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 2021 20202019 2018 2017 2016 2015 2014 2013 2012
Income Statement (thousands of dollars, except per share amounts and statistics)
Residential revenues  583,061547,404526,966 530,527 552,333 514,954 512,068 500,195 513,914 431,555
Commercial revenues  314,745 293,057295,203 310,299 319,195 302,650 306,178 299,462 281,009 241,519
Industrial revenues  195,214 181,258181,372 190,130 195,124 182,590 182,254 182,675 165,941 145,054
Irrigation revenues  168,664 154,791135,850 158,001 150,030 156,505 164,403 158,654 159,242 137,424
Electric utility operating revenues  1,455,410 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
Total operating revenues  1,458,084 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
Purchased power  393,691 297,417285,266 293,814 248,950 245,764 226,470 244,628 220,579 196,935
Fuel expense  180,550 172,740156,872 133,198 145,829 179,491 186,231 201,241 214,482 159,413
Power cost adjustment  (49,844) (33,708)2,047 42,106 52,024 (5,330) 16,766 22,235 (39,537) (61,090)
Other operations and maintenance expenses(1)  361,297 352,071355,770 364,456 346,695 349,290 340,082 349,867 348,867 349,033
Energy efficiency programs  29,920 42,47840,128 35,703 39,241 33,754 30,532 27,154 35,636 27,300
Depreciation  175,555 171,648169,210 165,190 162,091 143,661 138,110 132,987 129,735 123,941
Other electric utility operating expenses  34,673 34,91434,044 34,792 34,089 32,823 32,808 31,748 30,561 30,489
Total electric utility expenses  1,125,842 1,037,5601,043,337 1,069,259 1,031,949 982,056 973,063 1,014,560 940,323 826,021
Total operating expenses  1,128,433 1,041,2081,048,057 1,073,830 1,045,135 990,244 988,192 1,028,828 954,472 838,060
Operating income(1)  329,651 309,521298,326 296,922 307,381 274,379 284,161 258,710 291,742 242,602
AFUDC - equity  31,537 29,55127,112 24,353 20,784 22,031 21,785 17,931 14,858 22,433
Earnings of unconsolidated equity-method investments  11,435 11,51312,370 12,449 11,374 12,871 11,128 12,372 11,939 11,617
Interest on long-term debt  84,145 84,25182,457 84,408 81,198 81,956 83,056 80,562 81,492 78,922
AFUDC - debt  (11,993) (11,578)(10,703) (10,151) (8,694) (10,194) (10,044) (8,464) (7,663) (11,929)
Income before income taxes  282,784 266,668257,835 244,909 261,848 234,517 240,235 210,526 254,520 206,992
Income tax expense  36,912 28,70024,507 17,386 48,660 36,429 45,760 16,772 72,226 33,805
Effective tax rate  13.1% 10.8%9.5% 7.1% 18.6% 15.5% 19.0% 8.0% 28.4% 16.3%
Net income attributable to IDACORP, Inc.  245,550 237,417232,854 226,801 212,419 198,288 194,679 193,480 182,417 173,014
Diluted earnings per share  4.85 4.694.61 4.49 4.21 3.94 3.87 3.85 3.64 3.46
Dividend declared per share  2.88 2.722.56 2.40 2.24 2.08 1.92 1.76 1.57 1.37
  2019 2018 2017 2016 2015 2014 2013 2012
Balance Sheet (thousands)
Cash and cash equivalents 215,243 275,116 217,254 267,492 76,649 61,480 114,802 56,808 78,162 26,527
Total current assets  595,873 642,401565,146 597,640 443,601 440,312 462,036 442,101 476,611 367,253
Utility plan in service - net  4,210,365 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
Construction work in progress  670,585 597,154552,499 480,259 452,424 405,069 396,931 401,930 327,000 298,470
Property, plant and equipment - net  4,901,822 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
Regulatory assets  1,462,431 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
Total assets  7,210,515 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
Total current liabilities  325,624 287,571374,859 258,592 200,749 249,715 242,306 241,781 250,372 351,303
Regulatory liabilities  781,695 757,730748,198 738,994 698,044 436,845 416,282 390,207 375,873 355,362
Long-term debt (including current portion)  2,000,640 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
Total equity  2,675,234 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
Common shares issued  50,516 50,46250,420 50,420 50,420 50,420 50,352 50,309 50,233 50,158
Diluted common shares outstanding  50,645 50,57250,537 50,510 50,424 50,373 50,292 50,199 50,126 50,010
  2019 2018 2017 2016 2015 2014 2013 2012
Cash Flow Statement (thousands of dollars)
Cash provided by operating activities(2) 363,264  388,131366,625 491,626 438,020 347,706 353,194 364,343 305,549 249,269
Additions to property, plant and equipment  (299,999) (310,938)(278,705) (277,853) (285,488) (296,950) (294,021) (274,094) (246,674) (239,788)
Cash used in investing activities(2)  (273,653) (347,258)(280,492) (258,177) (283,300) (297,444) (291,706) (272,420) (236,593) (243,821)
Cash (used in) provided by financing activities  (149,484) 16,989(136,371) (42,606) (139,551) (103,584) (3,494) (113,277) (17,321) (6,734)
Net (decrease) increase in cash and cash equivalents  (59,873) 57,862(50,238) 190,843 15,169 (53,322) 57,994 (21,354) 51,635 (1,286)
  2019 2018 2017 2016 2015 2014 2013 2012
Financial Statistics
Book value per share $52.82  $50.73$48.90 $47.04 $44.68 $42.74 $40.88 $38.85 $36.84 $34.73
Market-to-book ratio  214% 189%218% 198% 204% 188% 166% 170% 141% 125%
Payout ratio  59% 58%56% 53% 53% 53% 50% 46% 43% 40%
Return on year-end common equity  9.2% 9.3%9.4% 9.6% 9.4% 9.2% 9.5% 9.9% 9.9% 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.