Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | AVISTA CORPORATION | |
Amendment Flag | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Title of 12(b) Security | Common Stock | |
Entity Information, Former Legal or Registered Name | None | |
City Area Code | 509 | |
Entity Incorporation, State or Country Code | WA | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Entity File Number | 1-3701 | |
Entity Tax Identification Number | 91-0462470 | |
Entity Address, Address Line One | 1411 East Mission Avenue | |
Entity Address, City or Town | Spokane | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 99202-2600 | |
Local Phone Number | 489-0500 | |
Trading Symbol | AVA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000104918 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 67,293,360 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Revenues: | ||
Utility revenues, exclusive of alternative revenue programs | $ 393,820 | $ 393,241 |
Alternative revenue programs | (4,413) | (4,658) |
Total utility revenues | 389,407 | 388,583 |
Non-utility revenues | 823 | 7,898 |
Total operating revenues | 390,230 | 396,481 |
Utility operating expenses: | ||
Resource costs | 129,547 | 137,347 |
Other operating expenses | 94,496 | 83,978 |
Merger transaction costs | 0 | 19,664 |
Depreciation and amortization | 51,421 | 48,914 |
Taxes other than income taxes | 30,978 | 31,943 |
Other non-utility operating expenses: | ||
Other operating expenses | 1,360 | 7,355 |
Depreciation and amortization | 235 | 209 |
Total operating expenses | 308,037 | 329,410 |
Income from operations | 82,193 | 67,071 |
Interest expense | 26,347 | 25,651 |
Interest Expense, Other | 270 | 357 |
Capitalized interest | (998) | (928) |
Merger termination fee | 0 | (103,000) |
Other income-net | (382) | (907) |
Income before income taxes | 56,956 | 145,898 |
Income tax expense | 8,532 | 30,017 |
Net income | 48,424 | 115,881 |
Net income attributable to noncontrolling interests | 0 | (87) |
Net income attributable to Avista Corporation shareholders | $ 48,424 | $ 115,794 |
Weighted-average common shares outstanding (thousands), basic | 67,239 | 65,733 |
Weighted-average common shares outstanding (thousands), diluted | 67,381 | 65,941 |
Earnings per common share attributable to Avista Corporation shareholders: | ||
Basic | $ 0.72 | $ 1.76 |
Diluted | $ 0.72 | $ 1.76 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 48,424 | $ 115,881 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 205 | 160 |
Total other comprehensive loss | 205 | 160 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 48,629 | 116,041 |
Net income attributable to noncontrolling interests | 0 | (87) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 48,629 | $ 115,954 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 54 | $ 43 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 18,919 | $ 9,896 |
Accounts and notes receivable-less allowances of $4,576 and $2,419, respectively | 155,253 | 166,657 |
Materials and supplies, fuel stock and stored natural gas | 56,681 | 66,583 |
Regulatory assets | 13,057 | 21,851 |
Other current assets | 30,328 | 40,142 |
Total current assets | 274,238 | 305,129 |
Net utility property | 4,842,318 | 4,797,007 |
Goodwill | 52,426 | 52,426 |
Other regulatory assets | 750,866 | 670,802 |
Other property and investments-net | 254,151 | 257,092 |
Total assets | 6,173,999 | 6,082,456 |
Current Liabilities: | ||
Accounts payable | 88,184 | 110,219 |
Current portion of long-term debt | 52,000 | 52,000 |
Short-term borrowings | 185,000 | 185,800 |
Regulatory liabilities | 66,336 | 51,715 |
Other current liabilities | 174,286 | 130,979 |
Total current liabilities | 565,806 | 530,713 |
Long-term debt | 1,843,981 | 1,843,768 |
Long-term debt to affiliated trusts | 51,547 | 51,547 |
Pensions and other postretirement benefits | 207,313 | 212,006 |
Deferred income taxes | 525,217 | 528,513 |
Non-current regulatory liabilities | 783,376 | 775,436 |
Other non-current liabilities and deferred credits | 237,664 | 201,189 |
Total liabilities | 4,214,904 | 4,143,172 |
Avista Corporation Stockholders’ Equity: | ||
Common stock, no par value; 200,000,000 shares authorized; 65,668,477 and 65,494,333 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively | 1,209,312 | 1,210,741 |
Accumulated other comprehensive loss | (10,054) | (10,259) |
Retained earnings | 759,837 | 738,802 |
Total Avista Corporation shareholders’ equity | 1,959,095 | 1,939,284 |
Total equity | 1,959,095 | |
Total liabilities and equity | $ 6,173,999 | $ 6,082,456 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, allowances | $ 4,576 | $ 2,419 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares outstanding | 67,292,233 | 67,176,996 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities: | ||
Net income | $ 48,424 | $ 115,881 |
Non-cash items included in net income: | ||
Depreciation and amortization | 51,421 | 49,123 |
Provision for deferred income taxes | (6,765) | 8,883 |
Power and natural gas cost amortizations (deferrals), net | 6,380 | (48,084) |
Amortization of debt expense | 653 | 669 |
Amortization of investment in exchange power | 0 | 613 |
Stock-based compensation expense | 872 | 4,845 |
Equity-related AFUDC | (1,599) | (1,485) |
Pension and other postretirement benefit expense | 7,952 | 9,084 |
Other regulatory assets and liabilities and deferred debits and credits | 11,902 | 1,016 |
Change in decoupling regulatory deferral | 4,155 | 4,471 |
Gain on sale of investments | (3,242) | 0 |
Other | 5,112 | (1,943) |
Contributions to defined benefit pension plan | (7,300) | (7,300) |
Changes in certain current assets and liabilities: | ||
Accounts and notes receivable | 6,078 | (9,787) |
Materials and supplies, fuel stock and natural gas stored | 9,901 | (394) |
Collateral posted for derivative instruments | (14,283) | 3,432 |
Income taxes receivable | 10,500 | 0 |
Income taxes payable | 4,901 | 19,360 |
Other current assets | (2,166) | 1,705 |
Accounts payable | (19,527) | 16,697 |
Other current liabilities | 21,905 | 30,095 |
Net cash provided by operating activities | 135,274 | 196,881 |
Investing Activities: | ||
Utility property capital expenditures (excluding equity-related AFUDC) | (95,525) | (93,615) |
Issuance of notes receivable by subsidiaries | (2,779) | (200) |
Equity and property investments made by subsidiaries | (1,313) | (3,504) |
Proceeds from sale of investments made by subsidiaries | 5,148 | 0 |
Other | (662) | (345) |
Net cash used in investing activities | (95,131) | (97,664) |
Financing Activities: | ||
Net decrease in short-term borrowings | (800) | (71,000) |
Maturity of long-term debt and finance leases | (700) | (665) |
Issuance of common stock | 175 | 190 |
Cash dividends paid | (27,389) | (25,615) |
Other | (2,406) | (896) |
Net cash used in financing activities | (31,120) | (97,986) |
Net increase in cash and cash equivalents | 9,023 | 1,231 |
Cash and cash equivalents at beginning of period | 9,896 | 14,656 |
Cash and cash equivalents at end of period | $ 18,919 | $ 14,861 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.3875 | ||||
Beginning Balance (in shares) at Dec. 31, 2018 | 65,688,356 | ||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares issued | 61,576 | ||||
Ending Balance (in shares) at Mar. 31, 2019 | 65,749,932 | ||||
Beginning Balance at Dec. 31, 2018 | $ 1,136,491 | $ (7,866) | $ 644,595 | ||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Equity compensation expense | 4,452 | ||||
Issuance of common stock, net of issuance costs | 190 | ||||
Payment of minimum tax withholdings for share-based payment awards | (891) | ||||
Other comprehensive income | $ 160 | 160 | |||
Net income attributable to Avista Corporation shareholders | 115,794 | 115,794 | |||
Cash dividends paid (common stock) | (25,615) | ||||
Ending Balance at Mar. 31, 2019 | 1,868,222 | $ 1,140,242 | (7,706) | 734,774 | |
Beginning Balance Noncontrolling Interest at Dec. 31, 2018 | $ 825 | ||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Net income attributable to noncontrolling interests | 87 | ||||
Ending Balance Noncontrolling Interest at Mar. 31, 2019 | 912 | ||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Total Avista Corporation shareholders’ equity | 1,867,310 | ||||
Total Avista Corporation shareholders’ equity | $ 1,939,284 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.4050 | ||||
Beginning Balance (in shares) at Dec. 31, 2019 | 67,176,996 | 67,176,996 | |||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares issued | 115,237 | ||||
Ending Balance (in shares) at Mar. 31, 2020 | 67,292,233 | 67,292,233 | |||
Beginning Balance at Dec. 31, 2019 | $ 1,210,741 | (10,259) | 738,802 | ||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Equity compensation expense | 804 | ||||
Issuance of common stock, net of issuance costs | 175 | ||||
Payment of minimum tax withholdings for share-based payment awards | (2,408) | ||||
Other comprehensive income | $ 205 | 205 | |||
Net income attributable to Avista Corporation shareholders | 48,424 | 48,424 | |||
Cash dividends paid (common stock) | (27,389) | ||||
Ending Balance at Mar. 31, 2020 | 1,959,095 | $ 1,209,312 | $ (10,054) | $ 759,837 | |
Beginning Balance Noncontrolling Interest at Dec. 31, 2019 | 0 | ||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Net income attributable to noncontrolling interests | 0 | ||||
Ending Balance Noncontrolling Interest at Mar. 31, 2020 | $ 0 | ||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Total Avista Corporation shareholders’ equity | $ 1,959,095 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Avista Corp. is primarily an electric and natural gas utility with certain other business ventures. Avista Utilities is an operating division of Avista Corp., comprising its regulated utility operations in the Pacific Northwest. Avista Utilities provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington and northern Idaho. Avista Utilities also provides natural gas distribution service in parts of northeastern and southwestern Oregon. Avista Utilities has electric generating facilities in Washington, Idaho, Oregon and Montana. Avista Utilities also supplies electricity to a small number of customers in Montana, most of whom are employees who operate the Company's Noxon Rapids generating facility. AERC is a wholly-owned subsidiary of Avista Corp. The primary subsidiary of AERC is AEL&P, which comprises Avista Corp.'s regulated utility operations in Alaska. Avista Capital, a wholly owned non-regulated subsidiary of Avista Corp., is the parent company of all of the subsidiary companies in the non-utility businesses, with the exception of AJT Mining Properties, Inc., which is a subsidiary of AERC. See Note 16 for business segment information. See Note 18 for discussion of the sale of METALfx, an unregulated subsidiary of the Company. Basis of Reporting The condensed consolidated financial statements include the assets, liabilities, revenues and expenses of the Company and its subsidiaries and other majority owned subsidiaries and variable interest entities for which the Company or its subsidiaries are the primary beneficiaries. Intercompany balances were eliminated in consolidation. The accompanying condensed consolidated financial statements include the Company’s proportionate share of utility plant and related operations resulting from its interests in jointly owned plants. Derivative Assets and Liabilities Derivatives are recorded as either assets or liabilities on the Condensed Consolidated Balance Sheets measured at estimated fair value. The WUTC and the IPUC issued accounting orders authorizing Avista Corp. to offset energy commodity derivative assets or liabilities with a regulatory asset or liability. This accounting treatment is intended to defer the recognition of mark-to-market gains and losses on energy commodity transactions until the period of delivery. Realized benefits and costs result in adjustments to retail rates through PGAs, the ERM in Washington, the PCA mechanism in Idaho, and periodic general rate cases. The resulting regulatory assets associated with energy commodity derivative instruments have been concluded to be probable of recovery through future rates. Substantially all forward contracts to purchase or sell power and natural gas are recorded as derivative assets or liabilities at estimated fair value with an offsetting regulatory asset or liability. Contracts that are not considered derivatives are accounted for on the accrual basis until they are settled or realized unless there is a decline in the fair value of the contract that is determined to be other-than-temporary. For interest rate swap derivatives, Avista Corp. records all mark-to-market gains and losses in each accounting period as assets and liabilities, as well as offsetting regulatory assets and liabilities, such that there is no income statement impact. The interest rate swap derivatives are risk management tools similar to energy commodity derivatives. Upon settlement of interest rate swap derivatives, the cash payments made or received are recorded as a regulatory asset or liability and are subsequently amortized as a component of interest expense over the life of the associated debt. The settled interest rate swap derivatives are also included as a part of Avista Corp.'s cost of debt calculation for ratemaking purposes. The Company has multiple master netting agreements with a variety of entities that allow for cross-commodity netting of derivative agreements with the same counterparty (i.e. power derivatives can be netted with natural gas derivatives). In addition, some master netting agreements allow for the netting of commodity derivatives and interest rate swap derivatives for the same counterparty. The Company does not have any agreements which allow for cross-affiliate netting among multiple affiliated legal entities. The Company nets all derivative instruments when allowed by the agreement for presentation in the Condensed Consolidated Balance Sheets. Fair Value Measurements Fair value represents the price that would be received when selling an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Energy commodity derivative assets and liabilities, deferred compensation assets, as well as derivatives related to interest rate swaps and foreign currency exchange contracts, are reported at estimated fair value on the Condensed Consolidated Balance Sheets. See Note 11 for the Company’s fair value disclosures. Contingencies The Company has unresolved regulatory, legal and tax issues which have inherently uncertain outcomes. The Company accrues a loss contingency if it is probable that a liability has been incurred and the amount of the loss or impairment can be reasonably estimated. The Company also discloses loss contingencies that do not meet these conditions for accrual if there is a reasonable possibility that a material loss may be incurred. See Note 15 for further discussion of the Company's commitments and contingencies. COVID-19 In March 2020, the Company filed an application for authorization to defer certain incremental COVID-19 related costs with the OPUC. In April and May 2020, the Company made similar filings with the IPUC and the WUTC, respectively. In Alaska, a Senate Bill was signed into law that provides for deferral and recovery of incremental COVID-19 related costs subject to approval by the RCA. The recovery of any deferred costs would be determined in future rate making proceedings. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS ASU No. 2016-12 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" On January 1, 2020, the Company adopted ASU 2016-13, which replaces the incurred loss impairment methodology in previous GAAP with a methodology that reflects expected credit losses, and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company analyzed its financial instruments within the scope of this guidance, primarily trade receivables, and it did not have a material impact to the Company's financial statements and does not require additional disclosure in these Notes to the Condensed Consolidated Financial Statements. ASU 2018-13 "Fair Value Measurement (Topic 820)" In August 2018, the FASB issued ASU No. 2018-13, which amends the fair value measurement disclosure requirements of ASC 820. The requirements of this ASU include additional disclosure regarding the range and weighted average used to develop significant unobservable inputs for Level 3 fair value estimates and the elimination of certain other previously required disclosures, such as the narrative description of the valuation process for Level 3 fair value measurements. This ASU became effective on January 1, 2020 and the requirements of this ASU did not have a material impact on the Company's fair value disclosures. See Note 11 for the Company's fair value disclosures. ASU No. 2018-14 "Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)" In August 2018, the FASB issued ASU No. 2018-14, which amends ASC 715 to add, remove and/or clarify certain disclosure requirements related to defined benefit pension and other postretirement plans. The additional disclosure requirements are primarily narrative discussion of significant changes in the benefit obligations and plan assets. The removed disclosures are primarily information about accumulated other comprehensive income expected to be recognized over the next year and the effects of changes associated with assumed health care costs. This ASU is effective for periods beginning after December 15, 2021 and early adoption is permitted. The Company is in the process of evaluating this standard; however, it has determined that it will not early adopt this standard as of March 31, 2020 . |
Balance Sheet Components Balanc
Balance Sheet Components Balance Sheet Components (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Disclosures [Text Block] | BALANCE SHEET COMPONENTS Materials and Supplies, Fuel Stock and Stored Natural Gas Inventories of materials and supplies, fuel stock and stored natural gas are recorded at average cost for our regulated operations and the lower of cost or market for our non-regulated operations and consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Materials and supplies $ 49,007 $ 47,402 Fuel stock 4,740 4,875 Stored natural gas 2,934 14,306 Total $ 56,681 $ 66,583 Other Current Assets Other current assets consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Collateral posted for derivative instruments after netting with outstanding derivative liabilities $ 2,470 $ 4,434 Prepayments 22,569 19,652 Income taxes receivable — 11,047 Other 5,289 5,009 Total $ 30,328 $ 40,142 Net Utility Property Net utility property consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Utility plant in service $ 6,521,033 $ 6,462,993 Construction work in progress 189,827 164,941 Total 6,710,860 6,627,934 Less: Accumulated depreciation and amortization 1,868,542 1,830,927 Total net utility property $ 4,842,318 $ 4,797,007 Other Property and Investments-Net and Other Non-Current Assets Other property and investments-net and other non-current assets consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Operating lease ROU assets $ 65,303 $ 69,746 Finance lease ROU assets 50,069 50,980 Non-utility property 26,511 27,159 Equity investments 51,467 51,258 Investment in affiliated trust 11,547 11,547 Notes receivable 14,970 14,060 Deferred compensation assets 8,670 8,948 Other 25,614 23,394 Total $ 254,151 $ 257,092 Other Current Liabilities Other current liabilities consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Accrued taxes other than income taxes $ 48,980 $ 36,965 Employee paid time off accruals 24,084 22,343 Accrued interest 31,033 16,486 Current portion of pensions and other postretirement benefits 9,811 8,826 Income taxes payable 5,199 298 Derivative liabilities 27,409 10,928 Other current liabilities 27,770 35,133 Total other current liabilities $ 174,286 $ 130,979 Other Non-Current Liabilities and Deferred Credits Other non-current liabilities and deferred credits consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Operating lease liabilities $ 62,145 $ 65,565 Finance lease liabilities 51,016 51,750 Deferred investment tax credits 30,588 30,444 Asset retirement obligations 20,263 20,338 Derivative liabilities 60,278 19,685 Other 13,374 13,407 Total $ 237,664 $ 201,189 Regulatory Assets and Liabilities Regulatory assets and liabilities consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Current Non-Current Current Non-Current Regulatory Assets Energy commodity derivatives $ 78 $ — $ 6,310 $ 264 Decoupling surcharge 10,927 15,504 12,098 14,806 Pension and other postretirement benefit plans — 206,112 — 208,754 Interest rate swaps — 246,566 — 168,594 Deferred income taxes — 96,525 — 95,752 Settlement with Coeur d'Alene Tribe — 41,005 — 41,332 AFUDC above FERC allowed rate — 41,333 — 40,749 Demand side management programs — 8,670 — 12,170 Utility plant to be abandoned — 31,678 — 31,291 Other regulatory assets 2,052 63,473 3,443 57,090 Total regulatory assets $ 13,057 $ 750,866 $ 21,851 $ 670,802 March 31, 2020 December 31, 2019 Current Non-Current Current Non-Current Regulatory Liabilities Income tax related liabilities $ 23,975 $ 404,046 $ 23,803 $ 407,549 Deferred natural gas costs 5,449 — 3,189 — Deferral power costs 23,595 20,716 14,155 23,544 Decoupling rebate 363 5,972 255 2,398 Provision for rate refund (Washington remand case) 8,490 — 3,565 — Utility plant retirement costs — 317,203 — 312,403 Interest rate swaps — 16,136 — 17,088 Other regulatory liabilities 4,464 19,303 6,748 12,454 Total regulatory liabilities $ 66,336 $ 783,376 $ 51,715 $ 775,436 |
