Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | AVISTA CORPORATION | |
Amendment Flag | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
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, 2021 | |
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 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000104918 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 69,314,368 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | AVA | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Utility revenues: | ||
Utility revenues, exclusive of alternative revenue programs | $ 412,182 | $ 393,820 |
Alternative revenue programs | 499 | (4,413) |
Total utility revenues | 412,681 | 389,407 |
Non-utility revenues | 189 | 823 |
Total operating revenues | 412,870 | 390,230 |
Utility operating expenses: | ||
Resource costs | 134,579 | 129,547 |
Other operating expenses | 87,555 | 94,496 |
Depreciation and amortization | 55,221 | 51,421 |
Taxes other than income taxes | 32,309 | 30,978 |
Non-utility operating expenses: | ||
Other operating expenses | 1,184 | 1,360 |
Depreciation and amortization | 127 | 235 |
Total operating expenses | 310,975 | 308,037 |
Income from operations | 101,895 | 82,193 |
Interest expense | 26,304 | 26,347 |
Interest expense to affiliated trusts | 109 | 270 |
Capitalized interest | (1,015) | (998) |
Other income-net | (3,684) | (382) |
Income before income taxes | 80,181 | 56,956 |
Income tax expense | 12,164 | 8,532 |
Net income | $ 68,017 | $ 48,424 |
Weighted-average common shares outstanding (thousands), basic | 69,293 | 67,239 |
Weighted-average common shares outstanding (thousands), diluted | 69,506 | 67,381 |
Earnings per common share: | ||
Basic | $ 0.98 | $ 0.72 |
Diluted | $ 0.98 | $ 0.72 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 68,017 | $ 48,424 |
Other Comprehensive Income: | ||
Change in unfunded benefit obligation for pension and other postretirement benefit plans - net of taxes of $84 and $54 respectively | 315 | 205 |
Total other comprehensive income | 315 | 205 |
Comprehensive income | $ 68,332 | $ 48,629 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 84 | $ 54 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 21,647 | $ 14,196 |
Accounts and notes receivable-less allowances of $12,139 and $11,387, respectively | 153,128 | 163,772 |
Materials and supplies, fuel stock and stored natural gas | 63,160 | 67,451 |
Regulatory assets | 29,225 | 13,673 |
Other current assets | 82,922 | 84,885 |
Total current assets | 350,082 | 343,977 |
Net utility property | 5,027,103 | 4,991,612 |
Goodwill | 52,426 | 52,426 |
Non-current regulatory assets | 705,921 | 750,443 |
Other property and investments-net and other non-current assets | 263,964 | 263,639 |
Total assets | 6,399,496 | 6,402,097 |
Current Liabilities: | ||
Accounts payable | 93,100 | 106,613 |
Short-term borrowings | 193,000 | 203,000 |
Regulatory liabilities | 45,067 | 46,435 |
Other current liabilities | 161,632 | 149,831 |
Total current liabilities | 492,799 | 505,879 |
Long-term debt | 2,008,742 | 2,008,534 |
Long-term debt to affiliated trusts | 51,547 | 51,547 |
Pensions and other postretirement benefits | 199,670 | 211,880 |
Deferred income taxes | 607,707 | 594,712 |
Non-current regulatory liabilities | 783,784 | 784,820 |
Other non-current liabilities and deferred credits | 186,657 | 214,999 |
Total liabilities | 4,330,906 | 4,372,371 |
Commitments and Contingencies (See Notes to Condensed Consolidated Financial Statements) | ||
Shareholders’ Equity: | ||
Common stock, no par value; 200,000,000 shares authorized; 69,313,337 and 69,238,901 shares issued and outstanding, respectively | 1,285,999 | 1,286,068 |
Accumulated other comprehensive loss | (14,063) | (14,378) |
Retained earnings | 796,654 | 758,036 |
Total shareholders’ equity | 2,068,590 | 2,029,726 |
Total liabilities and equity | $ 6,399,496 | $ 6,402,097 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Accounts and notes receivable, allowances | $ 12,139 | $ 11,387 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares, issued | 69,313,337 | 69,238,901 |
Common stock, shares outstanding | 69,313,337 | 69,238,901 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities: | ||
Net income | $ 68,017 | $ 48,424 |
Non-cash items included in net income: | ||
Depreciation and amortization | 55,348 | 51,421 |
Deferred income tax provision and investment tax credits | 5,966 | (6,765) |
Power and natural gas cost amortizations (deferrals), net | (7,811) | 6,380 |
Amortization of debt expense | 823 | 653 |
Stock-based compensation expense | 626 | 872 |
Equity-related AFUDC | (1,754) | (1,599) |
Pension and other postretirement benefit expense | 7,556 | 7,952 |
Other regulatory assets and liabilities and deferred debits and credits | 1,762 | 11,902 |
Change in decoupling regulatory deferral | (682) | 4,155 |
Gain on sale of investments | (155) | (3,242) |
Other | (2,828) | 5,112 |
Contributions to defined benefit pension plan | (14,000) | (7,300) |
Changes in certain current assets and liabilities: | ||
Accounts and notes receivable | 6,728 | 6,078 |
Materials and supplies, fuel stock and stored natural gas | 4,291 | 9,901 |
Collateral posted for derivative instruments | 1,497 | (14,283) |
Income taxes receivable | 5,442 | 10,500 |
Income taxes payable | 557 | 4,901 |
Other current assets | (260) | (2,166) |
Accounts payable | (2,590) | (19,527) |
Other current liabilities | 16,557 | 21,905 |
Net cash provided by operating activities | 145,090 | 135,274 |
Investing Activities: | ||
Utility property capital expenditures (excluding equity-related AFUDC) | (97,203) | (95,525) |
Issuance of notes receivable | (75) | (2,779) |
Equity and property investments | (2,340) | (1,313) |
Proceeds from sale of investments | 801 | 5,148 |
Other | 2,356 | (662) |
Net cash used in investing activities | (96,461) | (95,131) |
Financing Activities: | ||
Net decrease in short-term borrowings | (10,000) | (800) |
Maturity of long-term debt and finance leases | (759) | (700) |
Issuance of common stock, net of issuance costs | 65 | 175 |
Cash dividends paid | (29,399) | (27,389) |
Other | (1,085) | (2,406) |
Net cash used in financing activities | (41,178) | (31,120) |
Net increase in cash and cash equivalents | 7,451 | 9,023 |
Cash and cash equivalents at beginning of period | 14,196 | 9,896 |
Cash and cash equivalents at end of period | $ 21,647 | $ 18,919 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] |
Beginning Balance (in shares) at Dec. 31, 2019 | 67,176,996 | |||
Shares issued | 115,237 | |||
Ending Balance (in shares) at Mar. 31, 2020 | 67,292,233 | |||
Beginning Balance at Dec. 31, 2019 | $ 1,210,741 | $ (10,259) | $ 738,802 | |
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) | |||
Ending Balance at Mar. 31, 2020 | $ 1,959,095 | $ 1,209,312 | (10,054) | 759,837 |
Other comprehensive income | 205 | 205 | ||
Net income | $ 48,424 | 48,424 | ||
Cash dividends paid on common stock | (27,389) | |||
Dividends declared per common share | $ 0.4050 | |||
Beginning Balance (in shares) at Dec. 31, 2020 | 69,238,901 | 69,238,901 | ||
Shares issued | 74,436 | |||
Ending Balance (in shares) at Mar. 31, 2021 | 69,313,337 | 69,313,337 | ||
Beginning Balance at Dec. 31, 2020 | $ 1,286,068 | (14,378) | 758,036 | |
Equity compensation expense | 859 | |||
Issuance of common stock, net of issuance costs | 65 | |||
Payment of minimum tax withholdings for share-based payment awards | (993) | |||
Ending Balance at Mar. 31, 2021 | $ 2,068,590 | $ 1,285,999 | (14,063) | 796,654 |
Other comprehensive income | 315 | $ 315 | ||
Net income | $ 68,017 | 68,017 | ||
Cash dividends paid on common stock | $ (29,399) | |||
Dividends declared per common share | $ 0.4225 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1. 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. 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. Regulation The Company is subject to state regulation in Washington, Idaho, Montana, Oregon and Alaska. The Company is also subject to federal regulation primarily by the FERC, as well as various other federal agencies with regulatory oversight of particular aspects of its operations. 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 regulatory asset or liability is amortized as a component of interest expense over the term of the associated debt. The Company records an offset of interest rate swap derivative assets and liabilities with regulatory assets and liabilities, based on the prior practice of the commissions to provide recovery through the ratemaking process. 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. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2021 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Standards | NOTE 2. NEW ACCOUNTING STANDARDS There are no new accounting standards with a material impact to the Company. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | NOTE 3. 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, 2021 and December 31, 2020 (dollars in thousands): March 31, December 31, 2021 2020 Materials and supplies $ 56,368 $ 53,258 Fuel stock 4,843 4,658 Stored natural gas 1,949 9,535 Total $ 63,160 $ 67,451 Other Current Assets Other current assets consisted of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, December 31, 2021 2020 Collateral posted for derivative instruments after netting with outstanding derivative liabilities $ 4,810 $ 4,336 Prepayments 25,984 24,411 Income taxes receivable 44,371 49,814 Other 7,757 6,324 Total $ 82,922 $ 84,885 Net Utility Property Net utility property consisted of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, December 31, 2021 2020 Utility plant in service $ 6,865,652 $ 6,809,797 Construction work in progress 193,685 175,767 Total 7,059,337 6,985,564 Less: Accumulated depreciation and amortization 2,032,234 1,993,952 Total net utility property $ 5,027,103 $ 4,991,612 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, 2021 and December 31, 2020 (dollars in thousands): March 31, December 31, 2021 2020 Operating lease ROU assets $ 71,410 $ 71,891 Finance lease ROU assets 46,428 47,338 Non-utility property 18,398 19,508 Equity investments 61,132 59,318 Investment in affiliated trust 11,547 11,547 Notes receivable 14,665 14,454 Deferred compensation assets 9,469 9,174 Assets held for sale (1) 3,363 3,462 Other 27,552 26,947 Total $ 263,964 $ 263,639 (1) The Company is in the process of selling certain subsidiary assets associated with Steam Plant Square and Brew Pub. Other Current Liabilities Other current liabilities consisted of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 Accrued taxes other than income taxes $ 56,630 $ 45,099 Derivative liabilities 8,644 14,008 Employee paid time off accruals 28,775 26,495 Accrued interest 28,920 17,083 Pensions and other postretirement benefits 10,512 11,987 Other 28,151 35,159 Total other current liabilities $ 161,632 $ 149,831 Other Non-Current Liabilities and Deferred Credits Other non-current liabilities and deferred credits consisted of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 Operating lease liabilities $ 68,276 $ 67,716 Finance lease liabilities 48,044 48,815 Deferred investment tax credits 29,728 29,866 Asset retirement obligations 17,126 17,194 Derivative liabilities 8,959 37,427 Other 14,524 13,981 Total $ 186,657 $ 214,999 Regulatory Assets and Liabilities Regulatory assets and liabilities consisted of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 Current Non-Current Current Non-Current Regulatory Assets Energy commodity derivatives $ 3,637 $ 3,237 $ 2,073 $ 5,722 Decoupling surcharge 18,150 6,812 7,123 17,123 Pension and other postretirement benefit plans — 196,153 — 198,746 Interest rate swaps — 177,824 — 214,851 Deferred income taxes — 111,537 — 108,517 Settlement with Coeur d'Alene Tribe — 39,764 — 40,043 AFUDC above FERC allowed rate — 48,270 — 47,393 Demand side management programs — 904 — 3,814 Utility plant to be abandoned — 27,599 — 28,916 COVID-19 deferrals — 11,759 — 8,166 Other regulatory assets 7,438 82,062 4,477 77,152 Total regulatory assets $ 29,225 $ 705,921 $ 13,673 $ 750,443 Regulatory Liabilities Income tax related liabilities $ 15,013 $ 395,859 $ 14,952 $ 399,677 Deferred power costs 18,955 13,859 20,299 17,570 Decoupling rebate 1,396 1,604 1,447 1,519 Utility plant retirement costs — 330,897 — 325,832 Interest rate swaps — 17,218 — 15,046 COVID-19 deferrals — 11,628 — 10,949 Other regulatory liabilities 9,703 12,719 9,737 14,227 Total regulatory liabilities $ 45,067 $ 783,784 $ 46,435 $ 784,820 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE 4. 