INVESTMENTS:

12 Months Ended

Dec. 31, 2019

Investments [Abstract]

Investments in Debt and Equity Securities

INVESTMENTS

The table below summarizes IDACORP’s and Idaho Power’s investments as of December 31 (in thousands of dollars): 

	2019		2018
Idaho Power investments:
Bridger Coal Company (equity method investment)	$	40,713	$	49,878
Exchange traded short-term bond funds and cash equivalents	42,648		36,471
Executive deferred compensation plan investments	90		17
Total Idaho Power investments	83,451		86,366
Investments in affordable housing (IDACORP Financial Services)	3,665		3,446
Ida-West joint ventures (equity method investments)	11,102		11,366
Total IDACORP investments	$	98,218	$	101,178

Equity Method Investments

Idaho Power, through its subsidiary IERCo, is a 33 percent owner of BCC. Ida-West, through separate subsidiaries, owns 50 percent of three electric generation projects that are accounted for using the equity method: South Forks Joint Venture, Hazelton/Wilson Joint Venture, and Snow Mountain Hydro LLC. All projects are reviewed periodically for impairment. The table below presents IDACORP’s and Idaho Power’s earnings of unconsolidated equity-method investments (in thousands of dollars):

	2019		2018		2017
Bridger Coal Company (Idaho Power)	$	10,285	$	10,712	$	9,267
Ida-West joint ventures	2,085		1,737		2,107
Total	$	12,370	$	12,449	$	11,374

Investments in Equity Securities

Investments in equity securities are reported at fair value. Any unrealized gains or losses on equity securities are included in income. Unrealized gains and losses on equity securities were immaterial at December 31, 2019 and December 31, 2018. The following table summarizes sales of equity securities (in thousands of dollars):

	2019		2018		2017
Proceeds from sales	$	5,080	$	5,007	$	4,989
Gross realized gains from sales	—		—		—

Investments in Affordable Housing

IFS invests primarily in affordable housing developments, which provide a return principally by reducing federal and state income taxes through tax credits and accelerated tax depreciation benefits. IFS has focused on a diversified approach to its investment strategy in order to limit both geographic and operational risk, with most of IFS’s investments having been made through syndicated funds. IDACORP accounts for its equity-method investments in qualified affordable housing projects using the proportional amortization method and recognizes the net investment performance in the consolidated statements of income as a component of income tax expense.