Revenue Revenue (Notes)
Revenue Revenue (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE ASC 606 defines the core principle of the revenue recognition model is that an entity should identify the various performance obligations in a contract, allocate the transaction price among the performance obligations and recognize revenue when (or as) the entity satisfies each performance obligation. Utility Revenues Revenue from Contracts with Customers General The majority of Avista Corp.’s revenue is from rate-regulated sales of electricity and natural gas to retail customers, which has two performance obligations, (1) having service available for a specified period (typically a month at a time) and (2) the delivery of energy to customers. The total energy price generally has a fixed component (basic charge) related to having service available and a usage-based component, related to the delivery and consumption of energy. The commodity is sold and/or delivered to and consumed by the customer simultaneously, and the provisions of the relevant utility commission authorization determine the charges the Company may bill the customer. Given that all revenue recognition criteria are met upon the delivery of energy to customers, revenue is recognized immediately at that time. Revenues from contracts with customers are presented in the Condensed Consolidated Statements of Income in the line item "Utility revenues, exclusive of alternative revenue programs." Non-Derivative Wholesale Contracts The Company has certain wholesale contracts which are not accounted for as derivatives and, accordingly, are within the scope of ASC 606 and considered revenue from contracts with customers. Revenue is recognized as energy is delivered to the customer or the service is available for a specified period of time, consistent with the discussion of rate-regulated sales above. Alternative Revenue Programs (Decoupling) ASC 606 retained existing GAAP associated with alternative revenue programs, which specified that alternative revenue programs are contracts between an entity and a regulator of utilities, not a contract between an entity and a customer. GAAP requires that an entity present revenue arising from alternative revenue programs separately from revenues arising from contracts with customers on the face of the Condensed Consolidated Statements of Income. The Company's decoupling mechanisms (also known as a FCA in Idaho) qualify as alternative revenue programs. Decoupling revenue deferrals are recognized in the Condensed Consolidated Statements of Income during the period they occur (i.e. during the period of revenue shortfall or excess due to fluctuations in customer usage), subject to certain limitations, and a regulatory asset or liability is established that will be surcharged or rebated to customers in future periods. GAAP requires that for any alternative revenue program, like decoupling, the revenue must be expected to be collected from customers within 24 months of the deferral to qualify for recognition in the current period Condensed Consolidated Statement of Income. Any amounts included in the Company's decoupling program that are not expected to be collected from customers within 24 months are not recorded in the financial statements until the period in which revenue recognition criteria are met. The amounts expected to be collected from customers within 24 months represents an estimate that must be made by the Company on an ongoing basis due to it being based on the volumes of electric and natural gas sold to customers on a go-forward basis. Derivative Revenue Most wholesale electric and natural gas transactions (including both physical and financial transactions), and the sale of fuel are considered derivatives, which are specifically scoped out of ASC 606. As such, these revenues are disclosed separately from revenue from contracts with customers. Revenue is recognized for these items upon the settlement/expiration of the derivative contract. Derivative revenue includes those transactions that are entered into and settled within the same month. Other Utility Revenue Other utility revenue includes rent, revenues from the lineman training school, sales of materials, late fees and other charges that do not represent contracts with customers. Other utility revenue also includes the provision for earnings sharing and the deferral and amortization of refunds to customers associated with the TCJA. This revenue is scoped out of ASC 606, as this revenue does not represent items where a customer is a party that has contracted with the Company to obtain goods or services that are an output of the Company’s ordinary activities in exchange for consideration. As such, these revenues are presented separately from revenue from contracts with customers. Other Considerations for Utility Revenues Gross Versus Net Presentation Revenues and resource costs from Avista Utilities’ settled energy contracts that are “booked out” (not physically delivered) are reported on a net basis as part of derivative revenues. Utility-related taxes collected from customers (primarily state excise taxes and city utility taxes) are taxes that are imposed on Avista Utilities as opposed to being imposed on its customers; therefore, Avista Utilities is the taxpayer and records these transactions on a gross basis in revenue from contracts with customers and operating expense (taxes other than income taxes). The utility-related taxes collected from customers at AEL&P are imposed on the customers rather than AEL&P; therefore, the customers are the taxpayers and AEL&P is acting as their agent. As such, these transactions at AEL&P are presented on a net basis within revenue from contracts with customers. Utility-related taxes that were included in revenue from contracts with customers were as follows for the three months ended March 31 (dollars in thousands): 2020 2019 Utility-related taxes $ 18,700 $ 19,089 Non-Utility Revenues Revenue from Contracts with Customers Non-utility revenue from contracts with customers is derived from contracts with one performance obligation. Prior to its sale in April 2019 (See Note 18 for further discussion on the sale of METALfx), METALfx had one performance obligation, the delivery of a product, and revenues were recognized when the risk of loss transferred to the customer, which occurred when products were shipped. The Steam Plant Brew Pub serves food and beverages to customers, its one performance obligation, and recognizes revenues at the time of service to the customer. Significant Judgments and Unsatisfied Performance Obligations The only significant judgments involving revenue recognition are estimates surrounding unbilled revenue and receivables from contracts with customers and estimates surrounding the amount of decoupling revenues that will be collected from customers within 24 months (discussed above). The Company has certain capacity arrangements, where the Company has a contractual obligation to provide either electric or natural gas capacity to its customers for a fixed fee. Most of these arrangements are paid for in arrears by the customers and do not result in deferred revenue and only result in receivables from the customers. The Company does have one capacity agreement where the customer makes payments throughout the year and depending on the timing of the customer payments, it can result in an immaterial amount of deferred revenue or a receivable from the customer. As of March 31, 2020 , the Company estimates it had unsatisfied capacity performance obligations of $4.7 million , which will be recognized as revenue in future periods as the capacity is provided to the customers. These performance obligations are not reflected in the financial statements, as the Company has not received payment for these services. Disaggregation of Total Operating Revenue The following table disaggregates total operating revenue by segment and source for the three months ended March 31 (dollars in thousands): 2020 2019 Avista Utilities Revenue from contracts with customers $ 351,628 $ 354,301 Derivative revenues 31,075 24,127 Alternative revenue programs (4,413 ) (4,658 ) Deferrals and amortizations for rate refunds to customers (2,606 ) 2,135 Other utility revenues 1,521 1,797 Total Avista Utilities 377,205 377,702 AEL&P Revenue from contracts with customers 12,126 10,736 Deferrals and amortizations for rate refunds to customers (48 ) (48 ) Other utility revenues 124 193 Total AEL&P 12,202 10,881 Other Revenue from contracts with customers 514 7,647 Other revenues 309 251 Total other 823 7,898 Total operating revenues $ 390,230 $ 396,481 Utility Revenue from Contracts with Customers by Type and Service The following table disaggregates revenue from contracts with customers associated with the Company's electric operations for the three months ended March 31 (dollars in thousands): 2020 2019 Avista Utilities AEL&P Total Utility Avista Utilities AEL&P Total Utility ELECTRIC OPERATIONS Revenue from contracts with customers Residential $ 107,977 $ 5,866 $ 113,843 $ 115,392 $ 5,852 $ 121,244 Commercial and governmental 78,849 6,199 85,048 79,245 4,821 84,066 Industrial 24,711 — 24,711 25,248 — 25,248 Public street and highway lighting 1,783 61 1,844 1,903 63 1,966 Total retail revenue 213,320 12,126 225,446 221,788 10,736 232,524 Transmission 3,774 — 3,774 5,152 — 5,152 Other revenue from contracts with customers 5,289 — 5,289 8,194 — 8,194 Total revenue from contracts with customers $ 222,383 $ 12,126 $ 234,509 $ 235,134 $ 10,736 $ 245,870 The following table disaggregates revenue from contracts with customers associated with the Company's natural gas operations for the three months ended March 31 (dollars in thousands): 2020 2019 Avista Utilities Avista Utilities NATURAL GAS OPERATIONS Revenue from contracts with customers Residential $ 84,173 $ 77,336 Commercial 39,401 36,595 Industrial and interruptible 2,194 1,627 Total retail revenue 125,768 115,558 Transportation 2,352 2,484 Other revenue from contracts with customers 1,125 1,125 Total revenue from contracts with customers $ 129,245 $ 119,167 |
Derivatives And Risk Management
Derivatives And Risk Management | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivatives And Risk Management | DERIVATIVES AND RISK MANAGEMENT Energy Commodity Derivatives Avista Corp. is exposed to market risks relating to changes in electricity and natural gas commodity prices and certain other fuel prices. Market risk is, in general, the risk of fluctuation in the market price of the commodity being traded and is influenced primarily by supply and demand. Market risk includes the fluctuation in the market price of associated derivative commodity instruments. Avista Corp. utilizes derivative instruments, such as forwards, futures, swap derivatives and options, in order to manage the various risks relating to these commodity price exposures. Avista Corp. has an energy resources risk policy and control procedures to manage these risks. As part of Avista Corp.'s resource procurement and management operations in the electric business, Avista Corp. engages in an ongoing process of resource optimization, which involves the economic selection from available energy resources to serve Avista Corp.'s load obligations and the use of these resources to capture available economic value through wholesale market transactions. These include sales and purchases of electric capacity and energy, fuel for electric generation, and derivative contracts related to capacity, energy and fuel. Such transactions are part of the process of matching resources with load obligations and hedging a portion of the related financial risks. These transactions range from terms of intra-hour up to multiple years. As part of its resource procurement and management of its natural gas business, Avista Corp. makes continuing projections of its natural gas loads and assesses available natural gas resources including natural gas storage availability. Natural gas resource planning typically includes peak requirements, low and average monthly requirements and delivery constraints from natural gas supply locations to Avista Corp.’s distribution system. However, daily variations in natural gas demand can be significantly different than monthly demand projections. On the basis of these projections, Avista Corp. plans and executes a series of transactions to hedge a portion of its projected natural gas requirements through forward market transactions and derivative instruments. These transactions may extend as much as three natural gas operating years (November through October) into the future. Avista Corp. also leaves a significant portion of its natural gas supply requirements unhedged for purchase in short-term and spot markets. Avista Corp. plans for sufficient natural gas delivery capacity to serve its retail customers for a theoretical peak day event. Avista Corp. generally has more pipeline and storage capacity than what is needed during periods other than a peak-day. Avista Corp. optimizes its natural gas resources by using market opportunities to generate economic value that helps mitigate fixed costs. Avista Corp. also optimizes its natural gas storage capacity by purchasing and storing natural gas when prices are traditionally lower, typically in the summer, and withdrawing during higher priced months, typically during the winter. However, if market conditions and prices indicate that Avista Corp. should buy or sell natural gas at other times during the year, Avista Corp. engages in optimization transactions to capture value in the marketplace. Natural gas optimization activities include, but are not limited to, wholesale market sales of surplus natural gas supplies, purchases and sales of natural gas to optimize use of pipeline and storage capacity, and participation in the transportation capacity release market. The following table presents the underlying energy commodity derivative volumes as of March 31, 2020 that are expected to be delivered in each respective year (in thousands of MWhs and mmBTUs): Purchases Sales Electric Derivatives Gas Derivatives Electric Derivatives Gas Derivatives Year Physical (1) MWh Financial (1) MWh Physical (1) mmBTUs Financial (1) mmBTUs Physical (1) Financial (1) Physical (1) Financial (1) Remainder 2020 3 395 10,232 61,330 366 1,491 871 27,035 2021 — 123 305 32,120 — 246 1,490 21,700 2022 — — 450 7,820 — — — 2,700 As of March 31, 2020 , there are no expected deliveries of energy commodity derivatives after 2022. The following table presents the underlying energy commodity derivative volumes as of December 31, 2019 that are expected to be delivered in each respective year (in thousands of MWhs and mmBTUs): Purchases Sales Electric Derivatives Gas Derivatives Electric Derivatives Gas Derivatives Year Physical (1) Financial (1) Physical (1) Financial (1) Physical (1) Financial (1) Physical (1) Financial (1) 2020 2 442 9,813 78,803 133 1,724 2,984 37,848 2021 — — 153 25,523 — 246 1,040 13,108 2022 — — 225 4,725 — — — 675 As of December 31, 2019 , there are no expected deliveries of energy commodity derivatives after 2022. (1) Physical transactions represent commodity transactions in which Avista Corp. will take or make delivery of either electricity or natural gas; financial transactions represent derivative instruments with delivery of cash in the amount of the benefit or cost but with no physical delivery of the commodity, such as futures, swap derivatives, options, or forward contracts. The electric and natural gas derivative contracts above will be included in either power supply costs or natural gas supply costs during the period they are scheduled to be delivered and will be included in the various deferral and recovery mechanisms (ERM, PCA and PGAs), or in the general rate case process, and are expected to be collected through retail rates from customers. Foreign Currency Exchange Derivatives A significant portion of Avista Corp.’s natural gas supply (including fuel for power generation) is obtained from Canadian sources. Most of those transactions are executed in U.S. dollars, which avoids foreign currency risk. A portion of Avista Corp.’s short-term natural gas transactions and long-term Canadian transportation contracts are committed based on Canadian currency prices. The short-term natural gas transactions are settled within 60 days with U.S. dollars. Avista Corp. hedges a portion of the foreign currency risk by purchasing Canadian currency exchange derivatives when such commodity transactions are initiated. The foreign currency exchange derivatives and the unhedged foreign currency risk have not had a material effect on Avista Corp.’s financial condition, results of operations or cash flows and these differences in cost related to currency fluctuations are included with natural gas supply costs for ratemaking. The following table summarizes the foreign currency exchange derivatives that Avista Corp. has outstanding as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Number of contracts 23 20 Notional amount (in United States dollars) $ 5,219 $ 5,932 Notional amount (in Canadian dollars) 7,247 7,828 Interest Rate Swap Derivatives Avista Corp. is affected by fluctuating interest rates related to a portion of its existing debt, and future borrowing requirements. Avista Corp. hedges a portion of its interest rate risk with financial derivative instruments, which may include interest rate swap derivatives and U.S. Treasury lock agreements. These interest rate swap derivatives and U.S. Treasury lock agreements are considered economic hedges against fluctuations in future cash flows associated with anticipated debt issuances. The following table summarizes the unsettled interest rate swap derivatives that Avista Corp. has outstanding as of March 31, 2020 and December 31, 2019 (dollars in thousands): Balance Sheet Date Number of Contracts Notional Amount Mandatory Cash Settlement Date March 31, 2020 7 $ 70,000 2020 4 45,000 2021 11 120,000 2022 1 10,000 2023 December 31, 2019 7 70,000 2020 3 35,000 2021 10 110,000 2022 The fair value of outstanding interest rate swap derivatives can vary significantly from period to period depending on the total notional amount of swap derivatives outstanding and fluctuations in market interest rates compared to the interest rates fixed by the swaps. Avista Corp. is required to make cash payments to settle the interest rate swap derivatives when the fixed rates are higher than prevailing market rates at the date of settlement. Conversely, Avista Corp. receives cash to settle its interest rate swap derivatives when prevailing market rates at the time of settlement exceed the fixed swap rates. Summary of Outstanding Derivative Instruments The amounts recorded on the Condensed Consolidated Balance Sheet as of March 31, 2020 and December 31, 2019 reflect the offsetting of derivative assets and liabilities where a legal right of offset exists. The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of March 31, 2020 (in thousands): Fair Value Derivative and Balance Sheet Location Gross Asset Gross Liability Collateral Netted Net Asset (Liability) on Balance Sheet Foreign currency exchange derivatives Other current liabilities $ 36 $ (103 ) $ — $ (67 ) Interest rate swap derivatives Other current liabilities — (32,967 ) 12,967 (20,000 ) Other non-current liabilities and deferred credits — (79,271 ) 14,123 (65,148 ) Energy commodity derivatives Other current assets 28,964 (26,503 ) (695 ) 1,766 Other property and investments-net and other non-current assets 6,072 (3,626 ) — 2,446 Other current liabilities 51 (2,590 ) — (2,539 ) Other non-current liabilities and deferred credits — (24 ) — (24 ) Total derivative instruments recorded on the balance sheet $ 35,123 $ (145,084 ) $ 26,395 $ (83,566 ) The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 31, 2019 (in thousands): Fair Value Derivative and Balance Sheet Location Gross Asset Gross Liability Collateral Net Asset Foreign currency exchange derivatives Other current assets $ 97 $ — $ — $ 97 Interest rate swap derivatives Other current assets 589 — — 589 Other current liabilities 238 (9,379 ) 1,316 (7,825 ) Other non-current liabilities and deferred credits 725 (24,677 ) 5,454 (18,498 ) Energy commodity derivatives Other current assets 416 (245 ) — 171 Other property and investments-net and other non-current assets 6,369 (5,446 ) — 923 Other current liabilities 34,760 (41,241 ) 3,378 (3,103 ) Other non-current liabilities and deferred credits 28 (1,215 ) — (1,187 ) Total derivative instruments recorded on the balance sheet $ 43,222 $ (82,203 ) $ 10,148 $ (28,833 ) Exposure to Demands for Collateral Avista Corp.'s derivative contracts often require collateral (in the form of cash or letters of credit) or other credit enhancements, or reductions or terminations of a portion of the contract through cash settlement. In the event of a downgrade in Avista Corp.'s credit ratings or changes in market prices, additional collateral may be required. In periods of price volatility, the level of exposure can change significantly. As a result, sudden and significant demands may be made against Avista Corp.'s credit facilities and cash. Avista Corp. actively monitors the exposure to possible collateral calls and takes steps to mitigate capital requirements. The following table presents Avista Corp.'s collateral outstanding related to its derivative instruments as of March 31, 2020 and December 31, 2019 (in thousands): March 31, December 31, 2020 2019 Energy commodity derivatives Cash collateral posted $ 1,775 $ 7,812 Letters of credit outstanding 25,000 17,400 Balance sheet offsetting (cash collateral against net derivative positions) (695 ) 3,378 Interest rate swap derivatives Cash collateral posted 27,090 6,770 Letters of credit outstanding 3,910 — Balance sheet offsetting (cash collateral against net derivative positions) 27,090 6,770 Certain of Avista Corp.’s derivative instruments contain provisions that require Avista Corp. to maintain an "investment grade" credit rating from the major credit rating agencies. If Avista Corp.’s credit ratings were to fall below "investment grade," it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing collateralization on derivative instruments in net liability positions. The following table presents the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position and the amount of additional collateral Avista Corp. could be required to post as of March 31, 2020 and December 31, 2019 (in thousands): March 31, December 31, 2020 2019 Energy commodity derivatives Liabilities with credit-risk-related contingent features $ 1 $ 814 Additional collateral to post 1 814 Interest rate swap derivatives Liabilities with credit-risk-related contingent features 112,238 34,056 Additional collateral to post 81,280 26,912 |