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, sales of materials, late fees and other charges that do not represent 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): 2021 2020 Utility-related taxes $ 19,696 $ 18,700 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, 2021, the Company estimates it had unsatisfied capacity performance obligations of $21.2 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): 2021 2020 Avista Utilities Revenue from contracts with customers $ 358,613 $ 351,628 Derivative revenues 34,981 31,075 Alternative revenue programs 499 (4,413 ) Deferrals and amortizations for rate refunds to customers 3,189 (2,606 ) Other utility revenues 2,578 1,521 Total Avista Utilities 399,860 377,205 AEL&P Revenue from contracts with customers 12,779 12,126 Deferrals and amortizations for rate refunds to customers (47 ) (48 ) Other utility revenues 89 124 Total AEL&P 12,821 12,202 Other revenues 189 823 Total operating revenues $ 412,870 $ 390,230 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): 2021 2020 Avista Utilities AEL&P Total Utility Avista Utilities AEL&P Total Utility Three months ended March 31, ELECTRIC OPERATIONS Revenue from contracts with customers Residential $ 113,223 $ 6,048 $ 119,271 $ 107,977 $ 5,866 $ 113,843 Commercial and governmental 76,284 4,772 81,056 78,849 6,199 85,048 Industrial 24,711 1,899 26,610 24,711 — 24,711 Public street and highway lighting 1,852 60 1,912 1,783 61 1,844 Total retail revenue 216,070 12,779 228,849 213,320 12,126 225,446 Transmission 3,495 — 3,495 3,774 — 3,774 Other revenue from contracts with customers 6,140 — 6,140 5,289 — 5,289 Total electric revenue from contracts with customers $ 225,705 $ 12,779 $ 238,484 $ 222,383 $ 12,126 $ 234,509 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): 2021 2020 Avista Utilities Avista Utilities Three months ended March 31, NATURAL GAS OPERATIONS Revenue from contracts with customers Residential $ 87,501 $ 84,173 Commercial and governmental 39,775 39,401 Industrial and interruptible 2,224 2,194 Total retail revenue 129,500 125,768 Transportation 2,283 2,352 Other revenue from contracts with customers 1,125 1,125 Total natural gas revenue from contracts with customers $ 132,908 $ 129,245 |
Derivatives and Risk Management
Derivatives and Risk Management | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedges [Abstract] | |
Derivatives and Risk Management | NOTE 5. 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 mitigates the 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, 2021 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) MWh Financial (1) MWh Physical (1) mmBTUs Financial (1) mmBTUs Remainder 2021 3 92 7,434 48,028 40 754 8,045 29,520 2022 — — 450 29,345 — — 1,360 12,950 2023 — — — 6,920 — — 1,360 1,970 2024 — — — — — — 1,370 — 2025 — — — — — — 1,115 — As of March 31, 2021, there are no expected deliveries of energy commodity derivatives after 2025. The following table presents the underlying energy commodity derivative volumes as of December 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) MWh Financial (1) MWh Physical (1) mmBTUs Financial (1) mmBTUs 2021 1 224 10,353 65,188 17 451 5,448 39,273 2022 — — 450 25,525 — — 1,360 12,030 2023 — — — 4,950 — — 1,360 900 2024 — — — — — — 1,370 — 2025 — — — — — — 1,115 — As of December 31, 2020, there are no expected deliveries of energy commodity derivatives after 2025. (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, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 Number of contracts 25 22 Notional amount (in United States dollars) $ 4,916 $ 3,860 Notional amount (in Canadian dollars) 6,178 4,949 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, 2021 and December 31, 2020 (dollars in thousands): Balance Sheet Date Number of Contracts Notional Amount Mandatory Cash Settlement Date March 31, 2021 4 45,000 2021 12 130,000 2022 1 10,000 2023 December 31, 2020 4 45,000 2021 11 120,000 2022 1 10,000 2023 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, 2021 and December 31, 2020 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, 2021 (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 $ — $ (22 ) $ — $ (22 ) Interest rate swap derivatives Other current assets 1,743 — — 1,743 Other property and investments-net and other non-current assets 4,613 (3,820 ) — 793 Other current liabilities — (10,978 ) 3,910 (7,068 ) Other non-current liabilities and deferred credits 1,264 (5,525 ) — (4,261 ) Energy commodity derivatives Other current assets 749 (24 ) — 725 Other property and investments-net and other non-current assets 2,598 (1,136 ) — 1,462 Other current liabilities 17,458 (21,820 ) 2,786 (1,576 ) Other non-current liabilities and deferred credits 95 (4,793 ) — (4,698 ) Total derivative instruments recorded on the balance sheet $ 28,520 $ (48,118 ) $ 6,696 $ (12,902 ) The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 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 assets $ 30 $ — $ — $ 30 Interest rate swap derivatives Other current liabilities — (19,575 ) 8,050 (11,525 ) Other non-current liabilities and deferred credits 952 (32,190 ) — (31,238 ) Energy commodity derivatives Other current assets 9,203 (8,306 ) — 897 Other property and investments-net and other non-current assets 1,755 (1,159 ) — 596 Other current liabilities 11,037 (14,007 ) 487 (2,483 ) Other non-current liabilities and deferred credits 1,725 (8,043 ) 129 (6,189 ) Total derivative instruments recorded on the balance sheet $ 24,702 $ (83,280 ) $ 8,666 $ (49,912 ) 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, 2021 and December 31, 2020 (in thousands): March 31, December 31, 2021 2020 Energy commodity derivatives Cash collateral posted $ 7,596 $ 4,953 Letters of credit outstanding 12,500 23,500 Balance sheet offsetting 2,786 616 Interest rate swap derivatives Cash collateral posted (offset by net derivative positions) 3,910 8,050 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, 2021 and December 31, 2020 (in thousands): March 31, December 31, 2021 2020 Interest rate swap derivatives Liabilities with credit-risk-related contingent features 14,956 50,813 Additional collateral to post 11,046 42,763 |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Pension Plans and Other Postretirement Benefit Plans | NOTE 6. 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, 2021 as those described as of December 31, 2020. 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 $14 million in cash to the pension plan for the three months ended March 31, 2021 and it expects to contribute $42 million in 2021. 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 2021 2020 2021 2020 Service cost $ 6,246 $ 5,546 $ 1,008 $ 979 Interest cost 6,580 6,971 1,376 1,515 Expected return on plan assets (9,775 ) (9,125 ) (675 ) (630 ) Amortization of prior service cost 75 75 (275 ) (275 ) Net loss recognition 1,823 1,654 1,173 1,243 Net periodic benefit cost $ 4,949 $ 5,121 $ 2,607 $ 2,832 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 | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7. INCOME TAXES In accordance with interim reporting requirements, the Company uses an estimated annual effective tax rate for computing its provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period’s year-to-date amount. 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): 2021 2020 Federal income taxes at statutory rates $ 16,838 21.0 % $ 11,961 21.0 % Increase (decrease) in tax resulting from: Tax effect of regulatory treatment of utility plant differences (3,240 ) (4.0 ) (2,402 ) (4.2 ) State income tax expense 552 0.7 1,227 2.1 Settlement of equity awards 930 1.1 165 0.3 Other (2,916 ) (3.6 ) (2,419 ) (4.2 ) Total income tax expense $ 12,164 15.2 % $ 8,532 15.0 % |
Committed Lines of Credit
Committed Lines of Credit | 3 Months Ended |
Mar. 31, 2021 | |
Short Term Borrowings [Abstract] | |
Committed Lines of Credit | NOTE 8. 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 with an expiration date of April 2022, with the option to extend for an additional one year period (subject to customary conditions). 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, 2021 and December 31, 2020 (dollars in thousands): March 31, December 31, 2021 2020 Balance outstanding at end of period $ 93,000 $ 102,000 Letters of credit outstanding at end of period $ 16,618 $ 27,618 Average interest rate at end of period 1.17 % 1.22 % As of March 31, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, there were borrowings of $0 and $1.0 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. NOTE 9. CREDIT AGREEMENT In April 2020, the Company entered into a one-year Credit Agreement with various financial institutions, in the amount of $100 million. The Company borrowed the entire $100.0 million in April 2020 and repaid the outstanding balance in April 2021. |
Credit Agreement
Credit Agreement | 3 Months Ended |
Mar. 31, 2021 | |
Credit Agreement [Abstract] | |
Committed Lines of Credit | NOTE 8. 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 with an expiration date of April 2022, with the option to extend for an additional one year period (subject to customary conditions). 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, 2021 and December 31, 2020 (dollars in thousands): March 31, December 31, 2021 2020 Balance outstanding at end of period $ 93,000 $ 102,000 Letters of credit outstanding at end of period $ 16,618 $ 27,618 Average interest rate at end of period 1.17 % 1.22 % As of March 31, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, there were borrowings of $0 and $1.0 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. NOTE 9. CREDIT AGREEMENT In April 2020, the Company entered into a one-year Credit Agreement with various financial institutions, in the amount of $100 million. The Company borrowed the entire $100.0 million in April 2020 and repaid the outstanding balance in April 2021. |
Long- Term Debt to Affiliated T
Long- Term Debt to Affiliated Trust | 3 Months Ended |
Mar. 31, 2021 | |
Long Term Debt To Affiliated Trust [Abstract] | |
