UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
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X |
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES |
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EXCHANGE ACT OF 1934 |
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For the Fiscal Year Ended December 31, 2007 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE |
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SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from __________________ to ________________ |
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Commission File Number: 1-14465 |
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IDAHO POWER
COMPANY
EMPLOYEE SAVINGS PLAN
(Full title of Plan)
IDACORP, Inc.
1221 W. Idaho Street
Boise, ID 83702-5627
(Name of issuer and
address of principal executive office)
IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN
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FINANCIAL STATEMENTS AND EXHIBITS: |
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Page |
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Financial Statements of the Idaho Power Company |
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Employee Savings Plan as of and for the Years Ended |
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December 31, 2007 and 2006: |
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Report of Independent Registered Public Accounting Firm |
3 |
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Statements of Net Assets Available for Benefits |
4 |
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Statements of Changes in Net Assets Available for Benefits |
5 |
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Notes to Financial Statements |
6-11 |
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Supplemental Schedule as of December 31, 2007: |
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Form 5500, Schedule H, Part IV, Line 4i, Schedule of Assets (Held |
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at End of Year) |
12-13 |
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All other schedules required by Section 2520.103-10 of the Department of Labor's Rules and |
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Regulations for Reporting and Disclosure under the Employee Retirement Income Security |
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Act of 1974 have been omitted because they are not applicable. |
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Signatures |
14 |
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Exhibits: |
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Index |
15 |
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23 |
Consent of Independent Registered Public Accounting Firm |
16 |
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees and Participants in the
Idaho Power Company Employee Savings Plan:
We have audited the accompanying statements of net assets
available for benefits of the Idaho Power Company Employee Savings Plan ("the
Plan") as of December 31, 2007 and 2006, and the related statements of changes
in net assets available for benefits for the years then ended. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. The Plan
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration
of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Plan's internal control
over financial reporting. Accordingly, we express no such opinion. An audit
also includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 2007 and 2006, and the changes in net assets available for
benefits for the years then ended in conformity with accounting principles
generally accepted in the United States of America.
Our audits were conducted for the purpose of forming an
opinion on the basic financial statements taken as a whole. The supplemental
schedule listed in the Table of Contents is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements, but is supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. This schedule is the responsibility of
the Plan's management. Such schedule has been subjected to the auditing
procedures applied in our audit of the basic 2007 financial statements and, in
our opinion, is fairly stated in all material respects when considered in
relation to the basic financial statements taken as a whole.
DELOITTE & TOUCHE LLP
Boise, Idaho
June 24, 2008
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IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN |
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STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS |
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DECEMBER 31, 2007 AND 2006 |
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2007 |
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2006 |
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INVESTMENTS (Note 3): |
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Participant-directed |
$ |
289,496,658 |
$ |
275,766,762 |
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RECEIVABLES: |
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Participant contributions |
474,885 |
382,453 |
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Employer contributions |
199,331 |
164,913 |
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Total receivables |
674,216 |
547,366 |
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NET ASSETS AVAILABLE FOR BENEFITS |
$ |
290,170,874 |
$ |
276,314,128 |
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See notes to financial statements. |
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IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN |
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STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS |
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YEARS ENDED DECEMBER 31, 2007 AND 2006 |
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2007 |
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2006 |
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CONTRIBUTIONS: |
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Participant contributions |
$ |
12,629,038 |
$ |
11,536,160 |
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Employer contributions: |
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Cash |
3,001,658 |
2,451,790 |
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IDACORP common stock |
1,806,838 |
1,883,172 |
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Total contributions |
17,437,534 |
15,871,122 |
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INVESTMENT INCOME: |
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Net (depreciation) appreciation in fair value |
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of investments (Note 3) |
(3,497,212) |
31,162,183 |
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Dividends and interest |
15,675,259 |
10,814,519 |
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Net investment income |
12,178,047 |
41,976,702 |
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DEDUCTIONS: |
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Benefits paid to participants |
15,745,178 |
12,904,656 |
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Administrative expenses |
13,657 |
7,088 |
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Total deductions |
15,758,835 |
12,911,744 |
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INCREASE IN NET ASSETS |
13,856,746 |
44,936,080 |
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NET ASSETS AVAILABLE FOR BENEFITS: |
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Beginning of year |
276,314,128 |
231,378,048 |
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End of year |
$ |
290,170,874 |
$ |
276,314,128 |
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See notes to financial statements. |
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IDAHO POWER COMPANY EMPLOYEE
SAVINGS PLAN
NOTES TO FINANCIAL
STATEMENTS AS OF AND FOR THE YEARS ENDED
DECEMBER 31, 2007 AND 2006
1. DESCRIPTION OF THE PLAN
The following brief description
of the Idaho Power Company Employee Savings Plan (the Plan) is provided for
general information purposes only. Participants should refer to the Plan
Document for more complete information.