Pension Plans And Other Postret
Pension Plans And Other Postretirement Benefit Plans | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits, Description [Abstract] | |
Pension Plans and Other Postretirement Benefit Plans | PENSION PLANS AND OTHER POSTRETIREMENT BENEFIT PLANS Avista Utilities Avista Utilities’ maintained the same pension and other postretirement plans during the three months ended March 31, 2020 as those described as of December 31, 2019. The Company’s funding policy is to contribute at least the minimum amounts that are required to be funded under the Employee Retirement Income Security Act, but not more than the maximum amounts that are currently deductible for income tax purposes. The Company contributed $7.3 million in cash to the pension plan for the three months ended March 31, 2020 and it expects to contribute a total of $22 million in 2020. The Company uses a December 31 measurement date for its defined benefit pension and other postretirement benefit plans. The following table sets forth the components of net periodic benefit costs for the three months ended March 31 (dollars in thousands): Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 Service cost $ 5,546 $ 4,874 $ 979 $ 772 Interest cost 6,971 7,138 1,515 1,372 Expected return on plan assets (9,125 ) (7,815 ) (630 ) (718 ) Amortization of prior service cost 75 75 (275 ) (275 ) Net loss recognition 1,654 2,415 1,243 1,246 Net periodic benefit cost $ 5,121 $ 6,687 $ 2,832 $ 2,397 Total service costs in the table above are recorded to the same accounts as labor expense. Labor and benefits expense is recorded to various projects based on whether the work is a capital project or an operating expense. Approximately 40 percent of all labor and benefits is capitalized to utility property and 60 percent is expensed to utility other operating expenses. The non-service portion of costs in the table above are recorded to other expense below income from operations in the Condensed Consolidated Statements of Income or capitalized as a regulatory asset. Approximately 40 percent of the costs are capitalized to regulatory assets and 60 percent is expensed to the income statement. |
Income Taxes Income Taxes (Note
Income Taxes Income Taxes (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The following table summarizes the significant factors impacting the difference between our effective tax rate and the federal statutory rate for the three months ended March 31 (dollars in thousands): 2020 2019 Federal income taxes at statutory rates $ 11,961 21.0 % $ 30,639 21.0 % Increase (decrease) in tax resulting from: Tax effect of regulatory treatment of utility plant differences (2,402 ) (4.2 ) (2,080 ) (1.4 ) State income tax expense 1,227 2.1 1,659 1.1 Acquisition costs — — (1,824 ) (1.2 ) Settlement of equity awards 165 0.3 612 0.4 Other (2,419 ) (4.2 ) 1,011 0.7 Total income tax expense $ 8,532 15.0 % $ 30,017 20.6 % |
Committed Lines of Credit
Committed Lines of Credit | 3 Months Ended |
Mar. 31, 2020 | |
Short-term Debt [Abstract] | |
Committed Lines of Credit | COMMITTED LINES OF CREDIT Avista Corp. Avista Corp. has a committed line of credit with various financial institutions in the total amount of $400.0 million . The Company expects to amend and extend the revolving line of credit agreement in the second quarter for a revised term of one additional year beyond the current maturity date of April 2021, with the option to extend for an additional one year period. The committed line of credit is secured by non-transferable first mortgage bonds of the Company issued to the agent bank that would only become due and payable in the event, and then only to the extent, that the Company defaults on its obligations under the committed line of credit. Balances outstanding and interest rates of borrowings (excluding letters of credit) under the Company’s revolving committed line of credit were as follows as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Balance outstanding at end of period $ 185,000 $ 182,300 Letters of credit outstanding at end of period $ 32,983 $ 21,473 Average interest rate at end of period 1.66 % 2.64 % As of March 31, 2020 and December 31, 2019 , the borrowings outstanding under Avista Corp.'s committed line of credit were classified as short-term borrowings on the Condensed Consolidated Balance Sheet. AEL&P AEL&P has a committed line of credit in the amount of $25.0 million that expires in November 2024 . As of March 31, 2020 and December 31, 2019 , there were borrowings of $0 and $3.5 million , respectively, and there were no letters of credit outstanding under this committed line of credit. The committed line of credit is secured by non-transferable first mortgage bonds of AEL&P issued to the agent bank that would only become due and payable in the event, and then only to the extent, that AEL&P defaults on its obligations under the committed line of credit. Credit Agreement On April 6, 2020, the Company entered into a Credit Agreement with U.S. Bank National Association, as Lender and Administrative Agent, and CoBank, ACB, as Lender in the amount of $100 million at an interest rate of 1-Month LIBOR plus 125 basis points with a maturity date of April 5, 2021 . Loans under this agreement are unsecured and have a variable annual interest rate determined by either the Eurodollar rate or the Alternative Base Rate depending on the type of loan selected by Avista Corp. The Credit Agreement contains customary covenants and default provisions, including a covenant not to permit the ratio of "consolidated total debt" to "consolidated total capitalization" of Avista Corp. to be greater than 65 percent at any time. The Company has borrowed the entire $100 million available under this agreement, which is being used to provide additional liquidity. The amount can be repaid early; however, the amount repaid cannot be re-borrowed. |
Credit Agreement Credit Agreeme
Credit Agreement Credit Agreement (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Credit Agreement [Abstract] | |
Short-term Debt [Text Block] | COMMITTED LINES OF CREDIT Avista Corp. Avista Corp. has a committed line of credit with various financial institutions in the total amount of $400.0 million . The Company expects to amend and extend the revolving line of credit agreement in the second quarter for a revised term of one additional year beyond the current maturity date of April 2021, with the option to extend for an additional one year period. The committed line of credit is secured by non-transferable first mortgage bonds of the Company issued to the agent bank that would only become due and payable in the event, and then only to the extent, that the Company defaults on its obligations under the committed line of credit. Balances outstanding and interest rates of borrowings (excluding letters of credit) under the Company’s revolving committed line of credit were as follows as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Balance outstanding at end of period $ 185,000 $ 182,300 Letters of credit outstanding at end of period $ 32,983 $ 21,473 Average interest rate at end of period 1.66 % 2.64 % As of March 31, 2020 and December 31, 2019 , the borrowings outstanding under Avista Corp.'s committed line of credit were classified as short-term borrowings on the Condensed Consolidated Balance Sheet. AEL&P AEL&P has a committed line of credit in the amount of $25.0 million that expires in November 2024 . As of March 31, 2020 and December 31, 2019 , there were borrowings of $0 and $3.5 million , respectively, and there were no letters of credit outstanding under this committed line of credit. The committed line of credit is secured by non-transferable first mortgage bonds of AEL&P issued to the agent bank that would only become due and payable in the event, and then only to the extent, that AEL&P defaults on its obligations under the committed line of credit. Credit Agreement On April 6, 2020, the Company entered into a Credit Agreement with U.S. Bank National Association, as Lender and Administrative Agent, and CoBank, ACB, as Lender in the amount of $100 million at an interest rate of 1-Month LIBOR plus 125 basis points with a maturity date of April 5, 2021 . Loans under this agreement are unsecured and have a variable annual interest rate determined by either the Eurodollar rate or the Alternative Base Rate depending on the type of loan selected by Avista Corp. The Credit Agreement contains customary covenants and default provisions, including a covenant not to permit the ratio of "consolidated total debt" to "consolidated total capitalization" of Avista Corp. to be greater than 65 percent at any time. The Company has borrowed the entire $100 million available under this agreement, which is being used to provide additional liquidity. The amount can be repaid early; however, the amount repaid cannot be re-borrowed. |
Long- Term Debt to Affiliated T
Long- Term Debt to Affiliated Trust Long-Term Debt to Affiliated Trust (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Long-Term Debt to Affiliated Trust [Abstract] | |
Long Term Debt To Affiliated Trusts Disclosure [Text Block] | LONG-TERM DEBT TO AFFILIATED TRUSTS In 1997, the Company issued Floating Rate Junior Subordinated Deferrable Interest Debentures, Series B, with a principal amount of $51.5 million to Avista Capital II, an affiliated business trust formed by the Company. Avista Capital II issued $50.0 million of Preferred Trust Securities with a floating distribution rate of LIBOR plus 0.875 percent , calculated and reset quarterly. The distribution rates paid were as follows during the three months ended March 31, 2020 and the year ended December 31, 2019 : March 31, December 31, 2020 2019 Low distribution rate 2.46 % 2.79 % High distribution rate 2.79 % 3.61 % Distribution rate at the end of the period 2.46 % 2.79 % Concurrent with the issuance of the Preferred Trust Securities, Avista Capital II issued $1.5 million of Common Trust Securities to the Company. The Preferred Trust Securities may be redeemed at the option of Avista Capital II at any time and mature on June 1, 2037. In December 2000, the Company purchased $10.0 million of these Preferred Trust Securities. The Company owns 100 percent of Avista Capital II and has solely and unconditionally guaranteed the payment of distributions on, and redemption price and liquidation amount for, the Preferred Trust Securities to the extent that Avista Capital II has funds available for such payments from the respective debt securities. Upon maturity or prior redemption of such debt securities, the Preferred Trust Securities will be mandatorily redeemed. The Company does not include these capital trusts in its consolidated financial statements as Avista Corp. is not the primary beneficiary. As such, the sole assets of the capital trusts are $51.5 million of junior subordinated deferrable interest debentures of Avista Corp., which are reflected on the Condensed Consolidated Balance Sheets. Interest expense to affiliated trusts in the Condensed Consolidated Statements of Income represents interest expense on these debentures. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE The carrying values of cash and cash equivalents, accounts and notes receivable, accounts payable, and short-term borrowings are reasonable estimates of their fair values. Long-term debt (including current portion and material capital leases) and long-term debt to affiliated trusts are reported at carrying value on the Condensed Consolidated Balance Sheets. The fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to fair values derived from unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are defined as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities. Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, but which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3 – Pricing inputs include significant inputs that are generally unobservable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values incorporates various factors that not only include the credit standing of the counterparties involved and the impact of credit enhancements (such as cash deposits and letters of credit), but also the impact of Avista Corp.’s nonperformance risk on its liabilities. The following table sets forth the carrying value and estimated fair value of the Company’s financial instruments not reported at estimated fair value on the Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Long-term debt (Level 2) $ 963,500 $ 1,107,956 $ 963,500 $ 1,124,649 Long-term debt (Level 3) 947,000 949,144 947,000 1,048,440 Snettisham finance lease obligation (Level 3) 53,850 56,900 54,550 58,000 Long-term debt to affiliated trusts (Level 3) 51,547 33,506 51,547 41,238 These estimates of fair value of long-term debt and long-term debt to affiliated trusts were primarily based on available market information, which generally consists of estimated market prices from third party brokers for debt with similar risk and terms. The price ranges obtained from the third party brokers consisted of par values of 65.00 to 133.98 , where a par value of 100.0 represents the carrying value recorded on the Condensed Consolidated Balance Sheets. Level 2 long-term debt represents publicly issued bonds with quoted market prices; however, due to their limited trading activity, they are classified as Level 2 because brokers must generate quotes and make estimates if there is no trading activity near a period end. Level 3 long-term debt consists of private placement bonds and debt to affiliated trusts, which typically have no secondary trading activity. Fair values in Level 3 are estimated based on market prices from third party brokers using secondary market quotes for debt with similar risk and terms to generate quotes for Avista Corp. bonds. Due to the unique nature of the Snettisham capital lease obligation, the estimated fair value of these items was determined based on a discounted cash flow model using available market information. The Snettisham capital lease obligation was discounted to present value using the Morgan Markets A Ex-Fin discount rate as published on March 31, 2020 . The following table discloses by level within the fair value hierarchy the Company’s assets and liabilities measured and reported on the Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 at fair value on a recurring basis (dollars in thousands): Level 1 Level 2 Level 3 Counterparty Total March 31, 2020 Assets: Energy commodity derivatives $ — $ 35,061 $ — $ (30,849 ) $ 4,212 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 26 (26 ) — Foreign currency exchange derivatives — 36 — (36 ) — Deferred compensation assets: Mutual Funds: Fixed income securities (2) 2,642 — — — 2,642 Equity securities (2) 5,585 — — — 5,585 Total $ 8,227 $ 35,097 $ 26 $ (30,911 ) $ 12,439 Liabilities: Energy commodity derivatives $ — $ 30,464 $ — $ (30,154 ) $ 310 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 2,279 (26 ) 2,253 Foreign currency exchange derivatives — 103 — (36 ) 67 Interest rate swap derivatives — 112,238 — (27,090 ) 85,148 Total $ — $ 142,805 $ 2,279 $ (57,306 ) $ 87,778 Level 1 Level 2 Level 3 Counterparty Total December 31, 2019 Assets: Energy commodity derivatives $ — $ 41,546 $ — $ (40,452 ) $ 1,094 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 27 (27 ) — Foreign currency exchange derivatives — 97 — — 97 Interest rate swap derivatives — 1,552 — (963 ) 589 Deferred compensation assets: Mutual Funds: Fixed income securities (2) 2,232 — — — 2,232 Equity securities (2) 6,271 — — — 6,271 Total $ 8,503 $ 43,195 $ 27 $ (41,442 ) $ 10,283 Liabilities: Energy commodity derivatives $ — $ 45,144 $ — $ (43,830 ) $ 1,314 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 3,003 (27 ) 2,976 Interest rate swap derivatives — 34,056 — (7,733 ) 26,323 Total $ — $ 79,200 $ 3,003 $ (51,590 ) $ 30,613 (1) The Company is permitted to net derivative assets and derivative liabilities with the same counterparty when a legally enforceable master netting agreement exists. In addition, the Company nets derivative assets and derivative liabilities against any payables and receivables for cash collateral held or placed with these same counterparties. (2) These assets are included in other property and investments-net and other non-current assets on the Condensed Consolidated Balance Sheets. The difference between the amount of derivative assets and liabilities disclosed in respective levels in the table above and the amount of derivative assets and liabilities disclosed on the Condensed Consolidated Balance Sheets is due to netting arrangements with certain counterparties. See Note 5 for additional discussion of derivative netting. To establish fair value for energy commodity derivatives, the Company uses quoted market prices and forward price curves to estimate the fair value of energy commodity derivative instruments included in Level 2. In particular, electric derivative valuations are performed using market quotes, adjusted for periods in between quotable periods. Natural gas derivative valuations are estimated using New York Mercantile Exchange pricing for similar instruments, adjusted for basin differences, using market quotes. Where observable inputs are available for substantially the full term of the contract, the derivative asset or liability is included in Level 2. To establish fair values for interest rate swap derivatives, the Company uses forward market curves for interest rates for the term of the swaps and discounts the cash flows back to present value using an appropriate discount rate. The discount rate is calculated by third party brokers according to the terms of the swap derivatives and evaluated by the Company for reasonableness, with consideration given to the potential non-performance risk by the Company. Future cash flows of the interest rate swap derivatives are equal to the fixed interest rate in the swap compared to the floating market interest rate multiplied by the notional amount for each period. To establish fair value for foreign currency derivatives, the Company uses forward market curves for Canadian dollars against the US dollar and multiplies the difference between the locked-in price and the market price by the notional amount of the derivative. Forward foreign currency market curves are provided by third party brokers. The Company's credit spread is factored into the locked-in price of the foreign exchange contracts. Deferred compensation assets and liabilities represent funds held by the Company in a Rabbi Trust for an executive deferral plan. These funds consist of actively traded equity and bond funds with quoted prices in active markets. The balance disclosed in the table above excludes cash and cash equivalents of $0.4 million as of March 31, 2020 and December 31, 2019 . Level 3 Fair Value The following table presents the quantitative information which was used to estimate the fair values of the Level 3 assets and liabilities above as of March 31, 2020 (dollars in thousands): Fair Value (Net) at March 31, 2020 Valuation Technique Unobservable Input Range and Weighted Average Price Natural gas exchange agreement $ (2,253 ) Internally derived Forward purchase prices $1.16 - $1.80/mmBTU Forward sales prices $1.33 - $3.79/mmBTU Purchase volumes 155,000 - 310,000 mmBTUs Sales volumes 60,000 - 310,000 mmBTUs The following table presents activity for energy commodity derivative assets (liabilities) measured at fair value using significant unobservable inputs (Level 3) for the three months ended March 31 (dollars in thousands): Natural Gas Exchange Agreement Power Exchange Agreement Total Three months ended March 31, 2020: Balance as of January 1, 2020 $ (2,976 ) $ — $ (2,976 ) Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities (1) 485 — 485 Settlements 238 — 238 Ending balance as of March 31, 2020 (2) $ (2,253 ) $ — $ (2,253 ) Three months ended March 31, 2019: Balance as of January 1, 2019 $ (2,774 ) $ (2,488 ) $ (5,262 ) Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities (1) 8,977 (1,018 ) 7,959 Settlements (8,307 ) 2,894 (5,413 ) Ending balance as of March 31, 2019 (2) $ (2,104 ) $ (612 ) $ (2,716 ) (1) All gains and losses are included in other regulatory assets and liabilities. There were no gains and losses included in either net income or other comprehensive income during any of the periods presented in the table above. (2) There were no purchases, issuances or transfers from other categories of any derivatives instruments during the periods presented in the table above. |