Long- Term Debt To Affiliated Trusts | NOTE 10. 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, 2021 and the year ended December 31, 2020: March 31, December 31, 2021 2020 Low distribution rate 1.07 % 1.10 % High distribution rate 1.10 % 2.79 % Distribution rate at the end of the period 1.07 % 1.10 % 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, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 11. 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, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Long-term debt (Level 2) $ 963,500 $ 1,129,375 $ 963,500 $ 1,189,824 Long-term debt (Level 3) 1,060,000 1,081,300 1,060,000 1,235,248 Snettisham finance lease obligation (Level 3) 51,016 51,000 51,750 58,700 Long-term debt to affiliated trusts (Level 3) 51,547 43,815 51,547 43,815 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 85.00 to 136.39, 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 finance lease obligation, the estimated fair value of these items was determined based on a discounted cash flow model using available market information. The Snettisham finance lease obligation was discounted to present value using the Morgan Markets A Ex-Fin discount rate as published on March 31, 2021 and December 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, 2021 and December 31, 2020 at fair value on a recurring basis (dollars in thousands): Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total March 31, 2021 Assets: Energy commodity derivatives $ — $ 20,805 $ — $ (18,618 ) $ 2,187 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 95 (95 ) — Interest rate swap derivatives — 7,620 — (5,084 ) 2,536 Deferred compensation assets: Mutual Funds: Fixed income securities (2) 2,154 — — — 2,154 Equity securities (2) 7,115 — — — 7,115 Total $ 9,269 $ 28,425 $ 95 $ (23,797 ) $ 13,992 Liabilities: Energy commodity derivatives $ — $ 21,477 $ — $ (21,404 ) $ 73 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 6,296 (95 ) 6,201 Foreign currency exchange derivatives — 22 — — 22 Interest rate swap derivatives — 20,323 — (8,994 ) 11,329 Total $ — $ 41,822 $ 6,296 $ (30,493 ) $ 17,625 December 31, 2020 Assets: Energy commodity derivatives $ — $ 23,645 $ — $ (22,152 ) $ 1,493 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 75 (75 ) — Foreign currency exchange derivatives — 30 — — 30 Interest rate swap derivatives — 952 — (952 ) — Deferred compensation assets: Mutual Funds: Fixed income securities (2) 2,471 — — — 2,471 Equity securities (2) 6,228 — — — 6,228 Total $ 8,699 $ 24,627 $ 75 $ (23,179 ) $ 10,222 Liabilities: Energy commodity derivatives $ — $ 23,030 $ — $ (22,768 ) $ 262 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 8,485 (75 ) 8,410 Interest rate swap derivatives — 51,765 — (9,002 ) 42,763 Total $ — $ 74,795 $ 8,485 $ (31,845 ) $ 51,435 (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 $0.2 million and $0.5 million as of March 31, 2021 and December 31, 2020, respectively. 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, 2021 (dollars in thousands): Fair Value (Net) at Valuation Unobservable Range and Weighted March 31, 2021 Technique Input Average Price Natural gas exchange agreement $ (6,201 ) Internally derived weighted average cost of gas Forward purchase $1.84 - $2.85/mmBTU $2.21 Weighted Average Forward sales prices $1.90 - $4.25/mmBTU $3.53 Weighted Average Purchase volumes 130,000 - 310,000 mmBTUs Sales volumes 75,000 - 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 Three months ended March 31, 2021: Balance as of January 1, 2021 $ (8,410 ) Total gains (realized/unrealized): Included in regulatory assets/liabilities (1) 3,220 Settlements (1,011 ) Ending balance as of March 31, 2021 (2) $ (6,201 ) Three months ended March 31, 2020: Balance as of January 1, 2020 $ (2,976 ) Total gains (realized/unrealized): Included in regulatory assets/liabilities (1) 485 Settlements 238 Ending balance as of March 31, 2020 (2) $ (2,253 ) (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 | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
Common Stock | NOTE 12. COMMON STOCK The Company has authority to issue a maximum of approximately 3.2 million shares under its sales agency agreements, of which approximately 1.3 million shares remain unissued as of March 31, 2021. The Company has board authority, and has requested regulatory authority, to issue 3.0 million shares in addition to the 1.3 million shares previously authorized but remaining unissued. During the three months ended March 31, 2021 and March 31, 2020, the Company did not issue shares under the sales agency agreements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 13. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss, net of tax, consisted of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 Unfunded benefit obligation for pensions and other postretirement benefit plans - net of taxes of $3,738 and $3,822, respectively $ 14,063 $ 14,378 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 (Affected Line Item in Statement of Income) 2021 2020 Amortization of defined benefit pension items Amortization of net prior service cost (a) $ (200 ) $ (200 ) Amortization of net loss (a) 3,191 3,100 Adjustment due to effects of regulation (a) (2,592 ) (2,641 ) Total before tax (b) 399 259 Tax expense (b) (84 ) (54 ) Net of tax (b) $ 315 $ 205 (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 6 for additional details). (b) Description is also the affected line item on the Condensed Consolidated Statement of Income. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NOTE 14. EARNINGS PER COMMON SHARE The following table presents the computation of basic and diluted earnings per common share for the three months ended March 31 (in thousands, except per share amounts): 2021 2020 Numerator: Net income $ 68,017 $ 48,424 Denominator: Weighted-average number of common shares outstanding-basic 69,293 67,239 Effect of dilutive securities: Performance and restricted stock awards 213 142 Weighted-average number of common shares outstanding-diluted 69,506 67,381 Earnings per common share: Basic $ 0.98 $ 0.72 Diluted $ 0.98 $ 0.72 There were no shares excluded from the calculation because they were antidilutive. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 15. 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. Boyds Fire (State of Washington Department of Natural Resources v. Avista) In August 2019, the Company was served with a complaint, captioned “State of Washington Department of Natural Resources v. Avista Corporation,” seeking recovery up to $4.4 million for fire suppression and investigation 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 the tree before it 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. Additional lawsuits have subsequently been filed by private landowners seeking property damages, and holders of insurance subrogation claims seeking recovery of insurance proceeds paid. The lawsuits were filed in the Superior Court of Ferry County, Washington and subsequently consolidated into a single action. The Company intends to vigorously defend itself in the litigation. However, the Company cannot predict the outcome of these matters. Labor Day Windstorm In September 2020, a severe windstorm occurred in eastern Washington and northern Idaho. The extreme weather event resulted in customer outages and the cause of multiple wildfires in the region. With respect to wildfires, the Company’s investigation determined that the primary cause of the fires was extreme high winds. To date, the Company has not found any evidence that the fires were caused by any deficiencies in its equipment, maintenance activities or vegetation management practices. The Company has become aware of instances where, during the course of the storm, otherwise healthy trees and limbs, located in areas outside its maintenance right-of-way, broke under the extraordinary wind conditions and caused damage to its energy delivery system at or near what is believed to be the potential area of origin of a wildfire. Those instances include what has been referred to as: the Babb Road fire (near Malden and Pine City, Washington); the Christensen Road fire (near Airway Heights, Washington); and the Mile Marker 49 fire (near Orofino, Idaho). These wildfires covered, in total, approximately 22,000 acres. The Company currently estimates approximately 230 residential, commercial and other structures were impacted. Parallel investigations by applicable state agencies, including the Washington Department of Natural Resources, are ongoing, and the Company is cooperating with those efforts. The Company’s investigation has found no evidence of negligence with respect to any of the fires, and the Company intends to vigorously defend any claims for damages that may be asserted against it with respect to the wildfires arising out of the extreme wind event. Colstrip The Washington CETA imposes deadlines by which coal-fired resources, such as Colstrip, must be excluded from the rate base of Washington utilities and by which electricity from such resources may no longer be delivered to Washington retail customers. Not all of the co-owners of Colstrip Units 3 & 4 are Washington utilities subject to CETA, and the co-owners have differing needs for the generating capacity of these units. Accordingly, business disagreements have arisen among the co-owners, including, but not limited to, disagreements as to the shut-down date or dates of these units. These business disagreements, in turn, have led to disagreements as to the interpretation of the Ownership and Operating Agreement, including, but not limited to, the rights of the co-owners to discontinue operations of, or otherwise terminate their interest in, Unit 3 and/or Unit 4. In order to address and resolve these disagreements, the owners have commenced an arbitration proceeding as provided for in the Ownership and Operating Agreement. In the course of the 2021 legislative session, the Montana Legislature passed two bills specifically directed at the ownership and operation of Colstrip. The first, Montana Senate Bill 265, purports to amend Section 27-5-323 of the Montana Code to provide that an agreement designating venue or disputes involving an electric generation facility located in Montana is not valid unless it requires arbitration in Montana before a panel of three arbitrators. The Ownership and Operating Agreement for Colstrip Units 3 & 4 includes an arbitration provision, through which all owners agreed to resolve disputes regarding the Agreement through arbitration in Spokane County, Washington before a single arbitrator. The Company, together with Puget Sound Energy, Portland General Electric, and PacifiCorp (Pacific Northwest Colstrip owners), has commenced an action in Spokane County Superior Court to compel arbitration of the pending disputes regarding interpretation of the Ownership & Operating Agreement in accordance with the requirements of the parties’ Agreement. The Pacific Northwest Colstrip owners have also commenced action in the U.S. District Court for the District of Montana to challenge the legality and constitutionality of the legislation. The Montana Legislature has also passed Montana Senate Bill 266, which would make it an unfair or deceptive act or practice, within the meaning of Montana’s Consumer Protection Act, for one or more owners of a jointly owned electrical generation facility to fail to fund its share of operating costs associated with that facility, or to engage in any conduct that would bring about a permanent closure of one or more generating units of such a facility without first obtaining the consent of all co-owners of that facility. The Company intends to challenge the legality and constitutionality of this bill as well. The Company is not able to predict the outcome, nor an amount or range of potential impact in the event of an outcome that is adverse to the Company’s interests. 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 22 of the Notes to Consolidated Financial Statements" in the 2020 Form 10-K for additional discussion regarding other contingencies. |