General - The
Plan is a defined contribution plan covering all employees (full-time,
part-time and temporary) of IDACORP, Inc. (IDACORP) and its participating
subsidiaries (the Company), including Idaho Power Company (the Plan's Sponsor
and the Plan Administrator), as allowed under Section 401(k) of the Internal
Revenue Code (IRC) and is subject to the provisions of the Employee Retirement
Income Security Act of 1974, as amended (ERISA). The Plan Administrator's
Fiduciary Committee controls and manages the operation and administration of
the Plan. Mercer Trust Company (Mercer) is the trustee of the Plan.
Effective January 1, 1998, the
Plan was amended and restated. This amendment and restatement converted the
Plan into a combined 401(k) and employee stock ownership plan, which allows
participants the option of obtaining distributions in the form of cash or
common stock of IDACORP. The amended and restated plan also allows the Plan
Administrator to distribute the quarterly dividend on shares of IDACORP stock
(the dividend pass-through feature) to electing participants in the Plan.
Employees are eligible to participate in the Plan as of their hire date,
although matching contributions prior to April 1, 2006 required the completion
of 12 months of employment. The Plan was amended April 1, 2006, and effective
that date employees are eligible to receive matching contributions as of their
hire date. Matching contributions are vested upon completion of twelve months
of employment.
Contributions -
Eligible employees may participate in the Plan by contributing to the Savings
Feature (after-tax) or the Deferred Feature (before-tax) of the Plan.
Following the April 1, 2006 amendment, employees are also permitted to
contribute after-tax dollars to a Roth 401(k) Feature. The participant may
elect to contribute to any or all features up to 100 percent of eligible pay,
as defined in the Plan, subject to certain IRC limitations. The Company makes
a matching contribution for the participant in an amount equal to 100 percent
of the participant's first two percent of eligible pay contributed to the Plan
and 50 percent of the next four percent of eligible pay contributed to the
Plan. Participant contributions in excess of six percent of eligible pay are
not matched by the Company. Participants may also contribute amounts
representing distributions from other qualified defined benefit or defined
contribution plans or pre-tax IRAs.
Investments -
Participants direct the investment of their contributions into various
investment options offered by the Plan. The Plan currently offers 48 mutual
funds and IDACORP common stock as investment options for participants. A
self-directed brokerage account is also available to allow participants to
select investment options not specifically offered by the Plan.
Vesting - All
contributions made prior to April 1, 2006 are fully vested and nonforfeitable
at all times. For contributions made after April 1, 2006, the match portion is
vested only for participants that have completed twelve months of service.
Matching contributions that are forfeited are used to reduce the employer's
matching contribution in the year following the year in which the forfeiture
arose. Matching contributions of $2,679 and $2,402 were forfeited during the
years ended December 31, 2007 and 2006, respectively. Previously forfeited
matching contributions of $2,425, or the 2006 forfeitures of $2,402 plus
earnings on that amount, were used to reduce the employer's matching
contribution during 2007. As there were no forfeited balances prior to 2006,
no forfeited matching contributions were used to reduce the employer's matching
contribution during 2006.