Common Stock Common Stock (Note
Common Stock Common Stock (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | COMMON STOCK The Company had entered into four separate sales agency agreements under which the sales agents offered and sold new shares of the Company’s common stock from time to time. During the three months ended March 31, 2020 the Company did not issue shares under the sales agency agreements. These sales agency agreements expired on February 29, 2020. The Company is currently working on entering into new sales agency agreements. Accumulated other comprehensive loss, net of tax, consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Unfunded benefit obligation for pensions and other postretirement benefit plans - net of taxes of $2,673 and $2,727, respectively $ 10,054 $ 10,259 The following table details the reclassifications out of accumulated other comprehensive loss to net income by component for the three months ended March 31 (dollars in thousands). Amounts Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components 2020 2019 Affected Line Item in Statement of Income Amortization of defined benefit pension items Amortization of net prior service cost $ (200 ) $ (200 ) (a) Amortization of net loss 3,100 3,661 (a) Adjustment due to effects of regulation (2,641 ) (3,258 ) (a) 259 203 Total before tax (54 ) (43 ) Tax expense $ 205 $ 160 Net of tax (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 6 for additional details). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | COMMON STOCK The Company had entered into four separate sales agency agreements under which the sales agents offered and sold new shares of the Company’s common stock from time to time. During the three months ended March 31, 2020 the Company did not issue shares under the sales agency agreements. These sales agency agreements expired on February 29, 2020. The Company is currently working on entering into new sales agency agreements. Accumulated other comprehensive loss, net of tax, consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Unfunded benefit obligation for pensions and other postretirement benefit plans - net of taxes of $2,673 and $2,727, respectively $ 10,054 $ 10,259 The following table details the reclassifications out of accumulated other comprehensive loss to net income by component for the three months ended March 31 (dollars in thousands). Amounts Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components 2020 2019 Affected Line Item in Statement of Income Amortization of defined benefit pension items Amortization of net prior service cost $ (200 ) $ (200 ) (a) Amortization of net loss 3,100 3,661 (a) Adjustment due to effects of regulation (2,641 ) (3,258 ) (a) 259 203 Total before tax (54 ) (43 ) Tax expense $ 205 $ 160 Net of tax (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 6 for additional details). |
Earnings Per Common Share Attri
Earnings Per Common Share Attributable To Avista Corporation | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share Attributable To Avista Corporation Shareholders | EARNINGS PER COMMON SHARE ATTRIBUTABLE TO AVISTA CORP. SHAREHOLDERS The following table presents the computation of basic and diluted earnings per common share attributable to Avista Corp. shareholders for the three months ended March 31 (in thousands, except per share amounts): 2020 2019 Numerator: Net income attributable to Avista Corp. shareholders $ 48,424 $ 115,794 Denominator: Weighted-average number of common shares outstanding-basic 67,239 65,733 Effect of dilutive securities: Performance and restricted stock awards 142 208 Weighted-average number of common shares outstanding-diluted 67,381 65,941 Earnings per common share attributable to Avista Corp. shareholders: Basic $ 0.72 $ 1.76 Diluted $ 0.72 $ 1.76 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES In the course of its business, the Company becomes involved in various claims, controversies, disputes and other contingent matters, including the items described in this Note. Some of these claims, controversies, disputes and other contingent matters involve litigation or other contested proceedings. For all such matters, the Company intends to vigorously protect and defend its interests and pursue its rights. However, no assurance can be given as to the ultimate outcome of any particular matter because litigation and other contested proceedings are inherently subject to numerous uncertainties. For matters that affect Avista Utilities’ or AEL&P's operations, the Company intends to seek, to the extent appropriate, recovery of incurred costs through the ratemaking process. 2015 Washington General Rate Cases In January 2016, the Company received an order (Order 05) that concluded its electric and natural gas general rate cases that were originally filed with the WUTC in February 2015. New electric and natural gas rates were effective on January 11, 2016. PC Petition for Judicial Review In March 2016, Public Counsel (PC) filed in Thurston County Superior Court a Petition for Judicial Review of the WUTC's Order 05 and Order 06. In April 2016, this matter was certified for review directly by the Court of Appeals, an intermediate appellate court in the State of Washington. On August 7, 2018, the Court of Appeals issued a "Published Opinion" (Opinion) which concluded that the WUTC's use of an attrition allowance to calculate Avista Corp.'s rate base violated Washington law. In the Opinion, the Court stated that because the projected additions to rate base in the future were not "used and useful" for service at the time the request for the rate increase was made, they may not lawfully be included in the Company's rate base to justify a rate increase. Accordingly, the Court concluded that the WUTC erred in including an attrition allowance in the calculation of Avista Corp.’s electric and natural gas rate base. The Court noted, however, that the law does not prohibit an attrition allowance in the calculation, for ratemaking purposes, of recoverable operating and maintenance expense. Since the WUTC order provided one lump sum attrition allowance without distinguishing what portion was for rate base and which was for operating and maintenance expenses or other considerations, the Court struck all portions of the attrition allowance attributable to Avista Corp.'s rate base and reversed and remanded the case for the WUTC to recalculate Avista Corp.’s rates without including an attrition allowance in the calculation of rate base. On March 6, 2020, the Company received an order from the WUTC that will require it to refund $8.5 million to electric and natural gas customers. The Company will refund $4.9 million to electric customers and $3.6 million to natural gas customers. The Company previously recorded a customer refund liability of $3.6 million in 2019. Boyds Fire (State of Washington Department of Natural Resources v. Avista) On August 19, 2019, the Company was served with a complaint filed by the State of Washington Department of Natural Resources, seeking recovery of fire suppression costs and related expenses incurred in connection with a wildfire that occurred in Ferry County, Washington in August 2018. Specifically, the complaint alleges that the fire, which became known as the “Boyds Fire,” was caused by a dead ponderosa pine tree falling into an overhead distribution line, and that Avista Corp. was negligent in failing to identify and remove it before the tree came into contact with the line. Avista Corp. disputes that the tree in question was the cause of the fire and that it was negligent in failing to identify and remove it. The case is in the early stages of discovery and the plaintiff has not yet provided a statement specifying damages. Because the resolution of this claim remains uncertain, legal counsel cannot express an opinion on the extent, if any, of the Company’s liability, nor is it possible for the Company to estimate the impact of any outcome at this time. The Company intends to vigorously defend itself in the litigation. Other Contingencies In the normal course of business, the Company has various other legal claims and contingent matters outstanding. The Company believes that any ultimate liability arising from these actions will not have a material impact on its financial condition, results of operations or cash flows. It is possible that a change could occur in the Company’s estimates of the probability or amount of a liability being incurred. Such a change, should it occur, could be significant. See "Note 21 of the Notes to Consolidated Financial Statements" in the 2019 Form 10-K for additional discussion regarding other contingencies. |
Information By Business Segment
Information By Business Segments | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Information by Business Segments | INFORMATION BY BUSINESS SEGMENTS The business segment presentation reflects the basis used by the Company's management to analyze performance and determine the allocation of resources. The Company's management evaluates performance based on income (loss) from operations before income taxes as well as net income (loss) attributable to Avista Corp. shareholders. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Avista Utilities' business is managed based on the total regulated utility operation; therefore, it is considered one segment. AEL&P is a separate reportable business segment, as it has separate financial reports that are reviewed in detail by the Chief Operating Decision Maker and its operations and risks are sufficiently different from Avista Utilities and the other businesses at AERC that it cannot be aggregated with any other operating segments. The Other category, which is not a reportable segment, includes other investments and operations of various subsidiaries, as well as certain other operations of Avista Capital. The following table presents information for each of the Company’s business segments (dollars in thousands): Avista Utilities Alaska Electric Light and Power Company Total Utility Other Intersegment Eliminations (1) Total For the three months ended March 31, 2020: Operating revenues $ 377,205 $ 12,202 $ 389,407 $ 823 $ — $ 390,230 Resource costs 129,557 (10 ) 129,547 — — 129,547 Other operating expenses 91,279 3,217 94,496 1,360 — 95,856 Depreciation and amortization 48,974 2,447 51,421 235 — 51,656 Income (loss) from operations 76,534 6,246 82,780 (587 ) — 82,193 Interest expense (3) 24,983 1,589 26,572 131 (86 ) 26,617 Income taxes 7,404 1,301 8,705 (173 ) — 8,532 Net income (loss) attributable to Avista Corp. shareholders 45,979 3,395 49,374 (950 ) — 48,424 Capital expenditures (4) 94,056 1,470 95,526 109 — 95,635 For the three months ended March 31, 2019: Operating revenues $ 377,702 $ 10,881 $ 388,583 $ 7,898 $ — $ 396,481 Resource costs 138,712 (1,365 ) 137,347 — — 137,347 Other operating expenses (2) 100,583 3,059 103,642 7,355 — 110,997 Depreciation and amortization 46,507 2,407 48,914 209 — 49,123 Income from operations 60,224 6,513 66,737 334 — 67,071 Interest expense (3) 24,264 1,596 25,860 588 (440 ) 26,008 Income taxes 28,544 1,363 29,907 110 — 30,017 Net income attributable to Avista Corp. shareholders 111,901 3,552 115,453 341 — 115,794 Capital expenditures (4) 92,309 1,306 93,615 162 — 93,777 Total Assets: As of March 31, 2020: $ 5,808,619 $ 272,178 $ 6,080,797 $ 112,213 $ (19,011 ) $ 6,173,999 As of December 31, 2019: $ 5,713,268 $ 271,393 $ 5,984,661 $ 113,390 $ (15,595 ) $ 6,082,456 (1) Intersegment eliminations reported as interest expense represent intercompany interest. (2) Other operating expenses for Avista Utilities for the three months ended March 31 , 2019 include merger transaction costs which are separately disclosed on the Condensed Consolidated Statements of Income. (3) Including interest expense to affiliated trusts. (4) The capital expenditures for the other businesses are included in other investing activities on the Condensed Consolidated Statements of Cash Flows. |
Termination of Proposed Acquisi
Termination of Proposed Acquisition by Hydro One Termination of Proposed Acquisition by Hydro One (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Business Acquisition [Line Items] | |
Business Combination Disclosure [Text Block] | On July 19, 2017, Avista Corp. entered into a Merger Agreement that provided for Avista Corp. to become an indirect, wholly-owned subsidiary of Hydro One, subject to the satisfaction or waiver of specified closing conditions, including approval by regulatory agencies. Hydro One, based in Toronto, is Ontario’s largest electricity transmission and distribution provider. Termination of the Merger Agreement Due to the denial of the proposed merger by certain of the Company's regulatory commissions, on January 23, 2019, Avista Corp., Hydro One and certain subsidiaries thereof, entered into a Termination Agreement indicating their mutual agreement to terminate the Merger Agreement, effective immediately. Pursuant to the terms of the Termination Agreement, Hydro One paid Avista Corp. a $103 million termination fee on January 24, 2019. The termination fee was used for reimbursing the Company's transaction costs incurred from 2017 to 2019. The balance of the termination fee remaining after payment of 2019 transaction costs and applicable income taxes was used for general corporate purposes and reduced the Company's need for external financing. The 2019 costs totaled $19.7 million pre-tax and included financial advisers' fees, legal fees, consulting fees and employee time. |
Sale of METALfx Sale of METALfx
Sale of METALfx Sale of METALfx (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | SALE OF METALfx In April 2019, Bay Area Manufacturing, Inc., a non-regulated subsidiary of Avista Corp., entered into a definitive agreement to sell its interest in METALfx to an independent third party. The transaction was a stock sale for a total cash purchase price of $17.5 million plus cash on-hand, subject to customary closing adjustments. The transaction closed on April 18, 2019, and as of that date the Company has no further involvement with METALfx. The purchase price of $17.5 million , as adjusted, was divided among the security holders of METALfx, including the minority shareholder, pro rata based on ownership (Avista Corp. owned 89.2 percent of the equity of METALfx). As required under the purchase agreement, $1.2 million ( 7 percent of the purchase price) will be held in escrow for 24 months from the closing of the transaction to satisfy certain indemnification obligations. When all escrow amounts are released, the sale transaction will provide cash proceeds to Avista Corp., net of payments to the minority holder, contractually obligated compensation payments and other transaction expenses, of $16.5 million . The sale has resulted in a net gain after-tax of $3.3 million , with $2.4 million recognized in the three months ended March 31, 2019 . The Company expects to receive the full amount of its portion of the escrow accounts; therefore, the full amounts have been included in the gain calculation. The gross gain is included in "Other income," the transaction expenses paid are included in "Non-utility Other operating expenses" and any taxes associated with the sale are included in "Income tax expense" on the Condensed Consolidated Statements of Income. Prior to the completion of the sales transaction, METALfx was not a reportable business segment and was included in other in the business segment footnote at Note 16. This transaction does not meet the criteria for discontinued operations as it does not represent a strategic shift that will have a major effect on the Company's ongoing operations. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature Of Business | Nature of Business Avista Corp. is primarily an electric and natural gas utility with certain other business ventures. Avista Utilities is an operating division of Avista Corp., comprising its regulated utility operations in the Pacific Northwest. Avista Utilities provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington and northern Idaho. Avista Utilities also provides natural gas distribution service in parts of northeastern and southwestern Oregon. Avista Utilities has electric generating facilities in Washington, Idaho, Oregon and Montana. Avista Utilities also supplies electricity to a small number of customers in Montana, most of whom are employees who operate the Company's Noxon Rapids generating facility. AERC is a wholly-owned subsidiary of Avista Corp. The primary subsidiary of AERC is AEL&P, which comprises Avista Corp.'s regulated utility operations in Alaska. Avista Capital, a wholly owned non-regulated subsidiary of Avista Corp., is the parent company of all of the subsidiary companies in the non-utility businesses, with the exception of AJT Mining Properties, Inc., which is a subsidiary of AERC. See Note 16 for business segment information. See Note 18 for discussion of the sale of METALfx, an unregulated subsidiary of the Company. |
Basis Of Reporting | Basis of Reporting The condensed consolidated financial statements include the assets, liabilities, revenues and expenses of the Company and its subsidiaries and other majority owned subsidiaries and variable interest entities for which the Company or its subsidiaries are the primary beneficiaries. Intercompany balances were eliminated in consolidation. The accompanying condensed consolidated financial statements include the Company’s proportionate share of utility plant and related operations resulting from its interests in jointly owned plants. |
Derivative Assets And Liabilities | Derivative Assets and Liabilities Derivatives are recorded as either assets or liabilities on the Condensed Consolidated Balance Sheets measured at estimated fair value. The WUTC and the IPUC issued accounting orders authorizing Avista Corp. to offset energy commodity derivative assets or liabilities with a regulatory asset or liability. This accounting treatment is intended to defer the recognition of mark-to-market gains and losses on energy commodity transactions until the period of delivery. Realized benefits and costs result in adjustments to retail rates through PGAs, the ERM in Washington, the PCA mechanism in Idaho, and periodic general rate cases. The resulting regulatory assets associated with energy commodity derivative instruments have been concluded to be probable of recovery through future rates. Substantially all forward contracts to purchase or sell power and natural gas are recorded as derivative assets or liabilities at estimated fair value with an offsetting regulatory asset or liability. Contracts that are not considered derivatives are accounted for on the accrual basis until they are settled or realized unless there is a decline in the fair value of the contract that is determined to be other-than-temporary. For interest rate swap derivatives, Avista Corp. records all mark-to-market gains and losses in each accounting period as assets and liabilities, as well as offsetting regulatory assets and liabilities, such that there is no income statement impact. The interest rate swap derivatives are risk management tools similar to energy commodity derivatives. Upon settlement of interest rate swap derivatives, the cash payments made or received are recorded as a regulatory asset or liability and are subsequently amortized as a component of interest expense over the life of the associated debt. The settled interest rate swap derivatives are also included as a part of Avista Corp.'s cost of debt calculation for ratemaking purposes. The Company has multiple master netting agreements with a variety of entities that allow for cross-commodity netting of derivative agreements with the same counterparty (i.e. power derivatives can be netted with natural gas derivatives). In addition, some master netting agreements allow for the netting of commodity derivatives and interest rate swap derivatives for the same counterparty. The Company does not have any agreements which allow for cross-affiliate netting among multiple affiliated legal entities. The Company nets all derivative instruments when allowed by the agreement for presentation in the Condensed Consolidated Balance Sheets. |