Information by Business Segment
Information by Business Segments | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Information by Business Segments | NOTE 16. 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). 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, 2021: Operating revenues $ 399,860 $ 12,821 $ 412,681 $ 189 $ — $ 412,870 Resource costs 133,840 739 134,579 — — 134,579 Other operating expenses 84,599 2,956 87,555 1,184 — 88,739 Depreciation and amortization 52,724 2,497 55,221 127 — 55,348 Income (loss) from operations 96,693 6,324 103,017 (1,122 ) — 101,895 Interest expense (2) 24,800 1,525 26,325 129 (41 ) 26,413 Income taxes 10,718 1,333 12,051 113 — 12,164 Net income 64,058 3,476 67,534 483 — 68,017 Capital expenditures (3) 96,394 809 97,203 28 — 97,231 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 (2) 24,983 1,589 26,572 131 (86 ) 26,617 Income taxes 7,404 1,301 8,705 (173 ) — 8,532 Net income (loss) 45,979 3,395 49,374 (950 ) — 48,424 Capital expenditures (3) 94,056 1,470 95,526 109 — 95,635 Total Assets: As of March 31, 2021: $ 6,031,502 $ 270,554 $ 6,302,056 $ 110,117 $ (12,677 ) $ 6,399,496 As of December 31, 2020: $ 6,035,340 $ 268,971 $ 6,304,311 $ 109,658 $ (11,872 ) $ 6,402,097 (1) Intersegment eliminations reported as interest expense represent intercompany interest. (2) Including interest expense to affiliated trusts. (3) The capital expenditures for the other businesses are included in other investing activities on the Condensed Consolidated Statements of Cash Flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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. |
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. |
Regulation | Regulation The Company is subject to state regulation in Washington, Idaho, Montana, Oregon and Alaska. The Company is also subject to federal regulation primarily by the FERC, as well as various other federal agencies with regulatory oversight of particular aspects of its operations. |
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 regulatory asset or liability is amortized as a component of interest expense over the term of the associated debt. The Company records an offset of interest rate swap derivative assets and liabilities with regulatory assets and liabilities, based on the prior practice of the commissions to provide recovery through the ratemaking process. 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. |
Inventory | 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, 2021 and December 31, 2020 (dollars in thousands): March 31, December 31, 2021 2020 Materials and supplies $ 56,368 $ 53,258 Fuel stock 4,843 4,658 Stored natural gas 1,949 9,535 Total $ 63,160 $ 67,451 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
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, 2021 and December 31, 2020 (dollars in thousands): March 31, December 31, 2021 2020 Materials and supplies $ 56,368 $ 53,258 Fuel stock 4,843 4,658 Stored natural gas 1,949 9,535 Total $ 63,160 $ 67,451 |
Schedule of Other Current Assets | Other current assets consisted of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, December 31, 2021 2020 Collateral posted for derivative instruments after netting with outstanding derivative liabilities $ 4,810 $ 4,336 Prepayments 25,984 24,411 Income taxes receivable 44,371 49,814 Other 7,757 6,324 Total $ 82,922 $ 84,885 |
Schedule of Net Utility Property | Net utility property consisted of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, December 31, 2021 2020 Utility plant in service $ 6,865,652 $ 6,809,797 Construction work in progress 193,685 175,767 Total 7,059,337 6,985,564 Less: Accumulated depreciation and amortization 2,032,234 1,993,952 Total net utility property $ 5,027,103 $ 4,991,612 |
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, 2021 and December 31, 2020 (dollars in thousands): March 31, December 31, 2021 2020 Operating lease ROU assets $ 71,410 $ 71,891 Finance lease ROU assets 46,428 47,338 Non-utility property 18,398 19,508 Equity investments 61,132 59,318 Investment in affiliated trust 11,547 11,547 Notes receivable 14,665 14,454 Deferred compensation assets 9,469 9,174 Assets held for sale (1) 3,363 3,462 Other 27,552 26,947 Total $ 263,964 $ 263,639 (1) The Company is in the process of selling certain subsidiary assets associated with Steam Plant Square and Brew Pub. |
Other Current Liabilities | Other current liabilities consisted of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 Accrued taxes other than income taxes $ 56,630 $ 45,099 Derivative liabilities 8,644 14,008 Employee paid time off accruals 28,775 26,495 Accrued interest 28,920 17,083 Pensions and other postretirement benefits 10,512 11,987 Other 28,151 35,159 Total other current liabilities $ 161,632 $ 149,831 |
Schedule of Other Non-Current Liabilities and Deferred Credits | Other non-current liabilities and deferred credits consisted of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 Operating lease liabilities $ 68,276 $ 67,716 Finance lease liabilities 48,044 48,815 Deferred investment tax credits 29,728 29,866 Asset retirement obligations 17,126 17,194 Derivative liabilities 8,959 37,427 Other 14,524 13,981 Total $ 186,657 $ 214,999 |
Schedule of Regulatory Assets and Liabilities | Regulatory assets and liabilities consisted of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 Current Non-Current Current Non-Current Regulatory Assets Energy commodity derivatives $ 3,637 $ 3,237 $ 2,073 $ 5,722 Decoupling surcharge 18,150 6,812 7,123 17,123 Pension and other postretirement benefit plans — 196,153 — 198,746 Interest rate swaps — 177,824 — 214,851 Deferred income taxes — 111,537 — 108,517 Settlement with Coeur d'Alene Tribe — 39,764 — 40,043 AFUDC above FERC allowed rate — 48,270 — 47,393 Demand side management programs — 904 — 3,814 Utility plant to be abandoned — 27,599 — 28,916 COVID-19 deferrals — 11,759 — 8,166 Other regulatory assets 7,438 82,062 4,477 77,152 Total regulatory assets $ 29,225 $ 705,921 $ 13,673 $ 750,443 Regulatory Liabilities Income tax related liabilities $ 15,013 $ 395,859 $ 14,952 $ 399,677 Deferred power costs 18,955 13,859 20,299 17,570 Decoupling rebate 1,396 1,604 1,447 1,519 Utility plant retirement costs — 330,897 — 325,832 Interest rate swaps — 17,218 — 15,046 COVID-19 deferrals — 11,628 — 10,949 Other regulatory liabilities 9,703 12,719 9,737 14,227 Total regulatory liabilities $ 45,067 $ 783,784 $ 46,435 $ 784,820 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Utilities Operating Revenue Expense Taxes | 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): 2021 2020 Utility-related taxes $ 19,696 $ 18,700 |
Disaggregation of Revenue | 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): 2021 2020 Avista Utilities Revenue from contracts with customers $ 358,613 $ 351,628 Derivative revenues 34,981 31,075 Alternative revenue programs 499 (4,413 ) Deferrals and amortizations for rate refunds to customers 3,189 (2,606 ) Other utility revenues 2,578 1,521 Total Avista Utilities 399,860 377,205 AEL&P Revenue from contracts with customers 12,779 12,126 Deferrals and amortizations for rate refunds to customers (47 ) (48 ) Other utility revenues 89 124 Total AEL&P 12,821 12,202 Other revenues 189 823 Total operating revenues $ 412,870 $ 390,230 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): 2021 2020 Avista Utilities AEL&P Total Utility Avista Utilities AEL&P Total Utility Three months ended March 31, ELECTRIC OPERATIONS Revenue from contracts with customers Residential $ 113,223 $ 6,048 $ 119,271 $ 107,977 $ 5,866 $ 113,843 Commercial and governmental 76,284 4,772 81,056 78,849 6,199 85,048 Industrial 24,711 1,899 26,610 24,711 — 24,711 Public street and highway lighting 1,852 60 1,912 1,783 61 1,844 Total retail revenue 216,070 12,779 228,849 213,320 12,126 225,446 Transmission 3,495 — 3,495 3,774 — 3,774 Other revenue from contracts with customers 6,140 — 6,140 5,289 — 5,289 Total electric revenue from contracts with customers $ 225,705 $ 12,779 $ 238,484 $ 222,383 $ 12,126 $ 234,509 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): 2021 2020 Avista Utilities Avista Utilities Three months ended March 31, NATURAL GAS OPERATIONS Revenue from contracts with customers Residential $ 87,501 $ 84,173 Commercial and governmental 39,775 39,401 Industrial and interruptible 2,224 2,194 Total retail revenue 129,500 125,768 Transportation 2,283 2,352 Other revenue from contracts with customers 1,125 1,125 Total natural gas revenue from contracts with customers $ 132,908 $ 129,245 |
Derivatives and Risk Manageme_2
Derivatives and Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedges [Abstract] | |
Schedule of Energy Commodity Derivative Volumes | The following table presents the underlying energy commodity derivative volumes as of March 31, 2021 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) MWh Financial (1) MWh Physical (1) mmBTUs Financial (1) mmBTUs Remainder 2021 3 92 7,434 48,028 40 754 8,045 29,520 2022 — — 450 29,345 — — 1,360 12,950 2023 — — — 6,920 — — 1,360 1,970 2024 — — — — — — 1,370 — 2025 — — — — — — 1,115 — As of March 31, 2021, there are no expected deliveries of energy commodity derivatives after 2025. The following table presents the underlying energy commodity derivative volumes as of December 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) MWh Financial (1) MWh Physical (1) mmBTUs Financial (1) mmBTUs 2021 1 224 10,353 65,188 17 451 5,448 39,273 2022 — — 450 25,525 — — 1,360 12,030 2023 — — — 4,950 — — 1,360 900 2024 — — — — — — 1,370 — 2025 — — — — — — 1,115 — As of December 31, 2020, there are no expected deliveries of energy commodity derivatives after 2025. (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. |
Summary of Foreign Currency Exchange Derivatives | The following table summarizes the foreign currency exchange derivatives that Avista Corp. has outstanding as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 Number of contracts 25 22 Notional amount (in United States dollars) $ 4,916 $ 3,860 Notional amount (in Canadian dollars) 6,178 4,949 |
Summary of Unsettled Interest Rate Swap Derivatives | The following table summarizes the unsettled interest rate swap derivatives that Avista Corp. has outstanding as of March 31, 2021 and December 31, 2020 (dollars in thousands): Balance Sheet Date Number of Contracts Notional Amount Mandatory Cash Settlement Date March 31, 2021 4 45,000 2021 12 130,000 2022 1 10,000 2023 December 31, 2020 4 45,000 2021 11 120,000 2022 1 10,000 2023 |