Payments of Benefits and
Withdrawals - Benefits are payable upon a participant's disability,
termination of employment or death. In the event of disability or termination
of employment, benefits are not distributable until the participant elects to
receive a distribution, which may be in the form of a lump sum distribution or
monthly, quarterly, semi-annual or annual installments. Upon death of a
participant, a beneficiary who is not a surviving spouse may take a lump sum
distribution or elect an installment form of payment (monthly, quarterly,
semi-annual or annual) for a payment period of up to five years. A beneficiary
who is a surviving spouse may take a lump sum distribution, elect an
installment form of payment (monthly, quarterly, semi-annual or annual) or
remain in the Plan as long as his or her account balance is greater than
$1,000, subject to the mandatory minimum distribution requirements of the
Internal Revenue Code of 1986, as amended. The installment forms of
distribution became effective April 1, 2006. Notwithstanding the above, in the
event of death, disability or termination of employment, for account balances
of $1,000 or less, a lump sum payment will be made automatically. Persons
otherwise entitled to a distribution under the Plan may elect to make partial
withdrawals at least quarterly in accordance with procedures determined by the
Plan Administrator.
The Plan permits in-service
withdrawals to be made by participants who have incurred a hardship (as defined
in the Plan) or who have attained age 59 ½. In-service withdrawals also are
permitted with respect to a participant's after-tax contributions as frequently
as once per calendar quarter.
Participant Loans -
Under certain circumstances participants may borrow against their account
balances. The maximum amount of the loan is the lesser of (i) 50 percent of a
participant's account balance, (ii) $50,000 reduced by a participant's highest
outstanding loan balance during the previous 12 months and (iii) the total
market value of a participant's account that is not invested in the
self-directed brokerage account. The interest rate on participant loans is set
at the prime rate on the first business day of the month in which the loan is
requested, plus one percent. The interest rate will remain fixed through the
duration of the loan. All loans must be repaid within five years except for
loans for the purchase of a primary residence, which have a maximum repayment
period of ten years. Principal and interest is paid through payroll
deductions. Loans from the Roth 401(k) Feature are not permitted, but a
participant's Roth 401(k) Feature account balance shall be included in
determining the maximum principal amount of a loan.
Participant Accounts -
Individual accounts are maintained for each Plan participant. Each
participant's account is credited with the participant's contribution, the
Company's matching contribution and an allocation of Plan earnings and is
charged with withdrawals and an allocation of Plan losses. Gains and losses on
investments are allocated to participants' accounts based upon relative fund
account balances at regular valuation dates specified by the trustee of the
Plan. The benefit to which a participant is entitled is the benefit that can
be provided from the participant's account.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting -
The accompanying financial statements have been prepared in accordance with
accounting principles generally accepted in the United States of America.
Use of Estimates -
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires Plan
management to make estimates and assumptions that affect the reported amounts
of net assets available for benefits and changes therein. Actual results could
differ from those estimates. The Plan utilizes various investment
instruments. Investment securities, in general, are exposed to various risks,
such as interest rate, credit and overall market volatility. Due to the level
of risk associated with certain investment securities, it is reasonably
possible that changes in the values of investment securities will occur in the
near term and that such changes could materially affect the amounts reported in
the financial statements.
Payment of Benefits -
Benefits are recorded when paid. There were no participants who had elected to
withdraw from the Plan but had not yet been paid at December 31, 2007 and
December 31, 2006.
Investment Valuation and
Income Recognition - The Plan's investments are stated at fair value
and quoted market prices are used to value investments. Shares of mutual funds
are valued at quoted market prices, which represent the net asset value of
shares held by the Plan at year end. Participant loans are valued at the
outstanding loan balances.
Purchases and sales of securities
are recorded on a trade-date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date.