Fair Value Measurements | Fair Value Measurements Fair value represents the price that would be received when selling an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Energy commodity derivative assets and liabilities, deferred compensation assets, as well as derivatives related to interest rate swaps and foreign currency exchange contracts, are reported at estimated fair value on the Condensed Consolidated Balance Sheets. See Note 11 for the Company’s fair value disclosures. |
Contingencies | Contingencies The Company has unresolved regulatory, legal and tax issues which have inherently uncertain outcomes. The Company accrues a loss contingency if it is probable that a liability has been incurred and the amount of the loss or impairment can be reasonably estimated. The Company also discloses loss contingencies that do not meet these conditions for accrual if there is a reasonable possibility that a material loss may be incurred. See Note 15 for further discussion of the Company's commitments and contingencies. |
Balance Sheet Components Bala_2
Balance Sheet Components Balance Sheet Components (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Inventory, Policy [Policy Text Block] | Inventories of materials and supplies, fuel stock and stored natural gas are recorded at average cost for our regulated operations and the lower of cost or market for our non-regulated operations and consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Materials and supplies $ 49,007 $ 47,402 Fuel stock 4,740 4,875 Stored natural gas 2,934 14,306 Total $ 56,681 $ 66,583 |
Revenue Revenue (Policies)
Revenue Revenue (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue [Policy Text Block] | Utility Revenues Revenue from Contracts with Customers General The majority of Avista Corp.’s revenue is from rate-regulated sales of electricity and natural gas to retail customers, which has two performance obligations, (1) having service available for a specified period (typically a month at a time) and (2) the delivery of energy to customers. The total energy price generally has a fixed component (basic charge) related to having service available and a usage-based component, related to the delivery and consumption of energy. The commodity is sold and/or delivered to and consumed by the customer simultaneously, and the provisions of the relevant utility commission authorization determine the charges the Company may bill the customer. Given that all revenue recognition criteria are met upon the delivery of energy to customers, revenue is recognized immediately at that time. Revenues from contracts with customers are presented in the Condensed Consolidated Statements of Income in the line item "Utility revenues, exclusive of alternative revenue programs." Non-Derivative Wholesale Contracts The Company has certain wholesale contracts which are not accounted for as derivatives and, accordingly, are within the scope of ASC 606 and considered revenue from contracts with customers. Revenue is recognized as energy is delivered to the customer or the service is available for a specified period of time, consistent with the discussion of rate-regulated sales above. Alternative Revenue Programs (Decoupling) ASC 606 retained existing GAAP associated with alternative revenue programs, which specified that alternative revenue programs are contracts between an entity and a regulator of utilities, not a contract between an entity and a customer. GAAP requires that an entity present revenue arising from alternative revenue programs separately from revenues arising from contracts with customers on the face of the Condensed Consolidated Statements of Income. The Company's decoupling mechanisms (also known as a FCA in Idaho) qualify as alternative revenue programs. Decoupling revenue deferrals are recognized in the Condensed Consolidated Statements of Income during the period they occur (i.e. during the period of revenue shortfall or excess due to fluctuations in customer usage), subject to certain limitations, and a regulatory asset or liability is established that will be surcharged or rebated to customers in future periods. GAAP requires that for any alternative revenue program, like decoupling, the revenue must be expected to be collected from customers within 24 months of the deferral to qualify for recognition in the current period Condensed Consolidated Statement of Income. Any amounts included in the Company's decoupling program that are not expected to be collected from customers within 24 months are not recorded in the financial statements until the period in which revenue recognition criteria are met. The amounts expected to be collected from customers within 24 months represents an estimate that must be made by the Company on an ongoing basis due to it being based on the volumes of electric and natural gas sold to customers on a go-forward basis. Derivative Revenue Most wholesale electric and natural gas transactions (including both physical and financial transactions), and the sale of fuel are considered derivatives, which are specifically scoped out of ASC 606. As such, these revenues are disclosed separately from revenue from contracts with customers. Revenue is recognized for these items upon the settlement/expiration of the derivative contract. Derivative revenue includes those transactions that are entered into and settled within the same month. Other Utility Revenue Other utility revenue includes rent, revenues from the lineman training school, sales of materials, late fees and other charges that do not represent contracts with customers. Other utility revenue also includes the provision for earnings sharing and the deferral and amortization of refunds to customers associated with the TCJA. This revenue is scoped out of ASC 606, as this revenue does not represent items where a customer is a party that has contracted with the Company to obtain goods or services that are an output of the Company’s ordinary activities in exchange for consideration. As such, these revenues are presented separately from revenue from contracts with customers. Other Considerations for Utility Revenues Gross Versus Net Presentation Revenues and resource costs from Avista Utilities’ settled energy contracts that are “booked out” (not physically delivered) are reported on a net basis as part of derivative revenues. Utility-related taxes collected from customers (primarily state excise taxes and city utility taxes) are taxes that are imposed on Avista Utilities as opposed to being imposed on its customers; therefore, Avista Utilities is the taxpayer and records these transactions on a gross basis in revenue from contracts with customers and operating expense (taxes other than income taxes). The utility-related taxes collected from customers at AEL&P are imposed on the customers rather than AEL&P; therefore, the customers are the taxpayers and AEL&P is acting as their agent. As such, these transactions at AEL&P are presented on a net basis within revenue from contracts with customers. Utility-related taxes that were included in revenue from contracts with customers were as follows for the three months ended March 31 (dollars in thousands): 2020 2019 Utility-related taxes $ 18,700 $ 19,089 Non-Utility Revenues Revenue from Contracts with Customers Non-utility revenue from contracts with customers is derived from contracts with one performance obligation. Prior to its sale in April 2019 (See Note 18 for further discussion on the sale of METALfx), METALfx had one performance obligation, the delivery of a product, and revenues were recognized when the risk of loss transferred to the customer, which occurred when products were shipped. The Steam Plant Brew Pub serves food and beverages to customers, its one performance obligation, and recognizes revenues at the time of service to the customer. Significant Judgments and Unsatisfied Performance Obligations The only significant judgments involving revenue recognition are estimates surrounding unbilled revenue and receivables from contracts with customers and estimates surrounding the amount of decoupling revenues that will be collected from customers within 24 months (discussed above). The Company has certain capacity arrangements, where the Company has a contractual obligation to provide either electric or natural gas capacity to its customers for a fixed fee. Most of these arrangements are paid for in arrears by the customers and do not result in deferred revenue and only result in receivables from the customers. The Company does have one capacity agreement where the customer makes payments throughout the year and depending on the timing of the customer payments, it can result in an immaterial amount of deferred revenue or a receivable from the customer. As of March 31, 2020 , the Company estimates it had unsatisfied capacity performance obligations of $4.7 million , which will be recognized as revenue in future periods as the capacity is provided to the customers. These performance obligations are not reflected in the financial statements, as the Company has not received payment for these services. |
Revenue Recognition for Alternative Revenue Programs, Policy [Policy Text Block] | Alternative Revenue Programs (Decoupling) ASC 606 retained existing GAAP associated with alternative revenue programs, which specified that alternative revenue programs are contracts between an entity and a regulator of utilities, not a contract between an entity and a customer. GAAP requires that an entity present revenue arising from alternative revenue programs separately from revenues arising from contracts with customers on the face of the Condensed Consolidated Statements of Income. The Company's decoupling mechanisms (also known as a FCA in Idaho) qualify as alternative revenue programs. Decoupling revenue deferrals are recognized in the Condensed Consolidated Statements of Income during the period they occur (i.e. during the period of revenue shortfall or excess due to fluctuations in customer usage), subject to certain limitations, and a regulatory asset or liability is established that will be surcharged or rebated to customers in future periods. GAAP requires that for any alternative revenue program, like decoupling, the revenue must be expected to be collected from customers within 24 months of the deferral to qualify for recognition in the current period Condensed Consolidated Statement of Income. Any amounts included in the Company's decoupling program that are not expected to be collected from customers within 24 months are not recorded in the financial statements until the period in which revenue recognition criteria are met. The amounts expected to be collected from customers within 24 months represents an estimate that must be made by the Company on an ongoing basis due to it being based on the volumes of electric and natural gas sold to customers on a go-forward basis. |
Utility, Revenue and Expense Recognition, Policy [Policy Text Block] | Utility-related taxes collected from customers (primarily state excise taxes and city utility taxes) are taxes that are imposed on Avista Utilities as opposed to being imposed on its customers; therefore, Avista Utilities is the taxpayer and records these transactions on a gross basis in revenue from contracts with customers and operating expense (taxes other than income taxes). The utility-related taxes collected from customers at AEL&P are imposed on the customers rather than AEL&P; therefore, the customers are the taxpayers and AEL&P is acting as their agent. As such, these transactions at AEL&P are presented on a net basis within revenue from contracts with customers. Utility-related taxes that were included in revenue from contracts with customers were as follows for the three months ended March 31 (dollars in thousands): 2020 2019 Utility-related taxes $ 18,700 $ 19,089 |
Balance Sheet Components Bala_3
Balance Sheet Components Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | Other current assets consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Collateral posted for derivative instruments after netting with outstanding derivative liabilities $ 2,470 $ 4,434 Prepayments 22,569 19,652 Income taxes receivable — 11,047 Other 5,289 5,009 Total $ 30,328 $ 40,142 |
Schedule of Inventory, Current [Table Text Block] | Inventories of materials and supplies, fuel stock and stored natural gas are recorded at average cost for our regulated operations and the lower of cost or market for our non-regulated operations and consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Materials and supplies $ 49,007 $ 47,402 Fuel stock 4,740 4,875 Stored natural gas 2,934 14,306 Total $ 56,681 $ 66,583 |
Public Utility Property, Plant, and Equipment [Table Text Block] | Net utility property consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Utility plant in service $ 6,521,033 $ 6,462,993 Construction work in progress 189,827 164,941 Total 6,710,860 6,627,934 Less: Accumulated depreciation and amortization 1,868,542 1,830,927 Total net utility property $ 4,842,318 $ 4,797,007 |
Schedule of Other Current Assets [Table Text Block] | Other property and investments-net and other non-current assets consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Operating lease ROU assets $ 65,303 $ 69,746 Finance lease ROU assets 50,069 50,980 Non-utility property 26,511 27,159 Equity investments 51,467 51,258 Investment in affiliated trust 11,547 11,547 Notes receivable 14,970 14,060 Deferred compensation assets 8,670 8,948 Other 25,614 23,394 Total $ 254,151 $ 257,092 |
Other Current Liabilities [Table Text Block] | Other current liabilities consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Accrued taxes other than income taxes $ 48,980 $ 36,965 Employee paid time off accruals 24,084 22,343 Accrued interest 31,033 16,486 Current portion of pensions and other postretirement benefits 9,811 8,826 Income taxes payable 5,199 298 Derivative liabilities 27,409 10,928 Other current liabilities 27,770 35,133 Total other current liabilities $ 174,286 $ 130,979 |
Other Noncurrent Liabilities [Table Text Block] | Other non-current liabilities and deferred credits consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Operating lease liabilities $ 62,145 $ 65,565 Finance lease liabilities 51,016 51,750 Deferred investment tax credits 30,588 30,444 Asset retirement obligations 20,263 20,338 Derivative liabilities 60,278 19,685 Other 13,374 13,407 Total $ 237,664 $ 201,189 |
Schedule Of Regulated Asset And Liability [Table Text Block] | Regulatory assets and liabilities consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Current Non-Current Current Non-Current Regulatory Assets Energy commodity derivatives $ 78 $ — $ 6,310 $ 264 Decoupling surcharge 10,927 15,504 12,098 14,806 Pension and other postretirement benefit plans — 206,112 — 208,754 Interest rate swaps — 246,566 — 168,594 Deferred income taxes — 96,525 — 95,752 Settlement with Coeur d'Alene Tribe — 41,005 — 41,332 AFUDC above FERC allowed rate — 41,333 — 40,749 Demand side management programs — 8,670 — 12,170 Utility plant to be abandoned — 31,678 — 31,291 Other regulatory assets 2,052 63,473 3,443 57,090 Total regulatory assets $ 13,057 $ 750,866 $ 21,851 $ 670,802 March 31, 2020 December 31, 2019 Current Non-Current Current Non-Current Regulatory Liabilities Income tax related liabilities $ 23,975 $ 404,046 $ 23,803 $ 407,549 Deferred natural gas costs 5,449 — 3,189 — Deferral power costs 23,595 20,716 14,155 23,544 Decoupling rebate 363 5,972 255 2,398 Provision for rate refund (Washington remand case) 8,490 — 3,565 — Utility plant retirement costs — 317,203 — 312,403 Interest rate swaps — 16,136 — 17,088 Other regulatory liabilities 4,464 19,303 6,748 12,454 Total regulatory liabilities $ 66,336 $ 783,376 $ 51,715 $ 775,436 |
Revenue Revenue (Tables)
Revenue Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE ASC 606 defines the core principle of the revenue recognition model is that an entity should identify the various performance obligations in a contract, allocate the transaction price among the performance obligations and recognize revenue when (or as) the entity satisfies each performance obligation. Utility Revenues Revenue from Contracts with Customers General The majority of Avista Corp.’s revenue is from rate-regulated sales of electricity and natural gas to retail customers, which has two performance obligations, (1) having service available for a specified period (typically a month at a time) and (2) the delivery of energy to customers. The total energy price generally has a fixed component (basic charge) related to having service available and a usage-based component, related to the delivery and consumption of energy. The commodity is sold and/or delivered to and consumed by the customer simultaneously, and the provisions of the relevant utility commission authorization determine the charges the Company may bill the customer. Given that all revenue recognition criteria are met upon the delivery of energy to customers, revenue is recognized immediately at that time. Revenues from contracts with customers are presented in the Condensed Consolidated Statements of Income in the line item "Utility revenues, exclusive of alternative revenue programs." Non-Derivative Wholesale Contracts The Company has certain wholesale contracts which are not accounted for as derivatives and, accordingly, are within the scope of ASC 606 and considered revenue from contracts with customers. Revenue is recognized as energy is delivered to the customer or the service is available for a specified period of time, consistent with the discussion of rate-regulated sales above. Alternative Revenue Programs (Decoupling) ASC 606 retained existing GAAP associated with alternative revenue programs, which specified that alternative revenue programs are contracts between an entity and a regulator of utilities, not a contract between an entity and a customer. GAAP requires that an entity present revenue arising from alternative revenue programs separately from revenues arising from contracts with customers on the face of the Condensed Consolidated Statements of Income. The Company's decoupling mechanisms (also known as a FCA in Idaho) qualify as alternative revenue programs. Decoupling revenue deferrals are recognized in the Condensed Consolidated Statements of Income during the period they occur (i.e. during the period of revenue shortfall or excess due to fluctuations in customer usage), subject to certain limitations, and a regulatory asset or liability is established that will be surcharged or rebated to customers in future periods. GAAP requires that for any alternative revenue program, like decoupling, the revenue must be expected to be collected from customers within 24 months of the deferral to qualify for recognition in the current period Condensed Consolidated Statement of Income. Any amounts included in the Company's decoupling program that are not expected to be collected from customers within 24 months are not recorded in the financial statements until the period in which revenue recognition criteria are met. The amounts expected to be collected from customers within 24 months represents an estimate that must be made by the Company on an ongoing basis due to it being based on the volumes of electric and natural gas sold to customers on a go-forward basis. Derivative Revenue Most wholesale electric and natural gas transactions (including both physical and financial transactions), and the sale of fuel are considered derivatives, which are specifically scoped out of ASC 606. As such, these revenues are disclosed separately from revenue from contracts with customers. Revenue is recognized for these items upon the settlement/expiration of the derivative contract. Derivative revenue includes those transactions that are entered into and settled within the same month. Other Utility Revenue Other utility revenue includes rent, revenues from the lineman training school, sales of materials, late fees and other charges that do not represent contracts with customers. Other utility revenue also includes the provision for earnings sharing and the deferral and amortization of refunds to customers associated with the TCJA. This revenue is scoped out of ASC 606, as this revenue does not represent items where a customer is a party that has contracted with the Company to obtain goods or services that are an output of the Company’s ordinary activities in exchange for consideration. As such, these revenues are presented separately from revenue from contracts with customers. Other Considerations for Utility Revenues Gross Versus Net Presentation Revenues and resource costs from Avista Utilities’ settled energy contracts that are “booked out” (not physically delivered) are