Schedules of Fair Values and Locations of Derivative Instruments | The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of March 31, 2021 (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 $ — $ (22 ) $ — $ (22 ) Interest rate swap derivatives Other current assets 1,743 — — 1,743 Other property and investments-net and other non-current assets 4,613 (3,820 ) — 793 Other current liabilities — (10,978 ) 3,910 (7,068 ) Other non-current liabilities and deferred credits 1,264 (5,525 ) — (4,261 ) Energy commodity derivatives Other current assets 749 (24 ) — 725 Other property and investments-net and other non-current assets 2,598 (1,136 ) — 1,462 Other current liabilities 17,458 (21,820 ) 2,786 (1,576 ) Other non-current liabilities and deferred credits 95 (4,793 ) — (4,698 ) Total derivative instruments recorded on the balance sheet $ 28,520 $ (48,118 ) $ 6,696 $ (12,902 ) The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 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 assets $ 30 $ — $ — $ 30 Interest rate swap derivatives Other current liabilities — (19,575 ) 8,050 (11,525 ) Other non-current liabilities and deferred credits 952 (32,190 ) — (31,238 ) Energy commodity derivatives Other current assets 9,203 (8,306 ) — 897 Other property and investments-net and other non-current assets 1,755 (1,159 ) — 596 Other current liabilities 11,037 (14,007 ) 487 (2,483 ) Other non-current liabilities and deferred credits 1,725 (8,043 ) 129 (6,189 ) Total derivative instruments recorded on the balance sheet $ 24,702 $ (83,280 ) $ 8,666 $ (49,912 ) |
Schedule of Collateral Outstanding Related to Derivative Instruments | The following table presents Avista Corp.'s collateral outstanding related to its derivative instruments as of March 31, 2021 and December 31, 2020 (in thousands): March 31, December 31, 2021 2020 Energy commodity derivatives Cash collateral posted $ 7,596 $ 4,953 Letters of credit outstanding 12,500 23,500 Balance sheet offsetting 2,786 616 Interest rate swap derivatives Cash collateral posted (offset by net derivative positions) 3,910 8,050 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, 2021 and December 31, 2020 (in thousands): March 31, December 31, 2021 2020 Interest rate swap derivatives Liabilities with credit-risk-related contingent features 14,956 50,813 Additional collateral to post 11,046 42,763 |
Pension Plans and Other Postr_2
Pension Plans and Other Postretirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | 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 2021 2020 2021 2020 Service cost $ 6,246 $ 5,546 $ 1,008 $ 979 Interest cost 6,580 6,971 1,376 1,515 Expected return on plan assets (9,775 ) (9,125 ) (675 ) (630 ) Amortization of prior service cost 75 75 (275 ) (275 ) Net loss recognition 1,823 1,654 1,173 1,243 Net periodic benefit cost $ 4,949 $ 5,121 $ 2,607 $ 2,832 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Significant Factors Impact on Difference Between Effective Tax Rate and Federal Statutory Rate | 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): 2021 2020 Federal income taxes at statutory rates $ 16,838 21.0 % $ 11,961 21.0 % Increase (decrease) in tax resulting from: Tax effect of regulatory treatment of utility plant differences (3,240 ) (4.0 ) (2,402 ) (4.2 ) State income tax expense 552 0.7 1,227 2.1 Settlement of equity awards 930 1.1 165 0.3 Other (2,916 ) (3.6 ) (2,419 ) (4.2 ) Total income tax expense $ 12,164 15.2 % $ 8,532 15.0 % |
Committed Lines of Credit (Tabl
Committed Lines of Credit (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Short Term Borrowings [Abstract] | |
Schedule of Balances Outstanding and Interest Rates of Borrowings (Excluding Letters 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, 2021 and December 31, 2020 (dollars in thousands): March 31, December 31, 2021 2020 Balance outstanding at end of period $ 93,000 $ 102,000 Letters of credit outstanding at end of period $ 16,618 $ 27,618 Average interest rate at end of period 1.17 % 1.22 % |
Long- Term Debt to Affiliated_2
Long- Term Debt to Affiliated Trust (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Long Term Debt To Affiliated Trust [Abstract] | |
Schedule Of Distribution Rates Paid | The distribution rates paid were as follows during the three months ended March 31, 2021 and the year ended December 31, 2020: March 31, December 31, 2021 2020 Low distribution rate 1.07 % 1.10 % High distribution rate 1.10 % 2.79 % Distribution rate at the end of the period 1.07 % 1.10 % |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of 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, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Long-term debt (Level 2) $ 963,500 $ 1,129,375 $ 963,500 $ 1,189,824 Long-term debt (Level 3) 1,060,000 1,081,300 1,060,000 1,235,248 Snettisham finance lease obligation (Level 3) 51,016 51,000 51,750 58,700 Long-term debt to affiliated trusts (Level 3) 51,547 43,815 51,547 43,815 |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | 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, 2021 and December 31, 2020 at fair value on a recurring basis (dollars in thousands): Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total March 31, 2021 Assets: Energy commodity derivatives $ — $ 20,805 $ — $ (18,618 ) $ 2,187 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 95 (95 ) — Interest rate swap derivatives — 7,620 — (5,084 ) 2,536 Deferred compensation assets: Mutual Funds: Fixed income securities (2) 2,154 — — — 2,154 Equity securities (2) 7,115 — — — 7,115 Total $ 9,269 $ 28,425 $ 95 $ (23,797 ) $ 13,992 Liabilities: Energy commodity derivatives $ — $ 21,477 $ — $ (21,404 ) $ 73 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 6,296 (95 ) 6,201 Foreign currency exchange derivatives — 22 — — 22 Interest rate swap derivatives — 20,323 — (8,994 ) 11,329 Total $ — $ 41,822 $ 6,296 $ (30,493 ) $ 17,625 December 31, 2020 Assets: Energy commodity derivatives $ — $ 23,645 $ — $ (22,152 ) $ 1,493 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 75 (75 ) — Foreign currency exchange derivatives — 30 — — 30 Interest rate swap derivatives — 952 — (952 ) — Deferred compensation assets: Mutual Funds: Fixed income securities (2) 2,471 — — — 2,471 Equity securities (2) 6,228 — — — 6,228 Total $ 8,699 $ 24,627 $ 75 $ (23,179 ) $ 10,222 Liabilities: Energy commodity derivatives $ — $ 23,030 $ — $ (22,768 ) $ 262 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 8,485 (75 ) 8,410 Interest rate swap derivatives — 51,765 — (9,002 ) 42,763 Total $ — $ 74,795 $ 8,485 $ (31,845 ) $ 51,435 (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. |
Schedule of Quantitative Information | 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, 2021 (dollars in thousands): Fair Value (Net) at Valuation Unobservable Range and Weighted March 31, 2021 Technique Input Average Price Natural gas exchange agreement $ (6,201 ) Internally derived weighted average cost of gas Forward purchase $1.84 - $2.85/mmBTU $2.21 Weighted Average Forward sales prices $1.90 - $4.25/mmBTU $3.53 Weighted Average Purchase volumes 130,000 - 310,000 mmBTUs Sales volumes 75,000 - 310,000 mmBTUs |
Schedule of Activity For Energy Commodity Derivative Assets (Liabilities) Measured At Fair Value Using Significant Unobservable Inputs (Level 3) | 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 Three months ended March 31, 2021: Balance as of January 1, 2021 $ (8,410 ) Total gains (realized/unrealized): Included in regulatory assets/liabilities (1) 3,220 Settlements (1,011 ) Ending balance as of March 31, 2021 (2) $ (6,201 ) Three months ended March 31, 2020: Balance as of January 1, 2020 $ (2,976 ) Total gains (realized/unrealized): Included in regulatory assets/liabilities (1) 485 Settlements 238 Ending balance as of March 31, 2020 (2) $ (2,253 ) (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. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss, Net of Tax | Accumulated other comprehensive loss, net of tax, consisted of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 Unfunded benefit obligation for pensions and other postretirement benefit plans - net of taxes of $3,738 and $3,822, respectively $ 14,063 $ 14,378 |
Reclassification out of Accumulated Other Comprehensive Income | 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 (Affected Line Item in Statement of Income) 2021 2020 Amortization of defined benefit pension items Amortization of net prior service cost (a) $ (200 ) $ (200 ) Amortization of net loss (a) 3,191 3,100 Adjustment due to effects of regulation (a) (2,592 ) (2,641 ) Total before tax (b) 399 259 Tax expense (b) (84 ) (54 ) Net of tax (b) $ 315 $ 205 (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 6 for additional details). (b) Description is also the affected line item on the Condensed Consolidated Statement of Income. |
Earnings Per Common (Tables)
Earnings Per Common (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Common Share | The following table presents the computation of basic and diluted earnings per common share for the three months ended March 31 (in thousands, except per share amounts): 2021 2020 Numerator: Net income $ 68,017 $ 48,424 Denominator: Weighted-average number of common shares outstanding-basic 69,293 67,239 Effect of dilutive securities: Performance and restricted stock awards 213 142 Weighted-average number of common shares outstanding-diluted 69,506 67,381 Earnings per common share: Basic $ 0.98 $ 0.72 Diluted $ 0.98 $ 0.72 |
Information by Business Segme_2
Information by Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Business Segments | 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, 2021: Operating revenues $ 399,860 $ 12,821 $ 412,681 $ 189 $ — $ 412,870 Resource costs 133,840 739 134,579 — — 134,579 Other operating expenses 84,599 2,956 87,555 1,184 — 88,739 Depreciation and amortization 52,724 2,497 55,221 127 — 55,348 Income (loss) from operations 96,693 6,324 103,017 (1,122 ) — 101,895 Interest expense (2) 24,800 1,525 26,325 129 (41 ) 26,413 Income taxes 10,718 1,333 12,051 113 — 12,164 Net income 64,058 3,476 67,534 483 — 68,017 Capital expenditures (3) 96,394 809 97,203 28 — 97,231 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 (2) 24,983 1,589 26,572 131 (86 ) 26,617 Income taxes 7,404 1,301 8,705 (173 ) — 8,532 Net income (loss) 45,979 3,395 49,374 (950 ) — 48,424 Capital expenditures (3) 94,056 1,470 95,526 109 — 95,635 Total Assets: As of March 31, 2021: $ 6,031,502 $ 270,554 $ 6,302,056 $ 110,117 $ (12,677 ) $ 6,399,496 As of December 31, 2020: $ 6,035,340 $ 268,971 $ 6,304,311 $ 109,658 $ (11,872 ) $ 6,402,097 (1) Intersegment eliminations reported as interest expense represent intercompany interest. (2) Including interest expense to affiliated trusts. (3) The capital expenditures for the other businesses are included in other investing activities on the Condensed Consolidated Statements of Cash Flows. |
Balance Sheet Components - Mate
Balance Sheet Components - Materials and Supplies, Fuel Stock and Stored Natural Gas (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Materials and supplies | $ 56,368 | $ 53,258 |
Fuel stock | 4,843 | 4,658 |
Stored natural gas | 1,949 | 9,535 |
Total | $ 63,160 | $ 67,451 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Collateral posted for derivative instruments after netting with outstanding derivative liabilities | $ 4,810 | $ 4,336 |