Administrative Expenses -
Administrative expenses of the Plan are paid by the Plan's Sponsor, as provided
in the Plan Document. Plan participants who have a brokerage account pay an
administrative expense of $25 per quarter.
3. INVESTMENTS
The Plan's investments that
represent five percent or more of the Plan's net assets available for benefits
as of December 31 were as follows:
|
2007 |
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IDACORP, Inc. Common Stock |
$ |
52,666,651 |
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Putnam Money Market Fund Class A |
31,384,636 |
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Dodge & Cox Income Fund |
29,810,210 |
|
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Vanguard Institutional Index Fund |
28,362,740 |
|
|
T. Rowe Price Equity Income Fund |
18,815,989 |
|
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Harbor Capital Appreciation Fund |
15,413,012 |
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All other investments |
113,043,420 |
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Total investments |
$ |
289,496,658 |
|
2006 |
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IDACORP, Inc. Common Stock |
$ |
58,070,428 |
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Vanguard Institutional Index Fund |
28,643,793 |
|
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Dodge & Cox Income Fund |
26,773,977 |
|
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Putnam Money Market Fund Class A |
23,859,985 |
|
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T. Rowe Price Equity Income Fund |
19,255,775 |
|
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Harbor Capital Appreciation Fund |
15,173,869 |
|
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Allianz NFJ Small-Cap Value Fund |
14,458,022 |
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All other investments |
89,530,913 |
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Total investments |
$ |
275,766,762 |
During the years ended December 31, 2007 and 2006, the Plan's investments
(including gains and losses on investments bought and sold, as well as held during the year)
appreciated
(depreciated) in value as follows:
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2007 |
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2006 |
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Mutual Funds - Blend |
$ |
1,167,123 |
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$ |
7,056,898 |
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Mutual Funds - Growth |
|
3,783,375 |
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|
3,117,018 |
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Mutual Funds - Income |
|
66,267 |
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|
256,455 |
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Mutual Funds - Value |
|
(3,382,629) |
|
|
5,010,609 |
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Brokerage Securities |
14,569 |
262,939 |
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IDACORP, Inc. Common Stock |
(5,145,917) |
15,458,264 |
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Net (depreciation) appreciation |
$ |
(3,497,212) |
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$ |
31,162,183 |
4. PLAN TERMINATION
Although it has not expressed the
intent to do so, the Company has the right under the Plan to discontinue its
contributions at any time and to terminate the Plan subject to the provisions
set forth in ERISA. In the event that the Plan is terminated, participants
would immediately become 100 percent vested in their accounts.
5. FEDERAL INCOME TAX
STATUS
The Company received a
determination letter, dated August 1, 2001, from the Internal Revenue Service
stating that the Plan, as amended, is qualified under Sections 401 and 501 of
the IRC. The Plan has been amended since receiving the determination letter;
however, the Company and the Plan Administrator believe that the Plan is
currently designed and operated in compliance with the applicable requirements
of the IRC and the Plan and related trust continue to be tax-exempt.
Participants in a qualified plan are not subject to income taxes on Company
contributions or dividend income allocated to their accounts until a
distribution is made from the Plan. Therefore, no provision for income taxes
has been included in the Plan's financial statements. Dividends paid under the
dividend pass-through feature (Note 1) are considered taxable income to the
participant in the year received.
6. RELATED PARTY
TRANSACTIONS
Certain Plan investments are
shares of mutual funds managed by Putnam Investments, which was owned by Marsh
& McLennan, the parent company of Mercer. Mercer is the trustee as defined
by the Plan and, therefore, these transactions qualified as party-in-interest
transactions. Fees paid by the Plan for investment management services were
included as a reduction of the return earned on each fund. On August 3, 2007,
Marsh & McLennan sold its interest in Putnam Investments to an unrelated
buyer.
At December 31, 2007 and 2006,
the Plan held 1,495,362 and 1,502,469 shares, respectively, of common stock of
IDACORP, Inc., the parent company of the sponsoring employer, with a cost basis
of $43,222,968 and $42,633,401, respectively.