reported on a net basis as part of derivative revenues. Utility-related taxes collected from customers (primarily state excise taxes and city utility taxes) are taxes that are imposed on Avista Utilities as opposed to being imposed on its customers; therefore, Avista Utilities is the taxpayer and records these transactions on a gross basis in revenue from contracts with customers and operating expense (taxes other than income taxes). The utility-related taxes collected from customers at AEL&P are imposed on the customers rather than AEL&P; therefore, the customers are the taxpayers and AEL&P is acting as their agent. As such, these transactions at AEL&P are presented on a net basis within revenue from contracts with customers. Utility-related taxes that were included in revenue from contracts with customers were as follows for the three months ended March 31 (dollars in thousands): 2020 2019 Utility-related taxes $ 18,700 $ 19,089 Non-Utility Revenues Revenue from Contracts with Customers Non-utility revenue from contracts with customers is derived from contracts with one performance obligation. Prior to its sale in April 2019 (See Note 18 for further discussion on the sale of METALfx), METALfx had one performance obligation, the delivery of a product, and revenues were recognized when the risk of loss transferred to the customer, which occurred when products were shipped. The Steam Plant Brew Pub serves food and beverages to customers, its one performance obligation, and recognizes revenues at the time of service to the customer. Significant Judgments and Unsatisfied Performance Obligations The only significant judgments involving revenue recognition are estimates surrounding unbilled revenue and receivables from contracts with customers and estimates surrounding the amount of decoupling revenues that will be collected from customers within 24 months (discussed above). The Company has certain capacity arrangements, where the Company has a contractual obligation to provide either electric or natural gas capacity to its customers for a fixed fee. Most of these arrangements are paid for in arrears by the customers and do not result in deferred revenue and only result in receivables from the customers. The Company does have one capacity agreement where the customer makes payments throughout the year and depending on the timing of the customer payments, it can result in an immaterial amount of deferred revenue or a receivable from the customer. As of March 31, 2020 , the Company estimates it had unsatisfied capacity performance obligations of $4.7 million , which will be recognized as revenue in future periods as the capacity is provided to the customers. These performance obligations are not reflected in the financial statements, as the Company has not received payment for these services. Disaggregation of Total Operating Revenue The following table disaggregates total operating revenue by segment and source for the three months ended March 31 (dollars in thousands): 2020 2019 Avista Utilities Revenue from contracts with customers $ 351,628 $ 354,301 Derivative revenues 31,075 24,127 Alternative revenue programs (4,413 ) (4,658 ) Deferrals and amortizations for rate refunds to customers (2,606 ) 2,135 Other utility revenues 1,521 1,797 Total Avista Utilities 377,205 377,702 AEL&P Revenue from contracts with customers 12,126 10,736 Deferrals and amortizations for rate refunds to customers (48 ) (48 ) Other utility revenues 124 193 Total AEL&P 12,202 10,881 Other Revenue from contracts with customers 514 7,647 Other revenues 309 251 Total other 823 7,898 Total operating revenues $ 390,230 $ 396,481 Utility Revenue from Contracts with Customers by Type and Service The following table disaggregates revenue from contracts with customers associated with the Company's electric operations for the three months ended March 31 (dollars in thousands): 2020 2019 Avista Utilities AEL&P Total Utility Avista Utilities AEL&P Total Utility ELECTRIC OPERATIONS Revenue from contracts with customers Residential $ 107,977 $ 5,866 $ 113,843 $ 115,392 $ 5,852 $ 121,244 Commercial and governmental 78,849 6,199 85,048 79,245 4,821 84,066 Industrial 24,711 — 24,711 25,248 — 25,248 Public street and highway lighting 1,783 61 1,844 1,903 63 1,966 Total retail revenue 213,320 12,126 225,446 221,788 10,736 232,524 Transmission 3,774 — 3,774 5,152 — 5,152 Other revenue from contracts with customers 5,289 — 5,289 8,194 — 8,194 Total revenue from contracts with customers $ 222,383 $ 12,126 $ 234,509 $ 235,134 $ 10,736 $ 245,870 The following table disaggregates revenue from contracts with customers associated with the Company's natural gas operations for the three months ended March 31 (dollars in thousands): 2020 2019 Avista Utilities Avista Utilities NATURAL GAS OPERATIONS Revenue from contracts with customers Residential $ 84,173 $ 77,336 Commercial 39,401 36,595 Industrial and interruptible 2,194 1,627 Total retail revenue 125,768 115,558 Transportation 2,352 2,484 Other revenue from contracts with customers 1,125 1,125 Total revenue from contracts with customers $ 129,245 $ 119,167 |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Total Operating Revenue The following table disaggregates total operating revenue by segment and source for the three months ended March 31 (dollars in thousands): 2020 2019 Avista Utilities Revenue from contracts with customers $ 351,628 $ 354,301 Derivative revenues 31,075 24,127 Alternative revenue programs (4,413 ) (4,658 ) Deferrals and amortizations for rate refunds to customers (2,606 ) 2,135 Other utility revenues 1,521 1,797 Total Avista Utilities 377,205 377,702 AEL&P Revenue from contracts with customers 12,126 10,736 Deferrals and amortizations for rate refunds to customers (48 ) (48 ) Other utility revenues 124 193 Total AEL&P 12,202 10,881 Other Revenue from contracts with customers 514 7,647 Other revenues 309 251 Total other 823 7,898 Total operating revenues $ 390,230 $ 396,481 Utility Revenue from Contracts with Customers by Type and Service The following table disaggregates revenue from contracts with customers associated with the Company's electric operations for the three months ended March 31 (dollars in thousands): 2020 2019 Avista Utilities AEL&P Total Utility Avista Utilities AEL&P Total Utility ELECTRIC OPERATIONS Revenue from contracts with customers Residential $ 107,977 $ 5,866 $ 113,843 $ 115,392 $ 5,852 $ 121,244 Commercial and governmental 78,849 6,199 85,048 79,245 4,821 84,066 Industrial 24,711 — 24,711 25,248 — 25,248 Public street and highway lighting 1,783 61 1,844 1,903 63 1,966 Total retail revenue 213,320 12,126 225,446 221,788 10,736 232,524 Transmission 3,774 — 3,774 5,152 — 5,152 Other revenue from contracts with customers 5,289 — 5,289 8,194 — 8,194 Total revenue from contracts with customers $ 222,383 $ 12,126 $ 234,509 $ 235,134 $ 10,736 $ 245,870 |
Schedule Of Utilities Operating Revenue Expense Taxes [Table Text Block] | Utility-related taxes that were included in revenue from contracts with customers were as follows for the three months ended March 31 (dollars in thousands): 2020 2019 Utility-related taxes $ 18,700 $ 19,089 |
Derivatives And Risk Manageme_2
Derivatives And Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Energy Commodity Derivatives | The following table presents the underlying energy commodity derivative volumes as of March 31, 2020 that are expected to be delivered in each respective year (in thousands of MWhs and mmBTUs): Purchases Sales Electric Derivatives Gas Derivatives Electric Derivatives Gas Derivatives Year Physical (1) MWh Financial (1) MWh Physical (1) mmBTUs Financial (1) mmBTUs Physical (1) Financial (1) Physical (1) Financial (1) Remainder 2020 3 395 10,232 61,330 366 1,491 871 27,035 2021 — 123 305 32,120 — 246 1,490 21,700 2022 — — 450 7,820 — — — 2,700 As of March 31, 2020 , there are no expected deliveries of energy commodity derivatives after 2022. The following table presents the underlying energy commodity derivative volumes as of December 31, 2019 that are expected to be delivered in each respective year (in thousands of MWhs and mmBTUs): Purchases Sales Electric Derivatives Gas Derivatives Electric Derivatives Gas Derivatives Year Physical (1) Financial (1) Physical (1) Financial (1) Physical (1) Financial (1) Physical (1) Financial (1) 2020 2 442 9,813 78,803 133 1,724 2,984 37,848 2021 — — 153 25,523 — 246 1,040 13,108 2022 — — 225 4,725 — — — 675 As of December 31, 2019 , there are no expected deliveries of energy commodity derivatives after 2022. (1) Physical transactions represent commodity transactions in which Avista Corp. will take or make delivery of either electricity or natural gas; financial transactions represent derivative instruments with delivery of cash in the amount of the benefit or cost but with no physical delivery of the commodity, such as futures, swap derivatives, options, or forward contracts. |
Foreign Currency Exchange Contracts | The following table summarizes the foreign currency exchange derivatives that Avista Corp. has outstanding as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Number of contracts 23 20 Notional amount (in United States dollars) $ 5,219 $ 5,932 Notional amount (in Canadian dollars) 7,247 7,828 |
Interest Rate Swap Agreements | The following table summarizes the unsettled interest rate swap derivatives that Avista Corp. has outstanding as of March 31, 2020 and December 31, 2019 (dollars in thousands): Balance Sheet Date Number of Contracts Notional Amount Mandatory Cash Settlement Date March 31, 2020 7 $ 70,000 2020 4 45,000 2021 11 120,000 2022 1 10,000 2023 December 31, 2019 7 70,000 2020 3 35,000 2021 10 110,000 2022 |
Derivative Instruments Summary | The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of March 31, 2020 (in thousands): Fair Value Derivative and Balance Sheet Location Gross Asset Gross Liability Collateral Netted Net Asset (Liability) on Balance Sheet Foreign currency exchange derivatives Other current liabilities $ 36 $ (103 ) $ — $ (67 ) Interest rate swap derivatives Other current liabilities — (32,967 ) 12,967 (20,000 ) Other non-current liabilities and deferred credits — (79,271 ) 14,123 (65,148 ) Energy commodity derivatives Other current assets 28,964 (26,503 ) (695 ) 1,766 Other property and investments-net and other non-current assets 6,072 (3,626 ) — 2,446 Other current liabilities 51 (2,590 ) — (2,539 ) Other non-current liabilities and deferred credits — (24 ) — (24 ) Total derivative instruments recorded on the balance sheet $ 35,123 $ (145,084 ) $ 26,395 $ (83,566 ) The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 31, 2019 (in thousands): Fair Value Derivative and Balance Sheet Location Gross Asset Gross Liability Collateral Net Asset Foreign currency exchange derivatives Other current assets $ 97 $ — $ — $ 97 Interest rate swap derivatives Other current assets 589 — — 589 Other current liabilities 238 (9,379 ) 1,316 (7,825 ) Other non-current liabilities and deferred credits 725 (24,677 ) 5,454 (18,498 ) Energy commodity derivatives Other current assets 416 (245 ) — 171 Other property and investments-net and other non-current assets 6,369 (5,446 ) — 923 Other current liabilities 34,760 (41,241 ) 3,378 (3,103 ) Other non-current liabilities and deferred credits 28 (1,215 ) — (1,187 ) Total derivative instruments recorded on the balance sheet $ 43,222 $ (82,203 ) $ 10,148 $ (28,833 ) |
Schedule of Assets Pledged as Collateral and Related Offsets [Table Text Block] | The following table presents Avista Corp.'s collateral outstanding related to its derivative instruments as of March 31, 2020 and December 31, 2019 (in thousands): March 31, December 31, 2020 2019 Energy commodity derivatives Cash collateral posted $ 1,775 $ 7,812 Letters of credit outstanding 25,000 17,400 Balance sheet offsetting (cash collateral against net derivative positions) (695 ) 3,378 Interest rate swap derivatives Cash collateral posted 27,090 6,770 Letters of credit outstanding 3,910 — Balance sheet offsetting (cash collateral against net derivative positions) 27,090 6,770 Certain of Avista Corp.’s derivative instruments contain provisions that require Avista Corp. to maintain an "investment grade" credit rating from the major credit rating agencies. If Avista Corp.’s credit ratings were to fall below "investment grade," it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing collateralization on derivative instruments in net liability positions. The following table presents the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position and the amount of additional collateral Avista Corp. could be required to post as of March 31, 2020 and December 31, 2019 (in thousands): March 31, December 31, 2020 2019 Energy commodity derivatives Liabilities with credit-risk-related contingent features $ 1 $ 814 Additional collateral to post 1 814 Interest rate swap derivatives Liabilities with credit-risk-related contingent features 112,238 34,056 Additional collateral to post 81,280 26,912 |
Pension Plans And Other Postr_2
Pension Plans And Other Postretirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Components of Net Periodic Benefit Cost | Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 Service cost $ 5,546 $ 4,874 $ 979 $ 772 Interest cost 6,971 7,138 1,515 1,372 Expected return on plan assets (9,125 ) (7,815 ) (630 ) (718 ) Amortization of prior service cost 75 75 (275 ) (275 ) Net loss recognition 1,654 2,415 1,243 1,246 Net periodic benefit cost $ 5,121 $ 6,687 $ 2,832 $ 2,397 Total service costs in the table above are recorded to the same accounts as labor expense. Labor and benefits expense is recorded to various projects based on whether the work is a capital project or an operating expense. Approximately 40 percent of all labor and benefits is capitalized to utility property and 60 percent is expensed to utility other operating expenses. The non-service portion of costs in the table above are recorded to other expense below income from operations in the Condensed Consolidated Statements of Income or capitalized as a regulatory asset. Approximately 40 percent of the costs are capitalized to regulatory assets and 60 percent is expensed to the income statement. |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table summarizes the significant factors impacting the difference between our effective tax rate and the federal statutory rate for the three months ended March 31 (dollars in thousands): 2020 2019 Federal income taxes at statutory rates $ 11,961 21.0 % $ 30,639 21.0 % Increase (decrease) in tax resulting from: Tax effect of regulatory treatment of utility plant differences (2,402 ) (4.2 ) (2,080 ) (1.4 ) State income tax expense 1,227 2.1 1,659 1.1 Acquisition costs — — (1,824 ) (1.2 ) Settlement of equity awards 165 0.3 612 0.4 Other (2,419 ) (4.2 ) 1,011 0.7 Total income tax expense $ 8,532 15.0 % $ 30,017 20.6 % |
Committed Lines of Credit (Tabl
Committed Lines of Credit (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Short-term Debt [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | Balances outstanding and interest rates of borrowings (excluding letters of credit) under the Company’s revolving committed line of credit were as follows as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Balance outstanding at end of period $ 185,000 $ 182,300 Letters of credit outstanding at end of period $ 32,983 $ 21,473 Average interest rate at end of period 1.66 % 2.64 % |
Long- Term Debt to Affiliated_2
Long- Term Debt to Affiliated Trust Long-Term Debt to Affiliated Trust (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Long-Term Debt to Affiliated Trust [Abstract] | |
Schedule Of Distribution Rates Paid [Table Text Block] | The distribution rates paid were as follows during the three months ended March 31, 2020 and the year ended December 31, 2019 : March 31, December 31, 2020 2019 Low distribution rate 2.46 % 2.79 % High distribution rate 2.79 % 3.61 % Distribution rate at the end of the period 2.46 % 2.79 % |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | The following table presents the quantitative information which was used to estimate the fair values of the Level 3 assets and liabilities above as of March 31, 2020 (dollars in thousands): Fair Value (Net) at March 31, 2020 Valuation Technique Unobservable Input Range and Weighted Average Price Natural gas exchange agreement $ (2,253 ) Internally derived Forward purchase prices $1.16 - $1.80/mmBTU Forward sales prices $1.33 - $3.79/mmBTU Purchase volumes 155,000 - 310,000 mmBTUs Sales volumes 60,000 - 310,000 mmBTUs |
Fair Value of Assets And Liabilities Measured on Recurring Basis | Level 1 Level 2 Level 3 Counterparty Total March 31, 2020 Assets: Energy commodity derivatives $ — $ 35,061 $ — $ (30,849 ) $ 4,212 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 26 (26 ) — Foreign currency exchange derivatives — 36 — (36 ) — Deferred compensation assets: Mutual Funds: Fixed income securities (2) 2,642 — — — 2,642 Equity securities (2) 5,585 — — — 5,585 Total $ 8,227 $ 35,097 $ 26 $ (30,911 ) $ 12,439 Liabilities: Energy commodity derivatives $ — $ 30,464 $ — $ (30,154 ) $ 310 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 2,279 (26 ) 2,253 Foreign currency exchange derivatives — 103 — (36 ) 67 Interest rate swap derivatives — 112,238 — (27,090 ) 85,148 Total $ — $ 142,805 $ 2,279 $ (57,306 ) $ 87,778 Level 1 Level 2 Level 3 Counterparty Total December 31, 2019 Assets: Energy commodity derivatives $ — $ 41,546 $ — $ (40,452 ) $ 1,094 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 27 (27 ) — Foreign currency exchange derivatives — 97 — — 97 Interest rate swap derivatives — 1,552 — (963 ) 589 Deferred compensation assets: Mutual Funds: Fixed income securities (2) 2,232 — — — 2,232 Equity securities (2) 6,271 — — — 6,271 Total $ 8,503 $ 43,195 $ 27 $ (41,442 ) $ 10,283 Liabilities: Energy commodity derivatives $ — $ 45,144 $ — $ (43,830 ) $ 1,314 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 3,003 (27 ) 2,976 Interest rate swap derivatives — 34,056 — (7,733 ) 26,323 Total $ — $ 79,200 $ 3,003 $ (51,590 ) $ 30,613 (1) The Company is permitted to net derivative assets and derivative liabilities with the same counterparty when a legally enforceable master netting agreement exists. In addition, the Company nets derivative assets and derivative liabilities against any payables and receivables for cash collateral held or placed with these same counterparties. (2) These assets are included in other property and investments-net and other non-current assets on the Condensed Consolidated Balance Sheets. |
Reconciliation for All Assets Measured At Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | Natural Gas Exchange Agreement Power Exchange Agreement Total Three months ended March 31, 2020: Balance as of January 1, 2020 $ (2,976 ) $ — $ (2,976 ) Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities (1) 485 — 485 Settlements 238 — 238 Ending balance as of March 31, 2020 (2) $ (2,253 ) $ — $ (2,253 ) Three months ended March 31, 2019: Balance as of January 1, 2019 $ (2,774 ) $ (2,488 ) $ (5,262 ) Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities (1) 8,977 (1,018 ) 7,959 Settlements (8,307 ) 2,894 (5,413 ) Ending balance as of March 31, 2019 (2) $ (2,104 ) $ (612 ) $ (2,716 ) (1) All gains and losses are included in other regulatory assets and liabilities. There were no gains and losses included in either net income or other comprehensive income during any of the periods presented in the table above. (2) There were no purchases, issuances or transfers from other categories of any derivatives instruments during the periods presented in the table above. |
Carrying Value and Estimated Fair Value of Financial Instruments | The following table sets forth the carrying value and estimated fair value of the Company’s financial instruments not reported at estimated fair value on the Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Long-term debt (Level 2) $ 963,500 $ 1,107,956 $ 963,500 $ 1,124,649 Long-term debt (Level 3) 947,000 949,144 947,000 1,048,440 Snettisham finance lease obligation (Level 3) 53,850 56,900 54,550 58,000 Long-term debt to affiliated trusts (Level 3) 51,547 33,506 51,547 41,238 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive loss, net of tax, consisted of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, December 31, 2020 2019 Unfunded benefit obligation for pensions and other postretirement benefit plans - net of taxes of $2,673 and $2,727, respectively $ 10,054 $ 10,259 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table details the reclassifications out of accumulated other comprehensive loss to net income by component for the three months ended March 31 (dollars in thousands). Amounts Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components 2020 2019 Affected Line Item in Statement of Income Amortization of defined benefit pension items Amortization of net prior service cost $ (200 ) $ (200 ) (a) Amortization of net loss 3,100 3,661 (a) Adjustment due to effects of regulation (2,641 ) (3,258 ) (a) 259 203 Total before tax (54 ) (43 ) Tax expense $ 205 $ 160 Net of tax (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 6 for additional details). |