Prepayments | 25,984 | 24,411 |
Income taxes receivable | 44,371 | 49,814 |
Other | 7,757 | 6,324 |
Total | $ 82,922 | $ 84,885 |
Balance Sheet Components - Net
Balance Sheet Components - Net Utility Property (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Utility plant in service | $ 6,865,652 | $ 6,809,797 |
Construction work in progress | 193,685 | 175,767 |
Total | 7,059,337 | 6,985,564 |
Less: Accumulated depreciation and amortization | 2,032,234 | 1,993,952 |
Total net utility property | $ 5,027,103 | $ 4,991,612 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Property and Investments-Net and Other Non-current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |||
Operating lease ROU assets | $ 71,410 | $ 71,891 | |
Finance lease ROU assets | 46,428 | 47,338 | |
Non-utility property | 18,398 | 19,508 | |
Equity investments | 61,132 | 59,318 | |
Investment in affiliated trust | 11,547 | 11,547 | |
Notes receivable | 14,665 | 14,454 | |
Deferred compensation assets | 9,469 | 9,174 | |
Assets held for sale | [1] | 3,363 | 3,462 |
Other | 27,552 | 26,947 | |
Total | $ 263,964 | $ 263,639 | |
[1] | The Company is in the process of selling certain subsidiary assets associated with Steam Plant Square and Brew Pub |
Balance Sheet Components - Ot_2
Balance Sheet Components - Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued taxes other than income taxes | $ 56,630 | $ 45,099 |
Derivative liabilities | 8,644 | 14,008 |
Employee paid time off accruals | 28,775 | 26,495 |
Accrued interest | 28,920 | 17,083 |
Pensions and other postretirement benefits | 10,512 | 11,987 |
Other | 28,151 | 35,159 |
Total other current liabilities | $ 161,632 | $ 149,831 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Other Non-Current Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Operating lease liabilities | $ 68,276 | $ 67,716 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Total | Total |
Finance lease liabilities | $ 48,044 | $ 48,815 |
Deferred investment tax credits | 29,728 | 29,866 |
Asset retirement obligations | 17,126 | 17,194 |
Derivative liabilities | 8,959 | 37,427 |
Other | 14,524 | 13,981 |
Total | $ 186,657 | $ 214,999 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Regulated Asset Liability [Line Items] | ||
Regulatory assets | $ 29,225 | $ 13,673 |
Non-current regulatory assets | 705,921 | 750,443 |
Regulatory liabilities | 45,067 | 46,435 |
Non-current regulatory liabilities | 783,784 | 784,820 |
Deferred Income Tax Charge [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 15,013 | 14,952 |
Non-current regulatory liabilities | 395,859 | 399,677 |
Power Deferrals Regulatory Liability [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 18,955 | 20,299 |
Non-current regulatory liabilities | 13,859 | 17,570 |
Decoupling Surcharge [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 1,396 | 1,447 |
Non-current regulatory liabilities | 1,604 | 1,519 |
Removal Costs [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Non-current regulatory liabilities | 330,897 | 325,832 |
Interest Rate Swaps [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Non-current regulatory liabilities | 17,218 | 15,046 |
COVID-19 Deferrals [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Non-current regulatory liabilities | 11,628 | 10,949 |
Other Regulatory Assets (Liabilities) [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory liabilities | 9,703 | 9,737 |
Non-current regulatory liabilities | 12,719 | 14,227 |
Energy commodity derivatives | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 3,637 | 2,073 |
Non-current regulatory assets | 3,237 | 5,722 |
Decoupling Surcharge [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 18,150 | 7,123 |
Non-current regulatory assets | 6,812 | 17,123 |
Pension and Other Postretirement Benefit Plans [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Non-current regulatory assets | 196,153 | 198,746 |
Interest Rate Swaps [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Non-current regulatory assets | 177,824 | 214,851 |
Deferred Income Tax Charge [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Non-current regulatory assets | 111,537 | 108,517 |
Settlement with Coeur d'Alene Tribe [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Non-current regulatory assets | 39,764 | 40,043 |
AFUDC Above FERC Allowed Rate [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Non-current regulatory assets | 48,270 | 47,393 |
Demand Side Management Programs [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Non-current regulatory assets | 904 | 3,814 |
Utility Plant to be Abandoned [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Non-current regulatory assets | 27,599 | 28,916 |
COVID-19 Deferrals [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 0 | 0 |
Non-current regulatory assets | 11,759 | 8,166 |
Other Regulatory Assets (Liabilities) [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory assets | 7,438 | 4,477 |
Non-current regulatory assets | $ 82,062 | $ 77,152 |
Revenue - Schedule of Utilities
Revenue - Schedule of Utilities Operating Revenue Expense Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | ||
Utility-related taxes | $ 19,696 | $ 18,700 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) $ in Millions | Mar. 31, 2021USD ($) |
Revenue From Contract With Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 21.2 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 412,870 | $ 390,230 |
Residential Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 119,271 | 113,843 |
Commercial and Governmental Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 81,056 | 85,048 |
Industrial Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 26,610 | 24,711 |
Public Street and Highway Lighting Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 1,912 | 1,844 |
Retail Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 228,849 | 225,446 |
Transmission Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 3,495 | 3,774 |
Other Electric Revenues from Contracts With Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 6,140 | 5,289 |
Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 238,484 | 234,509 |
Avista Utilities [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 399,860 | 377,205 |
Avista Utilities [Member] | Revenue from Contracts with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 358,613 | 351,628 |
Avista Utilities [Member] | Derivative revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 34,981 | 31,075 |
Avista Utilities [Member] | Alternative Revenue Programs [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 499 | (4,413) |
Avista Utilities [Member] | Deferrals and Amortizations for Rate Refunds to Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3,189 | (2,606) |
Avista Utilities [Member] | Other Utility Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,578 | 1,521 |
Alaska Electric Light & Power [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 12,821 | 12,202 |
Alaska Electric Light & Power [Member] | Revenue from Contracts with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 12,779 | 12,126 |
Alaska Electric Light & Power [Member] | Deferrals and Amortizations for Rate Refunds to Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (47) | (48) |
Alaska Electric Light & Power [Member] | Other Utility Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 89 | 124 |
Corporate and Other [Member] | Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 189 | 823 |
Avista Utilities [Member] | Residential Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 113,223 | 107,977 |
Avista Utilities [Member] | Commercial and Governmental Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 76,284 | 78,849 |
Avista Utilities [Member] | Industrial Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 24,711 | 24,711 |
Avista Utilities [Member] | Public Street and Highway Lighting Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 1,852 | 1,783 |
Avista Utilities [Member] | Retail Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 216,070 | 213,320 |
Avista Utilities [Member] | Transmission Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 3,495 | 3,774 |
Avista Utilities [Member] | Other Electric Revenues from Contracts With Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 6,140 | 5,289 |
Avista Utilities [Member] | Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 225,705 | 222,383 |
Avista Utilities [Member] | Residential Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 87,501 | 84,173 |
Avista Utilities [Member] | Commercial and Governmental Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 39,775 | 39,401 |
Avista Utilities [Member] | Industrial and Interruptible Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 2,224 | 2,194 |
Avista Utilities [Member] | Retail Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 129,500 | 125,768 |
Avista Utilities [Member] | Transportation Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 2,283 | 2,352 |
Avista Utilities [Member] | Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 132,908 | 129,245 |
Avista Utilities [Member] | Other Natural Gas Revenues from Contracts With Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 1,125 | 1,125 |
Alaska Electric Light & Power [Member] | Residential Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 6,048 | 5,866 |
Alaska Electric Light & Power [Member] | Commercial and Governmental Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 4,772 | 6,199 |
Alaska Electric Light & Power [Member] | Industrial Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 1,899 | 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 | 60 | 61 |
Alaska Electric Light & Power [Member] | Retail Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 12,779 | 12,126 |
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 Revenues from Contracts With Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | 0 | 0 |
Alaska Electric Light & Power [Member] | Electric [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer including assessed tax | $ 12,779 | $ 12,126 |
Derivatives and Risk Manageme_3
Derivatives and Risk Management - Schedule of Energy Commodity Derivative Volumes (Details) MWh in Thousands, MMBTU in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021MWhMMBTU | Dec. 31, 2020MWhMMBTU | |
Purchase [Member] | Physical [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2021 | MWh | 3 | 1 |
2022 | MWh | 0 | 0 |
2023 | MWh | 0 | 0 |
2024 | MWh | 0 | 0 |
2025 | MWh | 0 | 0 |
Purchase [Member] | Physical [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2021 | MMBTU | 7,434 | 10,353 |
2022 | MMBTU | 450 | 450 |
2023 | MMBTU | 0 | 0 |
2024 | MMBTU | 0 | 0 |
2025 | MMBTU | 0 | 0 |
Purchase [Member] | Financial [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2021 | MWh | 92 | 224 |
2022 | MWh | 0 | 0 |
2023 | MWh | 0 | 0 |
2024 | MWh | 0 | 0 |
2025 | MWh | 0 | 0 |
Purchase [Member] | Financial [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2021 | MMBTU | 48,028 | 65,188 |
2022 | MMBTU | 29,345 | 25,525 |
2023 | MMBTU | 6,920 | 4,950 |
2024 | MMBTU | 0 | 0 |
2025 | MMBTU | 0 | 0 |
Sales [Member] | Physical [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2021 | MWh | 40 | 17 |
2022 | MWh | 0 | 0 |
2023 | MWh | 0 | 0 |
2024 | MWh | 0 | 0 |
2025 | MWh | 0 | 0 |
