 1,957,565 1,854,740 1,745,979 1,661,694 1,535,984
Common shares issued 50,420 50,420 50,420 50,420 50,352 50,309 50,233 50,158 49,964 49,419
Diluted common shares outstanding 50,537 50,510 50,424 50,373 50,292 50,199 50,126 50,010 49,558 48,340
2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Cash Flow Statement (thousands of dollars)
Cash provided by operating activities(4) 366,625 491,626 438,020 347,706 353,194 364,343 305,549 249,269 310,243 305,400
Additions to property, plant and equipment (278,705) (277,853) (285,488) (296,950) (294,021) (274,094) (246,674) (239,788) (337,770) (338,252)
Cash used in investing activities(4) (280,492) (258,177) (283,300) (297,444) (291,706) (272,420) (236,593) (243,821) (332,358) (328,334)
Cash used in financing activities (136,371) (42,606) (139,551) (103,584) (3,494) (113,277) (17,321) (6,734) (178,749) 198,624
Net increase (decrease) in cash and cash equivalents (50,238) 190,843 15,169 (53,322) 57,994 (21,354) 51,635 (1,286) (200,864) 175,690
2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Financial Statistics
Times interest earned before tax(2) 3.65 3.55 3.82 3.54 3.61 3.38 3.87 3.41 2.48 2.78
Times interest earned after tax(2) 3.40 3.36 3.30 3.15 3.12 3.19 3.06 3.02 3.00 2.69
Book value per share(2) $48.90 $47.04 $44.68 $42.74 $40.88 $38.85 $36.84 $34.73 $32.76 $30.51
Market-to-book ratio(2) 218% 198% 204% 188% 166% 170% 141% 125% 129% 121%
Payout ratio(2) 56% 53% 53% 53% 50% 46% 43% 40% 35% 40%
Return on year-end common equity(2) 9.4% 9.6% 9.4% 9.2% 9.5% 9.9% 9.9% 9.9% 10.4% 9.6%

(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) In 2011 and forward, in accordance with Accounting Standards Update 2014-01, net investment performance associated with IDACORP Financial Services is reflected in income tax expense, rather than as a gain or loss in equity method investments. All financial statistics, other than 2008, have been restated to reflect the adoption of this standard.
(3) In accordance with Accounting Standards Update 2015-03, amounts in 2011 and forward reflect certain debt issuance costs being presented as a direct deduction from the carrying value of the associated debt liability, rather than as an asset.
(4) 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.