Earnings Per Common Share Att_2
Earnings Per Common Share Attributable To Avista Corporation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computations Of Earnings Per Share | The following table presents the computation of basic and diluted earnings per common share attributable to Avista Corp. shareholders for the three months ended March 31 (in thousands, except per share amounts): 2020 2019 Numerator: Net income attributable to Avista Corp. shareholders $ 48,424 $ 115,794 Denominator: Weighted-average number of common shares outstanding-basic 67,239 65,733 Effect of dilutive securities: Performance and restricted stock awards 142 208 Weighted-average number of common shares outstanding-diluted 67,381 65,941 Earnings per common share attributable to Avista Corp. shareholders: Basic $ 0.72 $ 1.76 Diluted $ 0.72 $ 1.76 |
Information By Business Segme_2
Information By Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Information by Business Segments | The business segment presentation reflects the basis used by the Company's management to analyze performance and determine the allocation of resources. The Company's management evaluates performance based on income (loss) from operations before income taxes as well as net income (loss) attributable to Avista Corp. shareholders. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Avista Utilities' business is managed based on the total regulated utility operation; therefore, it is considered one segment. AEL&P is a separate reportable business segment, as it has separate financial reports that are reviewed in detail by the Chief Operating Decision Maker and its operations and risks are sufficiently different from Avista Utilities and the other businesses at AERC that it cannot be aggregated with any other operating segments. The Other category, which is not a reportable segment, includes other investments and operations of various subsidiaries, as well as certain other operations of Avista Capital. The following table presents information for each of the Company’s business segments (dollars in thousands): Avista Utilities Alaska Electric Light and Power Company Total Utility Other Intersegment Eliminations (1) Total For the three months ended March 31, 2020: Operating revenues $ 377,205 $ 12,202 $ 389,407 $ 823 $ — $ 390,230 Resource costs 129,557 (10 ) 129,547 — — 129,547 Other operating expenses 91,279 3,217 94,496 1,360 — 95,856 Depreciation and amortization 48,974 2,447 51,421 235 — 51,656 Income (loss) from operations 76,534 6,246 82,780 (587 ) — 82,193 Interest expense (3) 24,983 1,589 26,572 131 (86 ) 26,617 Income taxes 7,404 1,301 8,705 (173 ) — 8,532 Net income (loss) attributable to Avista Corp. shareholders 45,979 3,395 49,374 (950 ) — 48,424 Capital expenditures (4) 94,056 1,470 95,526 109 — 95,635 For the three months ended March 31, 2019: Operating revenues $ 377,702 $ 10,881 $ 388,583 $ 7,898 $ — $ 396,481 Resource costs 138,712 (1,365 ) 137,347 — — 137,347 Other operating expenses (2) 100,583 3,059 103,642 7,355 — 110,997 Depreciation and amortization 46,507 2,407 48,914 209 — 49,123 Income from operations 60,224 6,513 66,737 334 — 67,071 Interest expense (3) 24,264 1,596 25,860 588 (440 ) 26,008 Income taxes 28,544 1,363 29,907 110 — 30,017 Net income attributable to Avista Corp. shareholders 111,901 3,552 115,453 341 — 115,794 Capital expenditures (4) 92,309 1,306 93,615 162 — 93,777 Total Assets: As of March 31, 2020: $ 5,808,619 $ 272,178 $ 6,080,797 $ 112,213 $ (19,011 ) $ 6,173,999 As of December 31, 2019: $ 5,713,268 $ 271,393 $ 5,984,661 $ 113,390 $ (15,595 ) $ 6,082,456 (1) Intersegment eliminations reported as interest expense represent intercompany interest. (2) Other operating expenses for Avista Utilities for the three months ended March 31 , 2019 include merger transaction costs which are separately disclosed on the Condensed Consolidated Statements of Income. (3) Including interest expense to affiliated trusts. (4) The capital expenditures for the other businesses are included in other investing activities on the Condensed Consolidated Statements of Cash Flows. |
Balance Sheet Components Materi
Balance Sheet Components Materials and Supplies, Fuel Stock and Stored Natural Gas (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Inventory, Raw Materials and Supplies, Gross | $ 49,007 | $ 47,402 |
Other Inventory, Gross | 4,740 | 4,875 |
Energy Related Inventory, Gas Stored Underground | 2,934 | 14,306 |
Inventory, Net | $ 56,681 | $ 66,583 |
Balance Sheet Components Other
Balance Sheet Components Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Collateral posted for derivative instruments after netting with outstanding derivative liabilities | $ 2,470 | $ 4,434 |
Prepayments | 22,569 | 19,652 |
Income taxes receivable | 0 | 11,047 |
Other | 5,289 | 5,009 |
Other Assets, Current | $ 30,328 | $ 40,142 |
Balance Sheet Components Net Ut
Balance Sheet Components Net Utility Property (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Utility plant in service | $ 6,521,033 | $ 6,462,993 |
Construction work in progress | 189,827 | 164,941 |
Total | 6,710,860 | 6,627,934 |
Less: Accumulated depreciation and amortization | 1,868,542 | 1,830,927 |
Total net utility property | $ 4,842,318 | $ 4,797,007 |
Balance Sheet Components Othe_2
Balance Sheet Components Other Property and Investments-Net and Non-current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 65,303 | $ 69,746 |
Finance Lease, Right-of-Use Asset | 50,069 | 50,980 |
Non-utility property | 26,511 | 27,159 |
Equity investments | 51,467 | 51,258 |
Investment in affiliated trust | 11,547 | 11,547 |
Notes receivable | 14,970 | 14,060 |
Deferred compensation assets | 8,670 | 8,948 |
Other | 25,614 | 23,394 |
Investments and Other Noncurrent Assets | $ 254,151 | $ 257,092 |
Balance Sheet Components Othe_3
Balance Sheet Components Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued taxes other than income taxes | $ 48,980 | $ 36,965 |
Employee paid time off accruals | 24,084 | 22,343 |
Accrued interest | 31,033 | 16,486 |
Current portion of pensions and other postretirement benefits | 9,811 | 8,826 |
Taxes Payable, Current | 5,199 | 298 |
Derivative liabilities | 27,409 | 10,928 |
Other current liabilities | 27,770 | 35,133 |
Other current liabilities | $ 174,286 | $ 130,979 |
Balance Sheet Components Othe_4
Balance Sheet Components Other Non-Current Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Operating Lease, Liability, Noncurrent | $ 62,145 | $ 65,565 |
Finance Lease, Liability, Noncurrent | 51,016 | 51,750 |
Deferred investment tax credits | 30,588 | 30,444 |
Asset Retirement Obligation | 20,263 | 20,338 |
Derivative Liability, Noncurrent | 60,278 | 19,685 |
Other | 13,374 | 13,407 |
Other Liabilities, Noncurrent | $ 237,664 | $ 201,189 |
Balance Sheet Components Regula
Balance Sheet Components Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Regulated Asset Liability [Line Items] | ||
Regulatory assets | $ 13,057 | $ 21,851 |
Regulatory Assets, Noncurrent | 750,866 | 670,802 |
Regulatory liabilities | 66,336 | 51,715 |
Non-current regulatory liabilities | 783,376 | 775,436 |
Provision for Rate Refunds [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 8,490 | 3,565 |
Non-current regulatory liabilities | 0 | 0 |
Income Tax Related | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 23,975 | 23,803 |
Non-current regulatory liabilities | 404,046 | 407,549 |
Natural Gas Deferrals [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 5,449 | 3,189 |
Non-current regulatory liabilities | 0 | 0 |
Power Deferrals Regulatory Liability [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 23,595 | 14,155 |
Non-current regulatory liabilities | 20,716 | 23,544 |
Decoupling surcharge | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 363 | 255 |
Non-current regulatory liabilities | 5,972 | 2,398 |
Removal Costs [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Non-current regulatory liabilities | 317,203 | 312,403 |
Interest rate swaps | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Non-current regulatory liabilities | 16,136 | 17,088 |
Other Regulatory Assets (Liabilities) [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 4,464 | 6,748 |
Non-current regulatory liabilities | 19,303 | 12,454 |
Energy commodity derivatives | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 78 | 6,310 |
Regulatory Assets, Noncurrent | 0 | 264 |
Decoupling surcharge | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 10,927 | 12,098 |
Regulatory Assets, Noncurrent | 15,504 | 14,806 |
Pension and other postretirement benefit plans | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Regulatory Assets, Noncurrent | 206,112 | 208,754 |
Interest rate swaps | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Regulatory Assets, Noncurrent | 246,566 | 168,594 |
Income Tax Related | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Regulatory Assets, Noncurrent | 96,525 | 95,752 |
Settlement with Coeur d'Alene Tribe | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Regulatory Assets, Noncurrent | 41,005 | 41,332 |
AFUDC above FERC allowed rate | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Regulatory Assets, Noncurrent | 41,333 | 40,749 |
Demand side management programs | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Regulatory Assets, Noncurrent | 8,670 | 12,170 |
Utility plant to be abandoned | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Regulatory Assets, Noncurrent | 31,678 | 31,291 |
Other Regulatory Assets (Liabilities) [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 2,052 | 3,443 |
Regulatory Assets, Noncurrent | $ 63,473 | $ 57,090 |
Revenue Revenue Utility Related
Revenue Revenue Utility Related Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Public Utility Operating Expenses Excise Taxes Collected | $ 18,700 | $ 19,089 |
Revenue Revenue Unsatisfied Per
Revenue Revenue Unsatisfied Performance Obligations (Details) $ in Millions | Mar. 31, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 4.7 |
Revenue Revenue Disaggregation
Revenue Revenue Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 390,230 | $ 396,481 |
Residential Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 113,843 | 121,244 |
Commercial and Governmental Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 85,048 | 84,066 |
Industrial Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 24,711 | 25,248 |
Public Street and Highway Lighting Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,844 | 1,966 |
Total Retail Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 225,446 | 232,524 |
Transmission Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 3,774 | 5,152 |
Other Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 5,289 | 8,194 |
Total Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 234,509 | 245,870 |
Avista Utilities [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 377,205 | 377,702 |
Avista Utilities [Member] | Residential Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 107,977 | 115,392 |
Avista Utilities [Member] | Commercial and Governmental Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 78,849 | 79,245 |
Avista Utilities [Member] | Industrial Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 24,711 | 25,248 |
Avista Utilities [Member] | Public Street and Highway Lighting Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,783 | 1,903 |
Avista Utilities [Member] | Total Retail Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 213,320 | 221,788 |
Avista Utilities [Member] | Transmission Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 3,774 | 5,152 |
Avista Utilities [Member] | Other Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 5,289 | 8,194 |
Avista Utilities [Member] | Total Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 222,383 | 235,134 |
Avista Utilities [Member] | Residential Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 84,173 | 77,336 |
Avista Utilities [Member] | Commercial Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 39,401 | 36,595 |
Avista Utilities [Member] | Industrial and Interruptible Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 2,194 | 1,627 |
Avista Utilities [Member] | Total Retail Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 125,768 | 115,558 |
Avista Utilities [Member] | Transportation Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 2,352 | 2,484 |
Avista Utilities [Member] | Other Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,125 | 1,125 |
Avista Utilities [Member] | Total Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 129,245 | 119,167 |
Avista Utilities [Member] | Revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 351,628 | 354,301 |
Avista Utilities [Member] | Derivative revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 31,075 | 24,127 |
Avista Utilities [Member] | Alternative Revenue Programs [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (4,413) | (4,658) |
Avista Utilities [Member] | Deferrals and amortizations for rate refunds to customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (2,606) | 2,135 |
Avista Utilities [Member] | Other utility revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,521 | 1,797 |
Alaska Electric Light & Power [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 12,202 | 10,881 |
Alaska Electric Light & Power [Member] | Residential Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 5,866 | 5,852 |
Alaska Electric Light & Power [Member] | Commercial and Governmental Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 6,199 | 4,821 |
Alaska Electric Light & Power [Member] | Industrial Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Alaska Electric Light & Power [Member] | Public Street and Highway Lighting Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 61 | 63 |
Alaska Electric Light & Power [Member] | Total Retail Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 12,126 | 10,736 |
Alaska Electric Light & Power [Member] | Transmission Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Alaska Electric Light & Power [Member] | Other Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Alaska Electric Light & Power [Member] | Total Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 12,126 | 10,736 |
Alaska Electric Light & Power [Member] | Revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 12,126 | 10,736 |
Alaska Electric Light & Power [Member] | Deferrals and amortizations for rate refunds to customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (48) | (48) |
Alaska Electric Light & Power [Member] | Other utility revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 124 | 193 |
Corporate and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 823 | 7,898 |
Corporate and Other [Member] | Revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 514 | 7,647 |
Corporate and Other [Member] | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 309 | $ 251 |
Derivatives And Risk Manageme_3
Derivatives And Risk Management (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative, Fair Value, Amount Offset Against Collateral, Net | $ 26,395 | $ 10,148 |
Commodity Contracts [Member] | ||
Derivative [Line Items] | ||
Cash deposited as collateral | 1,775 | 7,812 |
Letters of credit outstanding | 25,000 | 17,400 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | (695) | 3,378 |
Liability position at aggregate fair value | 1 | 814 |
Additional Collateral, Aggregate Fair Value | 1 | 814 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Cash deposited as collateral | 27,090 | 6,770 |
Letters of credit outstanding | 3,910 | 0 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 27,090 | 6,770 |
Liability position at aggregate fair value | 112,238 | 34,056 |
Additional Collateral, Aggregate Fair Value | $ 81,280 | $ 26,912 |
Derivatives And Risk Manageme_4
Derivatives And Risk Management (Energy Commodity Derivatives) (Details) frequency in Thousands, Volt in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020Voltfrequency | Dec. 31, 2019Voltfrequency | |
Sales [Member] | Physical [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | 366 | 133 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
2024 | 0 | 0 |
Thereafter | 0 | 0 |
Sales [Member] | Physical [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | Volt | 871 | 2,984 |
2021 | Volt | 1,490 | 1,040 |
2022 | Volt | 0 | 0 |
2023 | 0 | 0 |
2024 | 0 | 0 |
Thereafter | Volt | 0 | 0 |
Sales [Member] | Financial [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | 1,491 | 1,724 |
2021 | 246 | 246 |
2022 | 0 | 0 |
2023 | 0 | 0 |
2024 | 0 | 0 |
Thereafter | 0 | 0 |
Sales [Member] | Financial [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | Volt | 27,035 | 37,848 |
2021 | Volt | 21,700 | 13,108 |
2022 | Volt | 2,700 | 675 |
2023 | Volt | 0 | 0 |
2024 | 0 | 0 |
Thereafter | Volt | 0 | 0 |
Purchase [Member] | Physical [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | 3 | 2 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
2024 | 0 | 0 |
Thereafter | 0 | 0 |
Purchase [Member] | Physical [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | Volt | 10,232 | 9,813 |
2021 | Volt | 305 | 153 |
2022 | Volt | 450 | 225 |
2023 | Volt | 0 | 0 |
2024 | Volt | 0 | 0 |
Thereafter | Volt | 0 | 0 |
Purchase [Member] | Financial [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | 395 | 442 |
2021 | 123 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
2024 | 0 | 0 |
Thereafter | 0 | 0 |
Purchase [Member] | Financial [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | Volt | 61,330 | 78,803 |
2021 | Volt | 32,120 | 25,523 |
2022 | Volt | 7,820 | 4,725 |
2023 | Volt | 0 | 0 |
2024 | Volt | 0 | 0 |
Thereafter | Volt | 0 | 0 |
Derivatives And Risk Manageme_5
Derivatives And Risk Management Derivatives and Risk Management (Foreign Currency Exchange Contracts) (Details) $ in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020CAD ($)derivative_contracts | Mar. 31, 2020USD ($)derivative_contracts | Dec. 31, 2019CAD ($)derivative_contracts | Dec. 31, 2019USD ($)derivative_contracts | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Number Of Days Canadian Currency Prices Are Settled With U.S. Dollars | 60 days | |||
Number of Foreign Currency Derivatives Held | derivative_contracts | 23 | 23 | 20 | 20 |
United States of America, Dollars | Foreign Exchange Contract [Member] | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 5,219 | $ 5,932 | ||
Canada, Dollars | Foreign Exchange Contract [Member] | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 7,247 | $ 7,828 |
Derivatives And Risk Manageme_6
Derivatives And Risk Management (Interest Rate Swap Agreements) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020USD ($)Caontracts | Dec. 31, 2019USD ($)Caontracts | |
Derivatives, Fair Value [Line Items] | ||
Document Period End Date | Mar. 31, 2020 | |
2020 | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Interest Rate Derivatives Held | Caontracts | 7 | 7 |
Derivative, Notional Amount | $ | $ 70,000 | $ 70,000 |
Mandatory Cash Settlement Date | 2020 | 2020 |
2021 | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Interest Rate Derivatives Held | Caontracts | 4 | 3 |
Derivative, Notional Amount | $ | $ 45,000 | $ 35,000 |
Mandatory Cash Settlement Date | 2021 | 2021 |
2022 | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Interest Rate Derivatives Held | Caontracts | 11 | 10 |
Derivative, Notional Amount | $ | $ 120,000 | $ 110,000 |
Mandatory Cash Settlement Date | 2022 | 2022 |
2023 | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Interest Rate Derivatives Held | Caontracts | 1 | |
Derivative, Notional Amount | $ | $ 10,000 | |
Mandatory Cash Settlement Date | 2023 |
Derivatives And Risk Manageme_7
Derivatives And Risk Management (Derivative Instruments Summary) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Gross Asset | $ 35,123,000 | $ 43,222,000 |
Gross Liability | (145,084,000) | (82,203,000) |
Collateral Netted | 26,395,000 | 10,148,000 |
Net Asset (Liability) on Balance Sheet | (83,566,000) | (28,833,000) |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Collateral Netted | 27,090,000 | 6,770,000 |
Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Collateral Netted | (695,000) | 3,378,000 |
Other Current Liabilities [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 36,000 | |
Gross Liability | (103,000) | |
Collateral Netted | 0 | |
Net Asset (Liability) on Balance Sheet | (67,000) | |
Other Current Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 0 | 238,000 |
Gross Liability | (32,967,000) | (9,379,000) |
Collateral Netted | 12,967,000 | 1,316,000 |
Net Asset (Liability) on Balance Sheet | (20,000,000) | (7,825,000) |
Other Current Liabilities [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 51,000 | 34,760,000 |
Gross Liability | (2,590,000) | (41,241,000) |
Collateral Netted | 0 | 3,378,000 |
Net Asset (Liability) on Balance Sheet | (2,539,000) | (3,103,000) |
Other Current Assets [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 97,000 | |
Gross Liability | 0 | |
Collateral Netted | 0 | |
Net Asset (Liability) on Balance Sheet | 97,000 | |