Sales [Member] | Physical [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2021 | MMBTU | 8,045 | 5,448 |
2022 | MMBTU | 1,360 | 1,360 |
2023 | MMBTU | 1,360 | 1,360 |
2024 | MMBTU | 1,370 | 1,370 |
2025 | MMBTU | 1,115 | 1,115 |
Sales [Member] | Financial [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2021 | MWh | 754 | 451 |
2022 | MWh | 0 | 0 |
2023 | MWh | 0 | 0 |
2024 | MWh | 0 | 0 |
2025 | MWh | 0 | 0 |
Sales [Member] | Financial [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2021 | MMBTU | 29,520 | 39,273 |
2022 | MMBTU | 12,950 | 12,030 |
2023 | MMBTU | 1,970 | 900 |
2024 | MMBTU | 0 | 0 |
2025 | MMBTU | 0 | 0 |
Derivatives and Risk Manageme_4
Derivatives and Risk Management - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021MWhMMBTU | Dec. 31, 2020MWhMMBTU | |
Canadian [Member] | ||
Derivative [Line Items] | ||
Number of days Canadian currency prices are settled with U.S. dollars | 60 days | |
Purchase [Member] | Physical [Member] | Electric Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after five years | MWh | 0 | 0 |
Purchase [Member] | Physical [Member] | Gas Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after five years | MMBTU | 0 | 0 |
Purchase [Member] | Financial [Member] | Electric Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after five years | MWh | 0 | 0 |
Purchase [Member] | Financial [Member] | Gas Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after five years | MMBTU | 0 | 0 |
Sales [Member] | Physical [Member] | Electric Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after five years | MWh | 0 | 0 |
Sales [Member] | Physical [Member] | Gas Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after five years | MMBTU | 0 | 0 |
Sales [Member] | Financial [Member] | Electric Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after five years | MWh | 0 | 0 |
Sales [Member] | Financial [Member] | Gas Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after five years | MMBTU | 0 | 0 |
Derivatives and Risk Manageme_5
Derivatives and Risk Management - Summary of Foreign Currency Exchange Derivatives (Details) $ in Thousands, $ in Thousands | Mar. 31, 2021USD ($)derivative_contracts | Mar. 31, 2021CAD ($)derivative_contracts | Dec. 31, 2020USD ($)derivative_contracts | Dec. 31, 2020CAD ($)derivative_contracts |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Number of contracts | derivative_contracts | 25 | 25 | 22 | 22 |
United States of America, Dollars [Member] | Foreign Exchange Contract [Member] | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Notional amount | $ 4,916 | $ 3,860 | ||
Canada, Dollars [Member] | Foreign Exchange Contract [Member] | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Notional amount | $ 6,178 | $ 4,949 |
Derivatives and Risk Manageme_6
Derivatives and Risk Management - Summary of Unsettled Interest Rate Swap Derivatives (Details) - Interest Rate Swap [Member] $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)Contract | Dec. 31, 2020USD ($)Contract | |
2021 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Contracts | Contract | 4 | 4 |
Notional Amount | $ | $ 45,000 | $ 45,000 |
Mandatory Cash Settlement Date | 2021 | 2021 |
2022 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Contracts | Contract | 12 | 11 |
Notional Amount | $ | $ 130,000 | $ 120,000 |
Mandatory Cash Settlement Date | 2022 | 2022 |
2023 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Notional Amount | $ | $ 10,000 | $ 10,000 |
Mandatory Cash Settlement Date | 2023 | 2023 |
Derivatives and Risk Manageme_7
Derivatives and Risk Management - Schedules of Fair Values and Locations of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Gross Asset | $ 28,520 | $ 24,702 |
Gross Liability | (48,118) | (83,280) |
Collateral Netted | 6,696 | 8,666 |
Net Asset (Liability) on Balance Sheet | (12,902) | (49,912) |
Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Collateral Netted | 2,786 | 616 |
Other Current Liabilities [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 0 | |
Gross Liability | (22) | |
Collateral Netted | 0 | |
Net Asset (Liability) on Balance Sheet | (22) | |
Other Current Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 0 | 0 |
Gross Liability | (10,978) | (19,575) |
Collateral Netted | 3,910 | 8,050 |
Net Asset (Liability) on Balance Sheet | (7,068) | (11,525) |
Other Current Liabilities [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 17,458 | 11,037 |
Gross Liability | (21,820) | (14,007) |
Collateral Netted | 2,786 | 487 |
Net Asset (Liability) on Balance Sheet | (1,576) | (2,483) |
Other Current Assets [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 30 | |
Gross Liability | 0 | |
Collateral Netted | 0 | |
Net Asset (Liability) on Balance Sheet | 30 | |
Other Current Assets [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 1,743 | |
Gross Liability | 0 | |
Collateral Netted | 0 | |
Net Asset (Liability) on Balance Sheet | 1,743 | |
Other Current Assets [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 749 | 9,203 |
Gross Liability | (24) | (8,306) |
Collateral Netted | 0 | 0 |
Net Asset (Liability) on Balance Sheet | 725 | 897 |
Other Property And Investments Net And Other Non-current Assets [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 4,613 | |
Gross Liability | (3,820) | |
Collateral Netted | 0 | |
Net Asset (Liability) on Balance Sheet | 793 | |
Other Property And Investments Net And Other Non-current Assets [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 2,598 | 1,755 |
Gross Liability | (1,136) | (1,159) |
Collateral Netted | 0 | 0 |
Net Asset (Liability) on Balance Sheet | 1,462 | 596 |
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 1,264 | 952 |
Gross Liability | (5,525) | (32,190) |
Collateral Netted | 0 | 0 |
Net Asset (Liability) on Balance Sheet | (4,261) | (31,238) |
Other Noncurrent Liabilities [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 95 | 1,725 |
Gross Liability | (4,793) | (8,043) |
Collateral Netted | 0 | 129 |
Net Asset (Liability) on Balance Sheet | $ (4,698) | $ (6,189) |
Derivatives and Risk Manageme_8
Derivatives and Risk Management - Schedule of Collateral Outstanding Related to Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Balance sheet offsetting | $ 6,696 | $ 8,666 |
Commodity Contracts [Member] | ||
Derivative [Line Items] | ||
Cash collateral posted | 7,596 | 4,953 |
Letters of credit outstanding | 12,500 | 23,500 |
Balance sheet offsetting | 2,786 | 616 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Cash collateral posted | 3,910 | 8,050 |
Liabilities with credit-risk-related contingent features | 14,956 | 50,813 |
Additional collateral to post | $ 11,046 | $ 42,763 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefit Plans - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Payment for pension benefits | $ 14,000,000 | $ 7,300,000 |
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 Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected contributions to pension plan | $ 42,000,000 |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 6,246 | $ 5,546 |
Interest cost | 6,580 | 6,971 |
Expected return on plan assets | (9,775) | (9,125) |
Amortization of prior service cost | 75 | 75 |
Net loss recognition | 1,823 | 1,654 |
Net periodic benefit cost | 4,949 | 5,121 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1,008 | 979 |
Interest cost | 1,376 | 1,515 |
Expected return on plan assets | (675) | (630) |
Amortization of prior service cost | (275) | (275) |
Net loss recognition | 1,173 | 1,243 |
Net periodic benefit cost | $ 2,607 | $ 2,832 |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Factors Impact on Difference Between Effective Tax Rate and Federal Statutory Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal income taxes at statutory rates | $ 16,838 | $ 11,961 |
Tax effect of regulatory treatment of utility plant differences | (3,240) | (2,402) |
State income tax expense | 552 | 1,227 |
Settlement of equity awards | 930 | 165 |
Other | (2,916) | (2,419) |
Total income tax expense | $ 12,164 | $ 8,532 |
Federal income taxes at statutory rates | 21.00% | 21.00% |
Tax effect of regulatory treatment of utility plant differences | (4.00%) | (4.20%) |
State income tax expense | 0.70% | 2.10% |
Settlement of equity awards | 1.10% | 0.30% |
Other | (3.60%) | (4.20%) |
Total income tax expense | 15.20% | 15.00% |
Committed Lines of Credit - Add
Committed Lines of Credit - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2014 | |
Avista Utilities [Member] | |||
Short-term Debt [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | ||
Line of credit facility, expiration date | 2022-04 | ||
Line of credit facility additional expiration period | 1 year | ||
Line of credit, current | $ 93,000,000 | $ 102,000,000 | |
Letters of credit outstanding at end of period | 16,618,000 | 27,618,000 | |
Alaska Electric Light & Power [Member] | |||
Short-term Debt [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | ||
Line of credit facility, expiration date | 2024-11 | ||
Line of credit, current | $ 0 | 1,000,000 | |
Letters of credit outstanding at end of period | $ 0 | $ 0 |
Committed Lines of Credit - Sch
Committed Lines of Credit - Schedule of Balances Outstanding and Interest Rates of Borrowings (Excluding Letters of Credit) (Details) - Avista Utilities [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Balance outstanding at end of period | $ 93,000 | $ 102,000 |
Letters of credit outstanding at end of period | $ 16,618 | $ 27,618 |
Average interest rate at end of period | 1.17% | 1.22% |
Credit Agreement - Additional I
Credit Agreement - Additional Information (Details) - Avista Utilities [Member] $ in Millions | 1 Months Ended |
Apr. 30, 2020USD ($) | |
Short-term Debt [Line Items] | |
Credit agreement amount borrowed | $ 100 |
Credit agreement, expiration month and year | 2021-04 |
Maximum borrowing capacity credit agreement | $ 100 |
Long- Term Debt to Affiliated_3
Long- Term Debt to Affiliated Trust - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2000 | Dec. 31, 1997 | |
Debt Instrument [Line Items] | |||
Junior subordinated debenture owed to unconsolidated subsidiary trust | $ 51.5 | $ 51.5 | |
Proceeds from the issuance of common trust securities | 1.5 | ||
Payments for repurchase of trust preferred securities | $ 10 | ||
Avista Corp [Member] | |||
Debt Instrument [Line Items] | |||
Noncontrolling interest, ownership percentage by parent | 100.00% | ||
Trust Preferred Securities Subject to Mandatory Redemption [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from (repurchase of) trust preferred securities | $ 50 | ||
Debt instrument, description of variable rate basis | LIBOR | ||
Debt instrument, basis spread on variable rate | 0.875% |
Long-Term Debt to Affiliated Tr
Long-Term Debt to Affiliated Trust - Schedule of Distribution Rates Paid (Details) - Trust Preferred Securities Subject to Mandatory Redemption [Member] | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Interest rate | 1.07% | 1.10% |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.07% | 1.10% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.10% | 2.79% |
Fair Value - Schedule of Carryi
Fair Value - Schedule of Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
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 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 1,129,375 | 1,189,824 |