During the years ended December
31, 2007 and 2006, the Plan recorded dividends received from IDACORP of
$1,818,971 and $1,944,564, respectively.
7. RECONCILIATION OF FINANCIAL
STATEMENTS TO FORM 5500
The following is a reconciliation
of net assets available for benefits per the financial statements to the Form
5500:
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December 31, |
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2007 |
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2006 |
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Net assets available for benefits per the |
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financial statements |
$ |
290,170,874 |
$ |
276,314,128 |
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Deemed distributions to participants |
(67,679) |
(95,201) |
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Net assets available for benefits per |
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the Form 5500 |
$ |
290,103,195 |
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$ |
276,218,927 |
The following is a reconciliation
of the increase in net assets per the financial statements to the Form 5500:
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Year ended |
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December 31, 2007 |
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Increase in net assets per the financial statements |
$ |
13,856,746 |
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Less: Deemed distributions to participants at |
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December 31, 2007 |
(67,679) |
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Add: Deemed distributions to participants at |
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December 31, 2006 |
95,201 |
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Net income per the Form 5500 |
$ |
13,884,268 |
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IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN |
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FORM 5500, SCHEDULE H, PART IV, LINE 4i, SCHEDULE OF ASSETS (HELD AT END OF YEAR) |
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DECEMBER 31, 2007 |
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(d) |
(e) Current |
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(a) |
(b) Identity of Issue |
(c) Description of Investment |
Cost** |
Value |
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* |
IDACORP, Inc. |
Common Stock |
$ |
52,666,651 |
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Putnam Investments |
Putnam Money Market Fund Class A |
31,384,636 |
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Dodge & Cox Funds |
Dodge & Cox Income Fund |
29,810,210 |
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Vanguard |
Vanguard Institutional Index Fund |
28,362,740 |
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T. Rowe Price |
T. Rowe Price Equity Income Fund |
18,815,989 |
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Harbor Fund |
Harbor Capital Appreciation Fund |
15,413,012 |
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Pimco Allianz Investments |
Allianz NFJ Small-Cap Value Fund |
14,041,090 |
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AIM Investments |
AIM International Growth Fund |
12,297,779 |
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|
Artisan Funds |
Artisan International Fund |
9,369,798 |
||||
|
Dimensional Fund Advisors |
Dimensional International Value Fund |
7,212,964 |
||||
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Putnam Investments |
Putnam OTC & Emerging Growth Fund Class Y |
6,255,616 |
||||
|
Causeway Funds |
Causeway International Value Fund |
5,856,327 |
||||
|
AIM Investments |
AIM Small Cap Growth Fund |
5,239,294 |
||||
|
Putnam Investments |
Putnam Balanced Portfolio Class Y |
4,720,180 |
||||
|
Putnam Investments |
Putnam Bond Index Fund |
4,670,361 |
||||
|
Vanguard |
Vanguard Balanced Index Fund Signal Shares |
4,448,792 |
