INVESTMENTS

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



	2015		2014
Idaho Power investments:
Bridger Coal Company (equity method investment)	$	95,159	$	96,219
Exchange traded short-term bond funds and cash equivalents	24,459		44,942
Executive deferred compensation plan investments	102		141
Other investments	—		1
Total Idaho Power investments	119,720		141,303
Investments in affordable housing (IDACORP Financial Services)	9,909		12,762
Ida-West joint ventures (equity method investments)	11,123		11,393
Total IDACORP investments	$	140,752	$	165,458

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 (loss) of unconsolidated equity-method investments (in thousands of dollars):



	2015		2014			2013
Bridger Coal Company (Idaho Power)	$	9,773	$	10,814		$	10,242
Ida-West joint ventures	1,355		1,614			1,707
Other	—		(56		)	(10		)
Total	$	11,128	$	12,372		$	11,939

Investments in Equity Securities

Investments in securities classified as available-for-sale securities are reported at fair value. Any unrealized gains or losses on available-for-sale securities are included in income, as the fair value option has been elected for these instruments. Unrealized gains and losses on available-for-sale securities were immaterial at December 31, 2015 and December 31, 2014. The following table summarizes sales of available-for-sale securities (in thousands of dollars):



	2015		2014		2013
Proceeds from sales	$	34,243	$	—	$	25,661
Gross realized gains from sales	—		—		11,637
Gross realized losses from sales	—		—		—

At the end of each reporting period, IDACORP and Idaho Power analyze securities in loss positions to determine whether they have experienced a decline in market value that is considered other-than-temporary. At December 31, 2015 and December 31, 2014, there were no indicators of other-than-temporary impairment related to IDACORP's and Idaho Power's investments.

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.