Other Current Assets [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 589,000 | |
Gross Liability | 0 | |
Collateral Netted | 0 | |
Net Asset (Liability) on Balance Sheet | 589,000 | |
Other Current Assets [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 28,964,000 | 416,000 |
Gross Liability | (26,503,000) | (245,000) |
Collateral Netted | (695,000) | 0 |
Net Asset (Liability) on Balance Sheet | 1,766,000 | 171,000 |
Other Property And Investments Net And Other Non-current Assets [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 6,072,000 | 6,369,000 |
Gross Liability | (3,626,000) | (5,446,000) |
Collateral Netted | 0 | 0 |
Net Asset (Liability) on Balance Sheet | 2,446,000 | 923,000 |
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 0 | 725,000 |
Gross Liability | (79,271,000) | (24,677,000) |
Collateral Netted | 14,123,000 | 5,454,000 |
Net Asset (Liability) on Balance Sheet | (65,148,000) | (18,498,000) |
Other Noncurrent Liabilities [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 0 | 28,000 |
Gross Liability | (24,000) | (1,215,000) |
Collateral Netted | 0 | 0 |
Net Asset (Liability) on Balance Sheet | $ (24,000) | $ (1,187,000) |
Derivatives And Risk Manageme_8
Derivatives And Risk Management Derivatives and Risk Management (Collateral) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative, Fair Value, Amount Offset Against Collateral, Net | $ 26,395 | $ 10,148 |
Commodity Contracts [Member] | ||
Derivative [Line Items] | ||
Liability position at aggregate fair value | 1 | 814 |
Additional Collateral, Aggregate Fair Value | 1 | 814 |
Collateral Already Posted, Aggregate Fair Value | 1,775 | 7,812 |
Letters of credit outstanding | 25,000 | 17,400 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | (695) | 3,378 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Collateral Already Posted, Aggregate Fair Value | 0 | 0 |
Letters of credit outstanding | 0 | 0 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Liability position at aggregate fair value | 112,238 | 34,056 |
Additional Collateral, Aggregate Fair Value | 81,280 | 26,912 |
Collateral Already Posted, Aggregate Fair Value | 27,090 | 6,770 |
Letters of credit outstanding | 3,910 | 0 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | $ 27,090 | $ 6,770 |
Pension Plans And Other Postr_3
Pension Plans And Other Postretirement Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Payment for Pension Benefits | $ 7,300 | $ 7,300 |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 22,000 |
Pension Plans And Other Postr_4
Pension Plans And Other Postretirement Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Service Related Net Periodic Benefit Costs Capitalized to Utility Property | 40.00% | |
Percentage of Service Related Net Periodic Benefit Costs Recorded to Operating Expenses | 60.00% | |
Percentage of Non-service Related Net Periodic Benefit Costs Capitalized to Regulatory Assets | 40.00% | |
Percentage of Non-service Related Net Periodic Benefit Costs Recorded to Other Expense | 60.00% | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 5,546 | $ 4,874 |
Interest cost | 6,971 | 7,138 |
Expected return on plan assets | (9,125) | (7,815) |
Amortization of prior service cost | 75 | 75 |
Net loss recognition | 1,654 | 2,415 |
Net periodic benefit cost | 5,121 | 6,687 |
Other Post-Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 979 | 772 |
Interest cost | 1,515 | 1,372 |
Expected return on plan assets | (630) | (718) |
Amortization of prior service cost | (275) | (275) |
Net loss recognition | 1,243 | 1,246 |
Net periodic benefit cost | $ 2,832 | $ 2,397 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 11,961 | $ 30,639 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Tax Effect Of Regulatory Treatment Of Utility Plant Differences | $ (2,402) | $ (2,080) |
Tax Effect Of Regulatory Treatment Of Utility Plant Differences, Percent | (4.20%) | (1.40%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 1,227 | $ 1,659 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 2.10% | 1.10% |
Income Tax Reconciliation, Nondeductible Expense, Acquisition Costs, Amount | $ 0 | $ (1,824) |
Income Tax Reconciliation, Nondeductible Expense, Acquisition Costs, Percent | 0.00% | (1.20%) |
Income Tax Reconciliation Settlement of Share Based Compensation Amount | $ 165 | $ 612 |
Income Tax Reconciliation Settlement of Share Based Compensation Percent | 0.30% | 0.40% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ (2,419) | $ 1,011 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (4.20%) | 0.70% |
Income tax expense | $ 8,532 | $ 30,017 |
Effective Income Tax Rate Reconciliation, Percent | 15.00% | 20.60% |
Committed Lines of Credit (Deta
Committed Lines of Credit (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2014 | Apr. 30, 2014 | |
Short-term Debt [Line Items] | ||||
Document Period End Date | Mar. 31, 2020 | |||
Avista Utilities [Member] | ||||
Short-term Debt [Line Items] | ||||
Line of Credit, Current | $ 185,000 | $ 182,300 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | |||
Letters of credit outstanding at end of period | $ 32,983 | $ 21,473 | ||
Average interest rate at end of period | 1.66% | 2.64% | ||
Alaska Electric Light & Power [Member] | ||||
Short-term Debt [Line Items] | ||||
Line of Credit, Current | $ 0 | $ 3,500 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||
Letters of credit outstanding at end of period | $ 0 | $ 0 |
Credit Agreement Credit Agree_2
Credit Agreement Credit Agreement (Details) - Subsequent Event [Member] - Avista Utilities [Member] $ in Millions | Apr. 06, 2020USD ($) |
Short-term Debt [Line Items] | |
Maximum Borrowing Capacity Credit Agreement | $ 100 |
Credit Agreement Amount Borrowed | $ 100 |
Long- Term Debt to Affiliated_3
Long- Term Debt to Affiliated Trust Long-Term Debt to Affiliated Trust (Schedule of Distribution Rates Paid) (Details) - Trust Preferred Securities Subject to Mandatory Redemption [Member] | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Interest Rate at End of Period | 2.46% | 2.79% |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate at End of Period | 2.46% | 2.79% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate at End of Period | 2.79% | 3.61% |
Long- Term Debt to Affiliated_4
Long- Term Debt to Affiliated Trust Long-Term Debt to Affiliated Trust (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2000 | Dec. 31, 1997 | |
Debt Instrument [Line Items] | |||
Proceeds From The Issuance of Common Trust Securities | $ 1.5 | ||
Payments for Repurchase of Trust Preferred Securities | $ 10 | ||
Equity Method Investment, Ownership Percentage | 100.00% | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $ 51.5 | 51.5 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | ||
Proceeds from (Repurchase of) Trust Preferred Securities | $ 50 |
Fair Value (Carrying Value And
Fair Value (Carrying Value And Estimated Fair Value Of Financial Instruments) (Details) $ in Thousands | Mar. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) |
Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 1,107,956 | $ 1,124,649 |
Level 2 [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 963,500 | 963,500 |
Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 949,144 | 1,048,440 |
Level 3 [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 947,000 | 947,000 |
Alaska Electric Light & Power [Member] | Finance Lease [Member] | Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance Lease, Liability | 56,900 | 58,000 |
Alaska Electric Light & Power [Member] | Finance Lease [Member] | Level 3 [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance Lease, Liability | 53,850 | 54,550 |
Affiliated Entity [Member] | Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 33,506 | 41,238 |
Affiliated Entity [Member] | Level 3 [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 51,547 | $ 51,547 |
Measurement Input, Quoted Price [Member] | Secured and Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Measurement Input | $ / shares | 100 | |
Measurement Input, Quoted Price [Member] | Minimum [Member] | Secured and Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Measurement Input | $ / shares | 65 | |
Measurement Input, Quoted Price [Member] | Maximum [Member] | Secured and Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Measurement Input | $ / shares | 133.98 |
Fair Value (Fair Value Of Asset
Fair Value (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross Asset | $ 35,123 | $ 43,222 | ||
Liability | 145,084 | 82,203 | ||
Cash and cash equivalents | 18,919 | 9,896 | $ 14,861 | $ 14,656 |
Fixed Income Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 400 | 400 | ||
Fair Value, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Counterparty and collateral netting, assets | (30,911) | (41,442) | ||
Assets, Fair Value Disclosure | 12,439 | 10,283 | ||
Counterparty and collateral netting, liabilities | (57,306) | (51,590) | ||
Financial Liabilities Fair Value Disclosure | 87,778 | 30,613 | ||
Fair Value, Recurring [Member] | Natural Gas Exchange Agreements [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Counterparty and collateral netting, assets | (26) | (27) | ||
Derivative Asset | 0 | 0 | ||
Counterparty and collateral netting, liabilities | (26) | (27) | ||
Derivative Liability | 2,253 | 2,976 | ||
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Counterparty and collateral netting, assets | (963) | |||
Derivative Asset | 589 | |||
Counterparty and collateral netting, liabilities | (27,090) | (7,733) | ||
Derivative Liability | 85,148 | 26,323 | ||
Fair Value, Recurring [Member] | Energy commodity derivatives | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Counterparty and collateral netting, assets | (30,849) | (40,452) | ||
Derivative Asset | 4,212 | 1,094 | ||
Counterparty and collateral netting, liabilities | (30,154) | (43,830) | ||
Derivative Liability | 310 | 1,314 | ||
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Counterparty and collateral netting, assets | (36) | |||
Derivative Asset | 0 | 97 | ||
Counterparty and collateral netting, liabilities | (36) | |||
Derivative Liability | 67 | |||
Fair Value, Recurring [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets, Fair Value Disclosure | 8,227 | 8,503 | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 | ||
Fair Value, Recurring [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets, Fair Value Disclosure | 35,097 | 43,195 | ||
Financial Liabilities Fair Value Disclosure | 142,805 | 79,200 | ||
Fair Value, Recurring [Member] | Level 2 [Member] | Interest Rate Swap [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross Asset | 1,552 | |||
Liability | 112,238 | 34,056 | ||
Fair Value, Recurring [Member] | Level 2 [Member] | Energy commodity derivatives | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross Asset | 35,061 | 41,546 | ||
Liability | 30,464 | 45,144 | ||
Fair Value, Recurring [Member] | Level 2 [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross Asset | 36 | 97 | ||
Liability | 103 | |||
Fair Value, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets, Fair Value Disclosure | 26 | 27 | ||
Financial Liabilities Fair Value Disclosure | 2,279 | 3,003 | ||
Fair Value, Recurring [Member] | Level 3 [Member] | Natural Gas Exchange Agreements [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross Asset | 26 | 27 | ||
Liability | 2,279 | 3,003 | ||
Fixed Income Funds [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Deferred compensation assets: | 2,642 | 2,232 | ||
Fixed Income Funds [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Deferred compensation assets: | 2,642 | 2,232 | ||
Equity Funds [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Deferred compensation assets: | 5,585 | 6,271 | ||
Equity Funds [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Deferred compensation assets: | $ 5,585 | $ 6,271 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) - Natural Gas Exchange Agreements [Member] $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)MMBTU$ / MmBtu | Dec. 31, 2019USD ($) | |
Fair Value, Recurring [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Liability | $ | $ (2,253) | $ (2,976) |
Sales [Member] | Minimum [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative, Forward Price | 1.33 | |
Transaction/Delivery Volumes | MMBTU | 60,000 | |
Sales [Member] | Maximum [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative, Forward Price | 3.79 | |
Transaction/Delivery Volumes | MMBTU | 310,000 | |
Sales [Member] | Weighted Average [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative, Forward Price | 2.96 | |
Purchase [Member] | Minimum [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative, Forward Price | 1.16 | |
Transaction/Delivery Volumes | MMBTU | 155,000 | |
Purchase [Member] | Maximum [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative, Forward Price | 1.80 | |
Transaction/Delivery Volumes | MMBTU | 310,000 | |
Purchase [Member] | Weighted Average [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative, Forward Price | 1.47 |
Fair Value (Reconciliation For
Fair Value (Reconciliation For All Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)) (Details) - Level 3 [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ (2,976,000) | $ (5,262,000) |
Gain (Loss) Included in Earnings | 0 | 0 |
Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Included in regulatory assets/liabilities | 485,000 | 7,959,000 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 238,000 | (5,413,000) |
Transfers, Net | 0 | 0 |
Ending Balance | (2,253,000) | (2,716,000) |
Natural Gas Exchange Agreements [Member] | ||
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (2,976,000) | (2,774,000) |
Gain (Loss) Included in Earnings | 0 | 0 |
Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Included in regulatory assets/liabilities | 485,000 | 8,977,000 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 238,000 | (8,307,000) |
Transfers, Net | 0 | 0 |
Ending Balance | (2,253,000) | (2,104,000) |
Power Exchange Agreements [Member] | ||
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 0 | (2,488,000) |
Gain (Loss) Included in Earnings | 0 | 0 |
Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Included in regulatory assets/liabilities | 0 | (1,018,000) |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 2,894,000 |
Transfers, Net | 0 | 0 |
Ending Balance | $ 0 | $ (612,000) |
Common Stock Common Stock (Deta
Common Stock Common Stock (Details) - Common Stock [Member] - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Class of Stock [Line Items] | ||
Shares issued under sales agency agreements | 115,237 | 61,576 |
Sales Agency Agreement [Member] | ||
Class of Stock [Line Items] | ||
Shares issued under sales agency agreements | 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss Reclassifications from AOCL (Details) - Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of net prior service cost | $ (200) | $ (200) |
Amortization of net loss | 3,100 | 3,661 |
Adjustment due to effects of regulation | (2,641) | (3,258) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 259 | 203 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (54) | (43) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | $ 205 | $ 160 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans Net Unamortized (Gain) Loss, Tax | $ 2,673 | $ 2,727 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $ 10,054 | $ 10,259 |
Earnings Per Share Attributable
Earnings Per Share Attributable To Avista Corporation (Computation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | ||
Net income from continuing operations attributable to Avista Corp. shareholders | $ 48,424 | $ 115,794 |
Denominator: | ||
Weighted-average number of common shares outstanding-basic | 67,239 | 65,733 |
Performance and restricted stock awards | 142 | 208 |
Weighted-average number of common shares outstanding-diluted | 67,381 | 65,941 |
Earnings Per Share, Basic [Abstract] | ||
Basic | $ 0.72 | $ 1.76 |
Earnings Per Share, Diluted [Abstract] | ||
Diluted | $ 0.72 | $ 1.76 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Regulatory liabilities | $ 66,336 | $ 51,715 |
Provision for Rate Refunds [Member] | ||
Loss Contingencies [Line Items] | ||
Regulatory liabilities | 8,490 | 3,565 |
Provision for Rate Refunds [Member] | Natural Gas [Member] | ||
Loss Contingencies [Line Items] | ||
Regulatory liabilities | 3,600 | |
Provision for Rate Refunds [Member] | Electricity [Member] | ||
Loss Contingencies [Line Items] | ||
Regulatory liabilities | $ 4,900 | $ 3,600 |
Information By Business Segme_3
Information By Business Segments (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($)Reportable_Segments | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | Reportable_Segments | 2 | ||
Operating revenues | $ 390,230 | $ 396,481 | |
Resource costs | 129,547 | 137,347 | |
Other operating expenses | 95,856 | 110,997 | |
Depreciation and amortization | 51,656 | 49,123 | |
Income from operations | 82,193 | 67,071 | |
Interest expense | 26,617 | 26,008 | |
Income taxes | 8,532 | 30,017 | |
Net income from continuing operations attributable to Avista Corp. shareholders | 48,424 | 115,794 | |
Capital Expenditures | 95,635 | 93,777 | |
Total assets | 6,173,999 | $ 6,082,456 | |
Avista Utilities [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 377,205 | 377,702 | |
Alaska Electric Light & Power [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 12,202 | 10,881 | |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 823 | 7,898 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 0 | 0 | |
Resource costs | 0 | 0 | |
Other operating expenses | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Income from operations | 0 | 0 | |
Interest expense | (86) | (440) | |
Income taxes | 0 | 0 | |
Net income from continuing operations attributable to Avista Corp. shareholders | 0 | 0 | |
Capital Expenditures | 0 | 0 | |
Total assets | (19,011) | (15,595) | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 389,407 | 388,583 | |
Resource costs | 129,547 | 137,347 | |
Other operating expenses | 94,496 | 103,642 | |
Depreciation and amortization | 51,421 | 48,914 | |
Income from operations | 82,780 | 66,737 | |
Interest expense | 26,572 | 25,860 | |
Income taxes | 8,705 | 29,907 | |
Net income from continuing operations attributable to Avista Corp. shareholders | 49,374 | 115,453 | |
Capital Expenditures | 95,526 | 93,615 | |
Total assets | 6,080,797 | 5,984,661 | |
Operating Segments [Member] | Avista Utilities [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 377,205 | 377,702 | |
Resource costs | 129,557 | 138,712 | |
Other operating expenses | 91,279 | 100,583 | |
Depreciation and amortization | 48,974 | 46,507 | |
Income from operations | 76,534 | 60,224 | |
Interest expense | 24,983 | 24,264 | |
Income taxes | 7,404 | 28,544 | |
Net income from continuing operations attributable to Avista Corp. shareholders | 45,979 | 111,901 | |
Capital Expenditures | 94,056 | 92,309 | |
Total assets | 5,808,619 | 5,713,268 | |
Operating Segments [Member] | Alaska Electric Light & Power [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 12,202 | 10,881 | |
Resource costs | (10) | (1,365) | |
Other operating expenses | 3,217 | 3,059 | |
Depreciation and amortization | 2,447 | 2,407 | |
Income from operations | 6,246 | 6,513 | |
Interest expense | 1,589 | 1,596 | |
Income taxes | 1,301 | 1,363 | |
Net income from continuing operations attributable to Avista Corp. shareholders | 3,395 | 3,552 | |
Capital Expenditures | 1,470 | 1,306 | |
Total assets | 272,178 | 271,393 | |
Operating Segments [Member] | Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 823 | 7,898 | |
Resource costs | 0 | 0 | |
Other operating expenses | 1,360 | 7,355 | |
Depreciation and amortization | 235 | 209 | |
Income from operations | (587) | 334 | |
Interest expense | 131 | 588 | |
Income taxes | (173) | 110 | |
Net income from continuing operations attributable to Avista Corp. shareholders | (950) | 341 | |
Capital Expenditures | 109 | $ 162 | |
Total assets | $ 112,213 | $ 113,390 |
Termination of Proposed Acqui_2
Termination of Proposed Acquisition by Hydro One Termination of Proposed Acquisition by Hydro One (Details) - USD ($) $ in Thousands | Jan. 24, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Merger termination fee | $ 0 | $ 103,000 | ||
Merger transaction costs | $ 0 | $ 19,664 | $ 19,700 | |
Hydro One [Member] | ||||
Business Acquisition [Line Items] | ||||
Merger termination fee | $ 103,000 |
Sale of METALfx Sale of METAL_2
Sale of METALfx Sale of METALfx (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2019 | Apr. 18, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 89.20% | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group Including Discontinued Operation Gross Consideration | $ 17.5 | ||
Disposal Group Including Discontinued Operation Consideration Held in Escrow | $ 1.2 | ||
Disposal Group Including Discontinued Operation Percentage of Gross Consideration Held in Escrow | 7.00% | ||
Disposal Group, Including Discontinued Operation, Consideration | $ 16.5 | ||
Disposal Group Not Discontinued Operation Gain (Loss) On Disposal Net of Tax | $ 2.4 | $ 3.3 |