||||
|
Payden Funds |
Payden U.S. Growth Leaders Fund |
4,047,311 |
||||
|
Putnam Investments |
Putnam Global Natural Resources Fund |
3,901,929 |
||||
|
Putnam Investments |
Putnam Equity Income Fund Class Y |
3,234,669 |
||||
|
Brokerage Account |
Brokerage Securities |
3,158,450 |
||||
|
Putnam Investments |
Putnam Small Cap Growth Fund Class Y |
3,130,856 |
||||
|
Putnam Investments |
Putnam Investors Fund Class Y |
2,591,953 |
||||
|
Putnam Investments |
Putnam Small Cap Value Fund Class Y |
2,484,965 |
||||
|
Putnam Investments |
Putnam International Capital Opportunities |
|||||
|
Class Y |
2,232,418 |
|||||
|
Putnam Investments |
Putnam High Yield Trust Class Y |
1,403,309 |
||||
|
Putnam Investments |
Putnam New Value Fund Class Y |
1,096,371 |
||||
|
Putnam Investments |
Putnam Utilities Growth & Income Fund Class A |
992,348 |
||||
|
Putnam Investments |
Putnam Diversified Income Trust Class Y |
946,608 |
||||
|
Putnam Investments |
Putnam International New |
|||||
|
Opportunities Fund Class A |
914,534 |
|||||
|
Putnam Investments |
Putnam Capital Opportunities Fund Class Y |
718,145 |
||||
|
Putnam Investments |
Putnam Income Fund Class Y |
655,678 |
||||
|
Putnam Investments |
Putnam Money Market Fund Self-Directed |
|||||
|
Brokerage |
580,678 |
|||||
|
Putnam Investments |
Putnam Europe Equity Fund |
505,585 |
||||
|
Putnam Investments |
The George Putnam Fund of Boston Class Y |
501,839 |
||||
|
Putnam Investments |
Putnam International Growth & Income |
|||||
|
Fund Class Y |
471,482 |
|||||
|
Putnam Investments |
Putnam Global Income Trust Class A |
418,567 |
||||
|
Putnam Investments |
Putnam Global Equity Fund Class Y |
359,952 |
||||
|
Putnam Investments |
Putnam Health Sciences Trust Class Y |
335,951 |
||||
|
Putnam Investments |
Putnam American Government Income Fund |
327,135 |
||||
|
Putnam Investments |
Putnam Capital Appreciation Fund Class A |
316,823 |
||||
|
Putnam Investments |
Putnam Vista Fund Class Y |
185,253 |
||||
|
Putnam Investments |
Putnam Convertible Income - Growth Y |
176,671 |
||||
|
Putnam Investments |
Putnam New Opportunities Fund Class Y |
175,285 |
||||
|
|
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|
IDAHO POWER COMPANY EMPLOYEE SAVINGS PLAN |
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|
FORM 5500, SCHEDULE H, PART IV, LINE 4i, SCHEDULE OF ASSETS (HELD AT END OF YEAR) |
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|
DECEMBER 31, 2007 |
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|
(d) |
(e) Current |
||||
|
(a) |
(b) Identity of Issue |
(c) Description of Investment |
Cost** |
Value |
|
|
Putnam Investments |
Putnam Discovery Growth Fund Class Y |
$ |
175,010 |
||
|
Putnam Investments |
Putnam International Equity Fund Class Y |
116,933 |
|||
|
Putnam Investments |
Pending Account |
101,999 |
|||
|
Putnam Investments |
Putnam Research Fund Class Y |
99,028 |
|||
|
Putnam Investments |
Putnam Fund for Growth & Income Class Y |
69,750 |
|||
|
Putnam Investments |
Putnam Voyager Fund Class Y |
65,941 |
|||
|
Putnam Investments |
Putnam Growth Opportunities Fund Class Y |
36,833 |
|||
|
Putnam Investments |
Putnam Classic Equity Fund Class Y |
6,364 |
|||
|
Participant Loans |
Interest rates 5% - 10.5% |
2,394,596 |
|||
|
$ |
289,496,658 |
||||
|
*Denotes a permitted party-in-interest with respect to the Plan |
|||||
|
**Cost information is not required for participant-directed investments and, therefore, is not included. |
|||||
SIGNATURES
The Plan. Pursuant to the requirements of the
Securities Exchange Act of 1934, Idaho Power Company, as Plan Administrator,
has duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
Idaho Power Company
Employee Savings Plan
By: /s/ Darrel T. Anderson
Idaho Power Company, as Plan
Administrator, by Darrel T. Anderson, Senior Vice President - Administrative
Services and Chief Financial Officer
Date: June 24, 2008
EXHIBIT INDEX
|
Sequentially |
||
|
Exhibit Number |
Exhibit |
Numbered Page |
|
23 |
Consent of Independent |
|
|
Registered Public Accounting Firm |
16 |
|