Level 3 [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 1,060,000 | 1,060,000 |
Level 3 [Member] | Reported Value Measurement [Member] | Alaska Electric Light & Power [Member] | Finance Lease [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance Lease, Liability | 51,016 | 51,750 |
Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 1,081,300 | 1,235,248 |
Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Alaska Electric Light & Power [Member] | Finance Lease [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance Lease, Liability | 51,000 | 58,700 |
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 |
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 | $ 43,815 | $ 43,815 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 21,647 | $ 14,196 |
Fixed Income Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 200 | $ 500 |
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 | 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 | 85 | |
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 | 136.39 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross Asset | $ 28,520 | $ 24,702 |
Liability | 48,118 | 83,280 |
Fair Value, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 13,992 | 10,222 |
Financial Liabilities Fair Value Disclosure | 17,625 | 51,435 |
Counterparty and Cash Collateral Netting, Assets | (23,797) | (23,179) |
Counterparty and Cash Collateral Netting, Liabilities | (30,493) | (31,845) |
Fair Value, Recurring [Member] | Fixed Income Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation assets: | 2,154 | 2,471 |
Fair Value, Recurring [Member] | Equity Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation assets: | 7,115 | 6,228 |
Fair Value, Recurring [Member] | Energy commodity derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Counterparty and Cash Collateral Netting, Assets | (18,618) | (22,152) |
Derivative Asset | 2,187 | 1,493 |
Counterparty and Cash Collateral Netting, Liabilities | (21,404) | (22,768) |
Derivative Liability | 73 | 262 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Counterparty and Cash Collateral Netting, Assets | (5,084) | (952) |
Derivative Asset | 2,536 | |
Counterparty and Cash Collateral Netting, Liabilities | (8,994) | (9,002) |
Derivative Liability | 11,329 | 42,763 |
Fair Value, Recurring [Member] | Natural Gas Exchange Agreements [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Counterparty and Cash Collateral Netting, Assets | (95) | (75) |
Counterparty and Cash Collateral Netting, Liabilities | (95) | (75) |
Derivative Liability | 6,201 | 8,410 |
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 30 | |
Derivative Liability | 22 | |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 9,269 | 8,699 |
Fair Value, Recurring [Member] | Level 1 [Member] | Fixed Income Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation assets: | 2,154 | 2,471 |
Fair Value, Recurring [Member] | Level 1 [Member] | Equity Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation assets: | 7,115 | 6,228 |
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 28,425 | 24,627 |
Financial Liabilities Fair Value Disclosure | 41,822 | 74,795 |
Fair Value, Recurring [Member] | Level 2 [Member] | Energy commodity derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross Asset | 20,805 | 23,645 |
Liability | 21,477 | 23,030 |
Fair Value, Recurring [Member] | Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross Asset | 7,620 | 952 |
Liability | 20,323 | 51,765 |
Fair Value, Recurring [Member] | Level 2 [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross Asset | 30 | |
Liability | 22 | |
Fair Value, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 95 | 75 |
Financial Liabilities Fair Value Disclosure | 6,296 | 8,485 |
Fair Value, Recurring [Member] | Level 3 [Member] | Natural Gas Exchange Agreements [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross Asset | 95 | 75 |
Liability | $ 6,296 | $ 8,485 |
Fair Value - Schedule of Quanti
Fair Value - Schedule of Quantitative Information (Details) - Natural Gas Exchange Agreements [Member] $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)MMBTU$ / MMBTU | Dec. 31, 2020USD ($) | |
Purchase [Member] | Minimum [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Derivative, Forward Price | 1.84 | |
Transaction/Delivery Volumes | MMBTU | 130,000 | |
Purchase [Member] | Maximum [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Derivative, Forward Price | 2.85 | |
Transaction/Delivery Volumes | MMBTU | 310,000 | |
Purchase [Member] | Weighted Average [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Derivative, Forward Price | 2.21 | |
Sales [Member] | Minimum [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Derivative, Forward Price | 1.90 | |
Transaction/Delivery Volumes | MMBTU | 75,000 | |
Sales [Member] | Maximum [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Derivative, Forward Price | 4.25 | |
Transaction/Delivery Volumes | MMBTU | 310,000 | |
Sales [Member] | Weighted Average [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Derivative, Forward Price | 3.53 | |
Fair Value, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Derivative Liability | $ | $ (6,201) | $ (8,410) |
Fair Value - Schedule of Activi
Fair Value - Schedule of Activity For Energy Commodity Derivative Assets (Liabilities) Measured At Fair Value Using Significant Unobservable Inputs (Level 3) (Details) - Natural Gas Exchange Agreements [Member] - Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ (8,410) | $ (2,976) |
Included in regulatory assets/liabilities | 3,220 | 485 |
Settlements | (1,011) | 238 |
Ending Balance | $ (6,201) | $ (2,253) |
Common Stock - Narrative (Detai
Common Stock - Narrative (Details) - shares | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Class Of Stock [Line Items] | |||
Common stock, shares authorized | 200,000,000 | 200,000,000 | |
Sales Agency Agreement [Member] | |||
Class Of Stock [Line Items] | |||
Common stock, shares authorized | 3,200,000 | ||
Common stock shares authorized under sales agency agreements remaining shares authorized to sell | 1,300,000 | ||
Number of share requested to regulatory authority | 3,000,000 | ||
Shares issued under sales agency agreements | 0 | 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Unfunded benefit obligation for pensions and other postretirement benefit plans - net of taxes of $3,738 and $3,822, respectively | $ 14,063 | $ 14,378 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss, Net of Tax (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Accumulated other comprehensive income (loss), pension and other postretirement benefit plans net unamortized (gain) loss, tax | $ 3,738 | $ 3,822 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Reclassification out of Accumulated Other Comprehensive Income (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, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of net prior service cost | $ (200) | $ (200) |
Amortization of net loss | 3,191 | 3,100 |
Adjustment due to effects of regulation | (2,592) | (2,641) |
Other comprehensive (income) loss, defined benefit plan, reclassification adjustment from AOCI, before tax | 399 | 259 |
Other comprehensive (income) loss, defined benefit plan, reclassification adjustment from AOCI, tax | (84) | (54) |
Other comprehensive (income) loss, defined benefit plan, reclassification adjustment from AOCI, after tax | $ 315 | $ 205 |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net income | $ 68,017 | $ 48,424 |
Denominator: | ||
Weighted-average number of common shares outstanding-basic | 69,293 | 67,239 |
Effect of dilutive securities: | ||
Performance and restricted stock awards | 213 | 142 |
Weighted-average number of common shares outstanding-diluted | 69,506 | 67,381 |
Earnings per common share: | ||
Basic | $ 0.98 | $ 0.72 |
Diluted | $ 0.98 | $ 0.72 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - Damage from Fire [Member] | 1 Months Ended | |
Aug. 31, 2019USD ($) | Sep. 02, 2020aBuilding | |
Boyds Fire [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Loss contingency, damages sought, value | $ | $ 4,400,000 | |
Labor Day Windstorm [Member] | ||
Loss Contingencies [Line Items] | ||
Wildfire covered area | a | 22,000 | |
Number of residential, commercial and other structures impacted | Building | 230 |
Information by Business Segme_3
Information by Business Segments - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021Reportable_Segments | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Information by Business Segme_4
Information by Business Segments - Schedule of Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 412,870 | $ 390,230 | |
Resource costs | 134,579 | 129,547 | |
Other operating expenses | 88,739 | 95,856 | |
Depreciation and amortization | 55,348 | 51,656 | |
Income (loss) from operations | 101,895 | 82,193 | |
Interest expense | 26,413 | 26,617 | |
Income taxes | 12,164 | 8,532 | |
Net income (loss) | 68,017 | 48,424 | |
Capital expenditures | 97,231 | 95,635 | |
Total Assets | 6,399,496 | $ 6,402,097 | |
Operating Segments [Member] | Utility Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 412,681 | 389,407 | |
Resource costs | 134,579 | 129,547 | |
Other operating expenses | 87,555 | 94,496 | |
Depreciation and amortization | 55,221 | 51,421 | |
Income (loss) from operations | 103,017 | 82,780 | |
Interest expense | 26,325 | 26,572 | |
Income taxes | 12,051 | 8,705 | |
Net income (loss) | 67,534 | 49,374 | |
Capital expenditures | 97,203 | 95,526 | |
Total Assets | 6,302,056 | 6,304,311 | |
Operating Segments [Member] | Avista Utilities [Member] | Utility Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 399,860 | 377,205 | |
Resource costs | 133,840 | 129,557 | |
Other operating expenses | 84,599 | 91,279 | |
Depreciation and amortization | 52,724 | 48,974 | |
Income (loss) from operations | 96,693 | 76,534 | |
Interest expense | 24,800 | 24,983 | |
Income taxes | 10,718 | 7,404 | |
Net income (loss) | 64,058 | 45,979 | |
Capital expenditures | 96,394 | 94,056 | |
Total Assets | 6,031,502 | 6,035,340 | |
Operating Segments [Member] | Alaska Electric Light & Power [Member] | Utility Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 12,821 | 12,202 | |
Resource costs | 739 | (10) | |
Other operating expenses | 2,956 | 3,217 | |
Depreciation and amortization | 2,497 | 2,447 | |
Income (loss) from operations | 6,324 | 6,246 | |
Interest expense | 1,525 | 1,589 | |
Income taxes | 1,333 | 1,301 | |
Net income (loss) | 3,476 | 3,395 | |
Capital expenditures | 809 | 1,470 | |
Total Assets | 270,554 | 268,971 | |
Other [Member] | Non-Utility Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 189 | 823 | |
Resource costs | 0 | 0 | |
Other operating expenses | 1,184 | 1,360 | |
Depreciation and amortization | 127 | 235 | |
Income (loss) from operations | (1,122) | (587) | |
Interest expense | 129 | 131 | |
Income taxes | 113 | (173) | |
Net income (loss) | 483 | (950) | |
Capital expenditures | 28 | 109 | |
Total Assets | 110,117 | 109,658 | |
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 (loss) from operations | 0 | 0 | |
Interest expense | (41) | (86) | |
Income taxes | 0 | 0 | |
Net income (loss) | 0 | 0 | |
Capital expenditures | 0 | $ 0 | |
Total Assets | $ (12,677) | $ (11,872) |